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Investor Presentation – QEP Resources, Inc.

QEP Resources, Inc. · Aug 17, 2011 · 42 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Investor Presentation – QEP Resources, Inc. – slide 1
    The Resource Growth Company QEP Resources, Inc.
  2. Investor Presentation – QEP Resources, Inc. – slide 2
    LTM PRO-FORMA * QEP Energy EBITDA 1.24 B (Exploration & Production) 3.0 Tcfe proved reserves 15% 4-yr production CAGR QEP Field Services 79% (Gathering and NGL extraction) 1.37 Bcfpd processing 2,239 miles of gathering lines…
  3. Investor Presentation – QEP Resources, Inc. – slide 3
    49% Production growth per debt-adjusted diluted share (2006 10 CAGR) 21% 13% 11% 11% 9% 8% 8% 8% 7% 7% 7% 6% 5% 4% 4% 3% 2% -1% -5% -6% -14% WLL KWK DVN PXP EOG BRY SWN FST RRC XEC PXD…
  4. Investor Presentation – QEP Resources, Inc. – slide 4
    2010 average production cash cost structure 8.00 versus 44 E&P peers (LOE + production taxes + G&A + interest) 6.00 QEP Energy 4.00 1.58/Mcfe 2.00 Average 2.94/Mcfe 0.00 Source: Company data and Howard Weil, March 2011;…
  5. Investor Presentation – QEP Resources, Inc. – slide 5
    30% Avg Return on Capital Employed 2006-2010 (Cashflow from Operations / Gross PP&E) 25% QEP 20% Peer Average 15% 10% 5% 0% -20% -10% 0% 10% 20% 30% 40% 50% 60% Production Growth per Debt-Adjusted Diluted Share…
  6. Investor Presentation – QEP Resources, Inc. – slide 6
    2010 2009 YEReserves* Reserves* 3,031 2,747 Bcfe Bcfe Pinedale Anticline Rockies: 1,860 Bcfe Bakken Uinta Basin Midcontinent: 1,171 Bcfe Northern Region 2009 Production 2010 Production 189.5 229Bcfe Bcfe Woodford…
  7. Investor Presentation – QEP Resources, Inc. – slide 7
    Net Production Proved Reserves (Bcfe/yr) (Bcfe) 267* 3,031 229 2,747 190 2,218 171 1,868 130 140 1,631 * 2011 estimate: 265 - 269 Bcfe NYSE: QEP 7
  8. Investor Presentation – QEP Resources, Inc. – slide 8
    EBITDA (MM/yr) 2011 guidance as of 7/26/11: 1,311 1,300* EBITDA 1.275 B to 1.325 B 265 to 269 Bcfe production 1,165 1,141 Capital investment 1.3 B Approximately 62% of remaining 2011 891 estimated production hedged 738…
  9. Investor Presentation – QEP Resources, Inc. – slide 9
    Gas Liquids Liquids + fee-based revenues 14% 11% 17% 43% 86% 89% 83% 57% YE 10 Proved Total E&P-only Total Total Reserves Production* Production** Revenues** * Through 2Q11 ** Through 2Q11, E&P + Midstream NYSE: QEP 9
  10. Investor Presentation – QEP Resources, Inc. – slide 10
    1.11 B 1.48 B 1.30 B 18% 10% 7% 18% 12% 26% 13% Field Services 5% 6% 8% Other 2% 5% Bakken 7% 11% Granite Wash 27% 29% Cana 28% Haynesville Pinedale 31% 19% 18% 2009 Capital 2010 Capital 2011 Capital Budget NYSE: QEP…
  11. Investor Presentation – QEP Resources, Inc. – slide 11
    QEP net production 360 (MMcfepd) TX LA 300 240 180 120 60 0 CV/Hosston Haynesville Proved reserves 604 Bcf* 219 PUD locations* 1,200 additional potential locations on 80-acre density Six operated rigs 8.5 to 9.5 MM completed…
  12. Investor Presentation – QEP Resources, Inc. – slide 12
    Average days spud to TD QEP-operated wells 66 37 32 Record 22 days NYSE: QEP 12
  13. Investor Presentation – QEP Resources, Inc. – slide 13
    Comparison of production rates from restricted vs. non-restricted rate wells 25000 20000 Gas Rate (mcfd) QEP 4 well average cum. production 3.8 Bcf, average EUR 8.9 Bcf 15000 Operator A - 4 well average cum. production 3.3 Bcf,…
  14. Investor Presentation – QEP Resources, Inc. – slide 14
    QEP net production (MMcfepd) QEP PDP well 240 Other operators 200 (No QEP interest) 160 QEP leasehold 120 80 40 1 Mile Proved reserves 1.35 Tcfe* 432 PUD locations on a combination of 5,10, and 20-acre density * Up to…
  15. Investor Presentation – QEP Resources, Inc. – slide 15
    Average days spud to TD 64 61 45 42 35 28 23 17 13.8 Record 10.6 days NYSE: QEP 15
  16. Investor Presentation – QEP Resources, Inc. – slide 16
    QEP net production 50 (MMcfepd) 40 30 20 10 0 Proved reserves 199 Bcfe* 103 PUD locations* 3,450 potential locations TIER II: 27,477 net acres 20% average working interest in Tier I lands (operate 52% of potential…
  17. Investor Presentation – QEP Resources, Inc. – slide 17
    4,000 QEP net production Fort Berthold Detail Map (Boepd) 3,000 Fat Cat Parshall/Sanish Fields 2,000 (1 WOC,1 drilling) IPs: 750-3,000 Bopd 1,000 0 4-well pad Ft Berthold (3 WOC, 1 drilling) 2-well pad 5,000 to 10,000-ft…
  18. Investor Presentation – QEP Resources, Inc. – slide 18
    50 QEP net production (MMcfepd) 40 2 11 3 14 17 30 5 20 1 18 10 0 16 7 8.0 to 9.0 MM completed well cost 15 10 12 13 EUR 4.0 to 7.0 Bcfe/well 6 26,705 net acres Two operated rigs going to one in Q3 2011 After…
  19. Investor Presentation – QEP Resources, Inc. – slide 19
    9 8 1 10 2 12 6 3 4 5 11 7 Texas Wash Oklahoma Wash 26,705 net acres 13,620 net acres 6 Miles Texas Key Wells IPs (all QEP operated) * Oklahoma Key Wells IPs** 1 Morrison 33 5H, 7-2010, 23.0 MMcfepd 1 7 Roxanne 2-17H (QEP),…
  20. Investor Presentation – QEP Resources, Inc. – slide 20
    Horizontal Sussex Oil Play IPs: 700-1500 Bopd QEP Drilling in 2011 Powder River: 55,000 net acres 31-1H SHL-Fed Recent Sussex IPs: Sussex IP: 895 Bopd 667, 768, 796, 1077, 1298, 1488 Bopd 41-15H Henry Fed Frontier IP: 987…
  21. Investor Presentation – QEP Resources, Inc. – slide 21
    Net NYMEX Gross Avg. Avg. Gross Finding Price Play Remaining Working EUR Cost 10% BTAX Locations Interest (Bcfe/well) (/Mcfe) ROR Haynesville 1,381 37% 6.0 2.01 3.93 Pinedale 1,300 60% 5.1 0.95 2.22 Woodford 3,450 20% 6.5 1.57…
  22. Investor Presentation – QEP Resources, Inc. – slide 22
    WILLISTON BASIN Bakken PINEDALE Probable (Bcfe): 195 Possible (Bcfe): 526 Probable (Bcfe) 1,492 Resource Potential (Bcfe): 34 Possible (Bcfe): 105 Resource Potential (Bcfe): 766 POWDER RIVER/DJ BASINS GREATER GREEN Probable…
  23. Investor Presentation – QEP Resources, Inc. – slide 23
    WY NW Louisiana CO2 treating / blending: 600 MMcfpd Gathering: 179 miles Operating income: 8% W. Green River Basin UT Interstate pipeline connections: 4 Processing: 840 MMcfpd Gathering: 886 miles CO Rendezvous transmission: 21…
  24. Investor Presentation – QEP Resources, Inc. – slide 24
    Field Services EBITDA (MM/yr) Own and operate gathering and NGL extraction assets in core 204 QEP producing areas 170 163 Maximizes margins on equity production 113 1st half 2011 EBITDA of 148.3 MM 86 Iron Horse processing…
  25. Investor Presentation – QEP Resources, Inc. – slide 25
    Field Services Equity NGL Sales Volumes (Annual Average Bpd) 12,700 July 2011: Relative to prior guidance and with new fee based contract, approximately 50% of the Blacks Fork plant liquids will be 9,000 booked as QEP Energy…
  26. Investor Presentation – QEP Resources, Inc. – slide 26
    Visible organic production and reserve growth potential of 12 to 15+% per year from existing assets Acreage in core of high-quality, repeatable resource plays Concentrated, contiguous QEP-operated land positions Track record as…
  27. Investor Presentation – QEP Resources, Inc. – slide 27
    NYSE: QEP 28
  28. Investor Presentation – QEP Resources, Inc. – slide 28
    Gas and oil hedges as of 7/26/11 (Volumes and net-to-well prices) 14 Bcf gas collars 1 Bcfe oil 113 Bcf gas 50 Bcf gas 4.14-6.10 / Mcf 98.00 / bbl 4.71 / Mcf 5.54 / Mcf 5 Bcfe oil 1 Bcfe oil 3 Bcfe oil collars 96.10 / bbl 103.80 /…
  29. Investor Presentation – QEP Resources, Inc. – slide 29
    750 6.875% 625.0 600 500.0 2.75% 450 300 6.05% 6.80% 6.80% 176.8 138.6 138.0 150 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 1,000 Revolver NYSE: QEP 30
  30. Investor Presentation – QEP Resources, Inc. – slide 30
    1.11 B 1.48 B 1.30 B 68% 47% 84% 53% 32% 16% 2009 Capital 2010 Capital 2011 Capital Budget Liquids Driven + Fee Based Projects Low-Cost Gas Projects NYSE: QEP 31
  31. Investor Presentation – QEP Resources, Inc. – slide 31
    % Production from % of Total Proved Reserves Midcontinent Operations from Midcontinent Operations 58% 53% 46% 40% 40% 39% 36% 36% 28% 19% 20% NYSE: QEP 32
  32. Investor Presentation – QEP Resources, Inc. – slide 32
    Net Probable and Possible Reserves (Bcfe) 2,688 2,262 1,597 1,481 723 721 116 NYSE: QEP 33
  33. Investor Presentation – QEP Resources, Inc. – slide 33
    Breakeven Levels /MMBtu 0.00 1.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 2.00 1.48 2.22 2.49 3.50 3.70 3.90 3.93 4.00 4.20 4.30 4.30 4.30 4.50 4.70 Source: Company data and Morgan Stanley, August 30,…
  34. Investor Presentation – QEP Resources, Inc. – slide 34
    Production Type Curve Capital Return Price Sensitivity 10,000 100% 8,000 80% BTAX ROR MCFEPD 6,000 60% 4,000 40% 2,000 20% 0 0% 0 24 48 72 96 120 3.00 4.00 5.00 6.00 7.00 Months on Line NYMEX Gas Price (/MMBtu)…
  35. Investor Presentation – QEP Resources, Inc. – slide 35
    Production Type Curve Capital Return Price Sensitivity 7,000 100% 5.0 Bcfe 6,000 80% BTAX ROR 5,000 6.0 Bcfe 4.0 Bcfe MCFEPD 4,000 60% 3,000 40% 2,000 3.0 Bcfe 20% 1,000 0 0% 0 24 48 72 96 120 3.00 4.00 5.00 6.00…
  36. Investor Presentation – QEP Resources, Inc. – slide 36
    Production Type Curve Capital Return Price Sensitivity 7,000 60% 6,000 BTAX ROR 5,000 40% MCFEPD 4,000 3,000 20% 2,000 1,000 0 0% 0 24 48 72 96 120 3.00 4.00 5.00 6.00 7.00 Months on Line NYMEX Gas Price (/MMBtu)…
  37. Investor Presentation – QEP Resources, Inc. – slide 37
    Production Type Curve Capital Return Price Sensitivity 1,500 80% 1,250 60% BTAX ROR 1,000 BOEPD 750 40% 500 20% 250 0 0% 0 24 48 72 96 120 60.00 70.00 80.00 90.00 100.00 Months on Line NYMEX Oil Price (/Bbl) Type…
  38. Investor Presentation – QEP Resources, Inc. – slide 38
    Production Type Curve Capital Return Price Sensitivity 25,000 100% 20,000 80% BTAX ROR MCFEPD 15,000 60% 10,000 40% 5,000 20% 0 0% 0 24 48 72 96 120 3.00 4.00 5.00 6.00 7.00 Months on Line NYMEX Gas Price (/MMBtu)…
  39. Investor Presentation – QEP Resources, Inc. – slide 39
    Production Type Curve Capital Return Price Sensitivity 10,000 60% 7,500 BTAX ROR 40% MCFEPD 5,000 20% 2,500 0 0% 0 24 48 72 96 120 3.00 4.00 5.00 6.00 7.00 Months on Line NYMEX Gas Price (/MMBtu) Type Curve Details:…
  40. Investor Presentation – QEP Resources, Inc. – slide 40
    150 MMcfpd Iron Horse cryogenic NGL extraction plant Uinta Basin asset adjacent to Field Services 220 MMcfpd Stagecoach plant In-service January 2011 Underwritten by 10-year, third party fee-based, demand contracts 420 MMcfpd…
  41. Investor Presentation – QEP Resources, Inc. – slide 41
    QEP Field Services Gobblers Knob Southwest Wyoming assets and Blacks Fork Hub Blacks Fork Processing Complex Clear Creek Storage (100% of capacity) Emigrant Trail Plant Clay Basin (QEP capacity) NYSE: QEP 42
  42. Investor Presentation – QEP Resources, Inc. – slide 42
    FACT SHEET CORPORATE DATA ANALYST CONTACTS Ticker symbol and stock exchange: QEP NYSE Richard J. Doleshek Executive Vice President, Spin-off from Questar Corporation: Distribution date June 30, 2010 to shareholders of record Chief…

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