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Investor presentation – QEP Resources, Inc.

QEP Resources, Inc. · Dec 16, 2013 · 28 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
    Investor Presentation December 2013
  2. Investor presentation – QEP Resources, Inc. – slide 2
    QEP AT A GLANCE Diversified upstream portfolio Proved reserves of 3.9 Tcfe at YE 2012 in multiple US basins Product diversity In the 3rd quarter, crude oil represented 51% of QEP Energy field-level revenues and 20% of production…
  3. Investor presentation – QEP Resources, Inc. – slide 3
    2013 HIGHLIGHTS Focused upstream portfolio High-graded asset portfolio with 200 million in asset sales Future investment focused in core areas Launched IPO of QEP Midstream Partners, LP (MLP IPO) Contributed a subset of gathering…
  4. Investor presentation – QEP Resources, Inc. – slide 4
    QEPM IPO OVERVIEW Transaction Overview Units outstanding (MM) 54.5 Units sold to public (MM) (includes greenshoe) 23.0 Unit price at IPO (Pre-IPO range 19-21) 21 First day of trading August 9th Net cash proceeds to QEPM (MM) 451…
  5. Investor presentation – QEP Resources, Inc. – slide 5
    QEP ENERGY ASSET OVERVIEW QEP Energy 3Q 2013 Production Revenues 10% Pinedale ND 39% Anticline WY Williston Basin 51% Uinta Basin Vermillion CO Natural Gas Oil NGL UT QEP Resources 2012YE Proved Reserves Northern Region…
  6. Investor presentation – QEP Resources, Inc. – slide 6
    STRONG RESERVE GROWTH ON HIGH QUALITY ASSETS Reserve growth on a 20:1 gas to oil ratio (2008 12 CAGR) 40% 30% Mean 12% 20% 10% 0% -10% -20% QEP Resources 27% 2012 price-related revisions as a percentage of 2011 proved…
  7. Investor presentation – QEP Resources, Inc. – slide 7
    LOW COST STRUCTURE 2012 average production cash cost structure versus 60 E&P peers (/Mcfe) (LOE + transportation/gathering/processing + production taxes + G&A + interest + preferred dividends) 10.00 9.00 8.00 7.00 6.00 QEP…
  8. Investor presentation – QEP Resources, Inc. – slide 8
    RESERVE SUMMARY (BCFE) Area Proved1 Probable2 Possible2 Williston Basin 615 606 152 Pinedale 1,531 1,012 214 Uinta Basin 618 3,402 5,416 Midcontinent 530 685 273 Haynesville/ Cotton Valley 531 1,911 1,654 Legacy 112 504 1,822…
  9. Investor presentation – QEP Resources, Inc. – slide 9
    Areas Of Operations E&P
  10. Investor presentation – QEP Resources, Inc. – slide 10
    WILLISTON BASIN Fat Cat Eastern edge 116,000 net acres being defined by drilling 8 rigs as of 9/30/2013 all on pad drilling Fort Berthold 5 rigs S. Antelope 3 rigs Ft. Berthold South Antelope 3Q13 avg. net production 21.3…
  11. Investor presentation – QEP Resources, Inc. – slide 11
    WILLISTON BASIN SOUTH ANTELOPE Acquisition closed on 9/27/2012 Approximately net cash flow neutral since closing while proved reserve PV-10 value of asset has increased substantially Time for spud to first production reduced by 20%…
  12. Investor presentation – QEP Resources, Inc. – slide 12
    WILLISTON BASIN FORT BERTHOLD RESERVATION Building operational momentum Strong well performance Improvements in capital and operating cost LOE reduced substantially from 2012 Nearly all of oil, gas and water volumes Eastern edge…
  13. Investor presentation – QEP Resources, Inc. – slide 13
    GREEN RIVER BASIN - PINEDALE CURRENT ACTIVITY QEP PDP well Other operators Number of rigs (as of 9/30/2013) 4 (No QEP interest) QEP leasehold Well cost (MM) 4.2 Avg. gross EUR (Bcfe) 4.6 Gross locations remaining (approx.)…
  14. Investor presentation – QEP Resources, Inc. – slide 14
    UINTA BASIN LOWER MESAVERDE CURRENT ACTIVITY 2013 Multi-well pads 1 & 2 Number of rigs (as of 1 9/30/2013) Avg. well cost (MM) 2.3 Avg. gross EUR (Bcfe) 2.3 Avg. liquids content 2.45 (gallons per Mcf) 1 Gross locations 3,200…
  15. Investor presentation – QEP Resources, Inc. – slide 15
    Areas Of Operations Midstream
  16. Investor presentation – QEP Resources, Inc. – slide 16
    FIELD SERVICES A GROWING MIDSTREAM BUSINESS Owns and operates gathering, treating, and NGL extraction assets in QEP producing areas Field Services Adjusted EBITDA Maximizes margins on and timeliness of (MM/yr) QEP production 314…
  17. Investor presentation – QEP Resources, Inc. – slide 17
    MIDSTREAM GREEN RIVER BASIN Pinedale System QEP contributed all gathering and transmission assets in the Green River Basin to QEPM Natural gas, crude oil and water gathering Rendezvous Gas Services Interconnects to multiple…
  18. Investor presentation – QEP Resources, Inc. – slide 18
    MIDSTREAM UINTA BASIN 24B Processing Plant QEP contributed 50% ownership interest Uinta Gathering in the Three Rivers Gathering JV to QEPM Three Rivers Throughput capacity of 212 MMcf/d Gathering in 2012 Stagecoach/Iron…
  19. Investor presentation – QEP Resources, Inc. – slide 19
    MIDSTREAM VERMILLION BASIN QEP contributed gathering and compression assets in SW Wyoming, NE Utah and NW Colorado Throughput capacity of 206 MMcf/d in 2012 Transports gathered gas to processing facilities owned by QEP and third…
  20. Investor presentation – QEP Resources, Inc. – slide 20
    OTHER MIDSTREAM ASSETS QEP contributed gathering and related assets in North Dakota. Capacity of 7,000 Bbl/d with minimum volume commitments QEP retained Haynesville midstream assets Natural gas gathering and treating 323 BBtu/d…
  21. Investor presentation – QEP Resources, Inc. – slide 21
    WHY INVEST IN QEP Well positioned for future crude oil growth Deep inventory of high-quality assets Complementary midstream business and MLP Strong balance sheet (1.2B in liquidity) as of Sept 30th 21
  22. Investor presentation – QEP Resources, Inc. – slide 22
    Appendix
  23. Investor presentation – QEP Resources, Inc. – slide 23
    DEBT MATURITY SCHEDULE 1,500 1,500 MM Revolving Credit 2.25% 1,250 1,000 6.875% 5.25% 750 625.0 650.0 5.375% 300 MM Term 500.0 500 Loan 3.07% 300.0 6.80% 6.80% 250 176.8 MM 134.0 136.0 Senior Notes 6.05% 0 2013…
  24. Investor presentation – QEP Resources, Inc. – slide 24
    GUIDANCE AND ASSUMPTIONS 2013 Guidance (as of 11/05/2013) Low High Adjusted EBITDA (MM) 1,550 1,600 Production (Bcfe) 310 315 Capital Investment (MM) 1,555 1,605 Pricing Low High NYMEX Gas Price (/MMBtu) 3.50 4.00 NYMEX Oil…
  25. Investor presentation – QEP Resources, Inc. – slide 25
    COMMODITY DERIVATIVES Gas, oil and NGL derivatives (as of 9/30/13) (prices before deducts) 2.1 MMBbls Oil 98.27/ Bbl - WTI 8.8 MMBbls Oil 33.1 Bcf Gas 93.63/ Bbl - WTI 4.74 / Mcf 0.1MMBbls Oil 107.80/ Bbl - Brent 58.5 Bcf…
  26. Investor presentation – QEP Resources, Inc. – slide 26
    2013 CAPITAL EXPENDITURE FORECAST Capital Expenditures Percentage Amount (MMs) Williston Basin 52% 815 Pinedale 17% 270 Midcontinent 16% 250 Uinta Basin 7% 110 Haynesville 2% 30 Field Services 5% 80 Corporate 1% 25 Total…
  27. Investor presentation – QEP Resources, Inc. – slide 27
    WOODFORD CANA QEP net production 120 (MMcfepd) Blaine Co. 100 Dewey Co. 80 60 40 20 Kingfisher Co. 0 meramec 22 Non Op wells completed (Ave WI 23%) 73,000 net acres Custer Co. Proved reserves 337 Bcfe* Canadian Co.…
  28. Investor presentation – QEP Resources, Inc. – slide 28
    HAYNESVILLE SHALE HARRISON TX LA CADDO BOSSIER WEBSTER 50,600 net acres BIENVILLE Proved reserves 470 Bcf* 52 PUD locations* 1,000 additional potential locations on 80-acre density PANOLA Average EUR 6 to 8 Bcf/well RED…

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