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Annual Meeting of Shareholders – QEP Resources, Inc.

QEP Resources, Inc. · May 15, 2012 · 23 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. Annual Meeting of Shareholders – QEP Resources, Inc. – slide 1
    The Resource Growth Company QEP Resources, Inc.
  2. Annual Meeting of Shareholders – QEP Resources, Inc. – slide 2
    LTM PRO-FORMA * QEP Energy EBITDA 1.43 B (Exploration & Production) 3.6 Tcfe proved reserves 18% 4-yr production CAGR QEP Field Services (Gathering and NGL extraction) 76% 1.37 Bcfpd processing 2,000 miles of gathering lines…
  3. Annual Meeting of Shareholders – QEP Resources, Inc. – slide 3
    45% Production growth per debt-adjusted diluted share (2007 11 CAGR) 18% 18% 16% 15% 14% 12% 11% 11% 11% 10% 8% 6% 6% 3% 3% 1% 1% -2% -6% -17% PXP WLL SWN XCO FST SM PXD XEC DVN EOG NBL EQT…
  4. Annual Meeting of Shareholders – QEP Resources, Inc. – slide 4
    Powder 2011YE 2009 Reserves* Reserves* River Basin 3,614 2,747 Bcfe Bcfe Pinedale Anticline Rockies: 2,312 Bcfe Bakken/TFS Uinta Basin Midcontinent: 1,302 Bcfe Northern Region Marmaton, 1Q 2012 2009 Production…
  5. Annual Meeting of Shareholders – QEP Resources, Inc. – slide 5
    WILLISTON BASIN Bakken PINEDALE Probable (Bcfe): 195 Probable (Bcfe) 1,492 Possible (Bcfe): 526 Possible (Bcfe): 105 Resource Potential (Bcfe): 34 Resource Potential (Bcfe): 766 POWDER RIVER/DJ GREATER GREEN BASINS RIVER BASIN…
  6. Annual Meeting of Shareholders – QEP Resources, Inc. – slide 6
    Proved Reserves Net Production (Bcfe) (Bcfe/yr) 307.5 275 3,614 229 3,031 2,747 190 171 2,218 140 1,868 2012 Guidance: 305 310 Bcfe 7
  7. Annual Meeting of Shareholders – QEP Resources, Inc. – slide 7
    2011 average production cash cost (/Mcfe) structure 5.00 versus 46 E&P peers (LOE + transportation/gathering/processing + production taxes + G&A + interest + preferred dividends) 4.00 QEP Resources 2.06/Mcfe 3.00 2.00 1.00…
  8. Annual Meeting of Shareholders – QEP Resources, Inc. – slide 8
    70% Peer group outspending Peer group outspending 2010 to 2011 Absolute Production Growth (%) average = 85% (Cash Flow from Ops Less totaled 26.9 B in 2011 60% Capex) / Cash Flow from Ops 50% 40% 30% QEP 20% 10% 0%…
  9. Annual Meeting of Shareholders – QEP Resources, Inc. – slide 9
    25.0% Avg Return on Capital Employed 2007-2011 (Cashflow from Operations / Gross PP&E) 20.0% QEP 15.0% Peer Average 10.0% 5.0% 0.0% (20%) (10%) 0% 10% 20% 30% 40% 50% Production Growth per Debt-Adjusted Diluted…
  10. Annual Meeting of Shareholders – QEP Resources, Inc. – slide 10
    1.44 B 1.50 B * Corporate 1% Field Services 11% Bakken/PRB 7% Uinta MSV/GR Oil 17% 27% Pinedale 2% GW/Tonk/Marm/Cana 20% 10% Haynesville 25% 22% 20% 29% 9% 2011 Capital 2012 Capital Budget * Top end of guidance range…
  11. Annual Meeting of Shareholders – QEP Resources, Inc. – slide 11
    % Liquids of Total Net % Liquids of Total Proved Production 21% Reserves 24% 14% 13% 12% 11% 11% 14% 11% 9% 8% 2012 Guidance: mid-point range 12
  12. Annual Meeting of Shareholders – QEP Resources, Inc. – slide 12
    Dry Gas Liquids Liquids + fee-based revenues 24% 20% 26% 53% 76% 80% 74% 47% YE 11 Proved Total E&P-only Total Total Reserves Production* Production** Revenues** * 1st Qtr 2012 ** 1st Qtr 2012, E&P + Midstream 13
  13. Annual Meeting of Shareholders – QEP Resources, Inc. – slide 13
    EBITDA 2012 guidance as of 4/24/12: (MM/yr) EBITDA 1.35 B to 1.45 B 1,387 1,400 * 305 to 310 Bcfe production 1,311 Capital investment 1.35 B to 1.50 B 1,165 1,141 Approximately 70% of 2012 estimated gas production covered by…
  14. Annual Meeting of Shareholders – QEP Resources, Inc. – slide 14
    2500 2000 Total Rigs Gas Directed 1500 Oil Directed 1000 500 0 Source: www.bakerhughes.com 5/3/12 15
  15. Annual Meeting of Shareholders – QEP Resources, Inc. – slide 15
    Natural Gas Production (Bcfpd) 40 45 50 55 60 65 70 Jan-73 Jan-76 Jan-79 Jan-82 Jan-85 Jan-88 Jan-91 Jan-94 (EIA Database) Jan-97 Jan-00 U.S. Dry Natural Gas Production Jan-03 Jan-06…
  16. Annual Meeting of Shareholders – QEP Resources, Inc. – slide 16
    14 12 10 /MMBtu 8 6 4 2 0 Historical 5/3/12 NYMEX forward gas prices as of the dates specified 17
  17. Annual Meeting of Shareholders – QEP Resources, Inc. – slide 17
    Conductor and surface pipe Cellar construction Grating over subsurface wellheads Cellars in place Installing subsurface wellheads 18
  18. Annual Meeting of Shareholders – QEP Resources, Inc. – slide 18
    WY NW Louisiana CO2 treating / blending: 600 MMcfpd Gathering: 179 miles W. Green River Basin UT Interstate pipeline connections: 4 Processing: 840 MMcfpd CO Gathering: 886 miles Rendezvous transmission: 21 miles Interstate pipeline…
  19. Annual Meeting of Shareholders – QEP Resources, Inc. – slide 19
    Field Services EBITDA (MM/yr) 320 Own and operate gathering, treating, and NGL extraction assets in core QEP producing areas Maximizes margins on QEP production 204 170 163 Iron Horse II processing plant in the Uinta Basin,…
  20. Annual Meeting of Shareholders – QEP Resources, Inc. – slide 20
    NGL Volumes (Average Bpd) 11,700 9,251 7,800 6,629 6,537 5,746 5,835 4,891 3,013 Total Field Services NGL Actuals Total Field Services NGL Forecast QEP Energy Blacks Fork Complex only NGL 21
  21. Annual Meeting of Shareholders – QEP Resources, Inc. – slide 21
    22
  22. Annual Meeting of Shareholders – QEP Resources, Inc. – slide 22
    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…
  23. Annual Meeting of Shareholders – QEP Resources, Inc. – slide 23
    The Resource Growth Company QEP Resources, Inc.

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