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ANALYST DAY – QEP Resources, Inc.

QEP Resources, Inc. · Nov 14, 2011 · 62 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. ANALYST DAY – QEP Resources, Inc. – slide 1
    Northern Region 1
  2. ANALYST DAY – QEP Resources, Inc. – slide 2
    A Horizontal wells in Shale / Source Rock: Haynesville, Woodford B Horizontal wells in tight sands: Sussex, Shannon, Tonkawa C C Horizontal wells in tight carbonate: Bakken, Three Forks, Marmaton, Niobrara B A D D…
  3. ANALYST DAY – QEP Resources, Inc. – slide 3
    Williston Basin Bakken Three Forks (TFS) Green River Basin Pinedale: Lance Powder River Basin Sussex Shannon Niobrara Frontier Vermillion Basin Almond Uinta Basin Lower MV Green River 3
  4. ANALYST DAY – QEP Resources, Inc. – slide 4
    The Resource Growth Company QEP Resources, Inc.
  5. ANALYST DAY – QEP Resources, Inc. – slide 5
    Canada Parshall / Sanish Ft. Berthold Reservation Delineation drilling on Ft. Berthold indicates that Parshall/Sanish fields Bailey will be continuous with Bailey field MT ND Oil Fields QEP Acreage 5
  6. ANALYST DAY – QEP Resources, Inc. – slide 6
    18 Miles Fat Cat Ft. Berthold 5,000 net acres 72,000 net acres QEP Acreage Bakken well TFS well 13,000 net acres of scattered lease and mineral interests Middle Bakken Structure SSTVD C.I. 100 ft 6
  7. ANALYST DAY – QEP Resources, Inc. – slide 7
    QEP MHA 1-18H-150-90 Ft. Berthold Reservation Limestone/Dolomite Shale Middle Bakken EURs: 400 - 1,000 MBoe QEP Acreage Type Log Bakken producer QEP Bakken and TFS reservoirs will be Three Forks (TFS) developed with…
  8. ANALYST DAY – QEP Resources, Inc. – slide 8
    Parshall Field Discovery Bakken or Three Forks wells drilled prior to 2007 Middle Bakken Structure SSTVD C.I. 200 ft 8
  9. ANALYST DAY – QEP Resources, Inc. – slide 9
    2007 First QEP non-operated Bakken well Pre-2007 Bakken or Three Forks wells Bakken or Three Forks QEP negotiates wells drilled in 2007 Ft. Berthold leases QEP Acreage Middle Bakken Structure SSTVD C.I. 200 ft 9
  10. ANALYST DAY – QEP Resources, Inc. – slide 10
    2008 Pre-2008 Bakken or Three Forks wells Bakken or Three Forks 3/2008 QEP acquires wells drilled in 2008 Ft. Berthold leases QEP Acreage Middle Bakken Structure SSTVD C.I. 200 ft 10
  11. ANALYST DAY – QEP Resources, Inc. – slide 11
    2009 First QEP operated Bakken well Pre-2009 Bakken or Three Forks wells Bakken or Three Forks wells drilled in 2009 QEP Acreage Middle Bakken Structure SSTVD C.I. 200 ft 11
  12. ANALYST DAY – QEP Resources, Inc. – slide 12
    2010 Pre-2010 Bakken or Three Forks wells Bakken or Three Forks wells drilled in 2010 QEP Acreage Middle Bakken Structure SSTVD C.I. 200 ft 12
  13. ANALYST DAY – QEP Resources, Inc. – slide 13
    2011 Pre-2011 Bakken or Three Forks wells Bakken or Three Forks wells drilled YTD 2011 QEP Acreage Middle Bakken Structure SSTVD C.I. 200 ft 13
  14. ANALYST DAY – QEP Resources, Inc. – slide 14
    12 miles Parshall/Sanish USGS defined Bakken Petroleum System Bakken wells Ft. Berthold Res. QEP Acreage Bailey Approx. eastern margin: will be further defined by additional drilling 14
  15. ANALYST DAY – QEP Resources, Inc. – slide 15
    The high EUR Bakken Parshall Field (+500 MBo) trend Sanish Field extends across QEP acreage QEP Acreage EUR Bubbles (MBo) Approx. E. field margin: Needs further delineation MHA 1-32-29H IP: 2,791 Boepd (10/2011) MHA…
  16. ANALYST DAY – QEP Resources, Inc. – slide 16
    QEP Middle Bakken Cumulative oil plot of high EUR Bakken wells Producer Other Bakken QEP Acreage 70,000 MHA 1-6-31 EUR 939 MBoe 60,000 MHA 1-5-8 50,000 MHA 1-13-14-150-91 EUR 765 MBoe Cum Oil 40,000 MHA 1-6-31-150-92 EUR…
  17. ANALYST DAY – QEP Resources, Inc. – slide 17
    QEP Middle Bakken QEP MHA 1-18H-150-90 Producer Other Bakken QEP Acreage 6 Miles Infill 160-acre pilot (WOC) Middle Bakken Key 2012 Stepout Approx. E. field margin: Needs further delineation Bakken Potential EUR…
  18. ANALYST DAY – QEP Resources, Inc. – slide 18
    Cumulative oil plot of selected significant wells 6 Miles QEP TFS Producer 70,000 Other TFS Bakken QEP Acreage Bakken twin to EUR 939 MBoe 3-5-8 TFS well 60,000 50,000 QEP 3-5-8 TFS well QEP 3-32-29-150-91 QEP 3-4-3-149-91 IP…
  19. ANALYST DAY – QEP Resources, Inc. – slide 19
    6 Miles QEP MHA 1-18H-150-90 QEP TFS Producer Other TFS QEP Acreage GR ResD DPHI QEP 3-4-3-149-91 IP (11/2011): 1,662 Boepd QEP 3-32-29-150-91 IP (11/2011): 1,084 Boepd Approx. E. field margin: Needs further…
  20. ANALYST DAY – QEP Resources, Inc. – slide 20
    QEP MHA 1-18H-150-90 Ft. Berthold Reservation Limestone/Dolomite Shale Middle Bakken EURs: 400 - 1,000 MBoe QEP Acreage Type Log Bakken producer Three Forks (TFS) EURs: 350 - 600 MBoe TVD 10,000 ft Bakken & TFS…
  21. ANALYST DAY – QEP Resources, Inc. – slide 21
    Average days spud to TD QEP-operated wells 40 31 28 Record 19.6 days 21
  22. ANALYST DAY – QEP Resources, Inc. – slide 22
    Production Type Curve Capital Return Price Sensitivity 800 60% 50% 650 MBo 600 BTAX ROR 40% BOEPD 550 MBo 400 30% 450 MBo 20% 200 10% 0 0% 0 20 40 60 80 100 120 75.00 80.00 85.00 90.00 95.00 Months of Production…
  23. ANALYST DAY – QEP Resources, Inc. – slide 23
    The Resource Growth Company QEP Resources, Inc.
  24. ANALYST DAY – QEP Resources, Inc. – slide 24
    MT WY Spearhead Ranch SD NE Gas Field Oil Field QEP Acreage 24
  25. ANALYST DAY – QEP Resources, Inc. – slide 25
    Stacked oil & liquids-rich reservoirs in the generative kitchen 6 Miles Niobrara Fairway powder river basin Sussex Sussex Fairway Shannon Niobrara Frontier Shannon Fairway QEP Acreage Type Log QEP has 40,000 net…
  26. ANALYST DAY – QEP Resources, Inc. – slide 26
    Prior vertical development focused on high perm areas Horizontal drilling & fracing opening up areas of lower perm 4-5 operated Sussex tests planned for 2012 6 Miles Celsius Energy Hotchkiss Fed 43-7 Sussex test Confidential…
  27. ANALYST DAY – QEP Resources, Inc. – slide 27
    Prior vertical development focused on high perm areas Horizontal drilling & fracing opening up areas of lower perm 1 Shannon pilot/delineation test planned for 2012 6 Miles Mtn Fuel Spearhead Ranch 5 QEP Acreage Type Log Shannon…
  28. ANALYST DAY – QEP Resources, Inc. – slide 28
    QEP Acreage 12 Miles Type Log Mtn Fuel Spearhead Ranch 13 Niobrara producer Niobrara Fairway (40,000 net acres) Chalk Shale Niobrara test Confidential powder river Niobrara Horizontal Target Zone EURs: 350 - 450 MBoe…
  29. ANALYST DAY – QEP Resources, Inc. – slide 29
    Mtn Fuel Spearhead Ranch 13 6 Miles Sandstone Shale Frontier Fairway (40,000 net acres) Deposited more locally (bars) rather than regionally powder river Frontier Horizontal Target Zone EURs: 300 - 500 MBoe Short laterals…
  30. ANALYST DAY – QEP Resources, Inc. – slide 30
    Production Type Curve Capital Return Price Sensitivity 800 60% 50% 600 40% BTAX ROR BOEPD 400 30% 20% 200 10% 0 0 20 40 60 80 100 120 0% 75.00 80.00 85.00 90.00 95.00 Months of Production WTI Oil Price (/Bbl)…
  31. ANALYST DAY – QEP Resources, Inc. – slide 31
    Production Type Curve Capital Return Price Sensitivity 800 80% 600 60% BTAX ROR BOEPD 400 40% 200 20% 0 0% 0 20 40 60 80 100 120 75.00 80.00 85.00 90.00 95.00 Months of Production WTI Oil Price (/Bbl) Type…
  32. ANALYST DAY – QEP Resources, Inc. – slide 32
    Production Type Curve Capital Return Price Sensitivity 600 30% 500 25% 400 20% BTAX ROR BOEPD 300 15% 200 10% 100 5% 0 0% 0 20 40 60 80 100 120 75.00 80.00 85.00 90.00 95.00 Months of Production WTI Oil Price…
  33. ANALYST DAY – QEP Resources, Inc. – slide 33
    The stacked oil & liquids-rich zones in the Powder River Sussex Basin have the potential for 95 264 MMBoe net to QEP on 320 to 160-acre spacing We are early in the evaluation stage Shannon Several key Sussex & Shannon tests are…
  34. ANALYST DAY – QEP Resources, Inc. – slide 34
    Hiawatha Camp (1968) Rig in Vermillion basin (2011) 3D seismic acquisition (2003) The Resource Growth Company QEP Resources, Inc.
  35. ANALYST DAY – QEP Resources, Inc. – slide 35
    Pinedale Field Gas Field Oil Field QEP Acreage Jonah Field Vermillion Basin WY UT CO 35
  36. ANALYST DAY – QEP Resources, Inc. – slide 36
    QEP CCU 13-31 QEP Acreage Type Log Sandstone Shale Seismic profile next slide Almond Formation Targets Multiple Stacked Sandstone Objectives EURs: 1.5 - 2.5 Bcfe MD 6250 ft 36
  37. ANALYST DAY – QEP Resources, Inc. – slide 37
    NW Canyon Creek Anticline Almond The Almond drilling program is focused on the crest and flanks of the L. Baxter Canyon Creek Anticline at 6,250 ft Frontier Basement The Vermillion Basin fields produce from…
  38. ANALYST DAY – QEP Resources, Inc. – slide 38
    2012 planned wells QEP has 50,000 net acres in the WY portion of the Vermillion Almond play 2011 completed wells Almond producers QEP Acreage AGU 5 2.5 Bcfe EUR WCU 3 2.2 Bcfe EUR WCU 9-23 1.5 MMcfpd WCU 9-29 (testing) WCU…
  39. ANALYST DAY – QEP Resources, Inc. – slide 39
    3D Seismic Dip Profile across Vermillion Almond Play Well tests have shown that commercial gas is present below the Almond Formation structural spill point 2012 drilling will help delineate size of the Almond resource AGU-5 CCU…
  40. ANALYST DAY – QEP Resources, Inc. – slide 40
    Our 3D seismic should help us identify target Almond formation sand bodies Frontier Horizon Slice Example of deep Frontier Fm. channel sands 13,000 ft Almond sands are much shallower 6,250 ft 40
  41. ANALYST DAY – QEP Resources, Inc. – slide 41
    41
  42. ANALYST DAY – QEP Resources, Inc. – slide 42
    Production Type Curve Capital Return Price Sensitivity 2,000 100% 2.7 Bcfe 2.3 Bcfe 1,500 80% 1.9 Bcfe MCFEPD BTAX ROR 60% 1,000 1.5 Bcfe 40% 500 20% 0 0% 0 20 40 60 80 100 120 3.00 3.50 4.00 4.50 5.00 5.50 6.00…
  43. ANALYST DAY – QEP Resources, Inc. – slide 43
    The Resource Growth Company QEP Resources, Inc.
  44. ANALYST DAY – QEP Resources, Inc. – slide 44
    Gas Field Oil Field QEP Acreage Pinedale Field Jonah Field Vermillion Basin WY UT CO 44
  45. ANALYST DAY – QEP Resources, Inc. – slide 45
    Proved reserves 1.35 Tcfe* The Lance Pool has stacked pay sands 432 PUD locations on a combination of 5,10, and 20-acre density * across 5,000 ft of interval Up to 1,200 remaining locations TYPE LOG Completed well costs below 3.8…
  46. ANALYST DAY – QEP Resources, Inc. – slide 46
    280 240 QEP Pinedale net production (MMcfepd) 200 160 120 80 40 Pinedale Field Jonah Field 46
  47. ANALYST DAY – QEP Resources, Inc. – slide 47
    Conductor and surface pipe Cellar construction Grating over subsurface wellheads Cellars in place Installing subsurface wellheads 47
  48. ANALYST DAY – QEP Resources, Inc. – slide 48
    70 24 64 Days (Spud to TD) 61 22 60 Wells/Rig-Yr 20 18 50 45 16 42 14 Wells / Rig-Yr 40 35 12 30 10 28 23 8 20 17 14 6 4 10 2 0 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 Record 10.6 Days 48
  49. ANALYST DAY – QEP Resources, Inc. – slide 49
    25 Average frac stages / well 20 15 14 Frac days / well 10 6 5 5 4 4 3 3 3 3 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 YTD 49
  50. ANALYST DAY – QEP Resources, Inc. – slide 50
    QEP Energy Pinedale Net Production 300,000 Gas (MCF/day) Blacks Fork II start-up 8,400 BNGLPD Condensate (MCFE/day) (August 2011) 250,000 NGL (MCFE/day) Net Mcfe / day 200,000 150,000 100,000 50,000 0 Jan-09…
  51. ANALYST DAY – QEP Resources, Inc. – slide 51
    Production Type Curve Capital Return Price Sensitivity 7,000 100% 6,000 80% 6.9 Bcfe 5.4 Bcfe 5,000 BTAX ROR MCFEPD 60% 4,000 4.6 Bcfe 3,000 40% 2,000 3.4 Bcfe 20% 1,000 2.3 Bcfe 0 0% 0 20 40 60 80 100 120…
  52. ANALYST DAY – QEP Resources, Inc. – slide 52
    Horizontal drilling in Brennan Bottom Unit The Resource Growth Company QEP Resources, Inc.
  53. ANALYST DAY – QEP Resources, Inc. – slide 53
    WY Gas Field Vermillion Basin Oil Field QEP Acreage Red Wash UT CO 53
  54. ANALYST DAY – QEP Resources, Inc. – slide 54
    QEP Acreage QEP - RED WASH UNIT Natural Buttes - 7 active rigs 507 MMcfpd Gross 2,250 Bopd Gross 9,000 Bpd net NGL 10-acre development Cryogenic processing Chapita Wells - 1 active rig 144 MMcfpd Gross 10-acre…
  55. ANALYST DAY – QEP Resources, Inc. – slide 55
    QEP RW 33-26B QEP Acreage Type Log Lower MV producer Sandstone Shale Red Wash Unit 1,000 ft of Type Lower MV Section Lower MV Formation Targets Multiple Vertical Sandstone Objectives EURs: 0.6 5.0 Bcfe MD 12,000 ft 55
  56. ANALYST DAY – QEP Resources, Inc. – slide 56
    4,000 Avg Monthly Gross (Mcfepd) 3,500 3,000 2,500 2,000 1,500 1,000 500 - 1 4 7 10 13 16 19 22 25 28 31 34 Producing Months Red Wash Lower MV Type Curve 56
  57. ANALYST DAY – QEP Resources, Inc. – slide 57
    3 Miles Lower MV Producer Mesaverde Play Fairway Deadman Bench EIS in place since January 2008 Kilimanjaro Unit Red Wash Unit Red Wash Unit Red Wash Lower MV Potential of locations Gas Condensate NGL 20-acre spacing…
  58. ANALYST DAY – QEP Resources, Inc. – slide 58
    Lower MV Producer 2011 wells Red Wash Unit 2012 wells QEP Acreage 3rd Proposed Pilot 2 Miles 2012 Lower MV drilling objectives: Additional delineation across QEP acreage, 40 planned wells in 2012 Infill pilot program (20…
  59. ANALYST DAY – QEP Resources, Inc. – slide 59
    Production Type Curve Capital Return Price Sensitivity 3,000 100% 80% BTAX ROR 2,000 60% MCFED 40% 1,000 20% 0 0% 0 20 40 60 80 100 120 3.00 3.50 4.00 4.50 5.00 5.50 6.00 Months on Production NYMEX Gas Price…
  60. ANALYST DAY – QEP Resources, Inc. – slide 60
    Early drilling in Red Wash Field was focused on shallow oil in the Green River Formation The Lower MV formation drilling program will provide valuable new East West information on identifying additional recoverable Green River oil Oil…
  61. ANALYST DAY – QEP Resources, Inc. – slide 61
    QEP RW 11-25B Red Wash Unit Sandstone Shale Oil Well Water Injector Gas Well QEP Acreage Type Log 300 ft of Type Green River Section Green River Formation: Multiple vertical sandstone objectives across 3,000 ft of…
  62. ANALYST DAY – QEP Resources, Inc. – slide 62
    Approx. Red Wash Oil Field outline 3 Miles Gas Cap Red Wash Green River Waterflood (78 sands): Red Wash Unit 747 MMBo OOIP, 88 MMBo produced to date = 11.8% recovery of OOIP 2012 Lower MV location Glen Bench Green River…

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