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INVESTOR PRESENTATION – QEP Resources, Inc.

QEP Resources, Inc. · Mar 11, 2013 · 38 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 ADJUSTED QEP Energy EBITDA 1.42 B * (Exploration & Production) 3.9 Tcfe proved reserves 18% 5-yr production CAGR QEP Field Services 78% (Gathering and NGL extraction) 1.37 Bcfpd processing 2,000 miles of gathering lines…
  3. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 3
    2013 Guidance Adjusted EBITDA Adjusted EBITDA 1,500 to 1,650 MM (MM/yr) 325 to 330 Bcfe production Capital investment 1,625 to 1,725 MM Approximately 53% of natural gas 1,575* volumes hedged in 2013 with a weighted 1,387 1,416…
  4. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 4
    1.44 B 1.49 B(1) 1.68 B* 1% Corporate 7% Field Services 11% Bakken/PRB 7% Uinta MSV/GR Oil 17% Pinedale 28% 53% GW/Tonk/Marm/Cana 20% 9% Haynesville 25% 26% 6% 14% 29% 19% 17% 5% 2% 2011 Capital 2012 Capital 2013 Capital…
  5. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 5
    2012 2009 YEReserves* Reserves* 3,936 Powder 2,747 Bcfe Bcfe Pinedale River Basin ND Anticline Northern: 2,876 Bcfe WY Bakken UT Vermillion Uinta Basin Southern: 1,060 Bcfe CO 2012 Production OK Marmaton, 2009 Production…
  6. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 6
    WILLISTON BASIN* (Bakken/TFS) Probable (Bcfe): 186 PINEDALE Possible (Bcfe): 152 Probable (Bcfe) 1,012 Resource Potential (Bcfe): 264 Possible (Bcfe): 214 Resource Potential (Bcfe): 806 POWDER RIVER BASIN GREATER GREEN Probable…
  7. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 7
    Gross Avg. Net NYMEX Avg. Remaining Gross Finding Price Play Working Locations (as EUR Cost 10% BTAX Interest of Dec. 2012) (Bcfe/well) (/Mcfe) ROR** Pinedale 900 60% 4.6 1.06 2.05 Bakken + Three Forks Reservation 450 77% 640*…
  8. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 8
    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…
  9. INVESTOR PRESENTATION – 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. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 10
    2011 average production cash cost structure 5.00 versus 46 E&P peers (/Mcfe) (LOE + transportation/gathering/processing + production taxes + G&A + interest + preferred dividends) 4.00 QEP Resources 2.06/Mcfe 3.00 2.00 1.00…
  11. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 11
    Net Production Proved Reserves (Bcfe/yr) 319 328* (Bcfe) 275 3,936 229 3,614 190 3,031 171 2,747 140 2,218 1,868 *Guidance midpoint (as of February 19, 2013) 12
  12. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 12
    % Liquids of Total Net 32%* % Liquids of Total Proved Production Reserves 33% 22% 24% 14% 13% 12% 11% 11% 14% 11% 9% 8% *Guidance midpoint (as of February 19, 2013) 13
  13. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 13
    Dry Gas Liquids Liquids + fee-based revenues 27% 30% 61% 73% 70% 39% 4Q12 E&P-only 4Q12 Total 4Q12 Total Production Production* Revenues* * E&P + Midstream 14
  14. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 14
    QEP net production (Boepd) Approx. Eastern 25,000 field boundary Fat Cat 20,000 15,000 10,000 5,000 0 South Antelope Fort Berthold Bakken Formation wells 20 Miles Three Forks Formation wells Operated focus area QEP…
  15. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 15
    Number of operated wells as of YE 2012: 30 Three Forks (TF) 3 Dual Bakken/Three Forks 5,000 to 12,500-ft laterals 11 MM (long lateral) well costs Proved reserves of 55 MMBoe* Probable reserves of 70 MMBoe* 95 Bakken/Three Forks…
  16. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 16
    Number of operated wells as of YE 2012: 38 Bakken (Bkkn) Fort Berthold Reservation 13 Three Forks (TF) 5,000 to 12,500-ft laterals Q4 Completion: 2 Bkkn/3 TF 11 MM (long lateral) well costs 10-well Independence Proved reserves of…
  17. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 17
    QEP net production (MMcfepd) QEP PDP well 320 280 Other operators (No QEP interest) 240 200 QEP leasehold 160 120 80 40 1 Mile Proved reserves 1.53 Tcfe* 452 PUD locations on a combination of 5 to 10-acre density * Up…
  18. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 18
    64 61 Average Days Spud to TD 45 42 35 28 23 17 13.8 12.8 Record 8.6 days 19
  19. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 19
    Geologic Age Formation Proved reserves of 428 Bcfe* UTAH Green River TERTIARY 225 PUD locations on 40-acre Uinta Wasatch Basin density* Mesaverde Vertical wells average TD of 11,000' Blackhawk CRETACEOUS 2.3 MM average well cost…
  20. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 20
    Pad 1 RW 23-23B 24 Wells 20-acre bottom hole locations Pad 2 RW 44-22B Future possible 10-acre bottom hole 16 Wells locations Estimated 20-acre drainage ellipses Estimated 10-acre drainage ellipses Drilling WOC 21
  21. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 21
    QEP net production 60 (MMcfepd) Blaine Co. 50 Dewey Co. 40 30 20 Kingfisher Co. 10 2 rigs drilling 0 (75% WI) Custer Co. Proved reserves 337 Bcfe* 8 wells 156 PUD locations* TIER II: completing 3,268 additional…
  22. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 22
    60 QEP net production 59 58 57 1 2 3 2 4 C&M RR CO 2 5 7 6 8 9 BLK C&M B&B (MMcfepd) B&B 1 BLK 4 BLK 3 GO MCROHAN 1 BLK E 50 B&B 9 53 54 B&B BLK 2 55 56 BLK 5 4 2 1 1 3 2 1 6 5 4 PARRIS 40 BLK E…
  23. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 23
    QEP net production HARRISON TX LA CADDO BOSSIER WEBSTER (MMcfepd) BIENVILLE 360 300 240 180 PANOLA 120 60 0 DE SOTO RED RIVER RUSK CV/Hosston Haynesville NATCHITOCHES SHELBY Proved reserves 471 Bcf* 57 PUD…
  24. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 24
    WY NW Louisiana CO2 treating / blending capacity: 600 MMcfpd Gathering: 179 miles W. Green River Basin UT Interstate pipeline connections: 4 Processing capacity: 840 MMcfpd CO Gathering: 886 miles Rendezvous transmission: 21 miles…
  25. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 25
    Own and operate gathering, Field Services EBITDA treating, and NGL extraction assets (MM/yr) in core QEP producing areas 320 Maximizes margins on QEP 281 production Iron Horse II processing plant in the 204 Uinta Basin, Utah…
  26. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 26
    High-quality assets with a proven execution strategy Acreage in core of high-quality, repeatable resource plays Concentrated, contiguous QEP-operated land positions Track record as low-cost leader Williston Basin acquisition adds…
  27. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 27
    The Resource Growth Company QEP Resources, Inc.
  28. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 28
    Ethane Recovery Ethane Rejection Price Units Revenue Units Revenue per unit1 Produced per product2 Produced per product2 Natural Gas (Mcf) 3.75 s 8,527 31,977 w 8,964 34,657 Ethane (gal) 0.25 t 9,032 2,258 x - - Other NGL (gal) 1.43 u…
  29. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 29
    Gas, oil and NGL derivatives (as of 2/12/13) (prices before deducts) 5.7 MMBbls Oil 98.35/ Bbl 25.6 Bcf Gas 4.75 MMBbls Oil 4.15 / Mcf 92.99/ Bbl 0.3 MMBbls Oil 107.80/ Bbl 117 Bcf Gas 4.84 / Mcf 2013 2014* Gas Swaps…
  30. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 30
    1,500 1,500 MM Revolving Credit 2.00% 1,250 1,000 6.875% 5.25% 750 625.0 650.0 5.375% 300 MM Term Loan 500.0 500 2.82% 176.8 MM 300.0 Senior Notes 6.80% 6.80% 250 6.05% 134.0 136.0 0 2013 2014 2015 2016 2017 2018…
  31. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 31
    Production Type Curve Capital Return Price Sensitivity 7,000 100% 6,000 6.9 Bcfe 5.4 Bcfe 80% 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 3.00…
  32. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 32
    Production Type Curve Capital Return Price Sensitivity 800 40% 740 MBoe Daily Rate (BOEPD) 600 30% BTAX ROR 640 MBoe 400 20% 520 MBoe 200 10% 0 0% 0 20 40 60 80 100 120 75.00 80.00 85.00 90.00 95.00 Months on…
  33. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 33
    Production Type Curve Capital Return Price Sensitivity 2,500 100% 1,035 MBoe 2,000 Daily Rate (BOEPD) 80% 920 MBoe BTAX ROR 1,500 60% 840 MBoe 1,000 40% 500 20% 0 0% 0 20 40 60 80 100 120 65.00 75.00 85.00 95.00…
  34. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 34
    Production Type Curve Capital Return Price Sensitivity 3,000 100% 80% 2,000 BTAX ROR 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…
  35. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 35
    Production Type Curve Capital Return Price Sensitivity 6,000 60% 5,000 50% 4,000 40% 3.7 Bcf & 86 MBo BTAX ROR MCFED 3,000 30% 5.3 Bcf & 26 MBo 2,000 20% 5.5 Bcf 1,000 10% 0 0% 0 20 40 60 80 100 120 3.00 3.50 4.00…
  36. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 36
    Production Type Curve Capital Return Price Sensitivity 10,000 100% 8,000 80% 8 Bcf 7 Bcf BTAX ROR 6,000 60% MCFPD 6 Bcf 5 Bcf 4,000 40% 2,000 20% 0 0% 0 20 40 60 80 100 120 3.00 3.50 4.00 4.50 5.00 5.50 6.00…
  37. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 37
    Red Wash Processing Northern Complex UT CO Utah assets, Red Wash and Iron Horse Stagecoach/Iron Horse Processing Processing Complex Complexes 38
  38. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 38
    Southwest Wyoming assets and Gobblers Knob Blacks Fork Processing Complex Blacks Fork Processing Complex Clear Creek Storage (100% ownership/capacity) Emigrant Vermillion Trail Cryo Processing Plant Plant 39

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