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GOLDMANSACHSCONFERENCE – QEP Resources, Inc.

QEP Resources, Inc. · Jan 11, 2012 · 37 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. GOLDMANSACHSCONFERENCE – QEP Resources, Inc. – slide 1
    The Resource Growth Company QEP Resources, Inc.
  2. GOLDMANSACHSCONFERENCE – QEP Resources, Inc. – slide 2
    LTM PRO-FORMA * QEP Energy EBITDA 1.29 B (Exploration & Production) 3.0 Tcfe proved reserves 15% 4-yr production CAGR QEP Field Services (Gathering and NGL extraction) 77% 1.37 Bcfpd processing 2,239 miles of gathering lines…
  3. GOLDMANSACHSCONFERENCE – 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% PXP WLL SWN KWK FST XEC PXD DVN NBL EOG SM UPL…
  4. GOLDMANSACHSCONFERENCE – QEP Resources, Inc. – slide 4
    2010 2009 YEReserves* Reserves* Powder 3,031 2,747 Bcfe Bcfe Pinedale River Basin Anticline Rockies: 1,860 Bcfe Bakken/TFS Uinta Basin Midcontinent: 1,171 Bcfe Northern Region Marmaton, 3Q 2011 2009 Production…
  5. GOLDMANSACHSCONFERENCE – 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. GOLDMANSACHSCONFERENCE – QEP Resources, Inc. – slide 6
    Proved Reserves Net Production (Bcfe) (Bcfe/yr) 307.5 272 3,031 229 2,747 190 2,218 171 1,868 130 140 1,631 2011 Guidance: 270 274 Bcfe 2012 Guidance: 305 310 Bcfe 6
  7. GOLDMANSACHSCONFERENCE – QEP Resources, Inc. – slide 7
    2012 guidance as of 11/14/11: EBITDA EBITDA 1.45 B to 1.55 B (MM/yr) 305 to 310 Bcfe production 1,500 * Capital investment 1.50 B 1,311 1,333 * Approximately 44% of 2012 estimated 1,165 1,141 production currently hedged Assumptions…
  8. GOLDMANSACHSCONFERENCE – QEP Resources, Inc. – slide 8
    Gas Liquids Liquids + fee-based revenues 14% 13% 18% 44% 86% 87% 82% 56% YE 10 Proved Total E&P-only Total Total Reserves Production* Production** Revenues** * Through 3Q11 ** Through 3Q11, E&P + Midstream 8
  9. GOLDMANSACHSCONFERENCE – QEP Resources, Inc. – slide 9
    1.48 B 1.35 B 1.50 B 11% Field Services 18% 7% 9% All Other 14% 6% Oil Plays 23% 3% 8% Woodford Cana 12% 8% 2% Uinta RW MV 6% 6% 12% 19% Bakken/TFS Pinedale 19% 20% Haynesville 20% All Other: Vermillion Almond, 28% 30%…
  10. GOLDMANSACHSCONFERENCE – QEP Resources, Inc. – slide 10
    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…
  11. GOLDMANSACHSCONFERENCE – QEP Resources, Inc. – slide 11
    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;…
  12. GOLDMANSACHSCONFERENCE – QEP Resources, Inc. – slide 12
    Lower MV Producer 2011 wells Red Wash Unit EURs 0.6 to 5.0 2012 wells Bcfe/well (high QEP Acreage BTU gas) 40 wells planned in 2012 for delineation and shallow Green River oil assessment 2 Miles Red Wash Lower MV…
  13. GOLDMANSACHSCONFERENCE – QEP Resources, Inc. – slide 13
    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…
  14. GOLDMANSACHSCONFERENCE – QEP Resources, Inc. – slide 14
    QEP net production Fort Berthold Detail Map (Boepd) 6,000 Fat Cat Parshall/Sanish Fields 2 WOC, 1 producing IPs: 750-3,000 Bopd 4,000 2,000 Fort 0 Berthold 4-well pad (completing) 5,000 to 10,000-ft laterals 2-well pad 9.5…
  15. GOLDMANSACHSCONFERENCE – QEP Resources, Inc. – slide 15
    QEP net production (MMcfepd) QEP PDP well 280 240 Other operators (No QEP interest) 200 160 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…
  16. GOLDMANSACHSCONFERENCE – QEP Resources, Inc. – slide 16
    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 13.8 6 4 10 2 0 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 Record 10.6 days 16
  17. GOLDMANSACHSCONFERENCE – QEP Resources, Inc. – slide 17
    QEP net production 60 (MMcfepd) 50 40 30 20 10 0 Proved reserves 199 Bcfe* 103 PUD locations* 3,450 potential locations TIER II: 46,126 net acres 20% average working interest in Tier I lands (operate 52% of potential…
  18. GOLDMANSACHSCONFERENCE – QEP Resources, Inc. – slide 18
    QEP net production 360 (MMcfepd) 300 240 180 120 60 0 CV/Hosston Haynesville Proved reserves 604 Bcf* 219 PUD locations* 1,300 additional potential locations on 80-acre density 8.5 to 9.5 MM well costs Average EUR 6 to 8…
  19. GOLDMANSACHSCONFERENCE – QEP Resources, Inc. – slide 19
    Average days spud to TD QEP-operated wells 66 37 32 Record 20 days 19
  20. GOLDMANSACHSCONFERENCE – QEP Resources, Inc. – slide 20
    Avg. Net NYMEX Gross Avg. Gross Finding Price Play Remaining Working EUR Cost 10% BTAX Locations Interest (Bcfe/well) (/Mcfe) ROR** Pinedale 1,200 60% 4.6 1.06 2.05 Bakken + 440 80% 550* 21.86 65.50 Three Forks Uinta Red Wash…
  21. GOLDMANSACHSCONFERENCE – QEP Resources, Inc. – slide 21
    Inventory Life at 2012 Activity Levels (Yrs) 80 75 70 Gross Unrisked Remaining Locations 60 4,000 3,450 50 3,200 40 30 22 23 3,000 14 20 11 9 10 2,000 0 1,200 1,300 1,000 715 420 0 QEP Energy Net Capex (MM) 8,000 6,720…
  22. GOLDMANSACHSCONFERENCE – QEP Resources, Inc. – slide 22
    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…
  23. GOLDMANSACHSCONFERENCE – QEP Resources, Inc. – slide 23
    Field Services EBITDA (MM/yr) 286 Own and operate gathering, treating, and NGL extraction assets in core QEP producing areas 204 Maximizes margins on QEP production 170 163 YTD 3Q2011 EBITDA of 233.1 MM 113 Iron Horse…
  24. GOLDMANSACHSCONFERENCE – QEP Resources, Inc. – slide 24
    NGL Volumes (Average Annual Bpd) 12,700 9,000 6,629 6,537 6,300 5,746 5,835 4,891 2,000 Total Field Services NGL Actuals Total Field Services NGL Forecast QEP Energy Blacks Fork Complex only NGL Forecast 24
  25. GOLDMANSACHSCONFERENCE – QEP Resources, Inc. – slide 25
    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…
  26. GOLDMANSACHSCONFERENCE – QEP Resources, Inc. – slide 26
    27
  27. GOLDMANSACHSCONFERENCE – QEP Resources, Inc. – slide 27
    Gas, oil and NGL hedges as of 11/17/11 (prices net-to-well for gas & oil) 5 Bcf gas collars 124 Bcf gas 54 Bcf gas 11 Bcfe oil 5.32 / Mcf 4.04-5.97 / Mcf 4.51 / Mcf 88.63 / bbl 1 Bcfe oil 1 Bcfe oil collars 3 Bcfe NGL 103.80 / bbl…
  28. GOLDMANSACHSCONFERENCE – QEP Resources, Inc. – slide 28
    1,600 1,500 Revolver Available Revolver Capacity 1,400 Drawn Revolver Long Term Notes Maturity Amount % of Total Coupon Duration (yrs) 9/1/2016 176,843,000 16.4% 6.050% 4.81 4/1/2018 138,648,000 12.9% 6.800% 6.39 1,200 3/1/2020…
  29. GOLDMANSACHSCONFERENCE – QEP Resources, Inc. – slide 29
    1.11 B 1.48 B 1.35 B 1.50 B 22% 34% 68% 84% 78% 66% 32% 16% 2009 Capital 2010 Capital 2011 Capital 2012 Capital Budget Budget Liquids Driven + Fee Based Projects Low-Cost Gas Projects 30
  30. GOLDMANSACHSCONFERENCE – QEP Resources, Inc. – slide 30
    Net Probable and Possible Reserves (Bcfe) 2,688 2,262 1,597 1,481 723 721 116 31
  31. GOLDMANSACHSCONFERENCE – 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. GOLDMANSACHSCONFERENCE – QEP Resources, Inc. – slide 32
    Production Type Curve Capital Return Price Sensitivity 800 60% 50% 650 MBoe 600 BTAX ROR 40% BOEPD 550 MBoe 400 30% 450 MBoe 20% 200 10% 0 0% 0 20 40 60 80 100 120 75.00 80.00 85.00 90.00 95.00 Months on…
  33. GOLDMANSACHSCONFERENCE – QEP Resources, Inc. – slide 33
    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…
  34. GOLDMANSACHSCONFERENCE – QEP Resources, Inc. – slide 34
    Production Type Curve Capital Return Price Sensitivity 6,000 60% 5,000 50% BTAX ROR 4,000 40% 3.7 Bcf & 86 MBo 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…
  35. GOLDMANSACHSCONFERENCE – QEP Resources, Inc. – slide 35
    Production Type Curve Capital Return Price Sensitivity 10,000 100% 8,000 80% 8 Bcf 7 Bcf BTAX ROR MCFEPD 6,000 60% 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…
  36. GOLDMANSACHSCONFERENCE – QEP Resources, Inc. – slide 36
    QEP Field Services Gobblers Knob Southwest Wyoming assets and Blacks Fork Processing Complex Blacks Fork Processing Complex Clear Creek Storage (100% ownership/capacity) Emigrant Trail Cryo Clay Basin Plant (QEP…
  37. GOLDMANSACHSCONFERENCE – QEP Resources, Inc. – slide 37
    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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