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Corporate Presentation The Resource Growth Company QEP Resources, Inc. This presentation contains forward-looking statements within the meaning of the federal securities laws. Such statements are based on management's current expectations, estimates and projections, which are subject to a wide range of uncertainties and business risks. Factors that could cause actual results to differ from those anticipated are discussed in the company's periodic filings with the Securities and Exchange Commission, including the QEP Resources annual report on Form 10-K for the year ended December 31, 2010 and the 3rd quarter 2011 Form 10-Q. QEP Resources undertakes no obligation to publicly correct or update the forward-looking statements in this presentation to reflect future events or circumstances. All such statements are expressly qualified by this cautionary statement. EBITDA is a non-GAAP measure. Management defines EBITDA as Net Income before separation costs, discontinued operations, loss on early debt extinguishment, unrealized gains and losses on basis-only swaps, gains and losses on asset sales, interest and other income, interest expense, DD&A, abandonments, impairments, exploration expense and income taxes. 2 Introduction Chuck Stanley 9:00am Financial Overview Richard Doleshek QEP Energy Jay Neese • Northern Region Vincent Rigatti Paul Matheny • Break • Southern Region Jeff Thompson Linden Bailey Lunch 12:15 – 1:00pm QEP Field Services Perry Richards Conclusion Chuck Stanley 2:00pm 3 4 An 83 year old E&P company with a strong midstream business • July 2010 spin-off from Questar Corporation • No residual QEP ownership by STR or vice versa • No tax impediment for corporate transactions (buy or sell) Enterprise Value: $8.1 B (as of Nov 11, 2011) YE 2010 Proved Reserves: 3.0 Tcfe • Natural Gas: 86.2% • Proved Developed: 53.2% • 3rd Qtr 2011 Production: 768 MMcfepd (15.4% liquids) Complementary, highly profitable and growing gathering/processing business 5 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 Bcfd processing 2,239 miles of gathering lines 22% QEP Marketing (Production marketing) Markets affiliate gas, oil and NGL’s 1% Owns gas storage * LTM ending 3Q11 6 3rd Qtr 2011 U.S. YE 2010 U.S. Gas Gas Production Reserves Rank Company (Avg MMcfpd) Rank Company (Bcf) 1 ExxonMobil 3,917 1 ExxonMobil 26,111 2 Chesapeake Energy 2,763 2 Chesapeake Energy 15,455 3 Anadarko Petroleum 2,271 3 BP 13,743 4 Devon Energy 2,027 4 ConocoPhillips 10,479 5 EnCana 1,905 5 Devon Energy 9,065 6 BP 1,819 6 Anadarko Petroleum 8,117 7 ConocoPhillips 1,617 7 EnCana 7,477 8 Southwestern Energy 1,399 8 EOG Resources 6,491 9 Chevron 1,260 9 EQT Resources 5,206 10 Williams (est.) 1,199 10 Southwestern Energy 4,930 11 EOG Resources 1,122 11 Ultra Petroleum 4,200 12 Shell 928 12 Williams (est.) 4,010 13 BHP Petroleum 870 13 Range Resources 3,566 14 Apache 858 14 Apache 3,273 15 Occidental Petroleum 799 15 BHP Petroleum 3,110 16 El Paso 667 16 Occidental Petroleum 3,034 17 Ultra Petroleum 664 17 Shell 2,745 18 QEP Resources 650 18 Cabot Oil & Gas 2,644 19 EXCO Resources 528 19 QEP Resources 2,613 20 EQT Resources 523 20 El Paso 2,551 Source: Company data 7 RigData Jan – Sept 2011 Rank Company Footage Drilled 1 Chesapeake Energy 12,645,552 2 Anadarko Petroleum 10,680,537 3 EOG Resources 9,071,971 4 EnCana 8,196,226 5 Pioneer Natural Resources 7,863,156 6 ExxonMobil 7,531,449 7 Devon Energy 7,515,560 8 Concho Resources 4,636,621 9 QEP Resources 4,162,213 10 Ultra Petroleum 4,009,414 11 SandRidge Energy 3,898,262 12 Apache 3,884,982 13 ConocoPhillips 3,837,245 14 Noble Energy 3,639,704 15 Southwestern Energy 3,375,149 16 EXCO Resources 3,361,543 17 Williams 3,183,832 18 Occidental Petroleum 3,151,984 19 Shell 3,015,430 20 Chevron 2,883,827 Source: RigData 8 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 $0.00 Source: Company data and Howard Weil, March 2011; includes allocated capitalized interest & G&A 9 30% 2010 - 25% QEP 20% 15% Peer Average 10% from Operations / Gross PP&E) Gross / Operations from 5% Cashflow ( Avg Return on Capital Employed 2006 Employed Capital on Return Avg 0% (20%) (10%) 0% 10% 20% 30% 40% 50% 60% Production Growth per Debt-Adjusted Diluted Share 2006-2010 Peer Group: APC, BBG, BRY, CHK, COG, DVN, EOG, EQT, FST, HK, KWK, NBL, NFX, PXD, PXP, RRC, SM, SWN, UPL, WLL, XEC 60% Peer Group Outspending 2011 Cashflow ($MM) Cashflow from Ops less Capital Expenditures 50% 40% Growth (%) Growth 30% 20% QEP 10% 2010 to 2011 Production Production 2011 2010 to 0% ($2,500) ($2,000) ($1,500) ($1,000) ($500) $0 (10%) Peer Group: APC, BBG, BRY, CHK, COG, DVN, EOG, EQT, KWK, NBL, NFX, PXD, PXP, RRC, SM, SWN, UPL, WLL, XEC Source: Company data 11 2010 Processed Gas Volumes Rank Company (Avg MMcfpd) 1 BP 11,246 2 DCP Midstream 5,586 3 Enterprise 3,477 4 Targa Resources 2,746 5 Williams 2,347 6 GulfTerra 1,870 7 Crosstex Energy 1,756 8 Enbridge 1,019 9 Devon Energy 993 Proforma 10 QEP Field Services 845 with Blacks 11 Occidental Petroleum 739 Fork II Plant 12 Enogex 660 13 Hess 613 14 Chevron 611 15 ExxonMobil 606 16 Anadarko Petroleum 602 17 Oneok 476 18 Atlas Pipeline 358 19 Southern Union 330 20 WTG 225 Source: Hart Energy Midstream Business Magazine June/July 2011 Issue and company data 12 65 60 55 (Bcfd) 50 45 Avg Production Dry Monthly Gas Avg 40 Source: EIA 13 7 Haynesville Barnett 6 ) 5 Bcfd 4 Marcellus 3 Fayetteville 2 Pinedale Gas Production ( Production Gas 1 Jonah 0 0 12 24 36 48 60 72 84 96 108 120 132 144 156 168 Months Source: Company data 14 1,800 $16.00 1,600 $14.00 1,400 $12.00 1,200 $10.00 1,000 $8.00 800 $6.00 Gas Rig Gas Count 600 $4.00 400 $2.00 NYMEX Gas Gas NYMEXPrices ($/MMBtu) 200 $0.00 Baker Hughes U.S. Gas Rig Count NYMEX Gas Prices ($/MMBtu) 15 Maintain capital discipline and focus on returns • Relentless attention to capital efficiency and cost structure • Drive down costs in core plays while growing Drillbit led profitable production growth • Be in the best parts of the lowest cost plays in the U.S. • Acreage concentration and operatorship is key Aggressive portfolio management to optimize returns across project inventory (E&P + Midstream) Strong balance sheet with substantial liquidity Focus on organic growth and opportunistic acquisitions Cultural emphasis on learning from each other, strategy alignment, and a sense of urgency with no room for complacency 16 Our goal is to double the size of our company in 5 years • Solid inventory of low risk, low cost development locations drives organic growth without the need for asset acquisitions, M&A • Growth funded with cashflow from operations • A solid platform for long-term profitable growth already in place A long-lived development inventory driving profitable per share growth • Highly competitive Return on Capital Employed • Production and reserve growth resulting in top quartile cashflow per share growth • Strong EBITDA margin per produced Mcfe Performance track record (qtr-to-qtr, year-to-year) • Low cost developers and producers • Superior execution across development inventory • Strive to meet or exceed guidance Build and maintain a leading organization and profitable asset portfolio 17 Inventory Life at 2012 Activity Levels (Yrs) 80 75 70 Gross Unrisked Remaining Locations 60 50 4,000 3,450 40 3,200 30 22 23 3,000 14 20 11 9 10 2,000 0 1,200 1,300 715 1,000 420 0 QEP Energy Net Capex ($MM) $8,000 $6,720 $5,727 Current E&P Development Inventory: $6,000 $4,377 Total Locations: 10,285 gross $4,000 $3,192 Net Capex: $24.7 B $2,736 $1,995 Remaining Life: 20 yrs (at 2012 drlg capex $) $2,000 $0 18 QEP’s businesses can grow and thrive in today’s commodity price environment • Competitive returns and growth rates without the need for asset sales, equity infusions, or acquisitions • Capital allocation across a large, diversified portfolio • Balance sheet strength Capital spending within EBITDA • Mid-teens production growth over the next five years • Significant Haynesville capex reduction until gas prices improve • Identified inventory of midstream projects driven by QEP Energy activity 19 .
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