Friday, June 14, 2019

QEP: 1Q19 Presentation

Slide presentation (link)
  • Crude oil production for the quarter:
    • Permian: 3 million bbls oil
    • Williston Basin: 2 million bbls oil
  • North Dakota:
    • spudded seven-well Vegas pas on South Antelope
    • initial production expected 4Q19
  • Cost controls
    • Will close Salt Lake City office; consolidate Denver Corporate headquarters
    • to sell corporate aircraft
    • will reduce IT systems and support costs by over $10 million
    • reduce staff by 60% from March, 2018 to July, 2019
  • North Dakota assets
    • net acres: 114,100 net acrs
    • proved reserves: 167 million boe
    • % liquids: 85%
    • production split (oil/gas/NGL): 64/19/17%
  • two plays in the Bakken:
    • South Antelope
    • Fort Berthold Indian Reservation
The presentation references "tank-style" development which the company says minimizes / removes the parent / child issue. Link her for ""tank-style" development. Also, here. [Note: references to the company selling its Bakken assets are out-of-date; the plan to divest Bakken assets was taken off the table earlier this year; QEP is still operating in North Dakota.]

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