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 [Note: references to the company selling its Bakken assets are out-of-date; the plan to divest Bakken assets was taken off the table earlier this year; QEP is still operating in North Dakota.]