QEP Resources, Inc.

    Print Page | Close Window

SEC Filings

8-K
QEP RESOURCES, INC. filed this Form 8-K on 11/07/2018
Entire Document
 

(3) 
Approximately 70% of the planned capital investment in Drilling, Completion and Equip is focused on projects in the Permian Basin. Amount includes approximately $20.0 million of non-operated well costs. Includes capital expenditures associated with water sourcing, gathering, recycling and disposal in the Permian Basin.
(4) 
Includes crude oil and natural gas gathering capital expenditures in the Permian Basin and Haynesville/Cotton Valley.
(5) 
Increased full year 2018 capital expenditure guidance as a result of improved operational efficiencies, which the Company expects to result in 17 additional net wells being drilled and 10 additional net wells put-on-production, and an increase in the Company’s working interest in acreage acquired through acquisitions and acreage swaps, in the Permian Basin during the year. The increase was partially offset by seven less net refracs put on production in the year than originally forecast.
Updated 2018 Quarterly Production Guidance(1)
 
1Q 2018
2Q 2018
 
3Q 2018
3Q 2018
 
4Q 2018
2018
QEP Resources
Actuals
Actuals
 
Actuals
Guidance
 
Current Guidance
Oil & condensate production (MMbbl)
5.0
6.6
 
6.6
6.0 - 6.4
 
5.6 - 6.1
23.75 - 24.25
Gas production (Bcf)
35.1
38.3
 
38.1
34.9 - 37.5
 
24.5 - 28.5
136.0 - 140.0
NGL production (MMbbl)
0.9
1.2
 
1.4
1.1 - 1.2
 
0.90 - 1.15
4.38 - 4.63
Total oil equivalent production (MMboe)
11.7
14.1
 
14.4
12.9 - 13.9
 
10.6 - 12.0
50.8 - 52.2
Total wells put on production (net)
35.0
47.2
 
22.0
18.0
 
17.0
121.2
Total refracs put on production (net)
13.7
12.8
 
0.1
 
4.0
30.6
 
 
 
 
 
 
 
 
 
Permian Basin
 
 
 
 
 
 
 
 
Oil & condensate production (MMbbl)
2.2
3.2
 
3.5
3.0 - 3.3
 
3.3 - 3.6
12.2 - 12.5
Gas production (Bcf)
1.9
2.1
 
3.3
2.4 - 2.6
 
2.9 - 3.1
10.2 - 10.4
NGL production (MMbbl)
0.3
0.5
 
0.7
0.40 - 0.45
 
0.46 - 0.50
1.94 - 1.98
Permian Basin equivalent production (MMboe)
2.8
4.0
 
4.8
3.8 - 4.2
 
4.24 - 4.62
15.8 -16.2
Permian Basin wells put on production (net)
31.0
36.1
 
21.0
17
 
17
105.1
____________________________
(1) 
Quarterly guidance may not add to full year guidance due to significant digit rounding.

Operations Summary


 
Permian Basin
 
Williston Basin
 
Haynesville/Cotton Valley
 
As of September 30, 2018
 
Gross
 
Net
 
Gross
 
Net
 
Gross
 
Net
Well Progress
 
 
 
 
 
 
 
 
 
 
 
Drilling
21

 
21.0

 

 

 

 

 
 
 
 
 
 
 
 
 
 
 
 
At total depth - under drilling rig

 

 

 

 

 

Waiting to be completed
16

 
16.0

 

 

 

 

Undergoing completion
4

 
3.9

 

 

 

 

Completed, awaiting production
7

 
6.8

 

 

 

 

Waiting on completion
27

 
26.7

 

 

 

 

 
 
 
 
 
 
 
 
 
 
 
 
Put on production(1)
21

 
21.0

 

 

 
1

 
1.0

____________________________
(1) 
Total operated wells put on production during the three months ended September 30, 2018.


7