QEP Resources, Inc. operates as an independent crude oil and natural gas exploration and production company that focuses on some of the most prolific resource plays in the continental United States. The company’s two principal subsidiaries, such as QEP Energy Company and QEP Marketing Company, engage in two primary lines of business, such as oil and gas exploration and production (QEP Energy); and oil and gas marketing, operation of a gas gathering system and an underground gas storage facility and corporate activities (QEP Marketing and Other). Exploration and Production – QEP Energy QEP Energy conducts exploration and production activities in several of North America's most important hydrocarbon resource plays. QEP Energy has an inventory of identified development drilling locations in the Pinedale Anticline in western Wyoming, the Williston Basin in North Dakota, the Uinta Basin in eastern Utah, the Permian Basin in western Texas, the Haynesville/Cotton Valley in northwestern Louisiana, and other proven properties in Wyoming, Utah and Colorado. In 2014, QEP Energy acquired oil and gas properties in the Permian Basin of Texas. The acquired properties consisted of approximately 26,500 net acres of producing and undeveloped oil and gas properties and approximately 270 vertical producing wells in the Permian Basin. The Permian Basin Acquisition created a new core area of operations for QEP Energy. During 2015, QEP Energy operated in two regions – the Northern Region (including the states of Wyoming, North Dakota, Utah and Colorado) and the Southern Region (including the states of Texas and Louisiana). QEP Energy reported 3,620.2 Bcfe of estimated proved reserves as of December 31, 2015. Of those estimated proved reserves, approximately 2,844.0 Bcfe were located in the Northern Region. The remaining 776.2 Bcfe were located in the Southern Region. QEP Energy sells its gas, oil and natural gas liquids (NGL) production to various customers, including gas-marketing firms, industrial users, local-distribution companies, crude oil refiners and marketers. Energy Marketing — QEP Marketing and Other QEP Marketing provides wholesale marketing and sales of affiliate and third-party gas, oil and NGL. As a wholesale marketing entity, QEP Marketing concentrates on markets in the Rocky Mountains and Haynesville that are either close to affiliate reserves and production or accessible by major pipelines. QEP Marketing contracts for firm-transportation capacity on pipelines and firm-storage capacity at Clay Basin, a large gas storage facility in northeast Utah. QEP Marketing, through its wholly owned subsidiary, Clear Creek Storage Company, LLC (Clear Creek), owns and operates an underground gas storage reservoir in southwestern Wyoming. QEP Marketing uses owned and leased storage capacity together with firm-transportation capacity to manage seasonal swings in prices in the Rocky Mountain region. QEP Marketing also sells NGL volumes associated with the gas stored in its Clear Creek storage facility. In addition, QEP Marketing owns a membership interest in Haynesville Gathering, located in Louisiana. Haynesville Gathering includes 200 miles of gas gathering facilities with approximate throughput capacity of 2,000 MMcf/d and a treating facility with throughput capacity of 600 MMcf/d and primarily provides services to QEP Energy. QEP Marketing sells gas volumes to wholesale marketers, industrial users and utilities. QEP Marketing sells oil volumes to refiners, marketers and other companies, including some with pipeline facilities near QEP Energy's producing properties. Strategies The company’s strategies are to operate in a safe and environmentally responsible manner; acquire businesses and assets that complement or expand its business; maintain a sustainable, diverse inventory of low-cost, high-margin resource plays; develop the highest-potential areas of the resource plays in which the company operates; build contiguous acreage positions that drive operating efficiencies; be the operator of its assets, whenever possible; be the low-cost driller and producer in each area where the company operates; actively market its production to improve value; and utilize derivative contracts to mitigate the impact of gas, oil or NGL price volatility. Government Regulation Various federal agencies within the U.S. Department of the Interior, particularly the BLM and the Bureau of Indian Affairs, along with certain Native American tribes, promulgate and enforce regulations pertaining to oil and gas operations on Native American tribal lands where QEP Energy operates. Clear Creek operates an underground gas storage facility under the jurisdiction of the Federal Energy Regulatory Commission. Seasonality In the Pinedale field, the company typically ceases completion activities on newly drilled wells due to adverse weather conditions in the fourth quarter (year ended December 2015) and resumes completion activity in the first quarter as weather allows.
qep resources inc
(QEP:New York Consolidated)
1050 17th Street
Denver, CO 80265
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