QEP Resources oil producer equipment at work.

Where We Operate

Q3 2017 Production

2,351.3 Mboe
88% 12%

YE 2016 Proved Reserves

147.8 MMboe
88% 12%
Oil
Oil and Natural Gas Liquids
Natural Gas Liquids
Dry Gas

Overview

With a long history of crude oil and natural gas exploration and development beginning with an oil discovery in 1923, the Permian Basin experienced a prolonged decline in industry activity and production, lasting into the early 2000s. However, the combination of horizontal drilling techniques and multi-stage hydraulic fracturing has led to a resurgence of industry activity. These advances in technology have transformed the Permian Basin into one of the most prolific oil provinces in North America.

The Midland and Delaware basins are also geologically unique — containing thousands of feet of crude oil and natural gas charged intervals with multiple, stacked unconventional horizontal target zones. This distinctive geology, combined with state of the art drilling and completion practices, is unlocking massive new quantities of crude oil and natural gas for commercial development.

On February 25, 2014, QEP Resources acquired significant crude oil properties (County Line) in the northern Midland Basin portion of the Permian Basin. The properties include approximately 18,800 net acres primarily in Martin and Andrews counties of Texas with multiple horizontal target zones in the Wolfcamp and Spraberry formations. On October 19, 2016, QEP Resources acquired additional crude oil properties (Mustang Springs) in the northern Midland Basin. The properties include approximately 10,000 net acres in Martin County located 10 miles east of the County Line acreage.

On October 24, 2017, QEP Resources acquired additional crude oil properties in the core of the northern Midland Basin. The properties include approximately 13,000 net acres with over 730 potential horizontal drilling locations in four horizons – Middle Spraberry, Spraberry Shale, Wolfcamp A and Wolfcamp B – with additional potential horizontal drilling locations in emerging prospective horizons. Our expanded footprint in this world-class crude oil basin, combined with our existing crude oil assets, will allow us to leverage our technical knowledge and operational synergies to efficiently drive crude oil production and reserve growth for many years to come.

QEP Resources, INC.