Table of Contents Table of Contents 2 List of Tables 5 List of Figures 6 Company Snapshot 8 Key Information 8 Company Overview 8 QEP Resources, Inc., Valuation and Financial Data 9 QEP Resources, Inc., Share Price Performance 9 Share Price Performance, Q4, 2014-Q4, 2015 9 QEP Resources, Inc., Key Valuation Metrics 10 Key Valuation Metrics, Q4, 2014-Q4, 2015 10 QEP Resources, Inc., Quarterly Results of Oil & Gas Operations Per boe Produced 11 Results of Oil & Gas Operations Per boe Produced, Q4, 2014-Q4, 2015 11 Results of Oil & Gas Operations Per boe Growth Rates, Q4, 2014-Q4, 2015 12 QEP Resources, Inc., Quarterly E&P Costs Trends 13 Upstream Capital Expenditure, Q4, 2014-Q4, 2015 13 QEP Resources, Inc., Quarterly Production Trends 14 QEP Resources, Inc., Total Oil and Gas Production 14 Total Crude Oil and Natural Gas Production Trend, Q4, 2014-Q4, 2015 14 Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2014-Q4, 2015 15 QEP Resources, Inc., Crude Oil Production 16 Total Crude Oil Production Trend, Q4, 2014-Q4, 2015 16 Crude Oil Production, By Country/Region, Q4, 2014-Q4, 2015 17 QEP Resources, Inc., Natural Gas Production 18 Total Natural Gas Production Trend, Q4, 2014-Q4, 2015 18 Natural Gas Production, By Country/Region, Q4, 2014-Q4, 2015 19 QEP Resources, Inc., Valuation and Financial Data, 2011-2015 20 QEP Resources, Inc., Share Price Performance, 2011-2015 20 Share Price Performance, 2011-2015 20 Key Valuation Metrics, 2011-2015 21 QEP Resources, Inc., Production and Reserves Trends 22 Total Oil and Gas, Reserves and Production 22 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 22 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 24 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 26 Crude Oil/Liquids Production and Reserve 27 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 27 Crude Oil Production and Reserves By Country/Region, 2011-2015 28 Crude Oil/Liquids Reserve Changes, 2011-2015 30 Natural Gas Production and Reserve 31 Natural Gas Production and Reserve Trend, 2011-2015 31 Natural Gas Production and Reserves, By Country/Region, 2011-2015 32 Natural Gas Reserve Changes, 2011-2015 34 Total Crude Oil and Natural Gas Reserves Life Index 35 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 35 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 36 QEP Resources, Inc., E&P Costs Trends 38 Allocation of the Upstream Capital Expenditure 38 Upstream Capital Expenditure, 2011-2015 38 Acquisition Costs By Country/Region, 2011-2015 39 Exploration and Development Costs, By Country/Region, 2011-2015 41 Oil and Gas Cost Per boe, US$/boe 43 Oil and Gas Cost Per boe, US$/boe, 2011-2015 43 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 45 QEP Resources, Inc., Reserve Replacement Ratio 47 Oil and Gas Production Replacement Ratio 47 Oil and Gas Production Replacement Ratio, 2011-2015 47 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 49 QEP Resources, Inc., Results of Oil & Gas Operations Trend 53 Oil and Gas Revenue and Expenses 53 Oil and Gas Revenue and Expenses, 2011-2015 53 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 54 Oil and Gas Revenue and Expenses, Per boe 59 Oil and Gas Revenue and Expenses, By boe, 2011-2015 59 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 60 Oil and Gas Performance Metrics 64 QEP Resources, Inc., Land Holdings and Well Data 65 Developed and Undeveloped Acreage 65 Gross and Net Developed and Undeveloped Acreage, 2011-2015 65 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 66 Well Statistics 69 Producible Oil and Gas Well, 2011-2015 69 Producible Oil and Gas Well, By Country/Region, 2011-2015 70 Exploration and Development Wells Drilled, 2011-2015 74 Recent Developments 76 QEP Resources, Inc. - Recent Developments 76 Apr 27, 2016: QEP Resources Reports First Quarter 2016 Financial And Operating Results 76 Apr 10, 2016: QEP Resources Announces Changes In Corporate Governance And Management 80 Feb 24, 2016: QEP Resources Reports Fourth Quarter And Full Year 2015 Financial And Operational Results And Announces 2016 Guidance 80 Oct 28, 2015: QEP Resources Reports Third Quarter 2015 Financial And Operating Results 84 Aug 03, 2015: QEP Resources Reports Second Quarter 2015 Financial And Operating Results 87 Apr 29, 2015: QEP Resources Reports First Quarter 2015 Financial And Operating Results 91 Apr 28, 2015: Mexco Energy Announces Development Of Properties 94 Apr 20, 2015: BLM Pinedale Seeks Public Comment On Dry Piney Deep Project 95 Feb 24, 2015: QEP Resources Reports Fourth Quarter And Full Year 2014 Financial Aand Operational Results 95 Feb 13, 2015: QEP Resources Declares Quarterly Cash Dividend: Update Feb 13, 2015 98 Appendix 99 Methodology 99 Coverage 99 Secondary Research 99 Primary Research 99 Data Information Sources 100 Company Source 100 SEC/Other Regulatory Filings 100 Other Sources 100 Expert Panel Validation 100 Data Definition 100 Oil and Gas Reserves 100 Units of Measure 101 About GlobalData 101 Disclosure 101 Disclaimer 101

List of Tables Table 1: QEP Resources, Inc., Key Facts 8 Table 2: QEP Resources, Inc., Share Price Performance, Q4, 2014-Q4, 2015 9 Table 3: QEP Resources, Inc., Key Valuation Metrics, Q4, 2014-Q4, 2015 10 Table 4: QEP Resources, Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2014-Q4, 2015 11 Table 5: QEP Resources, Inc., Results of Oil & Gas Operations Per boe Growth Rates, %, Q4, 2014-Q4, 2015 12 Table 6: QEP Resources, Inc., Upstream Capital Expenditure, Q4, 2014-Q4, 2015 13 Table 7: QEP Resources, Inc., Total Crude Oil and Natural Gas, Production, Q4, 2014-Q4, 2015 14 Table 8: QEP Resources, Inc., Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2014-Q4, 2015 15 Table 9: QEP Resources, Inc., Total Crude Oil Production, mmbbl, Q4, 2014-Q4, 2015 16 Table 10: QEP Resources, Inc., Crude Oil Production, By Country/Region, mmbbl, Q4, 2014-Q4, 2015 17 Table 11: QEP Resources, Inc., Total Natural Gas Production, bcf, Q4, 2014-Q4, 2015 18 Table 12: QEP Resources, Inc., Natural Gas Production, By Country/Region, bcf, Q4, 2014-Q4, 2015 19 Table 13: QEP Resources, Inc., Share Price Performance, 2011-2015 20 Table 14: QEP Resources, Inc., Key Valuation Metrics, 2011-2015 21 Table 15: QEP Resources, Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 23 Table 16: QEP Resources, Inc., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 25 Table 17: QEP Resources, Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 26 Table 18: QEP Resources, Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27 Table 19: QEP Resources, Inc., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 29 Table 20: QEP Resources, Inc., Crude Oil Reserve Changes, mmbbl, 2011-2015 30 Table 21: QEP Resources, Inc., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31 Table 22: QEP Resources, Inc., Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 33 Table 23: QEP Resources, Inc., Natural Gas Reserve Changes, bcf, 2011-2015 34 Table 24: QEP Resources, Inc., Oil and Gas Reserves Life Index, Years, 2011-2015 35 Table 25: QEP Resources, Inc., Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 37 Table 26: QEP Resources, Inc., Upstream Capital Expenditure, US$ mil, 2011-2015 38 Table 27: QEP Resources, Inc., Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 40 Table 28: QEP Resources, Inc., Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 42 Table 29: QEP Resources, Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 43 Table 30: QEP Resources, Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 46 Table 31: QEP Resources, Inc., Oil and Gas Production Replacement Ratio, %, 2011-2015 47 Table 32: QEP Resources, Inc., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 52 Table 33: QEP Resources, Inc., Revenue and Expenses, US$ mil, 2011-2015 53 Table 34: QEP Resources, Inc., Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 58 Table 35: QEP Resources, Inc., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 59 Table 36: QEP Resources, Inc., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 63 Table 37: QEP Resources, Inc., Oil and Gas Performance Metrics, 2011-2015 64 Table 38: QEP Resources, Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 65 Table 39: QEP Resources, Inc., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 68 Table 40: QEP Resources, Inc., Producible Oil and Gas Wells, 2011-2015 69 Table 41: QEP Resources, Inc., Producible Oil and Gas Wells, By Country/Region, 2011-2015 73 Table 42: QEP Resources, Inc., Exploratory and Developed Wells, 2011-2015 75 List of Figures Figure 1: QEP Resources, Inc., Share Price Performance, USD/Share, Q4, 2014-Q4, 2015 9 Figure 2: QEP Resources, Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q4, 2014-Q4, 2015 10 Figure 3: QEP Resources, Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2014-Q4, 2015 11 Figure 4: QEP Resources, Inc., Upstream Capital Expenditure, US$ mil, Q4, 2014-Q4, 2015 13 Figure 5: QEP Resources, Inc., Total Crude Oil and Natural Gas, Production, mmboe, Q4, 2014-Q4, 2015 14 Figure 6: QEP Resources, Inc., Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2014-Q4, 2015 15 Figure 7: QEP Resources, Inc., Total Crude Oil Production, mmbbl, Q4, 2014-Q4, 2015 16 Figure 8: QEP Resources, Inc., Crude Oil Production, By Country/Region, mmbbl, Q4, 2014-Q4, 2015 17 Figure 9: QEP Resources, Inc., Total Natural Gas Production, bcf, Q4, 2014-Q4, 2015 18 Figure 10: QEP Resources, Inc., Natural Gas Production, By Country/Region, bcf, Q4, 2014-Q4, 2015 19 Figure 11: QEP Resources, Inc., Share Price Performance, USD/Share, 2011-2015 20 Figure 12: QEP Resources, Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 21 Figure 13: QEP Resources, Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 22 Figure 14: QEP Resources, Inc., Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 24 Figure 15: QEP Resources, Inc., Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 24 Figure 16: QEP Resources, Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 26 Figure 17: QEP Resources, Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27 Figure 18: QEP Resources, Inc., Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 28 Figure 19: QEP Resources, Inc., Oil Production, By Country/Region, mmbbl, 2011-2015 28 Figure 20: QEP Resources, Inc., Crude Oil Reserve Changes, mmbbl, 2015 30 Figure 21: QEP Resources, Inc., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31 Figure 22: QEP Resources, Inc., Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 32 Figure 23: QEP Resources, Inc., Gas Production, By Country/Region, bcf, 2011-2015 32 Figure 24: QEP Resources, Inc., Natural Gas Reserve Changes, bcf, 2015 34 Figure 25: QEP Resources, Inc., Oil and Gas Reserves Life Index, Years, 2011-2015 35 Figure 26: QEP Resources, Inc., Gas Reserve Life Index, By Country/Region, Years, 2011-2015 36 Figure 27: QEP Resources, Inc., Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 36 Figure 28: QEP Resources, Inc., Oil Reserve Life Index, By Country/Region, Years, 2011-2015 37 Figure 29: QEP Resources, Inc., Upstream Capital Expenditure, US$ mil, 2011-2015 38 Figure 30: QEP Resources, Inc., Proved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 39 Figure 31: QEP Resources, Inc., Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 39 Figure 32: QEP Resources, Inc., Development Costs, By Country/Region, US$ mil, 2011-2015 41 Figure 33: QEP Resources, Inc., Exploration Costs, By Country/Region, US$ mil, 2011-2015 41 Figure 34: QEP Resources, Inc., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 43 Figure 35: QEP Resources, Inc., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 45 Figure 36: QEP Resources, Inc., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 45 Figure 37: QEP Resources, Inc., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 46 Figure 38: QEP Resources, Inc., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 47 Figure 39: QEP Resources, Inc., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 49 Figure 40: QEP Resources, Inc., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 49 Figure 41: QEP Resources, Inc., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 50 Figure 42: QEP Resources, Inc., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 50 Figure 43: QEP Resources, Inc., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 51 Figure 44: QEP Resources, Inc., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 51 Figure 45: QEP Resources, Inc., Revenue and Expenses, US$ mil, 2011-2015 53 Figure 46: QEP Resources, Inc., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 54 Figure 47: QEP Resources, Inc., Exploration Expenses, By Country/Region, US$ mil, 2011-2015 54 Figure 48: QEP Resources, Inc., Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 55 Figure 49: QEP Resources, Inc., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 55 Figure 50: QEP Resources, Inc., Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 56 Figure 51: QEP Resources, Inc., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 56 Figure 52: QEP Resources, Inc., Production Costs, By Country/Region, US$ mil, 2011-2015 57 Figure 53: QEP Resources, Inc., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 57 Figure 54: QEP Resources, Inc., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 59 Figure 55: QEP Resources, Inc., Exploration Expenses per boe, By Country/Region, US$/boe, 2011-2015 60 Figure 56: QEP Resources, Inc., Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2011-2015 60 Figure 57: QEP Resources, Inc., Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 61 Figure 58: QEP Resources, Inc., Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 61 Figure 59: QEP Resources, Inc., Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 62 Figure 60: QEP Resources, Inc., Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 62 Figure 61: QEP Resources, Inc., Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 63 Figure 62: QEP Resources, Inc., Oil and Gas Performance Metrics, 2011-2015 64 Figure 63: QEP Resources, Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 65 Figure 64: QEP Resources, Inc., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 66 Figure 65: QEP Resources, Inc., Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 66 Figure 66: QEP Resources, Inc., Total Gross Developed Acreage, By Country/Region, Acres, 2011-2015 67 Figure 67: QEP Resources, Inc., Total Net Developed Acreage, By Country/Region, Acres, 2011-2015 67 Figure 68: QEP Resources, Inc., Producible Oil and Gas Wells, 2011-2015 69 Figure 69: QEP Resources, Inc., Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 70 Figure 70: QEP Resources, Inc., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 70 Figure 71: QEP Resources, Inc., Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 71 Figure 72: QEP Resources, Inc., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 71 Figure 73: QEP Resources, Inc., Net Productive Gas Wells, By Country/Region, Number, 2011-2015 72 Figure 74: QEP Resources, Inc., Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 72 Figure 75: QEP Resources, Inc., Net Productive Oil Wells, By Country/Region, Number, 2011-2015 73 Figure 76: QEP Resources, Inc., Exploratory and Developed Wells, 2011-2015 74