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QEP Resources Inc | October 2019 Investor Presenation | Chuck Stanley | Page 2 of 11 | December 20, 2025

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Forward-Looking Statements & Non-GAAP Financial Measures This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by words such as “anticipates,” “believes,” “forecasts,” “plans,” “estimates,” “expects,” “should,” “will” or other similar expressions. Such statements are based on management’s current expectations, estimates and projections, which are subject to a wide range of uncertainties and business risks. These statements are not guarantees of future performance. These forward-looking statements include statements regarding: free cash flow and return on invested capital; benefits to shareholders; an improved leverage profile; estimated production split among oil, gas and NGL; guidance for fourth quarter 2019 and fiscal 2019 production and certain underlying assumptions; guidance for 2019 Lease Operating and Adjusted Transportation & Processing Expense per Boe, DD&A per Boe, production and property taxes as a percentage of revenue, non-cash share-based compensation expense, restructuring expense, and capital investment; assumptions related to our guidance; guidance for general and administrative expense for 2019; guidance for wells put on production for fourth quarter 2019 and fiscal year 2019; reduction of G&A expense to less than $3.00 per BOE by 2020; and optimizing the Company’s cost structure; estimated drill and completion costs reductions; 2020 targeted free cash flow and leverage ratio; the 2020 development program; and potential benefits of the Company’s water infrastructure. Actual results may differ materially from those included in the forward-looking statements due to a number of factors, including, but not limited to: the availability and cost of capital; actions of activist shareholders; results from our review of strategic alternatives; changes in local, regional, national and global demand for oil, natural gas, and NGL; oil, natural gas and NGL prices; market conditions; value of the U.S. dollar; actions of federal, state, local and tribal governments, foreign countries and the Organization of Petroleum Exporting Countries; timing of and actual proceeds from asset sales; tariffs on products QEP uses in its operations or sells; changes in, adoption of and compliance with laws and regulations, including those related to taxes (including decisions, policies and guidance concerning taxes), the environment, climate change, greenhouse gas or other emissions, renewable energy mandates, natural resources, and fish and wildlife, hydraulic fracturing, water use and drilling and completion techniques, as well as the risk of legal and other proceedings arising from such matters, whether involving public or private claimants or regulatory investigative or enforcement measures; drilling results; liquidity constraints; availability of refining and storage capacities; shortages or increased costs of oilfield equipment, services and personnel; operating risks such as unexpected drilling conditions; weather conditions; permitting delays; actions taken by third-party operators, processors and transporters; demand for oil and natural gas storage and transportation services; transportation constraints, including gas and crude oil pipeline takeaway capacity in the Permian Basin; technological advances affecting energy supply and consumption; competition from the same and alternative sources of energy; natural disasters; creditworthiness of counterparties to agreements; and the other risks discussed in the Company’s periodic filings with the Securities and Exchange Commission (SEC), including the Risk Factors section of QEP’s Annual Report on Form 10-K for the year ended December 31, 2018 and in the Company's quarterly and current reports filed with the SEC subsequent to the Annual Report on Form 10-K. QEP undertakes no obligation to publicly correct or update the forward-looking statements in this presentation, in other documents, or on its website to reflect future events or circumstances. All such statements are expressly qualified by this cautionary statement. The SEC requires oil and gas companies, in their filings with the SEC, to disclose proved reserves that a company has demonstrated by actual production or through reliable technology to be economically and legally producible at specific prices and existing economic and operating conditions. The SEC permits optional disclosure of probable and possible reserves calculated in accordance with SEC guidelines; however, QEP has made no such disclosures in its filings with the SEC. “EURs” or “estimated ultimate recoveries” refer to QEP’s internal estimates of hydrocarbon quantities that may be potentially recovered and are not proved, probable or possible reserves within the meaning of the rules of the SEC. Probable and possible reserves and EURs are by their nature more speculative than estimates of proved reserves and, accordingly, are subject to substantially more risks of actually being realized. Actual quantities of natural gas, oil and NGL that may be ultimately recovered from QEP’s interests may differ substantially from the estimates contained in this presentation. Factors affecting ultimate recovery include the scope of QEP’s drilling program; the availability of capital; oil, gas and NGL prices; drilling and production costs; availability of drilling services and equipment; drilling results; geological and mechanical factors affecting recovery rates; lease expirations; actions of lessors and surface owners; transportation constraints, including gas and crude oil pipeline takeaway capacity; changes in local, regional, national and global demand for natural gas, oil and NGL; changes in, adoption of and compliance with laws and regulations; regulatory approvals; and other factors. Investors are urged to consider carefully the disclosures and risk factors about QEP’s reserves in the Form 10-K. QEP refers to Free Cash Flow, Adjusted Transportation & Processing Expense, Special G&A Expense and other non-GAAP financial measures that management believes are good tools to assess QEP’s operating results. For definitions of these terms and reconciliations to the most directly comparable GAAP measures, as applicable, see the recent earnings press release and SEC filings at the Company’s website at www.qepres.com under “Investor Relations.”