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QEP Resources Inc | October 2019 Investor Presenation | Chuck Stanley | Page 4 of 11 | December 14, 2025

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2019 Updated Guidance (1) (1) As of October 23, 2019: The Company’s fourth quarter and full year 2019 guidance assumes: (1) an oil price of $55 per barrel and a natural gas price of $2.50 per MMBtu, (2) that QEP will elect to recover ethane from its produced gas in the Permian Basin where processing economics support it, (3) no additional property acquisitions or divestitures, other than those already disclosed, (4) includes approximately 10 days of production activity in the Haynesville / Cotton Valley, and (5) the impact of lower flare volume and higher gas and NGL capture in the Permian Basin. (2) The mid-point of G&A expense includes approximately $26.0 million of expenses related to non-cash, share-based compensation and other mark-to-market liabilities. Because these mark-to-market liabilities fluctuate with stock price changes, the amount of actual expense may vary from the forecasted amount. (3) Special G&A expense also includes approximately $54.0 million of estimated expenses associated with our strategic initiative process, primarily related to severance and retention programs, and includes approximately $11.0 million of accelerated shared-based compensation expense that is included in the $26.0 million of expenses related to non-cash, share-based compensation and other mark-to-market liabilities. (4) Drilling, Completion and Equip includes approximately $20.0 million of non-operated well costs. (5) Includes capital expenditures in the Permian Basin associated with (a) water sourcing, gathering, recycling and disposal and (b) crude oil and natural gas gathering systems. Oil & Condensate Production (MMBbl) 5.7 - 6.0 21.6 - 21.9 Gas Production (Bcf) 7.9 - 8.32.- 32.9 NGL Production (MMBbl) 1.3 - 1.5 5.0 - 5.2 Total oil equivalent production (MMBoe) 8.3 - 8.9 32.0 - 32.6 Lease operating expense and Adjusted Transportation & Processing Costs (per Boe) $8.50 - $9.25 Depletion, depreciation and amortization (per Boe) $16.75 - $17.75 Production and property taxes (% of field-level revenue) 7.5% (in millions) Total G&A expense (2) $155 - $165 Less: Special G&A expense (3) $54 Total G&A expense (excluding Special G&A) $101 - $111 Capital investment (excluding property acquisitions) Drilling, Completion and Equip (4) $515 - $530 Midstream Infrastructure (5) $50 Corporate $2 Total Capital Investment (excluding property acquisitions) $101 - $116 $567 - $582 Wells put on production (net) 3 65 2019 Updated Guidance 4Q 2019 Guidance