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IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp.

Bill Barrett Corp. · Sep 28, 2011 · 53 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 1
    Barclays CEO Energy-Power Conference September 2011 1
  2. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 2
    Who We Are Premier E & P growth story, focused on prolific Rocky Mountain oil and gas region Proven management team with expertise in the area Long-term record of profitable, sustainable growth 2.3 billion market capitalization / 2.9…
  3. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 3
    Who We Are: Track Record of Profitable Growth Proved Reserves1 (Bcfe) Production (Bcfe) 1118 106-110 965 96.5 818 89.7 558 77.6 428 61.2 Dec 2006 Dec 2007 Dec 2008 Dec 2009 Dec 2010 267% 382% 436% 264% 263% 2007 2008 2009…
  4. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 4
    1 Reasons to Invest in BBG
  5. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 5
    Reasons to Invest in Bill Barrett Corporation Track record of value creation Strategic position in the Rockies Growth visibility Sizable upside exposure: oil and natural gas Disciplined cost structure Financial strength and…
  6. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 6
    Strategic Position in the Rockies Expertise in the Rockies Management experience: geology, operations, regulatory Leadership: established track record in the region Reputation Rockies offer resource optionality Large, untapped oil…
  7. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 7
    Growth Visibility: Development Programs Commodity balance Expanding oil Uinta (BTR) and DJ (Wattenberg) Basins NGL exposure Gibson Gulch, Piceance Gas growth West Tavaputs, Uinta Low risk reserves High working interest 98%…
  8. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 8
    Visible Growth: Strong Targeted Production & Revenue Growth 2011: 10% to 14% production growth Target 15% to 20% annual growth for 3 to 4 years Development programs and extension properties Solid economics in current commodity price…
  9. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 9
    Growth Visibility: Low Risk 3P Reserves Drive Growth Just the tip of the iceberg Approx. Gross Proved Proved1 3P1 Drilling Probable & Possible Bcfe Bcfe Locations West Tavaputs, 345 1,295 700 Uinta2 Gibson Gulch, 634 797…
  10. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 10
    Sizable Upside Exposure Extensive portfolio active projects 1.3 million net undeveloped acres Focus on pure play Commitment to exploration Plan to participate in 15-20 wells in 7- Typhon 10 areas in 2011 McRae Multiple, large…
  11. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 11
    Upside Exposure: Natural Gas Exploration Extensive portfolio 900,000+ net undeveloped acres targeting gas Shale gas and basin centered gas prospects Rockies Pipeline capacity 10.5 Bcf v. outflow peak of 8.3 Bcf Basis differential…
  12. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 12
    Upside Exposure: Oil Exploration Extensive portfolio 400,000+ net undeveloped acres targeting oil Multiple shale and reservoir challenged oil targets in multiple basins New technology at existing plays Typhon Rockies oil McRae…
  13. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 13
    Upside Exposure: Significant Resource Potential1 2.5 Tcfe proved, probable and possible; 16% oil 6+ Tcfe unrisked upside1 9+ Tcfe total resource potential, growing oil resource exposure Net Gas Upside (Tcfe) Approximate 3P Gas…
  14. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 14
    Disciplined Cost Structure: 2011 Capital Allocation Guidance: 685 to 705 million Lower risk reserve additions including activity on acquired from development properties properties; excludes acquisitions of 2011 plan approximately 88%…
  15. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 15
    Disciplined Cost Structure: 2 Rank for Low Breakeven Costs BBG Ranks 2 among 41 E&Ps Breakeven calculation: All-in costs*, adjustments for percentage PUDs and differential to NYMEX Low F&D: Three year average 1.76 per Mcfe All-in…
  16. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 16
    Disciplined Cost Structure: Driving Operations Efficiencies Success at Piceance = Opportunity at West Tavaputs & Blacktail Ridge Piceance West Tavaputs Blacktail Ridge Reduced Drilling Days (Spud to rig release) 12.8 12.8 11.2…
  17. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 17
    Financial Strength: Balance Sheet & Hedging Strong balance sheet offers flexibility and illustrates financial discipline 800 million current borrowing base Total debt to book capitalization 32% Interest coverage 10.7X Hedges…
  18. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 18
    2 Property Descriptions
  19. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 19
    Piceance Basin Gibson Gulch Significant NGL Exposure Williams Fork Formation High liquids content increases Silt N revenue 3-Component 3-D Seismic Proved reserves: 634 Bcfe Net production: 131 MMcfe/d Gibson Gulch 3P reserves 0.8…
  20. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 20
    Uinta Basin West Tavaputs Proved reserves: 345 Bcfe Shallow Wasatch, Mesaverde Net production: 107 MMcfe/d Questar Interconnect N Strong economics Prickly Dry Canyon Questar Compressor Site Pear Plan 100 wells 2011 Interconnect…
  21. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 21
    Hornfrog: West Tavaputs Extension Play Area of Expertise Shallow Wasatch, North Horn, Price River Drill to earn 55% working West Tavaputs N interest in up to 30,700 acres. UBFS pipeline Development Area Tribal surface and…
  22. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 22
    Blacktail Ridge / Lake Canyon Growing Oil Development Wasatch, Green River Formations 15-10-36 BTR Blacktail Ridge Proved reserves: 7MM Boe 424 MBOE EUR N Mahogany Test Infill Strategy Net production: High 3,200 Boe/d Gas Area…
  23. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 23
    Blacktail Ridge / Lake Canyon: Horizontal Potential Numerous Upside Measures Depth Producing Intervals Increased density Blacktail Ridge Monument Altamont- Butte Bluebell Region Region New horizontal technology applications…
  24. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 24
    East Bluebell Bolt on Acquisition Expands our oil footprint Blacktail Ridge/Altamont N bolt on Projected oil fairway 20,155 net acres Altamont/Bluebell Cum: 312 MMBo/539 Bcf 750 Boe/d net production Roosevelt East Bluebell…
  25. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 25
    DJ Basin Acquisition Expands our oil footprint 650 Boe/d Wattenberg production, vertical, primarily from Codell and Sagebrush Niobrara 7 MMBoe net proved reserves Silo 28,000 net acres acquired Field Lower risk Wattenberg…
  26. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 26
    3 Looking Ahead
  27. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 27
    2011 Key Action Items Execution Increase NGL revenue through accelerated program at Gibson Gulch Expand Uinta oil position execute bolt-on acquisition Bring West Tavaputs into full gear, realizing increased operating efficiencies…
  28. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 28
    Outlook Stand-alone growth visibility Strong realized pricing From existing, lower-risk Benefit from NGLs development assets Increasing oil production West Tavaputs full-field Substantial hedge positions development Reduced basis…
  29. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 29
    THANK YOU
  30. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 30
    a Appendix Additional Property Detail
  31. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 31
    Piceance Basin Cottonwood Gulch 60 million acquisition in June 2009 N 90% working interest in 40,300 contiguous acres Cottonwood Gulch along main Rulison gas field Silt trend Grand Valley Rulison 1,149 Bcfe cum. prod. 855 Bcfe…
  32. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 32
    McRae Gap Niobrara Oil Niobrara McRae Gap Prospect Legacy Wind River Land Position 118,900 gross, 103,000 net acres, in N Niobrara fairway; third party has ability to earn-in 25% Waltman 2011 Plan up to 2 wells Arch Up to 300+…
  33. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 33
    Yellow Jacket/Green Jacket Shale Gas Prospects Expansive Prospect Area Gothic & Hovenweep Shales Current Program Increased working interest in prospect to 100% (359,000 net undeveloped acres); Rose well completed 7/10; 30-day IP 1.4…
  34. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 34
    Powder River Basin - CBM Current Program Big George Coal Proved reserves: 61 Bcf Net production: 36 MMcf/d Acreage 12/10: 92,500 net (37,200 net undeveloped) Big George Low-risk drilling, primarily Big George coals Play Gilette,…
  35. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 35
    Wind River Basin Current Program Fort Union, Lance, Raderville, Niobrara, Frontier, Muddy, Lakota Formations Proved reserves: 35 Bcfe BBG Cave Gulch (Wind River total) Development N Net production: 15 MMcfe/d WI: 50-100% BBG…
  36. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 36
    b Appendix Illustrative Economics & Financial Data
  37. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 37
    Piceance Basin Gibson Gulch Illustrative Drilling and Completion Costs1 Illustrative Economics2 EUR (Bcfe, gross) 0.93 CIG gas price per MMBtu 5.00 NRI 82% MMBtu sale adjustment/NGLs/Oil 2.99 EUR (Bcfe, net) 0.76 Realized price per Mcfe…
  38. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 38
    Uinta Basin West Tavaputs Illustrative Drilling and Completion Costs1 Illustrative Economics2 EUR (Bcfe, gross) 2.20 CIG gas price per MMBtu 5.00 NRI 83% Contribution from oil 0.05 EUR (Bcfe, net) 1.83 MMBtu sale adjustment (1100) 0.57…
  39. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 39
    Uinta Basin Blacktail Ridge Illustrative Drilling and Completion Costs1 Illustrative Economics2 EUR (Mboe, gross) 323.0 WTI Oil price per Bbl 85.00 NRI 81% Sales adjustment to WTI (9.64) EUR (Mboe, net) 261.6 Realized price per Bbl…
  40. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 40
    Typical Well Production Profiles West Tavaputs, Uinta Basin, Utah Piceance Basin, Colorado 1.60 IP-Instantaneous: 2840 Mcf/d IP-Instantaneous: 1735 Mcf/d IP-30 day: 2441 Mcf/d 1.40 IP-30 day: 1431 Mcf/d 3.00 EUR: 2.2 Bcfe 1.20 EUR:…
  41. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 41
    Proved Reserve Price Sensitivities Pricing Sensitivities Year-end 2010 Due to the change in guidelines and the particularly low natural gas price used to calculate reserves compared with prior years, the Company believes it would be…
  42. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 42
    Hedging Provides Price Predictability Hedges reduce volatility and support cash flow for capital program Hedge natural gas at Rockies sales point indices (CIG and others) Emphasis on summer months Opportunistically add to positions…
  43. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 43
    Natural Gas and Oil Hedges - Equivalents As of August 31, 2011 Swaps & Collars Period Natural Gas / NGLs Oil Equivalent Volume Price Volume Price Volume Price (MMBtu/d) (MMBtu) (Bbl/d) (/Bbl) (Mmcfe) (/Mcfe) 3Q11 214,183 6.02…
  44. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 44
    Additional Swap/Collar Data As of August 31, 2011 Natural Gas Period Swaps Collars Basis Volume Price Volume Floor Ceiling Volume Price (BBtu/d) (/MMBtu) (BBtu/d) (/MMBtu) (MMBtu) (BBtu/d) (/MMBtu) 3Q11 182.3 5.32 10.0 4.75 6.00…
  45. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 45
    Realized Natural Gas Price Components of Realized Price 1Q11 Example Henry Hub 1Q IFERC 4.09 MMBtu Differential (0.26) MMBtu CIG 1Q IFERC 3.83 MMBtu Average hedge price 6.14 MMBtu Percent hedged 63% Percent unhedged 37% Average price…
  46. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 46
    Competitive Gas Prices Regional pricing differential currently (0.25)/MMBtu on 12-mo forward strip Basis differential collapsed mid-2009 with new pipeline takeaway capacity Current capacity of 10.5 Bfc/d will keep differential to a…
  47. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 47
    Financial Strength: Balance Sheet Strong balance sheet offers flexibility and illustrates financial discipline Total Debt to Book Capitalization Total Debt to EBITDAX (TTM) 32% 1.0x 1.0x 30% 0.9x 0.9x 28% 26% 2007 2008 2009…
  48. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 48
    Current Capitalization Leverage metrics provide flexibility for growth programs Credit metrics well within all covenant ranges As of June 30, 2011 (millions) Long-term debt Revolving credit facility 145.0 9 7/8% notes 250.0 5%…
  49. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 49
    c Appendix Reserves & Land
  50. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 50
    Solid Reserve Replacement Reflects Asset Quality and Operating Costs 185.1 1,118.3 Bcfe 964.8 -96.5 39.8 Bcfe 27.4 -2.3 Drilling Engineering additions 2010 Acquisitions Price revisions Production net of revisions…
  51. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 51
    Low Finding & Development Costs Lower risk reserve additions from development properties Drilling efficiencies Focus on cost discipline Three-year average all-in F& D ( per Mcfe) 1.99 1.74 1.76 2008 2009 2010 One Year…
  52. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 52
    Land Summary As of June 2011 Gross Net Undeveloped Average Gross Average BBG Area Acreage Acreage Project NRI Working Interest Development Piceance Gibson Gulch 17,660 6,520 81% 96% Uinta West Tavaputs 41,620 23,400 83% 97% Uinta…
  53. IPAAs 9th Annual Oil and Gas Investment Symposium – Bill Barrett Corp. – slide 53
    1099 18th Street, Suite 2300 Thank you for your interest in Denver, Colorado 80202 303.293.9100, fax 303.291.0420 www.billbarrettcorp.com NYSE: BBG Investor Relations contact: Jennifer Martin jmartinbillbarrettcorp.com…

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