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EnerCom London Oil and Gas Conference – Bill Barrett Corp.

Bill Barrett Corp. · Jun 13, 2012 · 51 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. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 1
    ENERCOM LONDON OIL AND GAS CONFERENCE JUNE 2012
  2. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 2
    Who We Are Premier E & P growth company, focused in prolific Rocky Mountain region 1.1B market capitalization (April 2012) 2.1B enterprise value Proved reserves 1.4 Tcfe 2011 22% total reserve growth 135% oil reserve growth Oil…
  3. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 3
    Why Invest in Bill Barrett Corporation Excellent people, long-term profitable growth, quality assets, big upside Excellent 10-year track record delivering year-over-year growth Successful transition to increased liquids for a balanced…
  4. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 4
    Who We Are: Excellent Track Record of Profitable Growth Proved Reserves1 (Bcfe) Production (Bcfe) 1,365 116-122 1,118 965 106.8 818 96.5 89.7 558 77.6 Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 382% 436% 264% 263% 331%…
  5. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 5
    Oil & Liquids Growth: Successfully Rebalancing Portfolio Successfully transitioned from 6% to 27% oil and NGLs from 2008 to 2011 Our development portfolio has flexibility to increase liquids proportion to 40%+ Driving significant oil…
  6. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 6
    Oil & Liquids Growth: Drives Increased Value and Revenues Strong growth trajectory Target nearly 80% growth in oil production for 2012 Proved Oil Reserves (MMBoe) Oil & NGL Sales Volume1 (MMBoe) 30.6 NGLs Oil 7.0-7.5 5.4 4.4…
  7. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 7
    Oil & Liquids Growth: 2012 Capital Allocation Liquids Focused 2012 Capital budget: 800-900 million 85% targeting oil or liquids 100% of exploration targeting oil 2012 Capital Budget by Area 2012 Capital Budget by Resource…
  8. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 8
    Quality Assets: Provide Low-risk, Long-term Growth and Portfolio Balance Capital program focused on liquids with 9 rigs targeting oil & NGLs by year-end Proved Gross/Net Active Probable & Possible (2011) Proved 3P Drilling Rigs…
  9. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 9
    Financial Strength & Flexibility Strong balance sheet offers substantial liquidity Liquidity: 900 million borrowing base Successfully executed 400 million 7% Senior Notes offering in March 2012 Flexibility: Operationally we can…
  10. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 10
    Manageable Debt Levels Well-spaced debt maturities Redeemed 147 million of convertible bonds (March 2012) Bank credit facility with 900 million of commitments Last 12-months EBITDAX: 525 million Debt Maturity Schedule 450 400…
  11. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 11
    Hedging Provides Price Predictability Hedges reduce volatility and support cash flow for capital program Opportunistically add to positions over time 2012 hedges: 70% of natural gas production and 70% of oil production 2013 hedges:…
  12. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 12
    Financial Strength & Flexibility: Strong Realized Prices Maintaining high realized prices in a challenging natural gas price environment Realized Prices per Mcfe 7.81 7.20-7.70 7.10 7.07 7.05 6.15-6.65 2008 2009 2010 2011…
  13. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 13
    Efficient Operations: 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 Bbl) 13.09 10.44 10.56 2009…
  14. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 14
    Efficient Operations: Track Record of Cost Discipline Piceance (Gas & NGLs) West Tavaputs (Gas) Blacktail Ridge (Oil) Reduced Drilling Days (Spud to rig release) 13 13 11 12 29 10 10 25 9 9 23 Days Days Days 6 6 16 16…
  15. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 15
    Well-positioned for Continued Strong Execution Year-end 2011: Proved reserves 1.365 Tcfe = 22% Reserve growth 2011 135% growth in oil reserves 331% reserve replacement 600 million increase in PV10 Proved, probable & possible…
  16. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 16
    PROPERTY DESCRIPTIONS
  17. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 17
    Development Programs: Long Term, Low Risk Growth Commodity balanced High average working interest: 94% Minimal drilling commitments: capital flexibility Cost discipline: DJ Oil/NGLs low cost operator Uinta Oil W. Tav Gas…
  18. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 18
    Uinta Oil Program: Driving Substantial Oil Growth Vertical & horizontal drilling Highly saturated: billions of barrels of Wasatch, Green River Formations oil in place N Using vertical and horizontal Altamont/Bluebell technologies…
  19. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 19
    Uinta Oil Program: Upside Still to Go Beyond 3P: 80 acre infill Wasatch horizontal targets - 2012 Mahogany Shale - 2012 Black Shale horizontals 2012 Middle Green River Horizontal targets Secondary recovery options Green…
  20. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 20
    Uinta Oil Program: Uteland Butte Horizontal Success Expands Growth Potential Significant horizontal upside Wasatch, Green River Formations 15-10-36 BTR Blacktail Ridge Successful horizontal 545 MBOE EUR N program with first 7 wells:…
  21. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 21
    Piceance Basin: Gibson Gulch Significant NGL Exposure Williams Fork Formation High liquids content increases Silt revenue (+1.23/Mcf to company N 3-Component natural gas realized price in 3-D Seismic 2011) Proved reserves: 596…
  22. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 22
    DJ Basin Building a 4th key development program Silo Field Acquisition assets expand oil footprint Borie Acreage in current production fairway Chalk Bluffs 1,375 Boe/d net current production (April 2012) Hereford Area: Niobrara…
  23. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 23
    Upside Oil Exposure: Key Exploratory Plays 2012 active exploration areas, multiple other prospects being evaluated Extensive oil portfolio S. Alberta Oil Applying new technologies to legacy plays and new concepts Current prospects…
  24. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 24
    Strategic Objectives: 3 Year Plan Meet 10-20% CAGR Low-risk growth from core Flexibility to adjust growth development programs Meaningful scale increase Increase liquids to 35-40% Accelerate liquids growth Triple daily oil…
  25. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 25
    Outlook Stand-alone growth visibility Operating discipline Expansive upside potential Strong realized pricing Continued financial strength 26
  26. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 26
    APPENDIX
  27. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 27
    Quality Assets: Solid Reserve Replacement 22% reserve growth (oil +135%) 331% reserve replacement 600 million increase in Pretax PV10 Net Bcfe 250 1,365 1,118 -107 98 6 Price Engineering 2011 Acquisitions revisions revisions…
  28. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 28
    Upside Exposure: Natural Gas Extensive portfolio of sizable, long-term natural gas projects Extension plays offer multi-Tcf upside Shale gas and basin centered gas prospects Current extension plays Cottonwood Gulch* Hornfrog*…
  29. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 29
    Uinta Basin: West Tavaputs Proved reserves: 461 Bcfe Shallow Wasatch, Mesaverde 3P reserves: 1,171 Bcfe Questar Interconnect N Locations: 622 Prickly Questar Dry Canyon Compressor Site Pear Interconnect Net production:…
  30. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 30
    Hornfrog: West Tavaputs Extension Play Area of Expertise Drill to earn 55% working interest Shallow Wasatch, North Horn, Price River in up to 30,600 acres. Tribal surface and mineral rights West Tavaputs N UBFS pipeline…
  31. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 31
    Piceance Basin: Cottonwood Gulch Potential to significantly increase 3P reserves 40,300 contiguous gross acres along main Rulison N gas field trend. 90% working interest Cottonwood Gulch Silt Area of expertise Grand Valley 1,149…
  32. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 32
    Yellow Jacket Shale Prospect Expansive prospect area Background 100% working interest in 347,000 net undeveloped acres Drilled 10 horizontal wells 2009/10 High IP rates, wells not economic due to intrusion of salt layer Johnson…
  33. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 33
    Typical Well Production Profiles West Tavaputs, Uinta Basin, Utah Piceance Basin, Colorado 3.0 1.6 1.4 2.5 1.2 Grs MMcfd 2.0 1.0 Grs MMcfd 1.5 0.8 0.6 1.0 0.4 0.5 0.2 0.0 0.0 0 10 20 30 40 50 60 0 10 20 30 40 50 60…
  34. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 34
    Typical Well Production Profiles: Uinta Basin, Utah Uteland Butte Core Blacktail Ridge/Lake Canyon 350 1000 300 800 250 Grs BOPD Grs BOPD 600 200 150 400 100 200 50 0 0 0 10 20 30 40 50 60 0 10 20 30 40 50 60…
  35. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 35
    Piceance Basin: Gibson Gulch Illustrative Drilling and Completion Costs1 Illustrative Economics2 CIG gas price per MMBtu 4.00 EUR (Bcfe, gross) 0.83 MMBtu sale adjustment/NGLs/Oil 3.57 NRI 82% Realized price per Mcfe 7.57 EUR…
  36. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 36
    Uinta Basin: Blacktail Ridge and Lake Canyon Vertical Wells Illustrative Drilling and Completion Costs1 Illustrative Economics2 WTI Oil price per Bbl 95.00 EUR (Mboe, gross) 290 Sales adjustment to WTI (12.25) NRI 81% Realized…
  37. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 37
    Uinta Basin: Uteland Butte Core Horizontal Wells Illustrative Drilling and Completion Costs1 Illustrative Economics2 WTI Oil price per Bbl 95.00 EUR (Mboe, gross) 310 Sales adjustment to WTI (12.25) NRI 81% Realized price per Bbl…
  38. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 38
    Uinta Basin: West Tavaputs Illustrative Drilling and Completion Costs1 Illustrative Economics2 CIG gas price per MMBtu 4.00 EUR (Bcfe, gross) 1.89 Contribution from oil/NGL 0.20 NRI 83% MMBtu sale adjustment 0.50 EUR (Bcfe, net)…
  39. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 39
    Uinta Oil: 2011: Horizontal Uteland Butte Summary 24 hr. pk rate 30 day avg TVD Lateral of First Well WI / NRI of UB Length Stgs prod (bopd) (mcfd) (boepd) (bopd) (mcfd) (boepd) LC Tribal 56.25% / 45.7% 4,750 3,120 15 5/24/11…
  40. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 40
    Uinta Oil: Uteland Butte EUR estimate MBO MBOE High 275 425 Mid 200 310 Low 150 200 41
  41. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 41
    Natural Gas and Oil Hedges: Equivalents As of May 29, 2012 Swaps & Collars Period Natural Gas / NGLs Oil Equivalent Volume Price Volume Price Volume Price (MMBtu/d) (MMBtu) (Bbl/d) (/Bbl) (MMcfe) (/Mcfe) 2Q12 223,525 4.55 5,300…
  42. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 42
    Additional Swap/Collar Data As of May 29, 2012 Natural Gas Oil Period Swaps Basis Period Swaps Collars Volume Price Volume Price Volume Price Volume Floor Ceiling (BBtu/d) (/MMBtu) (BBtu/d) (/MMBtu) (BBl/d) (/Bbl) (BBl/d) (/Bbl)…
  43. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 43
    Competitive Gas Prices Regional pricing differential currently (0.20)/MMBtu for 2012 Basis differential collapsed mid-2009 with new pipeline takeaway capacity Current capacity of 10.5 Bfc/d will keep differential to a minimum Premium…
  44. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 44
    Capitalization Total debt: 1.1 billion Debt as percent of capitalization: 43% Capitalization ( in millions) Mar. 31, 2012 Cash & cash equivilents 96 Senior secured revolving credit facility 0 5% convertible notes due 2028 25…
  45. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 45
    Credit Metrics Modest Compared to Peers Debt TTM EBITDAX 3.6x 2.5x 2.9x 3.1x 3.1x 3.2x 1.7x 2.0x 1.1x 0.9x SM BRY PXP FST XCO PVA CRK BBG 2010 BBG 2011 2012 1Q Credit Ba3 / B1 / Ba3 / Ba3 / B1 / B2 / B1 / rating BB BB- BB BB-…
  46. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 46
    Uinta Oil Program: Marketing Refining capacity in basin is increasing; confident we can sell our growing production Current agreement 7,500 Bbl/d through 2018 Typical 17% price deduct from WTI, includes approximately 4.50/Bbl…
  47. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 47
    Why Invest in Bill Barrett Corporation Value Creation Rebalancing portfolio mix, increasing scale and delivering step change growth in EBITDAX Gas Driven Growth: Oil Driven Growth: 6% EBITDAX CAGR 10-20% EBITDAX CAGR 1,000…
  48. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 48
    Exploration Upside: Stacking up Liquids Against Dry Gas OIL UPSIDE New Opportunities San Juan Basin: Oil 35,100 Net Acres 2 Wells 2012 GAS UPSIDE S. Alberta: Oil 62,250 Net Acres 1-2 Wells 2012 PRB Deep: Stacked Oil 47,400 Net…
  49. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 49
    Land Summary As of March 31, 2012 Net Undeveloped Average Gross Average BBG Area Gross Acreage Acreage Project NRI Working Interest Development Properties Piceance Gibson Gulch 17,764 6,055 81% 96% Uinta West Tavaputs 40,041 20,135…
  50. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 50
  51. EnerCom London Oil and Gas Conference – Bill Barrett Corp. – slide 51
    1099 Eighteenth Street, Suite 2300 Investor Relations: Denver, Colorado 80202 Jennifer Martin, Vice President 303.293.9100 303.312.8155 www.billbarrettcorp.com jmartinbillbarrettcorp.com

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