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Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp.

Bill Barrett Corp. · Jan 8, 2013 · 39 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. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 1
    GOLDMAN SACHS GLOBAL ENERGY CONFERENCE JANUARY 2013
  2. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 2
    Who We Are Premier E & P growth company, focused in prolific Rocky Mountain region 900MM market capitalization 2.0B enterprise value Proved reserves 1.4 Tcfe 2011 22% total reserve growth 135% oil reserve growth Oil and NGLs…
  3. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 3
    Why Invest in Bill Barrett Corporation Excellent people, long-term profitable growth, quality assets, upside potential Excellent 10-year track record delivering year-over-year growth Successful transition to increased liquids for a…
  4. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 4
    Financial Strength & Flexibility Strong balance sheet offers substantial liquidity Liquidity: 825 million borrowing base with 0 drawn (as of 12/31/12) Debt metrics: In line with peers, debt/EBITDAX 2.7X (TTM 3Q12) Committed to keep…
  5. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 5
    Who We Are: Excellent Track Record of Profitable Growth Proved Reserves1 (Bcfe) Production (Bcfe) 1,365 118-1223 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%…
  6. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 6
    Oil Growth: Successfully Rebalancing Portfolio ALL CAPITAL EXPENDITURES TARGETING OIL: 2 CORE DEVELOPMENT PROGRAMS Uinta Oil Program, Uinta Basin DJ Basin, Northeast Wattenberg Focus 2011 year-end reserves: 29 MMBoe 2011 year-end…
  7. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 7
    Oil Growth: Successfully Rebalancing Portfolio Our development portfolio is rapidly driving an increase in production from oil % of Sales Volumes1 2008 2013 6% 35+% 94% 65% Oil & NGLs Dry Gas 1 94% 73% Please see…
  8. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 8
    Oil Growth: Drives Increased Value and Revenues Strong oil growth trajectory Target 80% growth in oil production in 2012 Target 55% pro forma growth in oil production in 2013 Proved Oil Reserves (MMBbls) Oil Production (MMBbls)RUN…
  9. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 9
    Hedging Provides Price Predictability Hedges reduce volatility and support cash flow for capital program Opportunistically add to positions over time 2013 hedges: 45.9 Bcf of natural gas production and 2,550 Mbbls of oil production…
  10. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 10
    2013 Preliminary Guidance Strong growth in oil production 55% pro forma growth in year-over-year oil production 30% of total production to be oil 83-87 Bcfe total production* 4 rig program in the Uinta Oil Program 2 rig program in…
  11. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 11
    PROPERTY DESCRIPTIONS: TWO CORE OIL PROGRAMS
  12. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 12
    Development Programs: Long-Term, Low-Risk Growth Commodity balanced All drilling currently focused on oil Minimal drilling commitments: capital flexibility Uinta Oil DJ Oil Cost discipline: low-cost operator W. Tav Gas…
  13. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 13
    Uinta Oil Program: Driving Substantial Oil Growth Expanded acreage, 4 rigs operating in 2013 Prolific Wasatch-Green River targets Significant land position: Wasatch, Green River Formations 121,285 net undeveloped acres N Current net…
  14. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 14
    DJ Basin: Driving Substantial Oil Growth Built sizable position since July 2011, 2 rig program in 2013 Niobrara Formation Silo Acreage focused on high oil-cut fairways Field 75,605 net acre position, added 42,200 net acres (as of…
  15. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 15
    DJ Basin: Northeast Wattenberg Strong and repeatable well results in the area Niobrara Formation Multiple 3rd party Niobrara horizontal producing wells in the area Adjacent industry activity helpful in assessing our acreage…
  16. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 16
    EXPLORATION UPSIDE
  17. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 17
    Upside Oil Exposure: Exploration - All Oil, All Horizontal Targeting 3 existing oil prospects Testing Exploratory Oil Upside: DJ and Uinta PRB stacked oil play (64K net acres) S. Alberta Oil Horizontal Shannon well 24 hour peak…
  18. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 18
    Outlook: Realizing High Growth in Oil Positive operational and financial outlook moving forward Development programs deliver stand-alone oil growth Operating costs discipline Upside potential Strong realized pricing Financial…
  19. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 19
    APPENDIX
  20. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 20
    Quality Assets: Solid 2011 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…
  21. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 21
    Uinta Oil: 2011: Horizontal Uteland Butte Summary 24 hr. peak rate 30-day avg TVD Lateral of First Well WI / NRI of UB Length Stgs prod (Bbl/d) (Mcf/d) (Boe/d) (Bbl/d) (Mcf/d) (Boe/d) LC Tribal 56.25% / 45.7% 4,750 3,120 15…
  22. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 22
    Uinta Oil Program: Significant Upside Billions of barrels of oil yet to be tapped We are dealing with a Seek to increase historical recoveries of 4-6% true hydrocarbon storehouse Vertical drilling: Needed to produce oil from…
  23. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 23
    Powder River Deep Stacked oil play providing early positive test results 148,800 gross and 64,300 net acres Shannon well 24 hour peak rate: 523 Boe/d 30-day average rate: 429 Boe/d On pump: recent 600 Boe/d Horizontal Sussex well…
  24. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 24
    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…
  25. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 25
    Piceance Basin: Gibson Gulch Significant NGL Exposure Williams Fork Formation High liquids content increases Silt revenue N 3-Component 3-D Seismic Proved reserves: 596 Bcfe 3P Reserves: 733 Bcfe Gibson Gulch Gross locations:…
  26. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 26
    Uinta Basin: West Tavaputs Shallow Wasatch, Mesaverde Proved reserves: 461 Bcfe Questar Interconnect N 3P reserves: 1,171 Bcfe Prickly Questar Dry Canyon Compressor Site Pear Gross locations: 622 Interconnect Interplanetary…
  27. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 27
    Disciplined Cost Structure BBG Ranks 7 among 40 E&Ps (BofAML) Breakeven calculation includes: All-in costs*, adjustments for percentage PUDs and differential to NYMEX 14 All-in Breakeven Costs 2011 12 Breakeven (/Mcfe)…
  28. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 28
    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…
  29. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 29
    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…
  30. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 30
    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…
  31. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 31
    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…
  32. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 32
    Total Debt ( in millions) Estimated 12/31/2012 Revolving Credit Facility due 2016 - Borrowing Base 825 5.000% Convertible Notes due 2028 (March 2015 Put) 25 9.875% Senior Notes due 2016 250 7.625% Senior Notes due 2019 400…
  33. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 33
    Manageable Debt Levels Well-spaced debt maturities Completed 800 million of senior notes offerings since September 2011 Redeemed 147 million of convertible bonds (March 2012) Completed 101 million lease financing agreement of BBG…
  34. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 34
    Credit Metrics Modest Compared to Peers Debt TTM EBITDAX 3.5X 3.7X 3.8X 2.6x 2.8x 2.7x 2.4x 1.7x 1.2x 0.9x SM PVA BRY PXP FST XCO CRK BBG 2010 BBG 2011 2012 Q3 Credit Ba3 / B2/ Ba3 / Ba3/ B1 / B1/ B2/ rating BB B BB- BB B+ B…
  35. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 35
    Natural Gas and Oil Hedges: Equivalents As of January 2, 2013 Swaps & Collars Period Natural Gas / NGLs Oil Equivalent Volume Price Volume Price Volume Price (MMBtu/d) (MMBtu) (Bbl/d) (/Bbl) (MMcfe) (/Mcfe) 1Q13 153,877 4.03…
  36. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 36
    Additional Swap/Collar Data As of January 2, 2013 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)…
  37. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 37
    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 16% price deduct from WTI Oil refined in Salt Lake City Salt…
  38. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 38
    Land Summary As of September 30, 2012 Net Undeveloped Average Gross Average BBG Area Gross Acreage Acreage Project NRI Working Interest Development Properties Piceance Gibson Gulch4 17,765 4,695 81% 96% Uinta West Tavaputs 40,040…
  39. Goldman Sachs Global Energy Conference 2013 – Bill Barrett Corp. – slide 39
    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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