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Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp.

Bill Barrett Corp. · May 15, 2014 · 42 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. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 1
    MAY 2014
  2. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 2
    Company Overview 2.2 billion enterprise value 1.2 billion market cap Proved reserves: 197 MMBoe 42% oil; 42% proved developed Total risked resources: 587 MMBoe Long-term drilling inventory with 5,400 gross oil and gas locations…
  3. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 3
    Company Vision and Strategy Build a sustainable oil and gas resource development business with an asset portfolio that offers enough concentration, scale and optionality to realize high operational efficiency, provide competitive growth,…
  4. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 4
    Driving Transformation Delivered on key 2013 objectives Achieved commodity balance Drove substantial growth in oil reserves and oil production Reduced debt by 189 million Executed at Northeast Wattenberg Executed at Uinta Oil…
  5. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 5
    Oil Focus Delivers High Production and Cash Flow Growth Oil Program Production (MMBoe) Oil Program Operating Cash Flow 8.0 millions 200 4.0 0.0 0 2011 2012 2013 2014e 2011 2012 2013 2014e DJ Basin Uinta Oil Program Powder…
  6. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 6
    Low-risk, Long-term Growth Profile 88% growth in proved reserves at three active oil programs 80% growth in risked resources at three active oil programs 350 million increase in Pretax PV10 8.30/Boe 2013 F&D cost Year-end 2013 Proved…
  7. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 7
    Financial Strength and Flexibility Successfully transitioning to oil-focused portfolio while reducing debt Year-end 2013 long-term debt reduced by 189 million to 984 million Borrowing base of 625 million (re-affirmed Spring 2014) with…
  8. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 8
    Value Creation: 2014 Plan 2014 Objectives Capitalize on commodity balance by allocating capital to highest return assets and achieving increased profit margins Deliver unrealized value from 75,500 net acres in DJ Basin oil…
  9. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 9
    2014 Guidance Capital program 100% directed at oil growth Total capital of 500-550 million Finance through discretionary cash 2014 Capex % by Area flow, asset sales and credit facility Capex allocation 75% DJ Basin Uinta Oil 15-20%…
  10. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 10
    DJ BASIN
  11. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 11
    DJ Basin: Lots of Running Room Niobrara and Codell Formations Prime land position: 75,500 net acres Northeast Wattenberg: 40,200 net acres Chalk Bluffs: 22,120 net acres Wattenberg interior: 13,170 net acres Target Niobrara and…
  12. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 12
    DJ Basin: Production Growth DJ Basin Net Production and Gross Operated Horizontal Wells Spud 8,000 6,430 Boe/d 6,000 4,000 2,000 1,565 0 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 Operated Wells spud 13 7 2 11 21 27 21…
  13. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 13
    Northeast Wattenberg Continued Consistent Well Results 2013 Appraisal program tested multiple concepts Northern Block Delineated and proved 70% of acreage Western Tested Niobrara B, Niobrara C and Codell Block Experimented with…
  14. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 14
    DJ Basin Undeveloped Location Inventory 844 Net Undeveloped Locations Total Gross: 1,697 94 130 Core Wattenberg 43 NE Wattenberg (North) NE Wattenberg (South) 228 NE Wattenberg 349 (Western) Chalk Bluffs Long-term…
  15. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 15
    Northeast Wattenberg: 70% Delineated Based on Proved Reserves Northern Block: Net Acreage 17,700 % Delineated* 95% Proved Reserves (MMBoe) 39.1 Risked Resources (MMBoe): 73.7 Undrilled Locations Western Block: Northern Block…
  16. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 16
    DJ Basin Illustrative Economics Illustrative Economics: Illustrative Economics: Illustrative Economics: EUR (MBoe, Gross) 450 EUR (MBoe, Gross) 337 EUR (MBoe, Gross) 883 Total D&C Capital (MM) 4.2 Total D&C Capital (MM) 4.2 Total…
  17. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 17
    Chalk Bluffs Codell and Niobrara Formations 22,120 net acres EOG Jubilee 4,200 net acres acquired 1Q14 IP: 1,400 Bbls/d Untapped value: prospective in Codell and Niobrara 4 BBG Codell Wells 4 Codell wells spud YTD Spud YTD…
  18. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 18
    DJ Basin: 2014 Activity 2014 Plan: Drives Estimated 40% Rate of Return Niobrara and Codell Formations Exploit 75,500 acre position 85 gross/65 net operated wells Participation in 35 gross/7-8 net non- operated wells Drilling…
  19. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 19
    UINTA OIL PROGRAM
  20. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 20
    Uinta Oil Program Large, Scalable Program: 150,000 net acres Wasatch, Green River Formations East Bluebell: 21,550 net acres Blacktail Ridge/Lake Canyon: 108,050* net acres South Altamont: 22,320 net acres Driving Rapid Growth…
  21. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 21
    UOP: Undeveloped Location Inventory Risked Resources (171 MMBoe) 785 Net Drilling Locations (Gross 1,795) 124 42 137 92 37 524 Blacktail Ridge/Lake Canyon Blacktail Ridge/Lake Canyon East Bluebell East Bluebell South…
  22. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 22
    UOP: East Bluebell Execution East Bluebell Program Offers Substantial Upside Lower Green River 35,750 gross/21,550 net acres Early delineation phase: 20 wells drilled and completed in 2013 Returns on drilling capital 60% Vertical…
  23. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 23
    UOP: East Bluebell Wells Exceeding Type Curve Lower Green River 2013 West wells tracking 250 MBoe EUR type curve 2014 wells to-date exceeding type curve 2014 D & C costs down 20% v 2013 Expanding 2014 program 6 Miles BBG…
  24. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 24
    East Bluebell Economics Illustrative Economics: EUR (MBoe, Gross) 212 Total D&C Capital (MM) 2.5 Rate of Return 60% WTI for 10% ROR 52.50 1st year decline 60% Terminal decline 7% Vertical Well Depth 9,000 Oil: 97%; Gas…
  25. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 25
    POWDER DEEP OIL
  26. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 26
    Powder Deep Oil Program Stacked oil play providing positive results, but not part of long-term future 161,160 gross / 67,980 net acres Production: 1,330 Boe/d (1Q14) Multiple oil plays show good results in Shannon, Sussex,…
  27. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 27
    Value Creation Opportunity Execution, Execution, Execution Capitalize on commodity balance by allocating capital to highest return assets and achieving increased profit margins Deliver unrealized value from 75,500 net acres in DJ…
  28. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 28
    APPENDIX
  29. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 29
    Hedging Provides Price Predictability Hedge on a 12-month forward basis to reduce risk and support capital expenditure program 2014 (2Q-YE): 6.0 MMBoe; Oil: 10,071 bbls/d at 94.03/bbl; natural gas: 67,218 MMBtu/d at 3.97/MMBtu 2015:…
  30. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 30
    Natural Gas and Oil Hedges As of April 25, 2014 Swaps Period Oil Natural Gas NGLs* Volume WTI Price Volume NWPL Price Volume Price (Bbls/d) (/Bbl) (MMBtu/d) (MMBtu) Bbls/d (/Bbl) 1Q14 9,000 94.27 65,000 4.02 866 54.84 2Q14…
  31. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 31
    Debt Instruments ( in millions) As of 3/31/2014 Revolving Credit Facility due 2016 180 Borrowing Base 625 5.000% Convertible Notes due 2028 (March 2015 Put) (currently callable) 25 7.625% Senior Notes due 2019 (callable 10/15)…
  32. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 32
    DJ Basin Infrastructure Existing local oil refining capacity and rail infrastructure 350mbbls/d Capacity Capacity Expansion Projects Timing (MBbls/d) Pony Express Pipeline 230 3Q14 White Cliffs Expansion 75 3Q14 Pony Express DJ…
  33. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 33
    DJ Basin Infrastructure Expected Capacities Cheyenne Crude Terminal 52mbbls/d Pony Express Conversion 3Q14: 230-320mbbls/d Pony Express NE CO Lateral 1Q15: 90mbbls/d Suncor Refinery: 96MBbls/d White Cliffs Pipeline…
  34. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 34
    Uinta Oil Program Operator Current Black/Yellow Black/Yellow Capacity Capacity (MBbls/d) Expansions (MBbls/d) Chevron 15,000 5,000 Tesoro 15,000-20,000 20,000 Holly Frontier 10,000 14,000 Big West 15,000 - Silver Eagle 12,000 -…
  35. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 35
    Colorado Hydraulic Fracturing Initiative Anti-Hydraulic Fracturing Initiatives 12 ballot initiatives have been introduced that would empower local governments to regulate or ban oil and gas activities, or that would increase setbacks…
  36. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 36
    Northeast Wattenberg: Prime Position Among Peers Excellent position yet to be fully valued Successful extended reach Niobrara Formation laterals within 2 miles of BBG position East Pony/ Redtail SYRG Successful 40-acre spacing…
  37. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 37
    Uinta Basin: Well Positioned Among Peers Wasatch, Green River Formations DVN EP CPG CPG QEP NFX UPL NFX LINN 10 Miles BBG Acreage 38
  38. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 38
    DJ Basin Niobrara Acreage Quality B bench of the Niobrara is the primary target and is present in and surrounding BBG leasehold B bench appears to have good hydrocarbon saturation across all acreage with additional accumulation in…
  39. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 39
    Solid, Low-Cost Reserve Replacement 350 million increase in Pretax PV10 8.30/Boe 2013 F&D cost 400% production replacement 65% proved oil reserve growth Net MMBoe 195.0 -14.5 57.0 197.0 -40.5 2013 Production 1.4 Billion…
  40. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 40
    2014 Guidance Profitable growth from core oil programs and maintaining capital discipline Total capital expenditures of 500 - 550 million Production: 11.0-12.2 MMBoe 62 - 67 million lease operating expense 43 - 48 million gathering,…
  41. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 41
    Land Summary As of March 31, 2013 Average Gross Project Average BBG Working Area Gross Acreage Net Acreage NRI Interest Active Oil Properties Uinta Basin Uinta Oil Program Blacktail Ridge/Lake Canyon 126,105 56,675 82% 51% Minimum to…
  42. Iberia Capital 2014 Oil and Gas Conference – Bill Barrett Corp. – slide 42

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