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Global Hunter Securities Energy Conference – Bill Barrett Corp.

Bill Barrett Corp. · Jun 25, 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. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 1
    2013 GHS 100 ENERGY CONFERENCE JUNE 2013
  2. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 2
    Company Overview 2.2 billion enterprise value 1.0 billion market cap Proved reserves: 1.04 Tcfe 29% oil; 59% proved developed Risked resources: 2.9 Tcfe 4,000 gross drilling locations Nearly 3,000 oil drilling locations…
  3. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 3
    BBG Strategy To drive shareholder value we will: Focus on exploitation of existing large asset base Execute disciplined capital allocation program focused on competitive returns in two core oil development programs Drive…
  4. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 4
    BBG Strengths Our people and portfolio People SAFETY AND ENVIRONMENT are key priorities in conducting our operations LOW-COST, EFFICIENT OPERATOR REGIONAL EXPERTISE in permitting, geology, marketing, business development APPLICATION…
  5. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 5
    2012 Successes Two year transition complete. Portfolio has better commodity balance Higher oil-weighted production profile and resource base 2012 oil production increased 80% 2012 proved oil reserves increased 66% Increased to nearly…
  6. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 6
    Oil Growth: Successfully Rebalancing Portfolio Achieving excellent growth in oil reserves and production % of Production Proved Oil Reserves (MMBbls) 50.8 2013e 94% 30.6 30% Gross Risked Oil 13.0 7.8 2013 Resource Locations…
  7. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 7
    Quality Portfolio Offers Low-risk, Long-term Growth 40% increase in gross oil locations 10% increase in risked resources (pro forma) Proved + Proved Risked Gross/Net Total Risked Resources (2012) Oil Proved Resources Drilling…
  8. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 8
    2013 Guidance Focused capital expenditure program and oil growth Total capital of 475-525 million 2013 % Capex by Area 100% allocation to oil development Reduction of more than 400 million from 5% Uinta Oil 2012 level 8% Program…
  9. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 9
    Financial Strength & Flexibility Strong balance sheet provides substantial liquidity Liquidity 774 million: 825 million bank credit facility, 25 million drawn/26 million letter of credit as of 3/31/13 Debt metrics: In line with peers,…
  10. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 10
    Hedging Provides Price Predictability Solid 2013 hedge positions, 2Q-4Q 70% of production hedged 66% of oil hedged at 97.74/Bbl 75% of natural gas hedged at 3.72/MMBtu 2014 hedges: 40.9 Bcfe hedged at weighted average 7.96/Mcfe…
  11. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 11
    PROPERTY DESCRIPTIONS: CORE OIL DEVELOPMENT PROGRAMS
  12. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 12
    Core Oil Development Programs Uinta Basin, Uinta Oil Program DJ Basin, Northeast Wattenberg Focus 2012 year-end reserves: 47 MMBoe 2012 year-end reserves:12.5 MMBoe Year-over-year exit rate oil production Year-over-year exit rate oil…
  13. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 13
    Growth in Production from Core Oil Programs Uinta Oil Program growth by quarter DJ Basin growth by quarter Net Production (Boe/d) Net Production (Boe/d) 9,000 4,000 7,500 6,940 3,000 2,710 6,000 4,500 3,850 2,000 3,000 985 1,000…
  14. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 14
    DJ Basin Niobrara Formation Prime land position Silo Field Northeast Wattenberg: 40,235 net acres Chalk Bluffs Wattenberg interior: 13,615 net acres Chalk Bluffs/Wyoming border: 22,625 net acres Northeast Wattenberg Driving…
  15. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 15
    DJ Basin: Northeast Wattenberg Focus Niobrara Formation Delineation program underway Dutch Lake 24-22H Three 4 well pad results encouraging 30-day IP: 437 Boe/d Single well pad delineation results encouraging Dutch Lake 22-34H…
  16. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 16
    DJ BASIN - DJ Basin - CO WY NE Northeast Wattenberg Peer Activity Carrizo IP: 725 BO, 166 Mcf/d Northeast Wattenberg BBG Horizontal BBG 4 Well Pad East Pony NBL 1280 Condor IP: Peers follow 300 MBoe EUR BCEI Horizontal…
  17. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 17
    DJ Basin: Acreage Quality Consistent geology across acreage 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…
  18. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 18
    Uinta Oil Program: Driving Substantial Oil Growth Expanded acreage in key areas Wasatch, Green River Formations Sizable 152,750 net acres Core positions added in South Altamont N and East Bluebell area Altamont/Bluebell Roosevelt…
  19. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 19
    Uinta Oil Program Reducing Costs and Delivering Efficiencies BTR/LC Average Drilling Days BTR/LC Average Cost per Well Average Drilling Days Average Cost per Well 30 5.0 4.6 25.1 4.2 4.1 4.1 25 4.0 3.7 Dollars (Millions) 20…
  20. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 20
    Uinta Oil Program: Significant Upside 3,000-4,000 feet of stacked oil pay Current development: vertical wells on 160 acre spacing Vertical drilling needed to maximize recoveries from stacked, Green River discontinuous zones…
  21. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 21
    Powder River Deep Program Stacked oil play providing early positive test results 161,895 gross and 68,740 net acres Peer Results*: (30-day IPs) Potential being confirmed by results BBG Shannon Well Shannon Well: 30-day IP: 470…
  22. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 22
    Value Creation Opportunity Execution, Execution, Execution 100% capital allocation to oil development Deliver 50+% growth in oil production Focus on two core oil programs Realize value of DJ asset: delineate acreage position,…
  23. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 23
    APPENDIX
  24. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 24
    Northeast Wattenberg Economics1 Illustrative Economics Illustrative Margin Analysis4 (/Boe) EUR (MBoe, Gross)2 300 Benchmark price5,6 69.10 NRI 83% Sales Adjustments7 (7.74) EUR (MBoe, Net)2 249 Realized Price 61.36 Total D&C…
  25. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 25
    Blacktail Ridge/Lake Canyon Economics Illustrative Economics Illustrative Margin Analysis3 (/Boe) EUR (MBoe, Gross)1 290 Benchmark price4,5 79.64 NRI 81% Sales Adjustments6 (16.15) EUR (MBoe, Net)1 236 Realized Price 63.50…
  26. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 26
    Typical Well Production Profiles 1st Year Decline: 74% 1st Year Decline: 80% Terminal Decline: 7% Terminal Decline: 7% Well Depth: average 9,000 Well Depth: 6,400 + 4,000 lateral 27
  27. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 27
    NE Wattenberg Supportive Resistivity and Seismic Amplitude SPC_DATA_ITEMS - MAX_NBRR_RES_COMBINED [SPC] - combined 99% NBRR ILD and max resi 20 120 Extensive geologic work and mapping done 20 100 80 60 40 20 0 20…
  28. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 28
    Uinta Basin Driving Rapid Growth, Improving Efficiencies Green River 152,750 net acres* Altamont Monument East Core positions added in South Altamont and East Bluebell area Bluebell Butte Bluebell Core Upper Green River…
  29. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 29
    DJ Basin Infrastructure Infrastructure additions to double capacity by 2015 Crude pipelines and rail projects Over 450 MBbls/d capacity to come online by 2015 White Cliffs pipeline expansion (Platteville, CO to Cushing, OK) Pony…
  30. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 30
    Uinta Oil Program Marketing Refining capacity in basin is increasing, growing optionality, confident we can sell our growing production Current marketing agreement 7,500 Bbl/d through 2018 Typical 16-18% price deduct from WTI Oil…
  31. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 31
    Powder River Deep Stacked Oil Play with Multiple Horizons Horizontal Shannon well continues to meet expectations 8,700 feet vertical depth; 3,900 foot lateral; 18 frac stages Horizontal Sussex well continues to meet expectations…
  32. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 32
    Piceance Basin: Gibson Gulch Stable Cash Generating Asset High liquids content increases Williams Fork Formation revenue Silt 3-stream reporting N Ethane rejection in 1H13 Cottonwood 4Q12 sale of 18% working interest Gulch in…
  33. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 33
    Uinta Basin: West Tavaputs Full-field Natural Gas Development Shallow Wasatch, North Horn, Price River Proved reserves: 265 Bcfe West Tavaputs N UBFS pipeline Development Area Proved + risked resources: 885 Bcfe Prickly Pear…
  34. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 34
    Debt Instruments ( in millions) 3/31/2013 Revolving Credit Facility due 2016 25 Borrowing Base 825 5.000% Convertible Notes due 2028 (March 2015 Put) (currently callable) 25 9.875% Senior Notes due 2016 (callable July 2013)*…
  35. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 35
    Manageable Debt Levels Well-spaced debt maturities Completed lease financing agreement of BBG owned facilities at 3.5% 335 million sale of natural gas assets closed December 31, 2012 Bank credit facility of 825 million, 25 million…
  36. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 36
    Credit Metrics Modest Compared to Peers Debt/TTM EBITDAX 4.0x 4.1x 3.6x 2.4x 2.8x 2.4x 1.4x 1.7x 0.9x SM PVA BRY FST XCO CRK BBG BBG BBG Ba3/BB B2/B Ba3/BB- B1/B+ B1/B B2/B 2010 2011 2012 Debt/Average Daily Production…
  37. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 37
    Natural Gas and Oil Hedges As of June 20, 2013 Swaps Period Natural Gas NGLs* Oil Volume NWPL Price Volume Price Volume WTI Price (MMBtu/d) (MMBtu) Bbls/d (/Gal) (Bbls/d) (/Bbl) 2Q13 132,500 3.72 883 74.74 7,500 98.01 3Q13…
  38. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 38
    Reserves & Risked Resources: 3-Streams Proved + Proved Risked Gross/Net Total Risked Resources (2012) Oil Gas Proved Resources Drilling Bcfe Bcfe Locations Uinta Oil Program (oil) 289 980 1,696/639 West Tavaputs, Uinta1 265…
  39. Global Hunter Securities Energy Conference – Bill Barrett Corp. – slide 39
    Land Summary As of March 31, 2013 Average Gross Average BBG Area Gross Acreage Net Acreage Project NRI Working Interest Active Oil Properties Uinta Basin Uinta Oil Program Blacktail Ridge/Lake Canyon 134,155 56,515 82% 51% Minimum…

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