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Credit Suisse Energy Summit – Bill Barrett Corp.

Bill Barrett Corp. · Feb 4, 2013 · 32 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. Credit Suisse Energy Summit – Bill Barrett Corp. – slide 1
    2013 CREDIT SUISSE ENERGY SUMMIT FEBRUARY 2013
  2. Credit Suisse Energy Summit – Bill Barrett Corp. – slide 2
    Who We Are Growth & profit oriented E & P company focused in the Rocky Mountain region 750MM market capitalization 1.9B enterprise value Proved reserves 1.04 Tcfe 2012 75% reserve growth in active oil programs 29% oil January…
  3. Credit Suisse Energy Summit – Bill Barrett Corp. – slide 3
    Why Invest in Bill Barrett Corporation Excellent people, long-term profitable growth, quality assets, upside potential Successfully transitioning to higher oil-weighted production profile and resource base 2012 oil production…
  4. Credit Suisse Energy Summit – Bill Barrett Corp. – slide 4
    2013 Guidance and Strategy Deliver competitive growth and returns from core oil development programs 50-55% pro forma growth in year-over-year oil production 30% of total production to be oil (3 stream basis) Total production: 83-87…
  5. Credit Suisse Energy Summit – Bill Barrett Corp. – slide 5
    2013 Capital Expenditure Breakdown 475-525MM capital program 95% focused on oil development properties 50% reduction in capex from 2012 level 2013 % Capex by Area 5% 8% UOP 47% DJ Basin Powder River 40% Other 6
  6. Credit Suisse Energy Summit – Bill Barrett Corp. – slide 6
    Oil Growth: Successfully Rebalancing Portfolio Big Growth in Oil % of Production Proved Oil Reserves (MMBbls) 50.0 2013e 94% 31.0 30% Oil Gross Risked 13.0 7.6 2013 Resource Locations 70% 2009 2010 2011 2012 107 35+%…
  7. Credit Suisse Energy Summit – Bill Barrett Corp. – slide 7
    Oil Production Growth Oil Production by Region (Bbls/d) 10,000 9,000 8,000 7,000 6,000 Bbls/d 5,000 4,000 3,000 2,000 1,000 0 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 Uinta Oil Program DJ Basin Other* 8…
  8. Credit Suisse Energy Summit – Bill Barrett Corp. – slide 8
    Quality Assets: Low-risk, Long-term Growth Capital program focused on liquids with 6 rigs targeting oil 10% increase in pro forma risked resources 40% increase in oil locations Proved + Proved Risked Gross Proved Resouces Drilling…
  9. Credit Suisse Energy Summit – Bill Barrett Corp. – slide 9
    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 2.4X (as of 12/31/12) Committed to…
  10. Credit Suisse Energy Summit – Bill Barrett Corp. – slide 10
    Hedging Provides Price Predictability Solid hedge position for 2013 Opportunistically add to positions over time 2013 hedges: 46 Bcf of natural gas production, 2,550 Mbbls of oil production and 320 Mbbls of NGLs 2014 hedges: 25 Bcf…
  11. Credit Suisse Energy Summit – Bill Barrett Corp. – slide 11
    PROPERTY DESCRIPTIONS: TWO CORE OIL PROGRAMS
  12. Credit Suisse Energy Summit – Bill Barrett Corp. – slide 12
    2 Core Oil Development Programs Uinta Oil Program, Uinta Basin 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…
  13. Credit Suisse Energy Summit – Bill Barrett Corp. – slide 13
    Premier Assets Based on IRRs 60% 56% 54% 53% Basin IRRs Futures strip of 1/28/13 51% 50% 44% 43% 40% 37% 36% 36% 35% 34% 31% 31% 30% 28% 26% 23% 22% 22% 21% 19% 18% 18% 20% 17% 16% 16% 13% 12% 12% 9% 9% 10% 6% 5%…
  14. Credit Suisse Energy Summit – Bill Barrett Corp. – slide 14
    Low-cost Operations Oil Price to Generate 25% IRR 120 100 80 66.16 Per bbl 60.21 60 40 20 0 Niobrara - Niobrara - Wattenberg Wattenberg Extension *Source: Industry data, Global Hunter Securities 15
  15. Credit Suisse Energy Summit – Bill Barrett Corp. – slide 15
    DJ Basin Built sizable position since July 2011, 2 rig program in 2013 Niobrara Formation Net Production (Boe/d) Silo Field 3,000 2,570 2,500 Chalk Bluffs 2,000 Hereford Area 1,500 1,000 Northeast Wattenberg 500 0 3Q11 4Q11…
  16. Credit Suisse Energy Summit – Bill Barrett Corp. – slide 16
    DJ Basin: Northeast Wattenberg Strong and repeatable well results in the area Niobrara Formation Northeast Wattenberg Upside: Increased density: 80-acre and 40-acre horizontal downspacing being tested C Bench development Codell…
  17. Credit Suisse Energy Summit – Bill Barrett Corp. – slide 17
    NE Wattenberg Performance Results follow 300 MBoe type curve 12 successful wells on 3 4-well pads Located in western portion of NE Wattenberg Only 2 of 12 wells on artificial lift Smaller frac stimulations = 300 Mboe type curve =…
  18. Credit Suisse Energy Summit – Bill Barrett Corp. – slide 18
    DJ Basin Infrastructure Infrastructure additions to double capacity by 2015 DCP Midstream Mewborn expansion of 35 MMcf/d in 2012 LaSalle Plant with maximum capacity of 160 MMcf/d expected in 2H13 Lucerne II Plant with maximum…
  19. Credit Suisse Energy Summit – Bill Barrett Corp. – slide 19
    Uinta Oil Program: Driving Substantial Oil Growth Expanded acreage, 4 rigs operating in 2013 Significant land position: 120,800 net undeveloped acres Prolific Wasatch-Green River targets Wasatch, Green River Formations Rapid growth:…
  20. Credit Suisse Energy Summit – Bill Barrett Corp. – slide 20
    Uinta Oil Program: Significant Upside Multiple Horizons Vertical drilling needed to produce oil from stacked, discontinuous zones over 3-4,000 Green River Historical recoveries of 4-6% per section Carbonate Increased…
  21. Credit Suisse Energy Summit – Bill Barrett Corp. – slide 21
    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 16-18% price deduct from WTI Oil refined in Salt Lake City Salt…
  22. Credit Suisse Energy Summit – Bill Barrett Corp. – slide 22
    Powder River Deep Stacked oil play providing early positive test results 155,950 gross and 66,865 net acres Horizontal Shannon well 24 hour peak rate: 523 Boe/d 30-day average rate: 429 Boe/d On pump: recent 600 Boe/d Horizontal…
  23. Credit Suisse Energy Summit – Bill Barrett Corp. – slide 23
    APPENDIX
  24. Credit Suisse Energy Summit – Bill Barrett Corp. – slide 24
    Piceance Basin: Gibson Gulch Significant NGL Exposure High liquids content increases Williams Fork Formation revenue Silt N NGLs will be reported as separate 3-Component 3-D Seismic N production in 2013 Cottonwood Proved…
  25. Credit Suisse Energy Summit – Bill Barrett Corp. – slide 25
    Uinta Basin: West Tavaputs Proved reserves: 265 Bcfe Shallow Wasatch, North Horn, Price River Proved + risked resources: West Tavaputs N UBFS pipeline Development Area 885 Bcfe Prickly Hornfrog Pear Gross locations: 588…
  26. Credit Suisse Energy Summit – Bill Barrett Corp. – slide 26
    Total Debt ( in millions) 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 7.000% Senior…
  27. Credit Suisse Energy Summit – Bill Barrett Corp. – slide 27
    Manageable Debt Levels Well-spaced debt maturities Completed 101 million lease financing agreement of BBG owned facilities at 3.5% 335 million sale of natural gas assets finalized December 31, 2012 Bank credit facility with 825…
  28. Credit Suisse Energy Summit – Bill Barrett Corp. – slide 28
    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…
  29. Credit Suisse Energy Summit – Bill Barrett Corp. – slide 29
    Natural Gas and Oil Hedges: Equivalents As of January 25, 2013 Swaps & Collars Period Natural Gas NGLs* Oil Volume Price Volume Price Volume Price (MMBtu/d) (MMBtu) Gallons (/Gal) (Bopd) (/Bbl) (000s) 1Q13 150,000 3.69 3,375 1.78…
  30. Credit Suisse Energy Summit – Bill Barrett Corp. – slide 30
    Additional Swap/Collar Data As of January 25, 2013 Natural Gas Oil Period Swaps Period Swaps Volume Price Volume Price (BBtu/d) (/MMBtu) (Bbl/d) (/Bbl) 1Q13 150.0 3.69 1Q13 7,000 98.00 2Q13 140.0 3.70 2Q13 7,000 98.00 3Q13 140.0…
  31. Credit Suisse Energy Summit – Bill Barrett Corp. – slide 31
    Land Summary As of year-end 2012 Net Undeveloped Average Gross Average BBG Area Gross Acreage Acreage Project NRI Working Interest Development Properties Piceance Gibson Gulch 17,725 3,815 81% 96% Uinta West Tavaputs 40,685 19,905…
  32. Credit Suisse Energy Summit – Bill Barrett Corp. – slide 32
    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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