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BofA Merrill Lynch Global Energy Conference 2012 – Bill Barrett Corp.

Bill Barrett Corp. · Nov 13, 2012 · 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. BofA Merrill Lynch Global Energy Conference 2012 – Bill Barrett Corp. – slide 1
    BANK OF AMERICA MERRILL LYNCH 2012 GLOBAL ENERGY CONFERENCE NOVEMBER 2012
  2. BofA Merrill Lynch Global Energy Conference 2012 – Bill Barrett Corp. – slide 2
    Who We Are Premier E & P growth company, focused in prolific Rocky Mountain region 1.0B market capitalization 2.3B enterprise value Proved reserves 1.4 Tcfe 2011 22% total reserve growth 135% oil reserve growth Oil and NGLs 3Q12…
  3. BofA Merrill Lynch Global Energy Conference 2012 – 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. BofA Merrill Lynch Global Energy Conference 2012 – Bill Barrett Corp. – slide 4
    Who We Are: Excellent Track Record of Profitable Growth Proved Reserves1 (Bcfe) Production (Bcfe) 1,365 118-122 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. BofA Merrill Lynch Global Energy Conference 2012 – Bill Barrett Corp. – slide 5
    Financial Strength & Flexibility Strong balance sheet offers substantial liquidity Liquidity: 900 million borrowing base with 160 million drawn (as of 9/30/12) Completed 101 million lease financing agreement of BBG owned facilities at…
  6. BofA Merrill Lynch Global Energy Conference 2012 – 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. BofA Merrill Lynch Global Energy Conference 2012 – Bill Barrett Corp. – slide 7
    Oil Growth: Successfully Rebalancing Portfolio Our development portfolio is rapidly driving an increase in production from oil 1Q13: 25% oil pro forma asset sale % of Sales Volumes1 2008 2012 Exit Rate 6% 30+% 94% 70%…
  8. BofA Merrill Lynch Global Energy Conference 2012 – Bill Barrett Corp. – slide 8
    Oil Growth: Drives Increased Value and Revenues Strong oil growth trajectory Target nearly 80% growth in oil production Proved Oil Reserves (MMBoe) Oil Production (MMBoe)RUN OIL ONLY Oil Production 2.5-3.0 30.6 1.5 1.1 13.0…
  9. BofA Merrill Lynch Global Energy Conference 2012 – Bill Barrett Corp. – slide 9
    Financial Strength & Flexibility: Strong Realized Prices Maintaining high realized prices in a challenging natural gas price environment Realized Prices per Mcfe 7.81 7.80-8.20 7.10 7.07 7.05 6.15-6.30 2008 2009 2010 2011…
  10. BofA Merrill Lynch Global Energy Conference 2012 – Bill Barrett Corp. – slide 10
    Hedging Provides Price Predictability Hedges reduce volatility and support cash flow for capital program Opportunistically add to positions over time 4Q12 hedges: 16.2 Bcf of natural gas production and 644 mbbls of oil production…
  11. BofA Merrill Lynch Global Energy Conference 2012 – Bill Barrett Corp. – slide 11
    PROPERTY DESCRIPTIONS: TWO CORE OIL PROGRAMS
  12. BofA Merrill Lynch Global Energy Conference 2012 – 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. BofA Merrill Lynch Global Energy Conference 2012 – Bill Barrett Corp. – slide 13
    Quality Assets: Building value from year-end 2011 Largest 3P expansion in 2011 was oil: proved up 135%, 3P up 200% Uinta Oil Program: Added 14,400 net acres since YE2011; drilling 66 gross wells DJ Basin: Added 42,200 net acres since…
  14. BofA Merrill Lynch Global Energy Conference 2012 – Bill Barrett Corp. – slide 14
    Uinta Oil Program: Driving Substantial Oil Growth Expanded acreage, 5 rigs operating and production up 75% year-to-date Prolific Wasatch-Green River targets Significant land position: Wasatch, Green River Formations 121,285 net…
  15. BofA Merrill Lynch Global Energy Conference 2012 – Bill Barrett Corp. – slide 15
    DJ Basin: Driving Substantial Oil Growth Built sizable position since July 2011, 3 rigs operating Niobrara Formation Silo Acreage focused on high oil-cut fairways Field 75,605 net acre position, added 42,200 net acres in 2012 Chalk…
  16. BofA Merrill Lynch Global Energy Conference 2012 – Bill Barrett Corp. – slide 16
    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…
  17. BofA Merrill Lynch Global Energy Conference 2012 – Bill Barrett Corp. – slide 17
    EXPLORATION UPSIDE
  18. BofA Merrill Lynch Global Energy Conference 2012 – Bill Barrett Corp. – slide 18
    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…
  19. BofA Merrill Lynch Global Energy Conference 2012 – Bill Barrett Corp. – slide 19
    Outlook: Realizing High Growth in Oil Positive operational and financial outlook moving forward Development programs deliver stand-alone growth Rapidly growing oil production Operating costs discipline Expansive upside potential…
  20. BofA Merrill Lynch Global Energy Conference 2012 – Bill Barrett Corp. – slide 20
    APPENDIX
  21. BofA Merrill Lynch Global Energy Conference 2012 – Bill Barrett Corp. – slide 21
    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…
  22. BofA Merrill Lynch Global Energy Conference 2012 – Bill Barrett Corp. – slide 22
    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…
  23. BofA Merrill Lynch Global Energy Conference 2012 – Bill Barrett Corp. – slide 23
    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…
  24. BofA Merrill Lynch Global Energy Conference 2012 – Bill Barrett Corp. – slide 24
    Powder River Deep Stacked oil play providing early positive test results 148,800 gross and 64,300 net acres Encouraging preliminary results for horizontal Sussex well 10,000 feet vertical depth 4,100 foot lateral 17 frac stages…
  25. BofA Merrill Lynch Global Energy Conference 2012 – Bill Barrett Corp. – slide 25
    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…
  26. BofA Merrill Lynch Global Energy Conference 2012 – Bill Barrett Corp. – slide 26
    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 Locations: 626…
  27. BofA Merrill Lynch Global Energy Conference 2012 – Bill Barrett Corp. – slide 27
    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 Locations: 622 Interconnect Interplanetary…
  28. BofA Merrill Lynch Global Energy Conference 2012 – Bill Barrett Corp. – slide 28
    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)…
  29. BofA Merrill Lynch Global Energy Conference 2012 – Bill Barrett Corp. – slide 29
    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…
  30. BofA Merrill Lynch Global Energy Conference 2012 – Bill Barrett Corp. – slide 30
    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…
  31. BofA Merrill Lynch Global Energy Conference 2012 – Bill Barrett Corp. – slide 31
    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…
  32. BofA Merrill Lynch Global Energy Conference 2012 – Bill Barrett Corp. – slide 32
    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…
  33. BofA Merrill Lynch Global Energy Conference 2012 – Bill Barrett Corp. – slide 33
    Natural Gas and Oil Hedges: Equivalents As of October 19, 2012 Swaps & Collars Period Natural Gas / NGLs Oil Equivalent Volume Price Volume Price Volume Price (MMBtu/d) (MMBtu) (Bbl/d) (/Bbl) (MMcfe) (/Mcfe) 4Q12 204,730 4.65…
  34. BofA Merrill Lynch Global Energy Conference 2012 – Bill Barrett Corp. – slide 34
    Additional Swap/Collar Data As of October, 19 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)…
  35. BofA Merrill Lynch Global Energy Conference 2012 – Bill Barrett Corp. – slide 35
    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…
  36. BofA Merrill Lynch Global Energy Conference 2012 – Bill Barrett Corp. – slide 36
    Capital Structure ( in millions) Actual 9/30/2012 Cash & Cash Equivalents 24 Revolving Credit Facility due 2016 160 Borrowing Base 900 5.000% Convertible Notes due 2028 (March 2015 Put) 25 9.875% Senior Notes due 2016 250…
  37. BofA Merrill Lynch Global Energy Conference 2012 – Bill Barrett Corp. – slide 37
    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…
  38. BofA Merrill Lynch Global Energy Conference 2012 – 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. BofA Merrill Lynch Global Energy Conference 2012 – 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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