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Annual General Meeting – Bill Barrett Corp.

Bill Barrett Corp. · May 13, 2010 · 34 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. Annual General Meeting – Bill Barrett Corp. – slide 1
    Annual Shareholders Meeting May 13, 2010 Fred Barrett Chairman and CEO Francis Barron Executive VP General Counsel Bob Howard CFO and Treasurer Joe Jaggers President and COO Piceance Basin, Colorado
  2. Annual General Meeting – Bill Barrett Corp. – slide 2
    Agenda Shareholder Meeting Introductions Fred Barrett Shareholder Business Meeting Francis Barron Company Overview Company Strategy Fred Barrett Financial Overview Bob Howard Operations Joe Jaggers Wrap-Up and Q&A Fred Barrett…
  3. Annual General Meeting – Bill Barrett Corp. – slide 3
    Fred Barrett Chairman and Chief Executive Officer Gibson Gulch, Piceance Basin, Colorado 4 5/12/2010
  4. Annual General Meeting – Bill Barrett Corp. – slide 4
    Reasons to Invest in Bill Barrett Corporation Track record of cost-efficient, disciplined growth Double-digit proved reserve and production growth 2009 proved reserves of 965 Bcfe; 18% increase over 2008 Financial strength Well…
  5. Annual General Meeting – Bill Barrett Corp. – slide 5
    Track Record of Profitable Growth Proved Reserves Production (Bcfe) (Bcfe) 965 R 97 - GR CAG CA 818 17% 89.7 100 30% 77.6 558 61.2 428 52.1 341 Dec Dec Dec Dec Dec 2006 2007 2008 2009 2010E Reserve 2005 2006 2007 2008 2009…
  6. Annual General Meeting – Bill Barrett Corp. – slide 6
    Since Our Last Annual Meeting 2009 Operations Execution Substantial reserve and production growth Capex within cash flow, including acquisition Reduced per unit costs for LOE and G&A Maintained strong balance sheet and substantial…
  7. Annual General Meeting – Bill Barrett Corp. – slide 7
    Looking Forward: Bullish on Rockies with Multiple, Low Risk Catalysts for Future Growth Bullish on Rockies Rockies Development Nearly 1/3 nations natural gas Williston Basin supply Optimal competitive infrastructure Ro Powder…
  8. Annual General Meeting – Bill Barrett Corp. – slide 8
    Looking Forward: Commitment to Exploration, New Ideas, and Opportunities Exploration Exposure Rockies Exploration 1.25 million net undeveloped Williston Basin acres Powder River Geologic/geographic diversity Ro Big…
  9. Annual General Meeting – Bill Barrett Corp. – slide 9
    Bob Howard Chief Financial Officer 10 5/12/2010
  10. Annual General Meeting – Bill Barrett Corp. – slide 10
    Stock Performance During 2009 BBG stock increased 47% Rebounded solidly after the March market lows, benefitting from ample liquidity and solid hedge positions that reduced risk in the stock Year-to date 2010, stock performing well…
  11. Annual General Meeting – Bill Barrett Corp. – slide 11
    Financial Track Record Strong 2009 overall performance Consistent cash flow growth Continued profitability 2009 net income is reduced by unrealized hedge losses and impairment expenses Discretionary Cash Flow 1 Net Income (in…
  12. Annual General Meeting – Bill Barrett Corp. – slide 12
    Top Tier Finding and Development Costs 2009 Capital program delivers growth while spending within cash flow Capex Finding and Development Costs (Millions) (/Mcfe) 2.48 3 year 601 1.99 weighted 1.74 average 1.83 444 450- 406…
  13. Annual General Meeting – Bill Barrett Corp. – slide 13
    per Mcfe So ut hw es t B ern 10.00 12.00 14.00 16.00 0.00 2.00 4.00 6.00 8.00 ill C B Ene on ar r ch ret g y o tC C R om ge an Re o rp so u . st Re rce s o s BBG oc 4.16 Pe k R…
  14. Annual General Meeting – Bill Barrett Corp. – slide 14
    2010 Off to Another Good Start Continued strong cash flow and cash margin Revenue benefits from solid hedge positions and increased contribution from higher valued oil and NGLs Cash flow and cash margin also reflect cost controls…
  15. Annual General Meeting – Bill Barrett Corp. – slide 15
    Improved Price Predictability through Hedging Hedge natural gas at Rockies sales point indices (CIG) to manage basis Emphasis on summer months Target 50% to 70% of production on a 12 18 month forward basis Opportunistically add to…
  16. Annual General Meeting – Bill Barrett Corp. – slide 16
    Strong Capitalization As of March 31, 2010 Maintain conservative leverage metrics in millions Cash 51.3 Long term debt (principal) Senior revolving credit facility 15.0 9 7/8% Senior Notes 250.0 5% convertible senior notes 172.5…
  17. Annual General Meeting – Bill Barrett Corp. – slide 17
    2010 Plans Capex: 450-470 million 90-95% toward development projects Expected to slightly exceed cash flow Production growth 97 to 100 Bcfe, 8% to 12% growth Work effectively within regulatory restrictions Continued cost…
  18. Annual General Meeting – Bill Barrett Corp. – slide 18
    Strong Financial Position 685 million available on line of credit as of March 31, 2010 Well within satisfactory ranges on all credit metrics and covenants Sizable hedge positions support cash flows Hedged with diversified and…
  19. Annual General Meeting – Bill Barrett Corp. – slide 19
    Joe Jaggers President and Chief Operating Officer Piceance Basin, Colorado
  20. Annual General Meeting – Bill Barrett Corp. – slide 20
    Natural Gas Production Resilient U.S. Gas Production vs. Rig Count, 2001 to Present After jumping 7% in 2008, U.S. gas production slowed, but was still up 3% in 2009. Even though gas-directed rig count remains 40% below its peak,…
  21. Annual General Meeting – Bill Barrett Corp. – slide 21
    Significant Excess Rockies Capacity Rockies pricing differential no longer an issue Approximately 1 Bcf/d surplus capacity Rockies production peaked 1Q 09, down estimated 500 MMcf/d Excess capacity caused basis differential to…
  22. Annual General Meeting – Bill Barrett Corp. – slide 22
    Increasing Proportion of Liquids BBG benefitting from increasing contributions from oil and NGLs Q1, 2010 Q4, 2010 Dry Gas Dry Gas 85% 80% Oil, Oil, NGL, NGL, Oil, Oil, NGL, NGL, 5% 5% 10% 10% 8% 8% 12% 12% 15% of…
  23. Annual General Meeting – Bill Barrett Corp. – slide 23
    Solid Reserve Replacement Reflects Asset Quality and Operating Expertise 177.3 964.8 Bcfe 818.3 - 89.7 101.5 Drilling Bcfe 0.2 Additions - 42.8 Engineering Annual Price Acquisitions Revisions Production Revisions Net of…
  24. Annual General Meeting – Bill Barrett Corp. – slide 24
    Low Risk Reserve Base Increased Density Drilling Offers Reserve Growth Est. Gross Drilling Proved Probable & Possible(1) 3P Locations Bcfe Bcfe Bcfe West Tavaputs, Uinta 324 615 Bcfe 20 acre: 350 Bcfe 24 1,313 725 Bcfe Gibson…
  25. Annual General Meeting – Bill Barrett Corp. – slide 25
    Extensive & Diverse Development Portfolio Rockies Development Low Risk, Repeatable, Williston Basin High Quality Inventory 98% operated increases Ro Powder River c ky M Big Horn Basin control and ability to tn .…
  26. Annual General Meeting – Bill Barrett Corp. – slide 26
    Piceance Basin Gibson Gulch Williams Fork Formation Piceance Basin COLORADO Silt 3-Component 3-D Seismic BBC acreage BBC operated gas well 10 acre density BBC non-operated gas well Non-operated gas well Current Status…
  27. Annual General Meeting – Bill Barrett Corp. – slide 27
    Piceance Basin Gibson Gulch Illustrative Drilling Illustrative Economics (1) and Completion Costs (1) Bcfe Gas Price2 5.50 EUR (gross) 1.0 Contribution from NGLs/oil 1.34 NRI 81% MMBtu / sales adjustment 0.03 EUR (net) 0.8…
  28. Annual General Meeting – Bill Barrett Corp. – slide 28
    Uinta Basin West Tavaputs Uinta Basin Shallow Wasatch, Mesaverde UTAH Questar interconnect Dry Canyon Questar interconnect Compressor site Interplanetary compressor site Prickly Pear Structure Peters Point Structure 83 S…
  29. Annual General Meeting – Bill Barrett Corp. – slide 29
    Uinta Basin West Tavaputs Illustrative Drilling Illustrative Economics (1) and Completion Costs (1) Gas Price2 5.50 Bcfe Contribution from oil 0.06 EUR (gross) 2.3 NRI 83% MMBtu / sales adjustment 0.45 EUR (net) 1.8 Realized Price…
  30. Annual General Meeting – Bill Barrett Corp. – slide 30
    Blacktail Ridge / Lake Canyon Wasatch Formation Uinta Basin Blacktail Ridge Altamont/Bluebell 379 MMBOE CUM UTAH INFILL STRATEGY completing completing High gas area Duchesne Blacktail Ridge acreage position not shown for…
  31. Annual General Meeting – Bill Barrett Corp. – slide 31
    Uinta Basin Blacktail Ridge Illustrative Drilling Illustrative Economics (1) and Completion Costs (1) Mboe Oil Price2 75.00 EUR (gross) 300 Sales adjustment ( 13.82) NRI 82% Realized Price (/Bbl) 61.18 EUR (net) 246 Total…
  32. Annual General Meeting – Bill Barrett Corp. – slide 32
    Portfolio Built for Continued Growth Current Development Portfolio Rockies Exploration Extensive, lower risk reserve/ Williston Basin production growth at key development assets Powder River Ro Production growth while c…
  33. Annual General Meeting – Bill Barrett Corp. – slide 33
    Outlook Improved Rockies pricing Rockies differential (0.37) per MMBtu three-year strip average Transportation capacity a non-issue Operating discipline High on-line time Low cost structure Continuing track record of production…
  34. Annual General Meeting – Bill Barrett Corp. – slide 34
    Piceance Basin, Colorado Photo by: Jane Rerecich

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