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Shareholder Analyst Call – Bill Barrett Corp.

Bill Barrett Corp. · May 10, 2013 · 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. Shareholder Analyst Call – Bill Barrett Corp. – slide 1
    ANNUAL SHAREHOLDERS MEETING MAY 10, 2013
  2. Shareholder Analyst Call – Bill Barrett Corp. – slide 2
    Agenda Shareholder Meeting Introductions Jim Mogg Shareholder Business Meeting and Adjournment Jim Mogg Company Overview Company Strategy and Operations Scot Woodall Financial Overview Bob Howard Wrap-Up and Q&A Scot Woodall 2
  3. Shareholder Analyst Call – Bill Barrett Corp. – slide 3
    JIM MOGG CHAIRMAN OF THE BOARD
  4. Shareholder Analyst Call – Bill Barrett Corp. – slide 4
    SCOT WOODALL CHIEF EXECUTIVE OFFICER AND PRESIDENT
  5. Shareholder Analyst Call – Bill Barrett Corp. – slide 5
    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…
  6. Shareholder Analyst Call – Bill Barrett Corp. – slide 6
    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…
  7. Shareholder Analyst Call – Bill Barrett Corp. – slide 7
    BBG Strengths Our people and portfolio People LOW-COST, EFFICIENT OPERATOR REGIONAL EXPERTISE in permitting, geology, marketing, business development APPLICATION OF TECHNOLOGY to drive improved recoveries and lower costs Portfolio…
  8. Shareholder Analyst Call – Bill Barrett Corp. – slide 8
    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…
  9. Shareholder Analyst Call – Bill Barrett Corp. – slide 9
    Quality Portfolio Offers Lower-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…
  10. Shareholder Analyst Call – Bill Barrett Corp. – slide 10
    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…
  11. Shareholder Analyst Call – Bill Barrett Corp. – slide 11
    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…
  12. Shareholder Analyst Call – Bill Barrett Corp. – slide 12
    PROPERTY DESCRIPTIONS
  13. Shareholder Analyst Call – Bill Barrett Corp. – slide 13
    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…
  14. Shareholder Analyst Call – Bill Barrett Corp. – slide 14
    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…
  15. Shareholder Analyst Call – Bill Barrett Corp. – slide 15
    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…
  16. Shareholder Analyst Call – Bill Barrett Corp. – slide 16
    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…
  17. Shareholder Analyst Call – Bill Barrett Corp. – slide 17
    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…
  18. Shareholder Analyst Call – 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. Shareholder Analyst Call – 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. Shareholder Analyst Call – 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. Shareholder Analyst Call – 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) Multiple fairways show promising BBG Shannon Well 30- Shannon Well: day IP: 470 Boe/d…
  22. Shareholder Analyst Call – Bill Barrett Corp. – slide 22
    BOB HOWARD CHIEF FINANCIAL OFFICER
  23. Shareholder Analyst Call – Bill Barrett Corp. – slide 23
    Strategic Financial Objectives Effectively invest capital to increase asset base Focus capital on development of oil reserves Potential monetization of assets to manage debt levels Align financial resources with strategic…
  24. Shareholder Analyst Call – Bill Barrett Corp. – slide 24
    Commodity Price Outlook Favors Oil Gas prices reached historic lows early in 2012 but are up 31% year-to-date Oil prices were down 7% for 2012 and are flat year-to-date Ratio of oil price to gas price is over 20:1 120.00 20.00…
  25. Shareholder Analyst Call – Bill Barrett Corp. – slide 25
    Financial Strength & Flexibility Strong balance sheet provides substantial liquidity Liquidity 774 million: 825 million bank credit facility, 25 drawn/26 million letter of credit as of 3/31/13 Debt metrics: In line with peers,…
  26. Shareholder Analyst Call – Bill Barrett Corp. – slide 26
    Manageable Debt Levels Well-spaced debt maturities Completed lease financing agreement of BBG owned facilities at 3.5% interest 335 million sale of natural gas assets closed December 31, 2012 Bank credit facility of 825 million, 25…
  27. Shareholder Analyst Call – Bill Barrett Corp. – slide 27
    Credit Metrics Modest Compared to Peers Debt/TTM EBITDAX 3.1x 3.3x 2.5x 2.6x 2.7x 2.8x 2.0x 0.9x 1.4x Rosetta SM Energy Oasis Penn Virginia Bill Barrett Laredo Swift Energy Berry Forest Oil Resources Petroleum Corporation…
  28. Shareholder Analyst Call – Bill Barrett Corp. – slide 28
    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: 35.8 Bcfe hedged at weighted average 7.75/Mcfe…
  29. Shareholder Analyst Call – Bill Barrett Corp. – slide 29
    Performance Objectives Current Year Performance Metrics Safety (number of recordable injuries) Oil production Proved developed finding and development cost Lease operating expenses Other key objectives/department specific goals…
  30. Shareholder Analyst Call – Bill Barrett Corp. – slide 30
    Financial Strength High quality asset base Flexible asset profile Strong balance sheet Liquidity to support development activities Manageable credit metrics Competitive margins Increasing oil production Competitive sales…
  31. Shareholder Analyst Call – Bill Barrett Corp. – slide 31
    LOOKING AHEAD
  32. Shareholder Analyst Call – Bill Barrett Corp. – slide 32
    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,…
  33. Shareholder Analyst Call – Bill Barrett Corp. – slide 33
    THANK YOU
  34. Shareholder Analyst Call – Bill Barrett Corp. – slide 34
    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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