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EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp.

Bill Barrett Corp. · Aug 15, 2012 · 45 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. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 1
    ENERCOM ENERGY CONFERENCE AUGUST 2012
  2. EnerComs The Oil and Gas 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 (June 2012) 2.1B enterprise value Proved reserves 1.4 Tcfe 2011 22% total reserve growth 135% oil reserve growth Oil…
  3. EnerComs The Oil and Gas 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. EnerComs The Oil and Gas 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. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 5
    Oil & Liquids Growth: We Have the Oil Inventory Long-term development inventory heavily weighted toward oil and NGLs Large scale natural gas assets when prices return 1,400 net locations: Oil & NGLs (2,675 gross) Uinta Oil Play,…
  6. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 6
    Oil & Liquids Growth: Successfully Rebalancing Portfolio Successfully transitioned from 6% to 27% oil and NGLs from 2008 to 2011 Our development portfolio has flexibility to increase liquids proportion to 40%+ Driving significant oil…
  7. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 7
    Oil & Liquids Growth: Drives Increased Value and Revenues Strong oil growth trajectory Target nearly 80% growth in oil production for 2012 Proved Oil Reserves (MMBoe) Oil & NGL Sales Volume1 (MMBoe) 30.6 NGLs Oil 7.0-7.5 5.4 4.4…
  8. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 8
    Oil & Liquids Growth: 2012 Capital Allocation Liquids Focused 2012 Capital budget: 850-900 million including year-to-date acquisitions All rigs currently targeting oil (3 rigs DJ, 5 rigs Uinta) Narrowing capital expenditure to cash…
  9. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 9
    Quality Assets: Low-risk, Long-term Reserve Growth and Portfolio Balance Largest 3P expansion in 2011 was oil: 135% growth proved oil reserves 200% growth 3P oil reserves 3Ps do not include new DJ positions Proved Gross/Net Active…
  10. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 10
    Exploration Upside: Rockies Region is Truly a Mega Storehouse of Oil BBG OIL UPSIDE New Opportunities San Juan Basin: Oil 36,500 Net Acres 2 Wells 2012 BBG GAS UPSIDE South Alberta: Oil 94,200 Net Acres 1-2 Wells 2012 PRB Deep:…
  11. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 11
    Financial Strength & Flexibility Strong balance sheet offers substantial liquidity Liquidity: 900 million borrowing base with 75 million drawn Successfully executed 400 million 7% Senior Notes offering in March 2012 Currently…
  12. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 12
    Hedging Provides Price Predictability Hedges reduce volatility and support cash flow for capital program Opportunistically add to positions over time 2H12 hedges: 70% of natural gas production and 60% of oil production 2013 hedges:…
  13. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 13
    Financial Strength & Flexibility: Strong Realized Prices Maintaining high realized prices in a challenging natural gas price environment Realized Prices per Mcfe 7.81 7.20-7.70 7.10 7.07 7.05 6.20-6.50 2008 2009 2010 2011…
  14. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 14
    PROPERTY DESCRIPTIONS
  15. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 15
    Development Programs: Long Term, Low Risk Growth Commodity balanced All drilling currently focused on oil Minimal drilling commitments: capital flexibility Uinta Oil DJ Oil (5 rigs) (3 rigs) Cost discipline: low cost operator…
  16. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 16
    Uinta Oil Program: Driving Substantial Oil Growth Targeting prolific Wasatch-Green River play: Strategically expanding giant Altamont- Wasatch, Green River Formations Bluebell field Billions of barrels of oil yet to be tapped N…
  17. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 17
    Uinta Oil Program: Maximizing Upside Recovery through a Combination of Vertical and Horizontal Technologies Billions of barrels of oil yet to be tapped We are dealing with a Historical recoveries: 4-6% true hydrocarbon storehouse…
  18. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 18
    Uinta Oil Program: Executing on Horizontal and Vertical Upside in Blacktail Ridge Lake Canyon Area Excited with horizontal execution: Successful Uteland Butte Wasatch, Green River Formations horizontals (7 wells in 2011): 15-10-36…
  19. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 19
    DJ Basin: Expanding Niobrara Oil Exposure More than doubled oil footprint in DJ: Using latest in geologic, seismic, and operating Silo Field technologies to build in Niobrara sweet spots Acreage focused in high oil-cut fairways (low…
  20. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 20
    Upside Oil Exposure: Key Exploratory Plays Strategically applying new technologies to legacy plays while building new oil concepts Current activities: (all horizontal, all oil): S. Alberta Oil Testing Exploratory Oil Upside: DJ and…
  21. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 21
    Outlook Stand-alone growth visibility Operating discipline Expansive upside potential Strong realized pricing Continued financial strength 22
  22. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 22
    APPENDIX
  23. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 23
    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*…
  24. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 24
    Piceance Basin: Gibson Gulch Significant NGL Exposure Williams Fork Formation High liquids content increases Silt revenue (+1.23/Mcf to company N 3-Component natural gas realized price in 2011) 3-D Seismic Proved reserves: 596…
  25. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 25
    Piceance Basin: Cottonwood Gulch Potential to significantly increase 3P reserves 40,300 contiguous gross acres along main Rulison N gas field trend. 90% working interest Cottonwood Gulch Silt Area of expertise Grand Valley 1,149…
  26. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 26
    Uinta Basin: West Tavaputs Proved reserves: 461 Bcfe Shallow Wasatch, Mesaverde 3P reserves: 1,171 Bcfe Questar Interconnect N Locations: 622 Prickly Questar Dry Canyon Compressor Site Pear Interconnect Net production:…
  27. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 27
    Hornfrog: West Tavaputs Extension Play Area of Expertise Drill to earn 55% working interest Shallow Wasatch, North Horn, Price River in up to 30,600 acres. Tribal surface and mineral rights West Tavaputs N UBFS pipeline…
  28. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 28
    Competitive Gas Prices Regional pricing differential currently (0.20)/MMBtu for 2012 Basis differential collapsed mid-2009 with new pipeline takeaway capacity Current capacity of 10.5 Bcf/d will keep differential to a minimum Premium…
  29. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 29
    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…
  30. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 30
    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…
  31. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 31
    Uinta Oil: Uteland Butte EUR estimate Wells continue to produce with expected type curve MBO MBOE High 275 425 Mid 200 310 Low 150 200 32
  32. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 32
    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…
  33. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 33
    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 12 Breakeven (/Mcfe) 10…
  34. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 34
    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…
  35. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 35
    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…
  36. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 36
    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…
  37. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 37
    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…
  38. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 38
    Natural Gas and Oil Hedges: Equivalents As of July 20, 2012 Swaps & Collars Period Natural Gas / NGLs Oil Equivalent Volume Price Volume Price Volume Price (MMBtu/d) (MMBtu) (Bbl/d) (/Bbl) (MMcfe) (/Mcfe) 3Q12 229,089 4.39 5,300…
  39. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 39
    Additional Swap/Collar Data As of July 20, 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)…
  40. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 40
    Capital Structure ( in millions) Actual 6/30/2012 Cash & Cash Equivalents 21 Revolving Credit Facility due 2016 75 Borrowing Base 900 5.000% Convertible Notes due 2028 (March 2015 Put) 25 9.875% Senior Notes due 2016 250 7.625%…
  41. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 41
    Credit Metrics Modest Compared to Peers Debt TTM EBITDAX 3.6x 2.5x 2.9x 3.1x 3.1x 3.2x 2.3x 1.7x 1.1x 0.9x SM BRY PXP FST XCO PVA CRK BBG 2010 BBG 2011 2012 1H Credit Ba3 / B1 / Ba3 / Ba3 / B1 / B2 / B1 / rating BB BB- BB BB-…
  42. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 42
    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) Bank credit facility with 900 million of commitments, 75…
  43. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 43
    Land Summary As of June 30, 2012 Net Undeveloped Average Gross Average BBG Area Gross Acreage Acreage Project NRI Working Interest Development Properties Piceance Gibson Gulch 17,764 5,610 81% 96% Uinta West Tavaputs 40,041 19,260…
  44. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 44
  45. EnerComs The Oil and Gas Conference 2012 – Bill Barrett Corp. – slide 45
    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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