Skip to main content The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. Investor Presentation | Shale Experts
Loading...
Pm

The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp.

Bill Barrett Corp. · Jan 5, 2012 · 49 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. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 1
    Pritchard Capital - Energize 2012 Conference January 2012 1
  2. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 2
    Who We Are Premier E & P growth story, focused on prolific Rocky Mountain oil and gas region Proven management team with expertise in the area Long-term record of profitable, sustainable growth 1.7 billion market capitalization /…
  3. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 3
    Who We Are: Track Record of Profitable Growth Proved Reserves1 (Bcfe) Production (Bcfe) 1118 106-110 965 96.5 818 89.7 558 77.6 428 61.2 Dec 2006 Dec 2007 Dec 2008 Dec 2009 Dec 2010 267% 382% 436% 264% 263% 2007 2008 2009…
  4. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 4
    1 Reasons to Invest in BBG
  5. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 5
    Reasons to Invest in Bill Barrett Corporation Strategic position in the Rockies Track record of profitable growth Growth visibility Sizable upside exposure: oil and natural gas Operational expertise and disciplined cost…
  6. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 6
    Strategic Position in the Rockies Expertise in the Rockies Management experience: geology, operations, regulatory Leadership: established track record in the region Excellent reputation Rockies offer resource optionality Large,…
  7. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 7
    Growth Visibility: Development Programs Commodity balance Expanding oil Uinta and DJ Basins NGL exposure Piceance and DJ Basins Gas growth Uinta Basin Low risk reserves; high working interest; 98% operated Growth on demand…
  8. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 8
    Growth Visibility: Strong Targeted Production & Revenue Growth 2011: 10% to 14% production growth Target 15% to 20% annual growth for 3 to 4 years Development programs and extension properties Solid economics in current commodity…
  9. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 9
    Growth Visibility: Low Risk 3P Reserves Just the tip of the iceberg Approx. Gross Proved Proved1 3P1 Drilling Probable & Possible Bcfe Bcfe Locations West Tavaputs, 345 1,295 700 Uinta2 Gibson Gulch, 634 797 750 Piceance3…
  10. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 10
    Sizable Upside Exposure Extensive portfolio active projects 1.2 million net undeveloped acres Commitment to exploration Exploratory stepouts: Extensions Typhon Grass root, large scale, resource plays McRae Shale exposure (oil…
  11. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 11
    Upside Exposure: Natural Gas Exploration Extensive portfolio 600,000+ net undeveloped acres targeting gas Shale gas and basin centered gas prospects Rockies Pipeline capacity 10.5 Bcf v. outflow peak of 8.3 Bcf Basis…
  12. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 12
    Upside Exposure: Oil Exploration Extensive portfolio Nearly 600,000 net undeveloped acres targeting oil Multiple shale and reservoir challenged oil targets in multiple basins New technology at existing plays Typhon Rockies oil…
  13. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 13
    Disciplined Cost Structure: 2 Rank for Low Breakeven Costs BBG Ranks 2 among 41 E&Ps Breakeven calculation: All-in costs*, adjustments for percentage PUDs and differential to NYMEX All-in Breakeven Cost All-in Breakeven E&P…
  14. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 14
    Financial Strength: 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 Mcfe) 1.99 1.74 1.76 2008 2009…
  15. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 15
    Disciplined Cost Structure: Driving Operations Efficiencies Success at Piceance = Opportunity at West Tavaputs & Blacktail Ridge Piceance West Tavaputs Blacktail Ridge Reduced Drilling Days (Spud to rig release) 12.8 12.8 11.2 11.6…
  16. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 16
    Financial Strength: Balance Sheet & Hedging Strong balance sheet offers flexibility and illustrates financial discipline 1.1 billion current borrowing base with 900 million in commitments 70 million drawn 400 million 7 5/8%…
  17. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 17
    2 Property Descriptions
  18. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 18
    Piceance Basin Gibson Gulch Significant NGL Exposure Williams Fork Formation High liquids content Silt N increases revenue 3-Component 3-D Seismic Proved reserves: 634 Bcfe Net production: 136 Gibson Gulch MMcfe/d 3P reserves 0.8…
  19. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 19
    Uinta Basin West Tavaputs Proved reserves: 345 Bcfe Shallow Wasatch, Mesaverde Net production: 103 Questar MMcfe/d Interconnect N Prickly Dry Canyon Plan 100 wells 2011 Pear Questar Interconnect Compressor Site 1.3 Tcfe1 3P…
  20. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 20
    Uinta Oil Program Growing Oil Development N Projected oil fairway Proved reserves: Altamont/Bluebell 7MM Boe Cum: 312 MMBo/539 Bcf + 5MM Boe East Blacktail Ridge Roosevelt East Bluebell Acquisition Bluebell acquisition Sizable…
  21. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 21
    Uinta Oil Program Wasatch, Green River Formations Growing Oil Development 15-10-36 BTR Blacktail Ridge 540 MBOE EUR N Multi-pay fractured oil Mahogany Test Infill Strategy High Gas Area Significant horizontal upside 13-26-36 BTR…
  22. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 22
    Uinta Oil Program Numerous Upside Depth Producing Intervals Opportunities Blacktail Ridge Altamont- Monument Butte Bluebell Region Region Increased density Black Wax New horizontal technology applications 7 Uteland Butte…
  23. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 23
    DJ Basin Acquisition 50 Miles Expands our oil footprint Wattenberg production, vertical Sagebrush primarily from Codell and Niobrara 7 MMBoe net proved reserves Silo Field 28,000 net acres acquired Chalk Bluffs Lower risk…
  24. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 24
    3 Looking Ahead
  25. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 25
    2011 Key Action Items Execution Increase NGL revenue through accelerated program at Gibson Gulch Expand Uinta oil position execute bolt-on acquisition Bring West Tavaputs into full gear, realizing increased operating efficiencies…
  26. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 26
    Outlook Stand-alone growth visibility Strong realized pricing From existing, lower-risk Benefit from NGLs development assets Increasing oil production West Tavaputs full-field Substantial hedge positions development Reduced basis…
  27. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 27
    THANK YOU
  28. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 28
    a Appendix Additional Property Detail
  29. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 29
    Piceance Basin Cottonwood Gulch 60 million acquisition in June 2009 N 90% working interest in 40,300 contiguous acres Cottonwood Gulch along main Rulison gas Silt field trend Grand Valley Rulison 1,149 Bcfe cum. prod. 855 Bcfe…
  30. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 30
    Yellow Jacket Shale Prospect Expansive Prospect Area Gothic & Hovenweep Shales Background 100% working interest in 347,000 net undeveloped acres Drilled 10 horizontal wells 2009/10 High IP rates, wells not economic due to intrusion…
  31. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 31
    Hornfrog: West Tavaputs Extension Play Area of Expertise Shallow Wasatch, North Horn, Price River Drill to earn 55% working West Tavaputs N UBFS pipeline interest in up to 30,600 acres. Development Area Tribal surface and…
  32. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 32
    Powder River Basin - CBM Current Program Big George Coal Proved reserves: 61 Bcf Net production: 36 MMcf/d Acreage 9/11: 40,400 net undeveloped Big George Low-risk drilling, primarily Big George Play coals Gillette, WY Cat Creek…
  33. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 33
    Wind River Basin Current Program Fort Union, Lance, Raderville, Niobrara, Frontier, Muddy, Lakota Formations Proved reserves: 35 Bcfe BBG Cave Gulch (Wind River total) Development N Net production: 13 MMcfe/d WI: 50-100% BBG…
  34. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 34
    b Appendix Illustrative Economics & Financial Data
  35. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 35
    Piceance Basin Gibson Gulch Illustrative Drilling and Completion Costs1 Illustrative Economics2 EUR (Bcfe, gross) 0.93 CIG gas price per MMBtu 5.00 NRI 82% MMBtu sale adjustment/NGLs/Oil 2.99 EUR (Bcfe, net) 0.76 Realized price per Mcfe…
  36. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 36
    Uinta Basin West Tavaputs Illustrative Drilling and Completion Costs1 Illustrative Economics2 EUR (Bcfe, gross) 2.20 CIG gas price per MMBtu 5.00 NRI 83% Contribution from oil 0.05 EUR (Bcfe, net) 1.83 MMBtu sale adjustment (1100)…
  37. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 37
    Uinta Basin Blacktail Ridge Illustrative Drilling and Completion Costs1 Illustrative Economics2 EUR (Mboe, gross) 323.0 WTI Oil price per Bbl 85.00 NRI 81% Sales adjustment to WTI (9.64) EUR (Mboe, net) 261.6 Realized price per Bbl…
  38. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 38
    Typical Well Production Profiles West Tavaputs, Uinta Basin, Utah Piceance Basin, Colorado 1.60 IP-Instantaneous: 2840 Mcf/d IP-Instantaneous: 1735 Mcf/d IP-30 day: 2441 Mcf/d 1.40 IP-30 day: 1431 Mcf/d 3.00 EUR: 2.2 Bcfe 1.20 EUR:…
  39. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 39
    Proved Reserve Price Sensitivities Pricing Sensitivities Year-end 2010 Due to the change in guidelines and the particularly low natural gas price used to calculate reserves compared with prior years, the Company believes it would be…
  40. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 40
    Hedging Provides Price Predictability Hedges reduce volatility and support cash flow for capital program Hedge natural gas at Rockies sales point indices (CIG and others) Emphasis on summer months Opportunistically add to positions…
  41. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 41
    Natural Gas and Oil Hedges - Equivalents As of December 31, 2011 Swaps & Collars Period Natural Gas / NGLs Oil Equivalent Volume Price Volume Price Volume Price (MMBtu/d) (MMBtu) (Bbl/d) (/Bbl) (MMcfe) (/Mcfe) 1Q12 182,500 5.16…
  42. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 42
    Additional Swap/Collar Data As of December 31, 2011 Natural Gas Period Swaps Collars Basis Volume Price Volume Floor Ceiling Volume Price (BBtu/d) (/MMBtu) (BBtu/d) (/MMBtu) (MMBtu) (BBtu/d) (/MMBtu) 1Q12 172.5 4.61 - - - 20.0 (1.22)…
  43. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 43
    Realized Natural Gas Price Components of Realized Price 1Q11 Example Henry Hub 1Q IFERC 4.09 MMBtu Differential (0.26) MMBtu CIG 1Q IFERC 3.83 MMBtu Average hedge price 6.14 MMBtu Percent hedged 63% Percent unhedged 37% Average price…
  44. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 44
    Competitive Gas Prices Regional pricing differential currently (0.20)/MMBtu on 12-mo forward strip Basis differential collapsed mid-2009 with new pipeline takeaway capacity Current capacity of 10.5 Bfc/d will keep differential to a…
  45. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 45
    Credit Ratios - History EBITDAX to Interest Total Debt to Proved Reserves (/Mcfe) 21.2x 16.0x 2007 2008 2009 2007 2008 2009 2010 Total Debt to EBITDAX 32% 2010 30% Total Debt to Book Capitalization Total Debt to EBITDAX…
  46. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 46
    c Appendix Reserves & Land
  47. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 47
    Solid Reserve Replacement Reflects Asset Quality and Operating Costs 185.1 1,118.3 Bcfe 964.8 -96.5 39.8 Bcfe 27.4 -2.3 Drilling Engineering additions 2010 Acquisitions Price revisions Production net of revisions…
  48. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 48
    Land Summary As of September 2011 Gross Net Undeveloped Average Gross Average BBG Area Acreage Acreage Project NRI Working Interest Development Piceance Gibson Gulch 17,790 6,480 81% 96% Uinta West Tavaputs 39,820 21,280 83% 97%…
  49. The Pritchard Capital Partners 9th Annual Energize Conference 2012 – Bill Barrett Corp. – slide 49
    1099 18th Street, Suite 2300 Thank you for your interest in Denver, Colorado 80202 303.293.9100, fax 303.291.0420 www.billbarrettcorp.com NYSE: BBG Investor Relations contact: Jennifer Martin jmartinbillbarrettcorp.com…

From the store

Browse maps, data & reports in the Shale Experts store