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ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp.

Bill Barrett Corp. · Aug 20, 2014 · 42 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. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 1
    ENERCOM OIL AND GAS CONFERENCE August 2014
  2. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 2
    Company Overview 2.1 billion enterprise value 1.0 billion market cap Proved reserves: 197 MMBoe 42% oil; 42% proved developed Total risked resources: 587 MMBoe Long-term drilling inventory with 5,400 gross oil and gas locations…
  3. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 3
    Company Vision and Strategy Build a sustainable oil and gas resource development business with an asset portfolio that offers enough concentration, scale and optionality to realize high operational efficiency, provide competitive growth,…
  4. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 4
    Delivering High Growth from Core Oil Programs Production (MMBoe) Operating Cash Flow (MM) 8 400 6 300 4 200 2 100 0 0 2010 2011 2012 2013 2014e 2010 2011 2012 2013 2014e DJ UOP DJ UOP Focused capital program on…
  5. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 5
    Increasing Oil Production Drives Increasing Profitability Proved Reserves (MMBoe) Operating Margin/Boe () 50 200 40 30 DJ 100 UOP Piceance* 20 10 0 2009 2010 2011 2012 2013 0 2012 2013 2014e Operating margin up…
  6. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 6
    Financial Strength and Flexibility Successfully transitioned to oil-focused portfolio Borrowing base of 625 million (re-affirmed Spring 2014) with 349 million of liquidity Growing proportion of revenue from liquids positions company…
  7. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 7
    Value Creation: 2014 Plan 2014 Objectives Capitalize on commodity balance by allocating capital to highest return assets and achieving increased profit margins Deliver unrealized value from DJ Basin oil development Strengthen returns…
  8. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 8
    2014 Guidance Capital program 100% directed at oil growth Total capital of 500-550 million Finance through discretionary cash 2014 Capital % by Area flow, asset sales and credit facility Capex allocation 75% DJ Basin Uinta Oil 20%…
  9. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 9
    DJ BASIN
  10. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 10
    DJ Basin: Lots of Running Room Niobrara and Codell Formations Prime land position: 76,300 net acres Northeast Wattenberg: 40,875 net acres Chalk Bluffs: 22,360 net acres Wattenberg interior: 13,050 net acres Target Niobrara and…
  11. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 11
    DJ Basin Undeveloped Location Inventory 844 Net Undeveloped Locations Total Gross: 1,697 94 130 Core Wattenberg 43 NE Wattenberg (North) NE Wattenberg (South) 228 NE Wattenberg 349 (Western) Chalk Bluffs Long-term…
  12. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 12
    DJ Basin: Production Growth DJ Basin Net Production and Gross Operated Horizontal Wells Spud 8,000 7,125 6,000 Boe/d 4,000 1,565 2,000 0 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 Operated Wells spud 13 7 2 10 21…
  13. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 13
    DJ Basin Operating Efficiencies Average 4,000 Lateral Drilling Average Drilling Cost per Foot Days 18.0 17.1 200 173 11.8 150 12.0 10.1 108 97 100 6.0 50 0.0 2012 2013 2014 YTD 0 2012 2013 2014 YTD Standard…
  14. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 14
    Northeast Wattenberg Continued Consistent Well Results Extended Reach Lateral Program Northern Block 16 extended reach laterals spud year-to-date 7 in Northern Block Western Block 9 in Southern Block 4-well pad: 7,500 laterals…
  15. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 15
    UINTA OIL PROGRAM
  16. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 16
    Uinta Oil Program Large, Scalable Program: 150,000 net acres Wasatch, Green River Formations East Bluebell: 23,030 net acres Blacktail Ridge/Lake Canyon: 107,650* net acres South Altamont: 20,520 net acres Driving Steady Growth…
  17. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 17
    UOP: Undeveloped Location Inventory Risked Resources (171 MMBoe) 785 Net Drilling Locations (Gross 1,795) 124 42 137 92 37 524 Blacktail Ridge/Lake Canyon Blacktail Ridge/Lake Canyon East Bluebell East Bluebell South…
  18. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 18
    UOP: East Bluebell Execution East Bluebell Program Offers Substantial Upside 37,480 gross/23,030 net acres Lower Green River Planned development on 80-acre spacing with further downspacing potential Vertical wells targeting Lower…
  19. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 19
    UOP: East Bluebell 2014 Results Lower Green River 2014 Wells with 90-day IP Rates to-date: (Bbls/d) 30-day IP 60-day IP 90-day IP 14 well 189 177 165 average 2014 D & C costs down 20% v 2013 Expanded 2014 program to 44…
  20. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 20
    UOP: East Bluebell Production Growth East Bluebell Net Production and Gross Operated Wells Spud 4,000 3,030 3,000 Boe/d 2,000 1,435 1,000 0 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 Operated Wells spud 4 3 6 9 5 0…
  21. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 21
    East Bluebell Production Efficiencies Average Drilling Days Average Drilling Cost per Foot 20.0 200 18.1 184 15.0 14.3 150 113 10.0 10.0 100 93 5.0 50 0.0 0 2012 2013 2014 YTD 2012 2013 2014 YTD Operating…
  22. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 22
    Value Creation Opportunity Execution, Execution, Execution Capitalize on commodity balance by allocating capital to highest return assets and achieving increased profit margins Deliver unrealized value from DJ Basin oil development…
  23. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 23
    APPENDIX
  24. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 24
    Hedging Provides Price Predictability Hedge on a 12-month forward basis to reduce risk and support capital expenditure program 2H14 4.1 MMBoe; Oil: 10,600 Bbls/d at 93.93/Bbl; natural gas: 68,315 MMBtu/d at 3.95/MMBtu 2015: 5.2…
  25. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 25
    Natural Gas and Oil Hedges As of July 23, 2014 Swaps Period Oil Natural Gas NGLs* Volume WTI Price Volume NWPL Price Volume Price (Bbls/d) (/Bbl) (MMBtu/d) (MMBtu) Bbls/d (/Bbl) 3Q14 10,600 93.98 65,000 4.02 1,029 60.18 4Q14…
  26. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 26
    Capital Structure As of 6/30/2014 Revolving Credit Facility due 2016 250 Borrowing Base 625 5.000% Convertible Notes due 2028 (March 2015 Put) (currently callable) 25 7.625% Senior Notes due 2019 (callable 10/15) 400 7.000%…
  27. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 27
    Manageable Debt Levels Well-spaced debt maturities Bank credit facility of 625 million, 250 million drawn (as of 6/30/14) Liquidity: 349 million (as of 6/30/14) Debt Maturity Schedule 450 7.000% Lease Notes 400 Financing 350…
  28. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 28
    DJ Basin Infrastructure Existing local oil refining capacity and rail infrastructure 350mbbls/d Capacity Capacity Expansion Projects Timing (MBbls/d) Pony Express Pipeline 230 3Q14 White Cliffs Expansion 75 3Q14 Pony Express DJ…
  29. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 29
    DJ Basin Infrastructure Expected Capacities Cheyenne Crude Terminal 52mbbls/d Pony Express Conversion 3Q14: 230-320mbbls/d Pony Express NE CO Lateral 1Q15: 90mbbls/d Suncor Refinery: 96MBbls/d White Cliffs Pipeline…
  30. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 30
    Uinta Oil Program Operator Current Black/Yellow Black/Yellow Capacity Capacity (MBbls/d) Expansions (MBbls/d) Chevron 15,000 5,000 Tesoro 15,000-20,000 20,000 Holly Frontier 10,000 14,000 Big West 15,000 - Silver Eagle 12,000 -…
  31. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 31
    Northeast Wattenberg: Prime Position Among Peers Excellent position yet to be fully valued Successful extended reach Niobrara Formation laterals within 2 miles of BBG position BCEI East Pony/ Redtail SYRG Successful 40-acre…
  32. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 32
    Northeast Wattenberg: 70% Delineated Based on Proved Reserves Northern Block: Net Acreage 17,700 % Delineated* 95% Proved Reserves (MMBoe) 39.1 Risked Resources (MMBoe): 73.7 Undrilled Locations Western Block: Northern Block…
  33. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 33
    Northeast Wattenberg Results NE Wattenberg 4,000 Lateral Average* 30-day Rates by Area and Target Zone (Boe/d) Northern Block Southern Block Western Block Total Nio. B 366 467 688 417 Nio. C 303 364 551 497 Codell - - 420 420 Total…
  34. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 34
    DJ Basin Illustrative Economics Illustrative Economics: Illustrative Economics: Illustrative Economics: EUR (MBoe, Gross) 450 EUR (MBoe, Gross) 337 EUR (MBoe, Gross) 883 Total D&C Capital (MM) 4.2 Total D&C Capital (MM) 4.2 Total…
  35. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 35
    DJ Basin Niobrara Acreage Quality 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 additional accumulation in…
  36. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 36
    East Bluebell Economics Illustrative Economics: EUR (MBoe, Gross) 212 Total D&C Capital (MM) 2.5 Rate of Return 60% WTI for 10% ROR 52.50 1st year decline 60% Terminal decline 7% Vertical Well Depth 9,000 Oil: 97%; Gas…
  37. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 37
    Powder Deep Oil Program Stacked oil play providing positive results, but not part of long-term future 161,160 gross / 67,980 net acres Production: 1,650 Boe/d (2Q14) Multiple oil plays show good results in Shannon, Sussex,…
  38. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 38
    Solid, Low-Cost Reserve Replacement 350 million increase in Pretax PV10 8.30/Boe 2013 F&D cost 400% production replacement 65% proved oil reserve growth Net MMBoe 195.0 -14.5 57.0 197.0 -40.5 2013 Production 1.4 Billion…
  39. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 39
    Low-risk, Long-term Growth Profile 88% growth in proved reserves at three active oil programs 80% growth in risked resources at three active oil programs 350 million increase in Pretax PV10 8.30/Boe 2013 F&D cost Year-end 2013 Proved…
  40. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 40
    2014 Guidance Profitable growth from core oil programs and maintaining capital discipline Total capital expenditures of 500 - 550 million Production: 11.0-12.2 MMBoe 62 - 67 million lease operating expense 43 - 48 million gathering,…
  41. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 41
    Land Summary As of June 30, 2014 Average Gross Project Average BBG Working Area Gross Acreage Net Acreage NRI Interest Active Oil Properties Uinta Basin Uinta Oil Program Blacktail Ridge/Lake Canyon 126,985 56,710 82% 51% Minimum to…
  42. ENERCOM OIL AND GAS CONFERENCE – Bill Barrett Corp. – slide 42

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