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INVESTOR PRESENTATION – Bill Barrett Corp.

Bill Barrett Corp. · Sep 16, 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. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 1
    SEPTEMBER 2014
  2. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 2
    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,…
  3. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 3
    September Transactions Summary 1. Sold remaining interest in the Gibson Gulch natural gas program 2. Sold the majority of Powder River Basin oil exploration program 3. Acquired acreage/working interest in operated Northeast Wattenberg…
  4. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 4
    September Transactions Summary 1. Sold remaining interest in the Gibson Gulch natural gas program 2. Sold the majority of Powder River Basin oil exploration program 3. Acquired acreage/working interest in operated Northeast Wattenberg…
  5. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 5
    Company Overview Pre announcement 4 areas of operation Production 39% oil Proved reserves197 MMBoe 42% oil; 42% proved developed Post announcement 2 areas of operation Production 70%+ oil Uinta Oil Program, Utah DJ Basin,…
  6. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 6
    September Transactions Executing on Strategic Objectives 1. Simplified portfolio 2. Focused on highest return assets 3. Strengthened balance sheet, materially reduced debt 4. Driving growth in the Northeast Wattenberg Simplified…
  7. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 7
    September Transactions Materially Reducing Debt Net debt cut by more than 50% Uinta Oil Program DJ Basin Pro forma net debt 450 MM Pro forma liquidity at least 575 MM Total capital expenditures of 525-550 MM Borrowing…
  8. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 8
    2014 Adjusted Guidance Capital program 100% directed at oil growth Total capital of 525-550 MM 2014 Capital % by Area Total Production of 9.4 9.8 MMBoe 2014 exit rate 21 Mboe/d Third quarter guidance 2.6 2.7 MMBoe Uinta Oil 26%…
  9. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 9
    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…
  10. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 10
    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…
  11. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 11
    DJ BASIN
  12. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 12
    DJ Basin: Lots of Running Room Added 7,856 net acres September 2014 to total 84,100 Niobrara and Codell Formations Northeast Wattenberg: 48,700 net acres, up 20% Chalk Bluffs: 22,360 net acres Wattenberg interior: 13,050 net acres…
  13. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 13
    Northeast Wattenberg: Prime Position Among Peers Excellent position yet to be fully valued Located between BCEI positions Niobrara Formation Adjacent to NBL Wells Ranch East Pony/ BCEI Redtail Successful extended reach SYRG…
  14. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 14
    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…
  15. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 15
    DJ Basin Operating Efficiencies Average 4,000 Lateral Drilling Average Drilling Cost per Foot Days 18 17.1 200 173 11.8 150 12 10.1 108 97 100 6 50 0 2012 2013 2014 YTD 0 2012 2013 2014 YTD Standard reach…
  16. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 16
    Northeast Wattenberg Driving Value Through Downspacing 5,280 Actively evaluating four downspacing pilots Two 9,000 lateral B Bench wells Two 9,000 lateral C Bench wells staggered beneath B Bench locations All testing areas on…
  17. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 17
    Northeast Wattenberg Driving Growth and Returns with XRLs Extended Reach Lateral Program Northern Block 23 extended reach laterals spud year-to-date 12 in Northern Block Western Block 11 in Southern Block 4-well pad: 7,500 laterals…
  18. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 18
    UINTA OIL PROGRAM
  19. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 19
    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…
  20. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 20
    Uinta Basin: Well Positioned Among Peers Wasatch, Green River Formations DVN EP CPG CPG QEP NFX UPL NFX LINN 10 Miles BBG Acreage New entrants driving growth and technological change in basin 21
  21. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 21
    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…
  22. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 22
    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…
  23. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 23
    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…
  24. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 24
    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…
  25. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 25
    East Bluebell: Unlocking Value with Continued Delineation Fort Duschene Fort Duchesne Aurora Year-end 2013: Year-end 2013: Net Acreage (2Q): 17,000 Net Acreage (2Q): 6,030 % Delineated: 30% % Delineated: 60% Proved Reserves*…
  26. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 26
    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…
  27. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 27
    APPENDIX
  28. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 28
    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…
  29. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 29
    Natural Gas and Oil Hedges As of September 12, 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…
  30. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 30
    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…
  31. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 31
    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…
  32. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 32
    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 -…
  33. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 33
    DJ Basin Year-end 2013 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…
  34. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 34
    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…
  35. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 35
    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…
  36. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 36
    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…
  37. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 37
    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…
  38. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 38
    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…
  39. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 39
    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…
  40. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 40
    Low-risk, Long-term Growth Profile Year-end 2013 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…
  41. INVESTOR PRESENTATION – 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. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 42

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