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JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp.

Bill Barrett Corp. · Jun 16, 2015 · 44 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. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 1
    CORPORATE PRESENTATION JUNE 2015
  2. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 2
    Key Highlights Gaining operational momentum as results from extended reach lateral XRL program are improving Latest completion design yielding improved well economics compared to previous techniques Have realized a 25% drop in…
  3. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 3
    COMPANY OVERVIEW
  4. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 4
    Bill Barrett Corporation Overview Well positioned with highly concentrated acreage positions Market Cap (1) 431 million Enterprise Value (1) 1,084 million YE2014 proved reserves 122 MMBoe 3P reserves 477 MMBoe 1 Based on closing…
  5. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 5
    Delivering Strong Growth Bill Barrett Corp. has consistently generated strong production and reserve growth from its core assets Trend expected to continue in 2015 with 90% of drilling capital dedicated to the DJ Basin DJ Basin is…
  6. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 6
    DJ Basin Provides Foundation for Growth NE Wattenberg proving to be a strong asset in current environment Early XRL well results have validated our conviction of the play Preferred completion design yielding improved well results…
  7. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 7
    Maintaining Capital Discipline While Growing Production Capital Expenditures (mm)1 Production (MMBoe)1 600 8 500 400 6 300 4 200 2 100 0 0 2014 2015E 2016E 2014 2015E 2016E DJ UOP DJ UOP Prudently managed capital…
  8. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 8
    DJ BASIN
  9. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 9
    DJ Basin: Operating in our Backyard Large, contiguous acreage position provides substantial running room 98,188 total net acres in the DJ Basin 49,359 net acres in core NE Wattenberg area Acquired 1,533 net acres at recent BLM…
  10. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 10
    Operating In the Right Basin at the Right Time XRL program ranks fourth among all plays BBG NE Wattenberg wells generate 15% ROR at 43.00/bbl1 (1) Calculated for an XRL well completed with a 9,500 lateral, 55-stage plug-and-perf…
  11. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 11
    DJ Basin Rate-of-Return Highly Economic 700 Mboe (2-Stream) EUR with 6.25 million well cost economics Flat WTI Flat HH Pre-Tax Payout Current Oil Price Gas Price IRR PV10 (Years) Description Estimate /bbl /mmbtu (millions) WTI Oil…
  12. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 12
    XRL Evolution Completed DJ Basin development moves from 640-acre to 1,280-acre spacing (Gross operated wells spud by year) 2013 2014 2015E 61 64 35-40 640 640 1,120 1,280 1,280 No XRLs drilled in 2013 40 Stages transitioned to…
  13. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 13
    NE Wattenberg Provides a Strategic Advantage Concentrated acreage position allows for NE Wattenberg 49,359 net acres efficient and economic development 80% of acreage can be developed with XRL wells in 1,280-acre spacing unit 40%…
  14. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 14
    Building Growth Platform Adapted to a changing macro but still able to generate a environment by reducing capital meaningful growth profile DJ Basin Capital Expenditures (mm)1 DJ Basin Production (MMBoe)1 6 500 400 4 300…
  15. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 15
    Plug-and-Perf Completions Yielding Improved Production Profile Enhanced design proving to be a game changer 9,500 lateral completed with plug-and-perf vs. sliding sleeve, 55-stages (three perf intervals) vs. 40-stages (one perf…
  16. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 16
    Plug-and-Perf Completions Outperforming of Frac Peak 60-Day 90-Day Number of Completion Type Stages 30-Day Average* Average* Wells Average* Sliding Sleeve1 40 550 Boe/d 453 Boe/d 404 Boe/d 13 Plug-and-Perf 40 681 Boe/d 560 Boe/d 500…
  17. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 17
    Enhancing Cost Efficiencies Current XRL D&C Costs Longer Laterals Yield down 25% Lower Drilling Costs 300 9 8.25MM 8 250 7 (Drilling Cost/Lateral Foot) 6.25MM 200 6 (millions) 5 150 4 3 100 2 50 1 0…
  18. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 18
    Increasing Geologic Confidence Continue to refine reservoir and resource Prospective for up to Six Stacked Pay Zones understanding in the Niobrara A, B, C, Codell BBG CB Rudd Core Well and Greenhorn utilizing most recently acquired…
  19. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 19
    NE Wattenberg Generalized Development Spacing* * Graphic representation of the expected 1,280-acre development pattern of the NE Wattenberg acreage; actual development may differ 20
  20. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 20
    UINTA OIL PROGRAM
  21. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 21
    Uinta Oil Program Wasatch, Green River Formations Large, Scalable Program: 165,000+ net acres* 2,300 feet stacked play prospective for the Green River and Wasatch formations East Bluebell South Altamont 24,365 net acres 50+ rig…
  22. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 22
    East Bluebell: Increasing Technical Understanding Core Core and Reservoir Characterization Program TGR3 Green River Continued refinement of reservoir and Douglas Creek resource understanding in the Lower Green River Formation…
  23. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 23
    OPERATING PLAN AND FINANCE
  24. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 24
    Updated 2015 Guidance (Second DJ Basin Rig Added) Capital program 100% directed at oil growth Capex by Area Total capital of 320-350 million UOP Second quarter 2015 capital of 80 million 10% Total production of 6.06.4 MMBoe 25%+…
  25. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 25
    2015 and 2016 Outlook Period Comment Production guidance of 1.5 MMboe; Capital expenditures of 80 mm; 2Q15 Spud 5-6 XRL wells; 10 XRL wells begin initial production 3Q15 Second DJ Basin rig is added; spud 9 XRL wells; 4 XRL wells…
  26. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 26
    Robust Hedging Program Provides Predictability 2015: 90% of oil and natural gas production hedged for remainder of the year at an average price of 90.01/Bbl and 4.13/MMBtu 2016: 6,648 Bbls/d of crude oil hedged at an average price…
  27. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 27
    Financially Well Positioned for 2015 and Beyond Borrowing base of 375 million with zero drawn and 149 million of cash Letters of credit total 26 million Total liquidity of 500 million Nearest debt maturity is in 2019 Debt…
  28. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 28
    Why Bill Barrett Corporation Leading DJ Basin position provides competitive acreage advantage Top-Tier basin based on rates of return Contiguous acreage position enhances efficiencies Sustainable growth underpinned by 2,000…
  29. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 29
    APPENDIX
  30. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 30
    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…
  31. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 31
    DJ Drilling and Completions Evolution Evolution to XRLs completed with plug-and-perf technique and more proppant More Frac Stages Combined with Increasing Proppant Per Lateral Foot as BBG Evolves Towards Full-Scale XRL Development…
  32. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 32
    Controlled Flowback of XRL Well Providing Better Results Leads to shallower declines and improved EURs 33
  33. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 33
    DJ Basin Infrastructure Expected Capacities Cheyenne Crude Terminal 52mbbls/d Pony Express Conversion In Service: 230-320mbbls/d Pony Express NE CO Lateral 2Q15: 90mbbls/d Suncor Refinery: 96MBbls/d White Cliffs…
  34. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 34
    DJ Basin Infrastructure Existing local oil refining capacity and rail infrastructure 350mbbls/d Capacity Expansion Projects Capacity (MBbls/d) Timing Pony Express Pipeline 230 In Service White Cliffs Expansion 75 In Service Pony…
  35. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 35
    Uinta Basin: Well Positioned Among Peers Wasatch, Green River Formations DVN EPE CPG CPG QEP NFX UPL NFX LINN 10 Miles BBG Acreage 36
  36. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 36
    RESERVES AND SELECTED FINANCIALS
  37. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 37
    Year-End 2014 Reserves Year-end 2014 4.35 per MMBtu HH and 94.99 per barrel WTI pricing used in reserve calculations Proved Probable & Possible Gross/Net Proved Proved Reserves Drilling Total Estimated 3P Reserves MMBoe MMBoe…
  38. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 38
    Year-End 2014 3P Reserves by Location DJ 3P Reserves (301 MMBoe) UOP 3P Reserves (151 MMBoe) 56 40 60 39 206 51 NE Wattenberg Chalk Bluffs Core Wattenberg Blacktail Ridge/Lake Canyon East Bluebell South Altamont…
  39. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 39
    Natural Gas and Oil Hedges As of June 8, 2015 Swaps Period Oil Natural Gas Volume WTI Price Volume NWPL Price (Bbls/d) (/Bbl) (MMBtu/d) (MMBtu) 2Q15 11,300 90.39 20,000 4.13 3Q15 10,800 89.81 20,000 4.13 4Q15 10,800 89.81…
  40. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 40
    Pro Forma Production, Price and Cost Data Pro forma for asset sales largely completed in the fourth quarter of 2013 and third quarter of 2014. Year Ended December 31, 1Q15 2014 2013 Change Production Data Oil (MBbls) 1,125 3,541…
  41. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 41
    2014 Production, Wells Spud and Capital Expenditures CAPEX and Production Spuds CAPEX Production Operated Non-Operated Total Area millions MBoe Area Gross Net Gross Net Gross Net DJ Basin 384 2,809 DJ Basin 64 52.7 35 5.4 99 58.1…
  42. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 42
    1Q15 Capital Expenditures and Production CAPEX and Production Spuds CAPEX Production Operated Non-Operated Total Area millions MBoe Area Gross Net Gross Net Gross Net DJ Basin 100 1,051 DJ Basin 9 8.9 13 3.6 22 12.5 Uinta Oil Project…
  43. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 43
    Land Summary As of December 31, 2014 Avg. Gross Project Avg. BBG Working Area Gross Acreage Net Acreage NRI Interest Active Oil Properties Uinta Basin Uinta Oil Program Blacktail Ridge/Lake Canyon 110,496 55,465 82% 51% Minimum to be…
  44. JUNE 2015 CORPORATE PRESENTATION – Bill Barrett Corp. – slide 44
    1099 Eighteenth Street, Suite 2300 Denver, CO 80202 303.293.9100 Website: www.billbarrettcorp.com

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