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Barclays Capital CEO Energy Power Conference – Bill Barrett Corp.

Bill Barrett Corp. · Sep 8, 2015 · 36 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. Barclays Capital CEO Energy Power Conference – Bill Barrett Corp. – slide 1
    BARCLAYS CEO ENERGY-POWER CONFERENCE SCOT WOODALL PRESIDENT & CEO SEPTEMBER 8-10, 2015
  2. Barclays Capital CEO Energy Power Conference – Bill Barrett Corp. – slide 2
    Key Message Delivering results in 2015 XRL wells initial production exceeding early time expectations 1H15 production beat consensus estimates; guidance raised three times 2Q15 LOE 20% lower than 1Q15 Strong XRL execution driving…
  3. Barclays Capital CEO Energy Power Conference – Bill Barrett Corp. – slide 3
    COMPANY OVERVIEW
  4. Barclays Capital CEO Energy Power Conference – Bill Barrett Corp. – slide 4
    Bill Barrett Corporation Overview YE2014 Proved Reserves: 122 MMBoe 3P Reserves: 477 MMBoe 2Q15 Production: 17,890 Boe/d 2015E Production Growth: 23%1 Uinta Basin DJ Basin 160,000+ net acres 98,188 net acres 2Q15 Production:…
  5. Barclays Capital CEO Energy Power Conference – Bill Barrett Corp. – slide 5
    Delivering Strong Growth Core assets delivering consistent production and reserve growth Production (MMBoe)1 Proved Reserves (MMBoe)1 6.1-6.5 6 140 122 27% 120 100 4 45% 40% 45% 80 60 2 73% 55% 40 55% 60% 20 0 0…
  6. Barclays Capital CEO Energy Power Conference – Bill Barrett Corp. – slide 6
    Capital Disciplined Approach 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 Maintain operational flexibility while prudently managing…
  7. Barclays Capital CEO Energy Power Conference – Bill Barrett Corp. – slide 7
    DJ Basin: Operating in our Backyard Large, contiguous acreage position provides substantial development opportunity 98,188 total net acres with 2,000 total locations Targeted development of stacked-pay horizons within Niobrara…
  8. Barclays Capital CEO Energy Power Conference – Bill Barrett Corp. – slide 8
    NE Wattenberg Provides a Strategic Advantage Concentrated acreage position allows for NE Wattenberg 49,359 net acres efficient and economic development Contiguous nature of acreage is favorable for XRL development Ability to…
  9. Barclays Capital CEO Energy Power Conference – Bill Barrett Corp. – slide 9
    Operating In the Right Basin at the Right Time XRL program ranks fourth among all plays BBG NE Wattenberg wells generate 15% ROR at 39bbl1 (1) Calculated for an XRL well completed with a 9,500 lateral, 55-stage plug-and-perf…
  10. Barclays Capital CEO Energy Power Conference – Bill Barrett Corp. – slide 10
    DJ Basin XRL Economics 60% 50% IRR (5.6 mm CWC)* 40% IRR 30% 700 Mboe (2-Stream) EUR, 5.6 mm D&C Flat WTI Pre-Tax Oil Price PV10 Payout 20% /bbl IRR (millions) (Years) 45 23% 2.2 3.1 50 30% 3.4 2.4 10% 55 38% 4.6…
  11. Barclays Capital CEO Energy Power Conference – Bill Barrett Corp. – slide 11
    Plug-and-Perf Completions Yielding Impactful Results Plug-and-perf completions1 proving to be a 1,000 game changer 46% increase in performance Controlled flow back resulting in similar early through initial 8 months rates and…
  12. Barclays Capital CEO Energy Power Conference – Bill Barrett Corp. – slide 12
    Driving XRL Well Costs Lower Increased efficiencies allows us to drill 30 XRL wells/per year with one rig 10,000 9,000 350 650 1,550 8,000 8,250 7,000 150 250 350 6,000 6,250 50 (thousands) 5,600 5,000 4,000 1H15…
  13. Barclays Capital CEO Energy Power Conference – Bill Barrett Corp. – slide 13
    Enhancing XRL Cost Efficiencies XRL Well Drilling Days XRL Well Average Ft./Day Drilled 2,500 2,226' 18.3 2014 11.7 3.9 2.7 Days 2,000 1,800' 1,500 12.7 1,343' Feet/Day 1H15 8.9 2.2 1.6 Days 1,000 9.8…
  14. Barclays Capital CEO Energy Power Conference – Bill Barrett Corp. – slide 14
    Increasing Geologic Confidence Core analysis confirms geologic position is Prospective for up to Six Stacked Pay Zones consistent across acreage position BBG CB Rudd Core Well Niobrara B consistent across entire acreage position…
  15. Barclays Capital CEO Energy Power Conference – Bill Barrett Corp. – slide 15
    NE Wattenberg Generalized Development Spacing* 1,100 XRL locations in NE Wattenberg * Graphic representation of the expected 1,280-acre development pattern of the NE Wattenberg acreage; actual development may differ 17
  16. Barclays Capital CEO Energy Power Conference – Bill Barrett Corp. – slide 16
    Uinta Oil Program Wasatch, Green River Formations Large, Scalable Program: 160,000+ 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…
  17. Barclays Capital CEO Energy Power Conference – Bill Barrett Corp. – slide 17
    East Bluebell: Increasing Technical Understanding Core Core and Reservoir Characterization Program TGR3 Green River Continue refinement of reservoir and Douglas Creek resource understanding in the Lower Green River Formation…
  18. Barclays Capital CEO Energy Power Conference – Bill Barrett Corp. – slide 18
    2015 and 2016 Outlook Period Comment 3Q15 Production guidance of 1.5 MMBoe; spud 12 XRL wells; 8 XRL wells begin initial flow-back 4Q15 Spud 8 XRL wells; 10 XRL wells begin initial flow-back; 10 XRL wells expected to reach peak oil…
  19. Barclays Capital CEO Energy Power Conference – Bill Barrett Corp. – slide 19
    Robust Hedging Program Provides Predictability 2015: 80% of oil and natural gas production hedged for remainder of the year at an average price of 89.81/Bbl and 4.13/MMBtu 2016: 6,771 Bbls/d of crude oil hedged at an average price…
  20. Barclays Capital CEO Energy Power Conference – Bill Barrett Corp. – slide 20
    Financially Well Positioned for 2015 and Beyond Borrowing base of 375 million with zero drawn and 101 million of cash and short term investments Letter of credit of 26 million Borrowing base expected to be reaffirmed Debt…
  21. Barclays Capital CEO Energy Power Conference – Bill Barrett Corp. – slide 21
    Why Bill Barrett Corporation Leading DJ Basin acreage position in a Top 5 Basin Focused XRL development program with demonstrated results Executing on the items we can control Delivering excellent well results Increased capital…
  22. Barclays Capital CEO Energy Power Conference – Bill Barrett Corp. – slide 22
    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…
  23. Barclays Capital CEO Energy Power Conference – Bill Barrett Corp. – slide 23
    XRL Evolution 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 55 stages…
  24. Barclays Capital CEO Energy Power Conference – Bill Barrett Corp. – slide 24
    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…
  25. Barclays Capital CEO Energy Power Conference – Bill Barrett Corp. – slide 25
    Controlled Flowback of XRL Well Providing Better Results Leads to shallower declines and improved EURs 30
  26. Barclays Capital CEO Energy Power Conference – Bill Barrett Corp. – slide 26
    DJ Basin Rate-of-Return Assumptions Flat WTI Flat HH Pre-Tax Payout Oil Price Gas Price IRR PV10 (Years) Description Assumptions /bbl /mmbtu (millions) WTI Oil Price (/Bbl) 55.00 45 2.50 23% 2.2 3.1 Oil Differential (/Bbl) (8.00) 50…
  27. Barclays Capital CEO Energy Power Conference – Bill Barrett Corp. – slide 27
    Enhancing Cost Efficiencies XRL D&C Costs Down 32%* Building Efficiencies Through Longer Laterals 9 300 8.25 mm 8 250 (Drilling Cost/Lateral Foot) 7 6.25 mm 5.6 mm 6 200 (millions) 5 150 4 3 100 2 50 1 0 0…
  28. Barclays Capital CEO Energy Power Conference – Bill Barrett Corp. – slide 28
    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…
  29. Barclays Capital CEO Energy Power Conference – Bill Barrett Corp. – slide 29
    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…
  30. Barclays Capital CEO Energy Power Conference – Bill Barrett Corp. – slide 30
    Uinta Basin: Well Positioned Among Peers Wasatch, Green River Formations DVN EPE CPG CPG QEP NFX UPL NFX LINN 10 Miles BBG Acreage 35
  31. Barclays Capital CEO Energy Power Conference – Bill Barrett Corp. – slide 31
    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…
  32. Barclays Capital CEO Energy Power Conference – Bill Barrett Corp. – slide 32
    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…
  33. Barclays Capital CEO Energy Power Conference – Bill Barrett Corp. – slide 33
    Natural Gas and Oil Hedges As of August 28, 2015 Swaps Period Oil Natural Gas Volume WTI Price Volume NWPL Price (Bbls/d) (/Bbl) (MMBtu/d) (MMBtu) 3Q15 10,800 89.81 20,000 4.13 4Q15 10,800 89.81 20,000 4.13 1Q16 7,300 81.65…
  34. Barclays Capital CEO Energy Power Conference – Bill Barrett Corp. – slide 34
    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, 2Q15 1H15 2014 2013 Change Production Data Oil (MBbls) 1,120…
  35. Barclays Capital CEO Energy Power Conference – Bill Barrett Corp. – slide 35
    1H15 Production, Wells Spud and Capital Expenditures 1H 2015 CAPEX and Production Spuds CAPEX Production Operated Non-Operated Total Area millions MBoe Area Gross Net Gross Net Gross Net DJ Basin 159 2,191 DJ Basin 16 15.3 20 5.9 36…
  36. Barclays Capital CEO Energy Power Conference – Bill Barrett Corp. – slide 36
    2015 Guidance and 2016 Outlook 2015 Guidance Total capital of 320-350 million Capex by Area First half 2015 capital of 180 million Total production of 6.16.5 MMBoe UOP 10% 23% YOY growth at the mid-point1 Third quarter guidance of…

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