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December 2015 Corporate Update – Bill Barrett Corp.

Bill Barrett Corp. · Dec 8, 2015 · 34 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. December 2015 Corporate Update – Bill Barrett Corp. – slide 1
    CORPORATE UPDATE DECEMBER 2015
  2. December 2015 Corporate Update – Bill Barrett Corp. – slide 2
    Key Message Solid 3Q execution production above guidance; costs lower 3Q15 production exceeded consensus and above guidance; 2015 guidance raised three times this year On track to meet 2015 guidance of 6.3-6.5 MMBoe; 12% greater than…
  3. December 2015 Corporate Update – Bill Barrett Corp. – slide 3
    COMPANY OVERVIEW
  4. December 2015 Corporate Update – Bill Barrett Corp. – slide 4
    Bill Barrett Corporation Snapshot Production (3Q15)..... 18,467 boe/d1 % oil. 63% 2015E prod growth.. 25%2 Uinta Basin4 Proved Reserves.... 122 MMBoe3 160,000+ net acres % oil..... 69% 3Q15 Production: 4,185 Boe/d % proved…
  5. December 2015 Corporate Update – Bill Barrett Corp. – slide 5
    Delivering Consistent Growth Core assets provide consistent production and reserve growth Production (MMBoe)1 Proved Reserves (MMBoe)1 6.3-6.5 6 140 122 27% 120 100 4 45% 40% 45% 80 60 2 73% 55% 40 55% 60% 20 0 0…
  6. December 2015 Corporate Update – Bill Barrett Corp. – slide 6
    Capital Disciplined Approach Maintain operational flexibility while prudently managing capital expenditures in a lower commodity price environment 2015 budget of 315 million to 325 million DJ Basin: 40 gross (39 net)2 XRL operated…
  7. December 2015 Corporate Update – Bill Barrett Corp. – slide 7
    DJ BASIN
  8. December 2015 Corporate Update – Bill Barrett Corp. – slide 8
    DJ Basin: Operating in our Backyard Large, contiguous acreage position provides substantial development opportunity 98,188 total net acres in the DJ Basin1 Targeted development of stacked-pay horizons within Niobrara formation…
  9. December 2015 Corporate Update – Bill Barrett Corp. – slide 9
    NE Wattenberg Provides a Strategic Advantage Concentrated acreage position allows for NE Wattenberg 49,359 net acres efficient and economic development Contiguous acreage position is favorable for XRL development 9 XRL/1 SRL wells…
  10. December 2015 Corporate Update – Bill Barrett Corp. – slide 10
    Operating In the Right Basin at the Right Time XRL program is highest ranking play Internal Rate of Return (IRR) BBG NE Wattenberg XRL wells generate 15% ROR at 39/bbl1 Year: 2015 2016 2017 2018 2019 2020 2021 2022+ WTI Oil:…
  11. December 2015 Corporate Update – Bill Barrett Corp. – slide 11
    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…
  12. December 2015 Corporate Update – Bill Barrett Corp. – slide 12
    Plug-and-Perf Completions Yielding Impactful Results 1,000 Plug-and-perf completions1 proving to be a game changer 59% increase in performance Controlled flow back resulting in similar through initial 12 months Avg. Daily Rate…
  13. December 2015 Corporate Update – Bill Barrett Corp. – slide 13
    Driving XRL Well Costs Lower Increased efficiencies allows for 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 3,000…
  14. December 2015 Corporate Update – Bill Barrett Corp. – slide 14
    Enhancing XRL Cost Efficiencies XRL Well Average 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…
  15. December 2015 Corporate Update – Bill Barrett Corp. – slide 15
    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…
  16. December 2015 Corporate Update – Bill Barrett Corp. – slide 16
    OPERATING PLAN AND FINANCE
  17. December 2015 Corporate Update – Bill Barrett Corp. – slide 17
    2015 Asset Sales DJ Basin non core asset sales 43 million of total proceeds in 2015 30 million in net proceeds1 closed in the fourth quarter of 2015 23,735 net acres and 1,265 boe/d production Sale value of 10x estimated 2016…
  18. December 2015 Corporate Update – Bill Barrett Corp. – slide 18
    2015 and 2016 Outlook Period Comment Production of 1.7 MMBoe; spud 18 XRL wells; placed 8 XRL wells on initial flow-back; 3Q15 operated two drilling rigs 4Q15 Spud 14 XRL wells; 9 XRL wells begin initial flow-back; begin operating…
  19. December 2015 Corporate Update – 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. December 2015 Corporate Update – Bill Barrett Corp. – slide 20
    Financially Well Positioned for 2015 and Beyond Borrowing base of 375 million with zero drawn Borrowing base was reaffirmed at fall redetermination meeting Letter of credit of 26 million Cash position of 113 million at September 30,…
  21. December 2015 Corporate Update – 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 Top-tier operational execution Financial capacity and operational flexibility to…
  22. December 2015 Corporate Update – Bill Barrett Corp. – slide 22
    APPENDIX
  23. December 2015 Corporate Update – Bill Barrett Corp. – slide 23
    Northeast Wattenberg: Prime Position Among Peers Excellent position yet to be fully valued Adjacent to NBL Wells Ranch Successful extended reach East Pony/ laterals within 2 miles of BBG BCEI Redtail position SYRG Successful…
  24. December 2015 Corporate Update – Bill Barrett Corp. – slide 24
    Controlled Flowback of XRL Well Providing Better Results 25
  25. December 2015 Corporate Update – Bill Barrett Corp. – slide 25
    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…
  26. December 2015 Corporate Update – Bill Barrett Corp. – slide 26
    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…
  27. December 2015 Corporate Update – Bill Barrett Corp. – slide 27
    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…
  28. December 2015 Corporate Update – Bill Barrett Corp. – slide 28
    Uinta Basin Acreage Position Relative to Peers Wasatch, Green River Formations DVN EPE CPG CPG QEP NFX UPL NFX LINN 10 Miles BBG Acreage 29
  29. December 2015 Corporate Update – Bill Barrett Corp. – slide 29
    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/Other 24,365 net acres 50+…
  30. December 2015 Corporate Update – Bill Barrett Corp. – slide 30
    SELECTED FINANCIALS
  31. December 2015 Corporate Update – Bill Barrett Corp. – slide 31
    Natural Gas and Oil Hedges As of November 30, 2015 Swaps Period Oil Natural Gas Volume WTI Price Volume NWPL Price (Bbls/d) (/Bbl) (MMBtu/d) (MMBtu) 4Q15 10,800 89.81 20,000 4.13 1Q16 7,300 81.65 5,000 4.10 2Q16 7,300 81.65…
  32. December 2015 Corporate Update – Bill Barrett Corp. – slide 32
    Pro Forma Production, Price and Cost Data Pro forma for asset sales largely completed in the third quarter of 2014 3Q15 1H15 YE2014 Production Data Oil (MBbls) 1,066 2,245 3,541 Natural Gas (MMcf) 2,214 3,558 6,494 NGLs(MBbls) 264…
  33. December 2015 Corporate Update – Bill Barrett Corp. – slide 33
    Capital Expenditures, Production and Wells Spud For nine months ending September 30, 2015 2015 CAPEX and Production Spuds CAPEX Production Operated Non-Operated Total Area millions MBoe Area Gross Net Gross Net Gross Net DJ Basin…
  34. December 2015 Corporate Update – Bill Barrett Corp. – slide 34
    2015 Guidance 2015 Guidance Capex by Area Total capital of 315-325 million Capital through September 30, 2015 totals 242 million UOP Total production of 6.36.5 MMBoe 10% 25% YOY growth at the mid-point1 Lease operating expenses of…

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