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January 2016 Corporate Update – Bill Barrett Corp.

Bill Barrett Corp. · Jan 26, 2016 · 26 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. January 2016 Corporate Update – Bill Barrett Corp. – slide 1
    CORPORATE UPDATE JANUARY 2016
  2. January 2016 Corporate Update – Bill Barrett Corp. – slide 2
    2015 Key Accomplishments Achieved production above high-end of guidance range Production for 2015 expected to total 6.6 MMBoe, above the high-end of guidance range of 6.3-6.5 MMBoe Achieved despite production decline in UOP and…
  3. January 2016 Corporate Update – Bill Barrett Corp. – slide 3
    Well Positioned for 2016 Enter 2016 with ample liquidity 129 million cash at year-end 2015 375 million revolver undrawn Total liquidity of 478 million 2016 plan will more closely align capital spending to cash flow to preserve…
  4. January 2016 Corporate Update – Bill Barrett Corp. – slide 4
    OPERATING OUTLOOK AND FINANCE
  5. January 2016 Corporate Update – Bill Barrett Corp. – slide 5
    Solid Financial Position Borrowing base of 375 million with zero Debt Maturities (in millions) drawn 500 Letter of credit of 26 million Borrowing Base - 375 million with zero drawn Cash position of 129 million at December 31,…
  6. January 2016 Corporate Update – Bill Barrett Corp. – slide 6
    Robust Hedging Program Protects Balance Sheet 2016 6,772 Bbls/d of crude oil hedged at an average WTI price of 80.47/Bbl and 5,000 MMBtu/d of natural gas hedged at an average NWPL price of 4.10/MMBtu1 2017 1,872 Bbls/d of crude oil…
  7. January 2016 Corporate Update – Bill Barrett Corp. – slide 7
    2016 Planning Outlook 2016 Planning Considerations Budgeting process underway to determine proper level of spending1 Pursue conservative capital plan to more closely align capital spending with cash flow and protect liquidity…
  8. January 2016 Corporate Update – Bill Barrett Corp. – slide 8
    COMPANY OVERVIEW
  9. January 2016 Corporate Update – Bill Barrett Corp. – slide 9
    Delivering Consistent Growth Proved Reserves (MMBoe)1 Production (MMBoe)1 6.6 140 6 122 27% 120 100 40% 45% 45% 4 80 73% 60 2 55% 40 55% 60% 20 0 0 2010 2011 2012 2013 2014 2015 2010 2011 2012 2013 2014 DJ…
  10. January 2016 Corporate Update – Bill Barrett Corp. – slide 10
    Capital Disciplined Approach Maintain operational flexibility while managing capital expenditures in a lower commodity price environment Prudently allocate capital to protect liquidity position Capital Expenditures Down 49% XRL…
  11. January 2016 Corporate Update – Bill Barrett Corp. – slide 11
    DJ BASIN
  12. January 2016 Corporate Update – Bill Barrett Corp. – slide 12
    DJ Basin: Operating in our Backyard Large, contiguous acreage position provides substantial development opportunity 59,449 total net acres in the DJ Basin Targeted development of stacked-pay horizons within Niobrara formation…
  13. January 2016 Corporate Update – Bill Barrett Corp. – slide 13
    NE Wattenberg Provides a Strategic Advantage NE Wattenberg 49,025 net acres Concentrated acreage position allows for Current D&C Activity efficient and economic development Contiguous acreage position is favorable for XRL…
  14. January 2016 Corporate Update – Bill Barrett Corp. – slide 14
    DJ Basin XRL Projected Economics 70% IRR 60% 50% 40% 700 Mboe (2-Stream) EUR, 4.75 mm D&C 30% Flat WTI Pre-Tax Oil Price PV10 Payout /bbl IRR (millions) (Years) 20% 35 17% 1.0 3.9 45 31% 3.0 2.4 55 47% 5.0 1.9 10% 65 62%…
  15. January 2016 Corporate Update – Bill Barrett Corp. – slide 15
    Core Analysis Confirms Niobrara Potential Detailed core analysis confirms reservoir and resource quality is consistent Avg So = 48% SoPhiH = 5.5% Over 920 of core was analyzed from four distinct well locations Net feet 20 Ohmms =…
  16. January 2016 Corporate Update – Bill Barrett Corp. – slide 16
    Enhancing XRL Cost Efficiencies XRL Well Average Drilling Days XRL Well Average Ft./Day Drilled 3,000 18.3 2014 11.7 3.9 2.7 Days 2,500 2,424' 2,226' 2,000 12.7 1H15 8.9 2.2 1.6 1,800' Days Feet/Day 1,500 1,343'…
  17. January 2016 Corporate Update – Bill Barrett Corp. – slide 17
    Driving XRL Well Costs Lower Increased efficiencies allows for 30-35 XRL wells/per year with one rig 10,000 9,000 350 650 8,000 8,250 8,250 1,550 43% 7,950 7,000 150 (Thousands) 250 6,400 350 6,000 6,250 6,250…
  18. January 2016 Corporate Update – Bill Barrett Corp. – slide 18
    Plug-and-Perf Completion Enhances Production 200,000 Cumulative Production (BOE) 60% 150,000 increase 100,000 50,000 XRL 55-Stage w/PnP XRL 40-Stage w/Sliding Sleeves 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16…
  19. January 2016 Corporate Update – Bill Barrett Corp. – slide 19
    Increasing XRL Recovery by Improving Completion Design More Proppant 2 wells EUR +16% 1st Sales Q4 2014 Plug-and-Perf 5 wells EUR +28% 1st Sales Q4 2014 3rd Generation Completion Add: 10 mm pounds of sand Avg EUR = 835 MBoe…
  20. January 2016 Corporate Update – Bill Barrett Corp. – slide 20
    UINTA OIL PROGRAM
  21. January 2016 Corporate Update – Bill Barrett Corp. – slide 21
    Uinta Oil Program Wasatch, Green River Formations Large, Scalable Program: 120,000+ net acres* 2,300 feet stacked play prospective for the BTR/Lake Canyon 94,568* net acres Green River and Wasatch formations Continue discussions…
  22. January 2016 Corporate Update – Bill Barrett Corp. – slide 22
    Why Bill Barrett Corporation Good acreage position in one of the top U.S. oil plays Well positioned financially with ample liquidity to withstand current environment Maintain operational and financial flexibility to adapt to…
  23. January 2016 Corporate Update – Bill Barrett Corp. – slide 23
    APPENDIX
  24. January 2016 Corporate Update – Bill Barrett Corp. – slide 24
    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…
  25. January 2016 Corporate Update – Bill Barrett Corp. – slide 25
    Uinta Basin Acreage Position Relative to Peers Wasatch, Green River Formations EPE DVN CPG NFX CPG QEP UPL LINN NFX 10 Miles 26
  26. January 2016 Corporate Update – Bill Barrett Corp. – slide 26
    Natural Gas and Oil Hedges As of January 22, 2016 Swaps Period Oil Natural Gas Volume WTI Price Volume NWPL Price (Bbls/d) (/Bbl) (MMBtu/d) (MMBtu) 1Q16 7,300 81.65 5,000 4.10 2Q16 7,300 81.65 5,000 4.10 3Q16 6,250 79.11 5,000…

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