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March 2016 Investor Presentation – Bill Barrett Corp.

Bill Barrett Corp. · Mar 3, 2016 · 19 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. March 2016 Investor Presentation – Bill Barrett Corp. – slide 1
    CORPORATE UPDATE MARCH 2016
  2. March 2016 Investor Presentation – Bill Barrett Corp. – slide 2
    2015 Key Accomplishments Achieved production above high-end of guidance range Production of 6.6 MMBoe exceeded the high-end of guidance range of 6.3-6.5 MMBoe Outperformance achieved despite production declines in UOP and strategic…
  3. March 2016 Investor Presentation – Bill Barrett Corp. – slide 3
    Outlook for 2016 Protecting balance sheet and liquidity is paramount 129 million cash at year-end 2015 375 million undrawn credit facility Capital plan designed to align capital spending and cash flow to preserve balance sheet…
  4. March 2016 Investor Presentation – Bill Barrett Corp. – slide 4
    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,…
  5. March 2016 Investor Presentation – Bill Barrett Corp. – slide 5
    Disciplined Capital Approach Flexibility to adapt drilling program to changing oil price environment 2016 program provides operational and financial flexibility Demonstrated ability to improve efficiency and drive well costs lower…
  6. March 2016 Investor Presentation – Bill Barrett Corp. – slide 6
    Hedging Program Protects Balance Sheet 2016 7,023 Bbls/d of crude oil hedged at an average WTI price of 79.13/Bbl1 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 hedged…
  7. March 2016 Investor Presentation – Bill Barrett Corp. – slide 7
    2016 Guidance Capital range of 100-150 million provides operational flexibility 55% lower than 2015 at mid-point, represents partial-rig program to drill up to 20 XRL wells Low-end assumes that all drilled wells are completed and…
  8. March 2016 Investor Presentation – Bill Barrett Corp. – slide 8
    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…
  9. March 2016 Investor Presentation – Bill Barrett Corp. – slide 9
    NE Wattenberg Provides 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 development…
  10. March 2016 Investor Presentation – Bill Barrett Corp. – slide 10
    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%…
  11. March 2016 Investor Presentation – Bill Barrett Corp. – slide 11
    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 = 59…
  12. March 2016 Investor Presentation – Bill Barrett Corp. – slide 12
    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'…
  13. March 2016 Investor Presentation – Bill Barrett Corp. – slide 13
    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…
  14. March 2016 Investor Presentation – Bill Barrett Corp. – slide 14
    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…
  15. March 2016 Investor Presentation – Bill Barrett Corp. – slide 15
    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…
  16. March 2016 Investor Presentation – Bill Barrett Corp. – slide 16
    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 Focus on cost…
  17. March 2016 Investor Presentation – Bill Barrett Corp. – slide 17
    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…
  18. March 2016 Investor Presentation – Bill Barrett Corp. – slide 18
    Uinta Basin Acreage Position Relative to Peers Wasatch, Green River Formations EPE DVN CPG NFX CPG QEP UPL LINN NFX 10 Miles 23
  19. March 2016 Investor Presentation – Bill Barrett Corp. – slide 19
    Natural Gas and Oil Hedges As of March 9, 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 6,750 76.44 5,000…

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