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Scotia Howard Weil Energy Conference – Bill Barrett Corp.

Bill Barrett Corp. · Mar 21, 2016 · 23 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. Scotia Howard Weil Energy Conference – Bill Barrett Corp. – slide 1
    SCOTIA HOWARD WEIL ENERGY CONFERENCE SCOT WOODALL PRESIDENT & CEO MARCH 21-23, 2016
  2. Scotia Howard Weil Energy Conference – 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 and was 16% above the mid-point of original guidance Outperformance…
  3. Scotia Howard Weil Energy Conference – Bill Barrett Corp. – slide 3
    Outlook for 2016 Protecting balance sheet and liquidity is paramount 129 million of 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. Scotia Howard Weil Energy Conference – 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. Scotia Howard Weil Energy Conference – 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. Scotia Howard Weil Energy Conference – 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. Scotia Howard Weil Energy Conference – Bill Barrett Corp. – slide 7
    2016 Guidance Capital expenditures 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…
  8. Scotia Howard Weil Energy Conference – Bill Barrett Corp. – slide 8
    DJ Basin: Strategic Advantage Large, contiguous acreage position provides substantial development opportunity 59,449 total net acres in the DJ Basin Contiguous acreage position is favorable for XRL development Targeted development…
  9. Scotia Howard Weil Energy Conference – Bill Barrett Corp. – slide 9
    NE Wattenberg Activity NE Wattenberg 49,025 net acres 2016 program designed to align capital Current D&C Activity expenditures with expected cash flow Activity being curtailed in response to low oil prices to preserve liquidity;…
  10. Scotia Howard Weil Energy Conference – Bill Barrett Corp. – slide 10
    NE Wattenberg Cross Section Detailed core analysis confirms reservoir and resource quality is A Avg So = 48% consistent SoPhiH = 5.5 Net feet 20 Ohmms = 59 Over 920 of core was analyzed from four distinct well locations throughout…
  11. Scotia Howard Weil Energy Conference – Bill Barrett Corp. – slide 11
    Enhancing XRL Cost Efficiencies XRL Well Average Drilling Days XRL Well Average Ft./Day Drilled 3,000 2,704' 18.3 2014 11.7 3.9 2.7 Days 2,500 2,226' 2,000 12.7 1H15 8.9 2.2 1.6 1,800' Days Feet/Day 1,500 1,343'…
  12. Scotia Howard Weil Energy Conference – Bill Barrett Corp. – slide 12
    NE Wattenberg Drilling Cost per Lateral Foot 500 484 450 400 350 Drilling Cost per Lateral Foot (/ft) 300 286 287 250 200 174 150 117 100 87 50 0 2012 2013 2014 2015 2016 SRL XRL 15 15
  13. Scotia Howard Weil Energy Conference – 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 1,550 8,000 8,250 8,250 7,950 -43% 7,000 (Thousands) 150 250 6,400 350 6,000 6,250 6,250…
  14. Scotia Howard Weil Energy Conference – Bill Barrett Corp. – slide 14
    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…
  15. Scotia Howard Weil Energy Conference – Bill Barrett Corp. – slide 15
    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%…
  16. Scotia Howard Weil Energy Conference – Bill Barrett Corp. – slide 16
    Uinta Oil Program Wasatch, Green River Formations Large, Scalable Program: 123,000 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. Scotia Howard Weil Energy Conference – 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. Scotia Howard Weil Energy Conference – 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 23
  19. Scotia Howard Weil Energy Conference – 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…
  20. Scotia Howard Weil Energy Conference – Bill Barrett Corp. – slide 20
    Year-End 2015 Reserves 2.59 per MMBtu HH and 50.28 per barrel WTI pricing used in reserve calculations Year-end 2015 Proved Proved Probable & Prospective Total Estimated 3P Reserves Possible Gross/Net Proved Reserves Drilling…
  21. Scotia Howard Weil Energy Conference – Bill Barrett Corp. – slide 21
    Pro Forma DJ and Uinta Basin Production Pro forma for asset sales 7,000 6,565 5,800 - 6,200 6,000 5,119 5,000 1,587 3,931 4,000 MBoe 2,104 3,000 2,506 4,324 2,000 1,000 2,150 1,019 0 2013 2014 2015 2016 DJ…
  22. Scotia Howard Weil Energy Conference – Bill Barrett Corp. – slide 22
    2015 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 250 4,775 DJ Basin 43 40 26 5 69 44 Uinta…
  23. Scotia Howard Weil Energy Conference – Bill Barrett Corp. – slide 23
    Core Development Land Summary As of December 31, 2015 Area Gross Acreage Net Acreage Active Oil Properties Uinta Basin Uinta Oil Program Blacktail Ridge/Lake Canyon 90,960 42,386 Minimum to be earned 126,625 51,806 East Bluebell…

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