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BAML Energy Credit Conference – Bill Barrett Corp.

Bill Barrett Corp. · Jun 7, 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. BAML Energy Credit Conference – Bill Barrett Corp. – slide 1
    CORPORATE UPDATE JUNE 2016
  2. BAML Energy Credit Conference – Bill Barrett Corp. – slide 2
    Well Positioned for 2016 Protecting balance sheet and liquidity is paramount 106 million of cash at March 31, 2016 335 million undrawn credit facility Non-core asset sales augment balance sheet and enhance liquidity Converted debt…
  3. BAML Energy Credit Conference – Bill Barrett Corp. – slide 3
    FINANCIAL OVERVIEW 4 4
  4. BAML Energy Credit Conference – Bill Barrett Corp. – slide 4
    Solid Financial Position Borrowing base of 335 million with zero Debt Maturities drawn (in millions) Cash position of 106 million at March 31, 2016 500 Debt Exchange - retired 85 Borrowing Base - 335 million at discount No need…
  5. BAML Energy Credit Conference – Bill Barrett Corp. – slide 5
    Disciplined Capital Approach Flexibility to adapt drilling program to changing oil price environment 2016 drilling program provides operational and financial flexibility Low-end of capital guidance range is below current sell-side…
  6. BAML Energy Credit Conference – Bill Barrett Corp. – slide 6
    2016 Guidance Capital expenditures of 90-135 million provides operational flexibility Reduced from 100-150 million due to lower XRL well costs Low-end assumes no new wells are drilled 1Q16 capex totaled 46 million; 2Q16 capital…
  7. BAML Energy Credit Conference – Bill Barrett Corp. – slide 7
    Hedging Program Protects Balance Sheet Opportunistically taking advantage of strength in oil prices to add additional hedges 2016: 7,601 Bbls/d of crude oil hedged at an average WTI price of 75.46/Bbl1 and 5,000 MMBtu/d of natural…
  8. BAML Energy Credit Conference – Bill Barrett Corp. – slide 8
    OPERATIONAL OVERVIEW 9 9
  9. BAML Energy Credit Conference – Bill Barrett Corp. – slide 9
    DJ Basin: Strategic Advantage Large, contiguous acreage position provides substantial development opportunity 59,449 total net acres favorable for XRL development Targeted development of stacked-pay horizons within Niobrara…
  10. BAML Energy Credit Conference – Bill Barrett Corp. – slide 10
    NE Wattenberg Activity NE Wattenberg 49,025 net acres Targeted development of Niobrara Current D&C Activity horizons throughout acreage position Will pad Will pad includes 9 XRL wells on flow back 9 XRL/1 SRL wells on Experienced…
  11. BAML Energy Credit Conference – Bill Barrett Corp. – slide 11
    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…
  12. BAML Energy Credit Conference – Bill Barrett Corp. – slide 12
    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 1,800' 1H15 8.9 2.2 1.6 Days Feet/Day 1,500 1,343'…
  13. BAML Energy Credit Conference – Bill Barrett Corp. – slide 13
    Driving XRL Well Costs Lower Recent XRL wells completed for 10-15% below forecast costs 10,000 9,000 350 650 8,000 8,250 8,250 1,550 -42% 7,950 7,000 (Thousands) 150 250 6,400 350 6,000 6,250 6,250 6,000 50 50…
  14. BAML Energy Credit Conference – Bill Barrett Corp. – slide 14
    DJ Basin XRL Indicative Economics 60% IRR 50% IRR (4.75 mm CWC)* 40% 30% 700 Mboe (2-Stream) EUR, 4.75 mm D&C Flat WTI Pre-Tax 20% Oil Price PV10 Payout /bbl IRR (millions) (Years) 40 22% 1.7 4.3 50 37% 3.8 2.0 10%…
  15. BAML Energy Credit Conference – Bill Barrett Corp. – slide 15
    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 Green River and Wasatch formations 94,568* net acres Focus on cost…
  16. BAML Energy Credit Conference – Bill Barrett Corp. – slide 16
    Well-positioned for 2016 Core acreage position located within a top-tier basin Solid financial position with cash and undrawn credit facility Capital program provides maximum operational and financial flexibility to adapt to…
  17. BAML Energy Credit Conference – Bill Barrett Corp. – slide 17
    APPENDIX 18 18
  18. BAML Energy Credit Conference – Bill Barrett Corp. – slide 18
    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…
  19. BAML Energy Credit Conference – Bill Barrett Corp. – slide 19
    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 20 20
  20. BAML Energy Credit Conference – Bill Barrett Corp. – slide 20
    Uinta Basin Acreage Position Relative to Peers Wasatch, Green River Formations EPE DVN CPG NFX CPG QEP UPL LINN NFX 10 Miles 21 21
  21. BAML Energy Credit Conference – Bill Barrett Corp. – slide 21
    Natural Gas and Oil Hedges As of June 3, 2016 Swaps Period Oil Natural Gas Volume WTI Price Volume NWPL Price (Bbls/d) (/Bbl) (MMBtu/d) (MMBtu) 2Q16 7,300 81.65 5,000 4.10 3Q16 7,750 72.57 5,000 4.10 4Q16 7,750 72.57 5,000…
  22. BAML Energy Credit Conference – Bill Barrett Corp. – slide 22
    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…
  23. BAML Energy Credit Conference – Bill Barrett Corp. – slide 23
    Pro Forma Production Pro forma for asset sales1 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 Current UOP Current…
  24. BAML Energy Credit Conference – Bill Barrett Corp. – slide 24
    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…
  25. BAML Energy Credit Conference – Bill Barrett Corp. – slide 25
    1Q16 Production and Capital Expenditures CAPEX and Production CAPEX Production Area millions MBoe DJ Basin 44 1,062 Uinta Oil Project 1 304 Other 1 1 Total 46 1,367 FF&E Expenditures - Capex Incl FF&E Excl Acq 46…
  26. BAML Energy Credit Conference – Bill Barrett Corp. – slide 26
    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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