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June 2016 Corporate Update – Bill Barrett Corp.

Bill Barrett Corp. · Jun 21, 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. June 2016 Corporate Update – Bill Barrett Corp. – slide 1
    CORPORATE UPDATE JUNE 2016
  2. June 2016 Corporate Update – Bill Barrett Corp. – slide 2
    Bill Barrett Corporation Overview Large, contiguous acreage position Market Cap (1) 438 million within two core basins Enterprise Value (1) 1,050 million DJ Basin recognized as having top-tier 1Q16 Production 15,022 Boe/d…
  3. June 2016 Corporate Update – Bill Barrett Corp. – slide 3
    Well Positioned for 2016 Protecting balance sheet and liquidity 106 million of cash at March 31, 2016 335 million undrawn credit facility Recent non-core UOP asset sale (30 million) augments balance sheet and enhances liquidity…
  4. June 2016 Corporate Update – Bill Barrett Corp. – slide 4
    FINANCIAL OVERVIEW 6 6
  5. June 2016 Corporate Update – Bill Barrett Corp. – slide 5
    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 No need to draw funds…
  6. June 2016 Corporate Update – Bill Barrett Corp. – slide 6
    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…
  7. June 2016 Corporate Update – Bill Barrett Corp. – slide 7
    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…
  8. June 2016 Corporate Update – Bill Barrett Corp. – slide 8
    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…
  9. June 2016 Corporate Update – Bill Barrett Corp. – slide 9
    OPERATIONAL OVERVIEW 11 11
  10. June 2016 Corporate Update – Bill Barrett Corp. – slide 10
    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…
  11. June 2016 Corporate Update – 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. June 2016 Corporate Update – Bill Barrett Corp. – slide 12
    NE Wattenberg Activity NE Wattenberg 49,025 net acres Targeted development of Niobrara Current D&C Activity horizons throughout acreage position Section 15 Will pad includes 9 XRL wells on flowback Will pad 9 XRL/1 SRL wells on…
  13. June 2016 Corporate Update – Bill Barrett Corp. – slide 13
    Enhancing XRL Cost Efficiencies XRL Well Average Drilling Days XRL Well Average Ft./Day Drilled 3,000 18.3 2,7281 2014 11.7 3.9 2.7 Days/ 32 wells 2,500 2,226' 12.7 Days/ 2,000 1H15 8.9 2.2 1.6 17 wells 1,800'…
  14. June 2016 Corporate Update – 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. June 2016 Corporate Update – 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 reductions…
  16. June 2016 Corporate Update – 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. June 2016 Corporate Update – Bill Barrett Corp. – slide 17
    APPENDIX 19 19
  18. June 2016 Corporate Update – 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. June 2016 Corporate Update – Bill Barrett Corp. – slide 19
    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…
  20. June 2016 Corporate Update – Bill Barrett Corp. – slide 20
    NE Wattenberg Drilling Cost per Lateral Foot 500 484 450 400 Drilling Cost per Lateral Foot (/ft) 350 300 286 287 250 200 174 150 117 100 87 50 0 2012 2013 2014 2015 2016 SRL XRL 22 22
  21. June 2016 Corporate Update – Bill Barrett Corp. – slide 21
    Uinta Basin Acreage Position Relative to Peers Wasatch, Green River Formations EPE DVN CPG NFX CPG QEP UPL LINN NFX 10 Miles 23 23
  22. June 2016 Corporate Update – Bill Barrett Corp. – slide 22
    Natural Gas and Oil Hedges As of June 17, 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…
  23. June 2016 Corporate Update – Bill Barrett Corp. – slide 23
    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…
  24. June 2016 Corporate Update – Bill Barrett Corp. – slide 24
    Pro Forma Production Pro forma for asset sales1 7,000 6,565 5,800 - 6,200 6,000 5,119 1,587 5,000 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…
  25. June 2016 Corporate Update – 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. June 2016 Corporate Update – 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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