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Barclays CEO Energy Power Conference – Bill Barrett Corp.

Bill Barrett Corp. · Sep 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. Barclays CEO Energy Power Conference – Bill Barrett Corp. – slide 1
    BARCLAYS CEO ENERGY-POWER CONFERENCE SCOT WOODALL PRESIDENT & CEO SEPTEMBER 7-8, 2016
  2. Barclays CEO Energy Power Conference – Bill Barrett Corp. – slide 2
    Well Positioned for 2016 NE Wattenberg generates compelling well economics XRL drilling program resuming in third quarter; strengthens production profile for 2017 Protecting balance sheet and liquidity is paramount Cash position of…
  3. Barclays CEO Energy Power Conference – Bill Barrett Corp. – slide 3
    FINANCIAL OVERVIEW 4 4
  4. Barclays CEO Energy Power Conference – Bill Barrett Corp. – slide 4
    Solid Financial Position Undrawn credit facility with borrowing Debt Maturities base of 335 million (in millions) No need to draw funds anticipated in 2017 500 85 million retired Borrowing Base - 335 this year million with zero…
  5. Barclays CEO Energy Power Conference – Bill Barrett Corp. – slide 5
    Disciplined Capital Approach 2016 drilling program provides operational and financial flexibility XRL Well Costs Down 48% XRL drilling program resuming in the third quarter mm 8.25 Free cash flow positive compared to current 2016…
  6. Barclays CEO Energy Power Conference – Bill Barrett Corp. – slide 6
    2016 Guidance Maintaining positive operational momentum with higher production and lower costs Capital expenditures of 75-100 million, 30% reduction from initial guidance, XRL drilling program resumes in third quarter; expect…
  7. Barclays CEO Energy Power Conference – Bill Barrett Corp. – slide 7
    Hedging Program Protects Balance Sheet Actively manage hedge portfolio to protect future cash flow Strategy is to hedge 50-70% of production on a forward 12-month to 18-month basis 2016: 7,750 Bbls/d of crude oil hedged at an average…
  8. Barclays CEO Energy Power Conference – Bill Barrett Corp. – slide 8
    OPERATIONAL OVERVIEW 9 9
  9. Barclays CEO Energy Power Conference – Bill Barrett Corp. – slide 9
    DJ Basin Provides Strategic Advantage Large, contiguous acreage position provides DJ Basin Acreage substantial development opportunity 60,000 total net acres favorable for XRL development Targeted development of stacked-pay horizons…
  10. Barclays CEO Energy Power Conference – Bill Barrett Corp. – slide 10
    DJ Basin Provides Top-Tier Economics Breakeven Cost Analysis per barrel 42.97 34.96 32.18 31.39 28.72 29.22 Permian (Midland) Permian (Delaware) Denver-Julesburg (DJ) SCOOP/STACK Eagle Ford Williston Source: Wells…
  11. Barclays CEO Energy Power Conference – Bill Barrett Corp. – slide 11
    NE Wattenberg Activity NE Wattenberg Targeted development of Niobrara Current D&C Activity horizons throughout acreage position Section 6-62-15 Will pad Section 6-62-15 Will pad (9 XRL wells) 9 XRL/1 SRL wells on Initial Niobrara…
  12. Barclays CEO Energy Power Conference – Bill Barrett Corp. – slide 12
    NE Wattenberg Cross Section Detailed core analysis confirms reservoir and resource quality is consistent Over 920 of core was analyzed from four distinct well locations throughout acreage position Strong average oil saturations (So)…
  13. Barclays CEO Energy Power Conference – Bill Barrett Corp. – slide 13
    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' 9.8…
  14. Barclays CEO Energy Power Conference – Bill Barrett Corp. – slide 14
    DJ Basin XRL Indicative Economics 100% IRR1 800 Mboe EUR 80% 700 Mboe EUR 60% 600 Mboe EUR 40% Pre-Tax EUR PV10 Payout 2 (Mboe) IRR ( millions) (Years) 20% 600 41% 3.8 2.0 700 55% 5.3 1.7 800 71% 6.9 1.5 0% 40 50…
  15. Barclays CEO Energy Power Conference – Bill Barrett Corp. – slide 15
    Improving DJ Basin Infrastructure Weld County to Cushing pipeline capacity nearing 650 Mbbls/d Local refineries and rail provide additional capacity We benefit from having no firm marketing commitments and favorable API gravity…
  16. Barclays CEO Energy Power Conference – Bill Barrett Corp. – slide 16
    Uinta Oil Program East Bluebell 26,000 net acres Vertical well development targeting Lower Green River formation Uintah County High oil cut (90%) provides strong margins and steady cash flow Continued refinement of reservoir and…
  17. Barclays CEO Energy Power Conference – Bill Barrett Corp. – slide 17
    Summary Core acreage position located within a top-tier basin Solid financial position with cash, attractive hedges and undrawn credit facility Execution of items within our control; generating positive operational momentum…
  18. Barclays CEO Energy Power Conference – Bill Barrett Corp. – slide 18
    APPENDIX 19 19
  19. Barclays CEO Energy Power Conference – Bill Barrett Corp. – slide 19
    Driving XRL Well Costs Lower 10,000 9,000 350 650 8,000 8,250 8,250 1,550 -48% 7,950 7,000 (Thousands) 150 250 6,400 350 6,000 6,250 6,250 6,000 50 50 150 800 5,650 5,600 5,600 5,550 5,400 5,000 350 1H15…
  20. Barclays CEO Energy Power Conference – Bill Barrett Corp. – slide 20
    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 21 21
  21. Barclays CEO Energy Power Conference – Bill Barrett Corp. – slide 21
    Oil and Natural Gas Hedge Summary As of September 2, 2016 Swaps Period Oil Natural Gas Volume WTI Price Volume NWPL Price (Bbls/d) (/Bbl) (MMBtu/d) (MMBtu) 3Q16 7,750 72.57 5,000 4.10 4Q16 7,750 72.57 5,000 4.10 1Q17 5,250 59.73…
  22. Barclays CEO Energy Power 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. Barclays CEO Energy Power Conference – Bill Barrett Corp. – slide 23
    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…
  24. Barclays CEO Energy Power Conference – Bill Barrett Corp. – slide 24
    1H16 Production and Capital Expenditures CAPEX and Production CAPEX Production1 Area millions MBoe DJ Basin 59 2,352 Uinta Oil Project 1 612 Other 1 10 Total 61 2,974 FF&E Expenditures - Capex Incl FF&E Excl Acq 61…
  25. Barclays CEO Energy Power Conference – Bill Barrett Corp. – slide 25
    Core Development Land Summary As of December 31, 2015 Area Gross Acreage Net Acreage Uinta Basin Uinta Oil Program* East Bluebell 36,291 25,591 Other 19,862 3,599 Total Uinta Oil Program 56,153 29,190 DJ Basin Northeast…
  26. Barclays CEO Energy Power Conference – Bill Barrett Corp. – slide 26
    1099 Eighteenth Street, Suite 2300 Denver, CO 80202 303.293.9100 Website: www.billbarrettcorp.com Investor Relations Contact: Larry C. Busnardo (303) 312-8514 lbusnardobillbarrettcorp.com 29

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