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October 2016 Corporate Update – Bill Barrett Corp.

Bill Barrett Corp. · Oct 18, 2016 · 24 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. October 2016 Corporate Update – Bill Barrett Corp. – slide 1
    CORPORATE UPDATE OCTOBER 2016
  2. October 2016 Corporate Update – Bill Barrett Corp. – slide 2
    Executive Summary: Well Positioned Demonstrated execution of focused operational and financial strategy Translated into across the board 2Q16 financial results beat with sequential cost improvements NE Wattenberg generates…
  3. October 2016 Corporate Update – Bill Barrett Corp. – slide 3
    FINANCIAL OVERVIEW 3 3
  4. October 2016 Corporate Update – Bill Barrett Corp. – slide 4
    Track Record of Managing Leverage Undrawn credit facility with borrowing base of 335 million No anticipated need to draw funds in 2017 Nearest debt maturity is not until 2019; Net debt/EBITDAX ratio of 2.8x at June 30, 2016…
  5. October 2016 Corporate Update – Bill Barrett Corp. – slide 5
    Disciplined Capital Approach XRL Well Costs Down 48% 2016 drilling program provides operational and financial mm 8.25 flexibility 8 XRL drilling program has resumed; up to 12 gross XRL wells will spud prior to year-end 6.25…
  6. October 2016 Corporate Update – 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 has resumed; expect spending to be at…
  7. October 2016 Corporate Update – Bill Barrett Corp. – slide 7
    Hedging Program Protects Cash Flow 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 WTI…
  8. October 2016 Corporate Update – Bill Barrett Corp. – slide 8
    OPERATIONAL OVERVIEW 8 8
  9. October 2016 Corporate Update – 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. October 2016 Corporate Update – Bill Barrett Corp. – slide 10
    NE Wattenberg Focus Area NE Wattenberg Early adopters recognizing economic benefit of XRL development Targeted development of Niobrara horizons throughout acreage position 50,000 Net Acres Section 6-62-15 Will pad (9 XRL wells)…
  11. October 2016 Corporate Update – Bill Barrett Corp. – slide 11
    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)…
  12. October 2016 Corporate Update – 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' 9.8…
  13. October 2016 Corporate Update – Bill Barrett Corp. – slide 13
    Top-Tier Economics Breakeven Cost Analysis per barrel 37.96 35.50 33.23 DJ Basin ranks in top tier 30.10 29.65 29.42 29.43 Permian STACK Permian DJ Basin SCOOP Eagle Ford Bakken (Delaware) (Midland) Source:…
  14. October 2016 Corporate Update – 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 (Mboe) IRR2 ( 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. October 2016 Corporate Update – 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. October 2016 Corporate Update – 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. October 2016 Corporate Update – 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. October 2016 Corporate Update – Bill Barrett Corp. – slide 18
    APPENDIX 18 18
  19. October 2016 Corporate Update – Bill Barrett Corp. – slide 19
    Driving XRL Well Costs Lower 10,000 9,000 350 650 1,550 8,000 8,250 8,250 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 4,600…
  20. October 2016 Corporate Update – 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 20 20
  21. October 2016 Corporate Update – Bill Barrett Corp. – slide 21
    Oil and Natural Gas Hedge Summary As of September 16, 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. October 2016 Corporate Update – 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. October 2016 Corporate Update – 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. October 2016 Corporate Update – Bill Barrett Corp. – slide 24
    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…

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