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December 2016 Corporate Presentation – Bill Barrett Corp.

Bill Barrett Corp. · Dec 1, 2016 · 27 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. December 2016 Corporate Presentation – Bill Barrett Corp. – slide 1
    CORPORATE PRESENTATION DECEMBER 2016
  2. December 2016 Corporate Presentation – Bill Barrett Corp. – slide 2
    Executive Summary: Well Positioned Demonstrated execution of focused operational and financial strategy Translated into across the board 3Q16 financial results beat with sequential cost improvements NE Wattenberg generates…
  3. December 2016 Corporate Presentation – Bill Barrett Corp. – slide 3
    Continued Execution 3Q16 Highlights Production of 1.6 MMBoe was at high end of guidance range DJ Basin oil price differential narrowed to a basin leading 2.21 per Boe, represents 54% sequential improvement Maintained cost…
  4. December 2016 Corporate Presentation – Bill Barrett Corp. – slide 4
    Best in Class DJ Basin Operating Margins Generating 35% greater unhedged operating margins compared to DJ Basin Peers Source: Company filings and calculated on third quarter of 2016 results Peers include BCEI, PDCE, SYRG, XOG…
  5. December 2016 Corporate Presentation – Bill Barrett Corp. – slide 5
    Operational Execution Reflected in 2016 Guidance Maintaining positive operational momentum with higher production and lower costs Capital expenditures of approximately 100 million, 20% below initial guidance Guidance reflects XRL…
  6. December 2016 Corporate Presentation – Bill Barrett Corp. – slide 6
    FINANCIAL OVERVIEW 6 6
  7. December 2016 Corporate Presentation – Bill Barrett Corp. – slide 7
    Track Record of Managing Leverage Net Debt1 (mm) Significant debt reduction accomplished in challenging commodity price environment Undrawn credit facility with borrowing base of 300 million No anticipated need to draw funds in…
  8. December 2016 Corporate Presentation – Bill Barrett Corp. – slide 8
    Disciplined Capital Approach 2016 drilling program provides operational mm XRL Well Costs Down 49% and financial flexibility 8.25 XRL drilling program has resumed; up to 15 gross XRL wells 8 will spud prior to year-end 6.25…
  9. December 2016 Corporate Presentation – Bill Barrett Corp. – slide 9
    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 4Q16: 7,750 Bbls/d of crude oil hedged at an average WTI…
  10. December 2016 Corporate Presentation – Bill Barrett Corp. – slide 10
    OPERATIONAL OVERVIEW 10 10
  11. December 2016 Corporate Presentation – Bill Barrett Corp. – slide 11
    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…
  12. December 2016 Corporate Presentation – Bill Barrett Corp. – slide 12
    Operational Execution Delivering Growth Track record of sustained production growth DJ Basin Net Sales Volumes (Mboe) Have maintained positive operational momentum in challenging environment Expect to grow 2016 production volumes,…
  13. December 2016 Corporate Presentation – Bill Barrett Corp. – slide 13
    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 5-62-22 (15 XRL wells) On…
  14. December 2016 Corporate Presentation – Bill Barrett Corp. – slide 14
    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)…
  15. December 2016 Corporate Presentation – Bill Barrett Corp. – slide 15
    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…
  16. December 2016 Corporate Presentation – Bill Barrett Corp. – slide 16
    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:…
  17. December 2016 Corporate Presentation – Bill Barrett Corp. – slide 17
    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…
  18. December 2016 Corporate Presentation – Bill Barrett Corp. – slide 18
    Improving DJ Basin Infrastructure Weld County to Cushing pipeline capacity nearing 650 Mbbls/d Local refineries and rail provide additional capacity BBG benefits from having no firm marketing commitments and favorable API gravity…
  19. December 2016 Corporate Presentation – Bill Barrett Corp. – slide 19
    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 Core, micro seismic and pilot…
  20. December 2016 Corporate Presentation – Bill Barrett Corp. – slide 20
    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…
  21. December 2016 Corporate Presentation – Bill Barrett Corp. – slide 21
    APPENDIX 21 21
  22. December 2016 Corporate Presentation – Bill Barrett Corp. – slide 22
    Driving XRL Well Costs Lower 10,000 9,000 350 650 1,550 8,000 8,250 8,250 7,950 7,000 150 (Thousands) 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…
  23. December 2016 Corporate Presentation – Bill Barrett Corp. – slide 23
    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 23 23
  24. December 2016 Corporate Presentation – Bill Barrett Corp. – slide 24
    Oil and Natural Gas Hedge Summary As of November 28, 2016 Swaps Period Oil Natural Gas Volume WTI Price Volume NWPL Price (Bbls/d) (/Bbl) (MMBtu/d) (MMBtu) 4Q16 7,750 72.57 5,000 4.10 1Q17 6,250 58.30 10,000 2.96 2Q17 6,375 58.20…
  25. December 2016 Corporate Presentation – Bill Barrett Corp. – slide 25
    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…
  26. December 2016 Corporate Presentation – Bill Barrett Corp. – slide 26
    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…
  27. December 2016 Corporate Presentation – Bill Barrett Corp. – slide 27
    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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