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2017 JP Morgan Energy Equity Conference – Bill Barrett Corp.

Bill Barrett Corp. · Jun 27, 2017 · 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. 2017 JP Morgan Energy Equity Conference – Bill Barrett Corp. – slide 1
    J.P. Morgan Energy Conference Scot Woodall June 2728, 2017 President & CEO
  2. 2017 JP Morgan Energy Equity Conference – Bill Barrett Corp. – slide 2
    Company Overview
  3. 2017 JP Morgan Energy Equity Conference – Bill Barrett Corp. – slide 3
    Bill Barrett Corporation Overview Large, contiguous acreage position within two core basins DJ Basin located in rural setting that is favorable for oil development Focus on improving cost structure has DJ Basin translated…
  4. 2017 JP Morgan Energy Equity Conference – Bill Barrett Corp. – slide 4
    DJ Basin Economics Rank High Among Oil Plays Average Oil Price Required to Generate a 25% IRR Source: Wall Street Sell-Side Research NYSE: BBG www.billbarrettcorp.com 5
  5. 2017 JP Morgan Energy Equity Conference – Bill Barrett Corp. – slide 5
    Key Messages Demonstrated execution of focused operational and financial strategy Translates into solid results and strong margins NE Wattenberg located in rural setting that is favorable for oil development 47% rate of return at…
  6. 2017 JP Morgan Energy Equity Conference – Bill Barrett Corp. – slide 6
    Operational Overview
  7. 2017 JP Morgan Energy Equity Conference – Bill Barrett Corp. – slide 7
    DJ Basin Provides Strategic Advantage Large, contiguous acreage position provides NE Wattenberg substantial development opportunity 71,900 total net acres favorable for XRL development1 Targeted development of stackedpay horizons…
  8. 2017 JP Morgan Energy Equity Conference – Bill Barrett Corp. – slide 8
    Favorable Development Setting Operate in rural area of DJ Basin Favorable regulatory environment Controllable and efficient development NYSE: BBG www.billbarrettcorp.com 9
  9. 2017 JP Morgan Energy Equity Conference – Bill Barrett Corp. – slide 9
    NE Wattenberg Cross Section Detailed core analysis confirms reservoir and resource Avg So = 48% A quality is consistent SoPhiH = 5.5 Net feet 20 Ohmms = 59 Over 920 of core was analyzed from four distinct well locations Avg So =…
  10. 2017 JP Morgan Energy Equity Conference – Bill Barrett Corp. – slide 10
    NE Wattenberg Focus Area Early adopters recognizing economic benefit of XRL NE Wattenberg Focus Area development 66210 Targeted development of Niobrara horizons throughout 4 XRL wells acreage position 10 MRL wells Section 46220 (4…
  11. 2017 JP Morgan Energy Equity Conference – Bill Barrett Corp. – slide 11
    Enhancing XRL Cost Efficiencies Drilling rig expected to spud 50 XRL wells per year XRL Well Average Drilling Days XRL Well Average Ft./Day Drilled 4,000 18.3 2014 11.7 3.9 2.7 3,661' 3,500 3,000 11.6 2015 7.4 2.8 1.4 Days…
  12. 2017 JP Morgan Energy Equity Conference – Bill Barrett Corp. – slide 12
    Enhancing Completion Design Increased Proppant 2017 Completion Objectives 250,000 (1,000 vs 1,250) Increase proppant to 1,500 lbs per lateral foot 200,000 from 1,000 lbs per lateral foot +36% BOE (2stream) 150,000 Reduce frac…
  13. 2017 JP Morgan Energy Equity Conference – Bill Barrett Corp. – slide 13
    Progression of XRL Completions Controlled Increased Increased Plug and Perf Flowback Proppant Frac Stages Completion design enhancements leads to improved results NYSE: BBG www.billbarrettcorp.com 14
  14. 2017 JP Morgan Energy Equity Conference – Bill Barrett Corp. – slide 14
    DJ Basin XRL Indicative Economics 700 Mboe EUR 600 Mboe EUR 500 Mboe EUR PreTax EUR PV10 Payout 2 (Mboe) IRR ( millions) (Years) 500 27% 2.1 2.5 600 38% 3.3 2.1 700 45% 4.5 1.9 1 Calculated for an XRL well with a…
  15. 2017 JP Morgan Energy Equity Conference – Bill Barrett Corp. – slide 15
    DJ Basin Oil Infrastructure Addition of Saddlehorn/Grand Mesa oil pipeline in 2016 significantly increased takeaway capacity to 650 Mbbls/d DJ Basin oil production currently at 300 Mbbls/d Pipeline infrastructure provides…
  16. 2017 JP Morgan Energy Equity Conference – Bill Barrett Corp. – slide 16
    Provides Competitive Advantage BBG benefits from having no firm marketing commitments and favorable API gravity crude Oil price differential expected to average 34 per barrel below WTI 1Q17 differential averaged 2.78 per barrel…
  17. 2017 JP Morgan Energy Equity Conference – Bill Barrett Corp. – slide 17
    Best in Class DJ Basin Operating Margins Generating 39% greater unhedged operating margins compared to DJ Basin peers 35 30.12/boe 30 25 Peer Average 21.70/boe 20 15 10 5 0 BBG Peer 1 Peer 2 Peer 3 Peer 4…
  18. 2017 JP Morgan Energy Equity Conference – Bill Barrett Corp. – slide 18
    Uinta Oil Program East Bluebell 24,000 net acres Well development targeting Lower Green River formation High oil cut (90%) provides strong margins and steady cash flow Changing market dynamics allows for renegotiation of…
  19. 2017 JP Morgan Energy Equity Conference – Bill Barrett Corp. – slide 19
    Financial Overview
  20. 2017 JP Morgan Energy Equity Conference – Bill Barrett Corp. – slide 20
    Track Record of Debt Reduction Net Debt (mm) 1,200 Significant debt reduction accomplished in challenging 1,000 commodity price environment 800 April 2017 debt offering reduced gross debt 600 by 6% 400 Undrawn credit…
  21. 2017 JP Morgan Energy Equity Conference – Bill Barrett Corp. – slide 21
    Hedging Program Protects Cash Flow Actively manage hedge portfolio to support capital program, protect future cash flow and reduce commodity price risk Strategy is to hedge 5070% of production on a forward 12month to 18month basis…
  22. 2017 JP Morgan Energy Equity Conference – Bill Barrett Corp. – slide 22
    2017 Guidance and Outlook Designed to deploy capital with attractive returns, while maintaining flexibility Capital expenditure range of 255285 million Guidance reflects additional drilling rig starting in the second quarter and…
  23. 2017 JP Morgan Energy Equity Conference – Bill Barrett Corp. – slide 23
    Summary Core DJ Basin acreage position is in rural location and within a toptier basin Solid financial position with cash, attractive hedges and undrawn credit facility Executing on the items within our control to generate…
  24. 2017 JP Morgan Energy Equity Conference – Bill Barrett Corp. – slide 24
    1099 Eighteenth Street, Suite 2300 Denver, CO 80202 303.293.9100 Website: www.billbarrettcorp.com Investor Relations Contact: Larry C. Busnardo (303) 3128514 lbusnardobillbarrettcorp.com

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