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Enercom Conference – Bill Barrett Corp.

Bill Barrett Corp. · Aug 14, 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. Enercom Conference – Bill Barrett Corp. – slide 1
    The Oil & Gas Conference Scot Woodall August 14, 2017 President & CEO
  2. Enercom Conference – Bill Barrett Corp. – slide 2
    Company Overview
  3. Enercom 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 Improving cost structure has DJ Basin translated into peer…
  4. Enercom 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. Enercom Conference – Bill Barrett Corp. – slide 5
    Key Messages Demonstrated execution of focused operational and financial strategy Translates into solid results and basin leading margins NE Wattenberg located in rural setting that is favorable for oil development 38% rate of…
  6. Enercom Conference – Bill Barrett Corp. – slide 6
    Operational Overview
  7. Enercom 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 stacked-pay horizons…
  8. Enercom 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. Enercom 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. Enercom Conference – Bill Barrett Corp. – slide 10
    NE Wattenberg Focus Area Early adopters recognizing economic benefit NE Wattenberg Focus Area of XRL development 6-62-10 Targeted development of Niobrara horizons 4 XRL wells 10 MRL wells throughout acreage position Flowback…
  11. Enercom 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 3,500 3,424' 3,000 11.6 2015 7.4 2.8 1.4 Days…
  12. Enercom Conference – Bill Barrett Corp. – slide 12
    Enhancing Completion Design Increased Proppant 2017 Completion Objectives 300,000 (1,000 vs 1,250) Increase proppant to 1,500 lbs per lateral foot 250,000 from 1,000 lbs per lateral foot +36% BOE (2-stream) 200,000…
  13. Enercom 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. Enercom Conference – Bill Barrett Corp. – slide 14
    DJ Basin XRL Indicative Economics 700 Mboe EUR 600 Mboe EUR 500 Mboe EUR Pre-Tax EUR PV10 Payout (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. Enercom 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. Enercom 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 3-4 per barrel below WTI 2Q17 BBG differential averaged 2.16 per…
  17. Enercom Conference – Bill Barrett Corp. – slide 17
    Best in Class DJ Basin Operating Margins Generating 34% greater unhedged operating margins compared to DJ Basin peers 30 27.17/boe 25 Peer Average - 20.30/boe 20 15 10 5 0 BBG Peer 1 Peer 2 Peer 3 Peer 4…
  18. Enercom 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 allowed for renegotiation of…
  19. Enercom Conference – Bill Barrett Corp. – slide 19
    Financial Overview
  20. Enercom Conference – Bill Barrett Corp. – slide 20
    Track Record of Debt Reduction Net Debt (mm) 1,200 Significant debt reduction 1,000 accomplished in challenging 800 commodity price environment 600 April 2017 debt offering reduced gross debt 400 by 6% 200 Undrawn…
  21. Enercom 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 50-70% of production on Crude Oil a forward 12-month to…
  22. Enercom Conference – Bill Barrett Corp. – slide 22
    2017 Guidance and Outlook Designed to deploy capital with attractive returns, while maintaining flexibility Capital expenditure range of 255-285 million Trending towards lower end of range with the same number of wells spud Guidance…
  23. Enercom Conference – Bill Barrett Corp. – slide 23
    Summary Core DJ Basin acreage position is in rural location and within a top-tier basin Solid financial position with cash and undrawn credit facility that is supported by underlying hedge position Executing on the items within…
  24. Enercom 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) 312-8514 lbusnardobillbarrettcorp.com

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