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October 2017 Corporate Presentation – Bill Barrett Corp.

Bill Barrett Corp. · Oct 3, 2017 · 33 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 2017 Corporate Presentation – Bill Barrett Corp. – slide 1
    Corporate Update October 2017
  2. October 2017 Corporate Presentation – Bill Barrett Corp. – slide 2
    Company Overview
  3. October 2017 Corporate Presentation – Bill Barrett Corp. – slide 3
    Bill Barrett Corporation Overview Large, contiguous acreage position within two core basins Rural setting in oil rich mature areas Largely fee acreage Ample takeaway capacity High inventory of 40%+ ROR wells Improving cost…
  4. October 2017 Corporate Presentation – Bill Barrett Corp. – slide 4
    Key Messages Demonstrated execution of focused operational and financial strategy Delivering solid results with basin leading margins Exceeding growth and cost targets that translates into positive guidance revision NE Wattenberg…
  5. October 2017 Corporate Presentation – Bill Barrett Corp. – slide 5
    Operational Overview
  6. October 2017 Corporate Presentation – Bill Barrett Corp. – slide 6
    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…
  7. October 2017 Corporate Presentation – Bill Barrett Corp. – slide 7
    Demonstrated Ability to Grow Production Track record of delivering consistent DJ Basin growth despite lower activity levels in 9,000 Net Sales Volumes (Mboe)1 challenging crude market environment Met or exceeded guidance for 11…
  8. October 2017 Corporate Presentation – 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. October 2017 Corporate Presentation – 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. October 2017 Corporate Presentation – Bill Barrett Corp. – slide 10
    NE Wattenberg Focus Area Targeted development of Niobrara horizons NE Wattenberg Focus Area throughout acreage position Section 56227 (9 XRL wells) 2 Enhanced proppant (1,500 lbs/lateral foot) Initial flowback began in 1Q17…
  11. October 2017 Corporate Presentation – Bill Barrett Corp. – slide 11
    Enhancing XRL Cost Efficiencies Drilling rig expected to spud 50 XRL wells per year 14 3,500 Best in Class 3,215' well drilled in 5.1 12 11.6 days spud to RR 3,000 1.4 2,668' 10 2,500 9.1 2.8 2,080' 1.2 8 7.7 2,000…
  12. October 2017 Corporate Presentation – Bill Barrett Corp. – slide 12
    Increased Efficiency Improves Costs 2,500,000 14 12 2,000,000 10 1,500,000 Lbs of Sand Frac Stages 8 6 1,000,000 4 500,000 2 0 0 2014 2015 2016 2017 Avg. Stages per Day Lbs of Sand/Day Increased…
  13. October 2017 Corporate Presentation – Bill Barrett Corp. – slide 13
    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 (2stream) 200,000 Reduction…
  14. October 2017 Corporate Presentation – Bill Barrett Corp. – slide 14
    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 15
  15. October 2017 Corporate Presentation – Bill Barrett Corp. – slide 15
    DJ Basin XRL Indicative Economics 60% 700 Mboe EUR 600 Mboe EUR 40% 500 Mboe EUR Based on 50/Bbl: PreTax 20% EUR PV10 Payout (Mboe) IRR ( millions) (Years) 500 29% 2.4 2.4 600 44% 4.1 1.8 700 52% 5.0 1.6 0% 45 50…
  16. October 2017 Corporate Presentation – Bill Barrett Corp. – slide 16
    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 in excess of 300 Mbbls/d Local refineries and rail…
  17. October 2017 Corporate Presentation – 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. October 2017 Corporate Presentation – 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. October 2017 Corporate Presentation – Bill Barrett Corp. – slide 19
    Financial Overview
  20. October 2017 Corporate Presentation – Bill Barrett Corp. – slide 20
    Track Record of Debt Reduction Net Debt (mm) Significant debt reduction 1,200 accomplished in challenging 1,000 commodity price environment 800 April 2017 debt offering reduced gross debt 600 by 6% 400 Undrawn credit…
  21. October 2017 Corporate Presentation – 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 Crude Oil Hedges 9,000 57.69 Strategy is to hedge 5070% of production on…
  22. October 2017 Corporate Presentation – Bill Barrett Corp. – slide 22
    2017 Operating Guidance Update Driven by positive well results, the timing of well completions and greater operating efficiencies Production sales volumes increased to 6.46.6 MMBoe from 6.06.5 MMBoe Represents 12% production growth…
  23. October 2017 Corporate Presentation – Bill Barrett Corp. – slide 23
    Summary Core DJ Basin acreage position is in rural location and within a top tier basin Execution of operational plan translates into beat and raise with increased growth profile Focusing on the items within our control to…
  24. October 2017 Corporate Presentation – Bill Barrett Corp. – slide 24
    Appendix
  25. October 2017 Corporate Presentation – Bill Barrett Corp. – slide 25
    2Q17 Highlights Production of 1.53 MMBoe, highend of guidance range 59% oil, 21% natural gas and 20% NGLs DJ Basin oil price differential narrowed to a basin leading 2.16 per barrel 55% improvement from second quarter of 2016…
  26. October 2017 Corporate Presentation – Bill Barrett Corp. – slide 26
    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 27
  27. October 2017 Corporate Presentation – Bill Barrett Corp. – slide 27
    2016 Proved Reserves Proved Reserves Summary Pro forma reserve growth of YE 2015 YE 2016 8%, adjusted for technical 90.4 reserves +8% YE 2016 proved reserves were 83.7 lower due to commodity price related and other revisions…
  28. October 2017 Corporate Presentation – Bill Barrett Corp. – slide 28
    Oil and Natural Gas Hedge Summary 2017-2019 hedge position, as of September 29, 2017 Swaps Period Oil Natural Gas Volume WTI Price Volume NWPL Price (Bbls/d) (/Bbl) (MMBtu/d) (MMBtu) 3Q17 7,125 58.77 10,000 2.96 4Q17 8,125 57.69…
  29. October 2017 Corporate Presentation – Bill Barrett Corp. – slide 29
    Core Development Land Summary As of December 31, 2016 Area Gross Acreage Net Acreage Uinta Basin Uinta Oil Program East Bluebell 35,454 24,248 DJ Basin Northeast Wattenberg1 68,996 48,447 Chalk Bluffs 18,973 5,705 Other 7,550…
  30. October 2017 Corporate Presentation – Bill Barrett Corp. – slide 30
    Three and Six month Financial Results Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Net cash provided by operating activities ( millions) .1 8.3 38.2 48.8 Discretionary cash flow ( millions)1 21.6 32.8…
  31. October 2017 Corporate Presentation – Bill Barrett Corp. – slide 31
    NonGAAP Reconciliation (Unaudited) EBITDAX Reconciliation Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 (in thousands) Net Income (Loss) (18,447) (48,419) (31,562) (94,915) Adjustments to reconcile to…
  32. October 2017 Corporate Presentation – Bill Barrett Corp. – slide 32
    NonGAAP Reconciliation (Unaudited) Discretionary Cash Flow Reconciliation Three Months Ended Six Months Ended June 30, December 31, 2017 2016 2017 2016 (in thousands) Net Cash Provided by (Used in) Operating Activities 101 8,264…
  33. October 2017 Corporate Presentation – Bill Barrett Corp. – slide 33
    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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