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SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp.

Bill Barrett Corp. · Mar 23, 2015 · 43 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. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 1
    SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE MARCH 2015
  2. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 2
    Key Messages Completed multi-year transition to oil development portfolio Reserves and production approximately 70% oil Focused on two core programs 2015 capital program focused on top tier Northeast Wattenberg development Initiated…
  3. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 3
    Overview: An Oil Focused Development Company Production (MMBoe) 5.5-5.9 6.0 4.0 2.0 0.0 2010 2011 2012 2013 2014 2015e DJ UOP 2 core development assets with concentrated acreage positions Enterprise value 1.3B DJ…
  4. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 4
    2014 Highlights Completed transition to an oil focused portfolio following completion of asset sales and exchanges totaling 750 million in value Reduced net debt by 266 million in 2014 Total production up 29% in 2014 to 9.1 MMBoe,…
  5. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 5
    Exceptionally Well Positioned for 2015 Ample liquidity, strong hedge position and flexible development plan 166 million in cash on hand year-end 2014; received 43 million in February 2015 from Cottonwood Gulch settlement 375 million…
  6. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 6
    DJ BASIN
  7. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 7
    DJ Basin: Executing in a Top Tier Basin Total position includes 96,655 net acres Northeast Wattenberg: 47,826 net acres Production 4Q14: 8,930 Boe/d, up 75% from 4Q13 Estimated 80%+ of NE Wattenberg position will be developed on…
  8. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 8
    XRL Type Well Buildup and Flowback 9
  9. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 9
    Early Results versus 600-900 MMBoe Type Curve 10
  10. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 10
    30 Day and 60 Day Initial Production Rates Location Average Lateral Length 30-Day IP 60-Day IP Number of Wells Northeast Wattenberg 7,300 Mid-laterals 548 Boe/d 447 Boe/d 4 Wells Northeast Wattenberg 9,277 Long- laterals 573…
  11. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 11
    Illustrative Unhedged DJ Basin IRR Sensitivity Updated to capture early BBG data v Peer data Flat WTI Flat HH 7.5MM 6.25MM 5.5MM Description Current Oil Price Gas Price D&C Cost D&C Cost D&C Cost Estimate /bbl /mmbtu / well / well /…
  12. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 12
    Driving Down Costs XRL D&C Costs down 25% Longer Laterals Yield Lower 9 Costs 8.25MM 300 8 7 250 (Drilling Cost/Lateral Foot) 6.25MM 6 200 (millions) 5 150 4 3 100 2 50 1 0 0 2014 2015E 2013 2014…
  13. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 13
    XRL Evolution Completed, Optimization Continues DJ Development moves from 640s to 1280 XRLs (Gross operated well spud by year) 2013 2014 2015E 61 64 23 640 640 1120 1280 1280 No XRLs drilled in 2013 40 Stages transitioned to 55…
  14. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 14
    Operations Evolution Optimizing Technology Expect Continued Improvement in Well Performance Mechanics Prop/ Ft Stages* Lateral Length Controlled Flowback Spud Date Initial Completion Date Hybrid…
  15. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 15
    Northeast Wattenberg Increasing Technical Understanding CB Rudd Coring and Reservoir Characterization Program Northeast Continued refinement of reservoir and resource Wattenberg understanding in the Niobrara A, B, C, Codell and…
  16. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 16
    UINTA OIL PROGRAM
  17. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 17
    Uinta Oil Program Wasatch, Green River Formations Large, Scalable Program: 170,000 net acres 2,300 feet stacked play prospective for the Green River and Wasatch formations 50+ Rig year inventory East Bluebell: 24,365 net acres…
  18. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 18
    UOP: East Bluebell Execution East Bluebell Program Offers Substantial Upside 36,581 gross/24,365 net acres Lower Green River Development on 80-acre spacing Testing 40 acre spacing Vertical wells targeting Lower Green River…
  19. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 19
    Uinta Oil Program Increasing Technical Understanding Core & Reservoir Characterization Program Core TGR3 Continued refinement of reservoir and resource understanding in the Lower Green River Douglas Crk Formation pay intervals…
  20. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 20
    2015 OPERATING PLAN & FINANCE
  21. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 21
    2015 Guidance Capital program 100% directed at oil growth Total capital of 240-280 million Finance through discretionary cash flow and cash on hand 2015 Capex by Area First quarter 2015: 115 million Capex allocation 90% DJ Basin…
  22. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 22
    Hedging Provides Price Predictability Hedge on a 12-month forward basis to reduce risk and support capital expenditure program 2015: 5.2 MMBoe; Oil 11,021 Bbls/d at 90.59/Bbl; natural gas: 19,745 MMBtu/d at 4.13/MMBtu 2016: 2.0…
  23. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 23
    Liquidity for 2015 and Beyond ( millions) 12/31/14 Outstanding Balance Revolving Credit Facility - 7.625% Senior Notes due 2019 400.0 7.000% Senior Notes due 2022 400.0 5.000% Convertible Senior Notes 25.3 Lease Financing…
  24. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 24
    Conclusions 2015 focus on XRL development in Northeast Wattenberg Top tier basin based on rates of return 80% of BBG acreage to be developed with XRLs Well positioned for 2015 Almost 100% hedged for 2015, minimal sensitivity to oil…
  25. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 25
    APPENDIX
  26. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 26
    3P Reserves by Location DJ 3P Reserves (301 MMBoe) UOP 3P Reserves (151 MMBoe) 56 40 60 39 206 51 NE Wattenberg Chalk Bluffs Core Wattenberg Blacktail Ridge/Lake Canyon East Bluebell South Altamont 80-acre and160-acre…
  27. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 27
    1st Multi-Well XRL Pad Results Anschutz Eq Farms 4-62-9 Pad 28
  28. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 28
    Strong Well Performance Leads to Future Well Design Pappenheim SW 6-62-26/27 Pad 29
  29. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 29
    DJ Basin Infrastructure Expected Capacities Cheyenne Crude Terminal 52mbbls/d Pony Express Conversion In Service: 230-320mbbls/d Pony Express NE CO Lateral 2Q15: 90mbbls/d Suncor Refinery: 96MBbls/d White Cliffs…
  30. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 30
    DJ Basin Infrastructure Existing local oil refining capacity and rail infrastructure 350mbbls/d Capacity Expansion Projects Capacity (MBbls/d) Timing Pony Express Pipeline 230 In Service White Cliffs Expansion 75 In Service Pony…
  31. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 31
    DJ Basin BBC Position Niobrara and Codell Formations 32
  32. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 32
    Northeast Wattenberg: Prime Position Among Peers Excellent position yet to be fully valued Located between BCEI positions Niobrara Formation Adjacent to NBL Wells Ranch East Pony/ BCEI Redtail Successful extended reach SYRG…
  33. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 33
    DJ Drilling and Completions Evolution Evolution to XRLs completed with plug-and-perf technique and more proppant More Frac Stages Combined with Increasing Proppant Per Lateral Foot as BBG Evolves Towards Full-Scale XRL…
  34. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 34
    Uinta Oil Program Refining Capacity Operator Current Black/Yellow Black/Yellow Capacity Capacity (MBbls/d) Expansions (MBbls/d) Chevron 15,000 5,000 Tesoro 15,000-20,000 20,000 Holly Frontier 10,000 14,000 Big West 15,000 -…
  35. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 35
    Uinta Basin: Well Positioned Among Peers Wasatch, Green River Formations DVN EPE CPG CPG QEP NFX UPL NFX LINN 10 Miles BBG Acreage 36
  36. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 36
    2014 RESERVES AND SELECTED FINANCIALS
  37. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 37
    Year-End 2014 Reserves Year-end 2014 4.35 per MMBtu HH and 94.99 per barrel WTI pricing used in reserve calculations Proved Probable & Possible Gross/Net Proved Proved Reserves Drilling Total 3P Reserves MMBoe MMBoe Locations…
  38. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 38
    Natural Gas and Oil Hedges As of March 11, 2015 Swaps Period Oil Natural Gas NGLs* Volume WTI Price Volume NWPL Price Volume Price (Bbls/d) (/Bbl) (MMBtu/d) (MMBtu) Bbls/d (/Bbl) 1Q15 - - 11,190 92.33 18,967 4.15 2Q15 - -…
  39. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 39
    Pro Forma Production, Price and Cost Data Pro forma for asset sales largely completed in the fourth quarter of 2013 and third quarter of 2014. Year Ended December 31, 2014 2013 Change Production Data Oil (MBbls) 3,541 2,802 26%…
  40. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 40
    2014 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 384 2,809 DJ Basin 64 52.7 35 5.4 99 58.1…
  41. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 41
    Land Summary As of December 31, 2014 Average Gross Project Average BBG Working Area Gross Acreage Net Acreage NRI Interest Active Oil Properties Uinta Basin Uinta Oil Program Blacktail Ridge/Lake Canyon 110,496 55,465 82% 51% Minimum…
  42. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 42
  43. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 43

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