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Wells Fargo Conference – Bill Barrett Corp.

Bill Barrett Corp. · Mar 10, 2015 · 35 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. Wells Fargo Conference – Bill Barrett Corp. – slide 1
    WELLS FARGO CONFERENCE MARCH 10, 2015
  2. Wells Fargo Conference – Bill Barrett Corp. – slide 2
    Company Overview (NYSE:BBG) BBG is a Rocky Mountain based oil development company 1.4 billion enterprise value 600 million market cap 2 areas of operation DJ Basin, Colorado & Wyoming Uinta Oil Program, Utah 4Q14 production 69%…
  3. Wells Fargo Conference – Bill Barrett Corp. – slide 3
    2014 Highlights Transitioned to XRL drilling in the DJ, which provides some of the most competitive economics in the lower 48 Total production in 2014 of 9.1 MMBoe Production increased 29% over 2013, pro forma for asset sales…
  4. Wells Fargo Conference – Bill Barrett Corp. – slide 4
    Exceptionally Well Positioned for 2015 Ample liquidity, strong hedge position and flexible development plan 165 million in cash on hand at year end 2014 and received 42.9 million in February 2015 from the settlement of Cottonwood…
  5. Wells Fargo Conference – Bill Barrett Corp. – slide 5
    Delivering High Growth from Core Oil Programs Production (MMBoe) 8.0 5.5-5.9 6.0 MMBoe 4.0 2.0 0.0 2010 2011 2012 2013 2014 2015e DJ UOP Focused capital program on DJ Basin XRL development delivers best…
  6. Wells Fargo Conference – Bill Barrett Corp. – slide 6
    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…
  7. Wells Fargo Conference – Bill Barrett Corp. – slide 7
    Ample Liquidity for 2015 and Beyond ( millions) YE14 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…
  8. Wells Fargo Conference – Bill Barrett Corp. – slide 8
    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…
  9. Wells Fargo Conference – Bill Barrett Corp. – slide 9
    DJ BASIN
  10. Wells Fargo Conference – Bill Barrett Corp. – slide 10
    DJ Basin: Lots of Running Room Total position includes 96,655 net acres Niobrara and Codell Formations Northeast Wattenberg: 47,826 net acres Chalk Bluffs: 22,478 net acres Wattenberg interior: 12,395 net acres Driving rapid growth…
  11. Wells Fargo Conference – Bill Barrett Corp. – slide 11
    1st Multi-Well XRL Pad Results Anschutz Eq Farms 4-62-9 Pad 12
  12. Wells Fargo Conference – Bill Barrett Corp. – slide 12
    Strong Well Performance Leads to Future Well Design Pappenheim SW 6-62-26/27 Pad 13
  13. Wells Fargo Conference – Bill Barrett Corp. – slide 13
    XRL Type Well Buildup and Flowback 14
  14. Wells Fargo Conference – Bill Barrett Corp. – slide 14
    Illustrative Unhedged DJ Basin IRR Sensitivity WTI Oil HH Gas 7.5MM 6.25MM 5.5MM Description Current Price Price D&C Cost D&C Cost D&C Cost Estimate /bbl /mmbtu / well / well / well 50 2.75 13% 19% 24% WTI Oil Price (/bbl) 50.00 60…
  15. Wells Fargo Conference – Bill Barrett Corp. – slide 15
    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…
  16. Wells Fargo Conference – Bill Barrett Corp. – slide 16
    Northeast Wattenberg Driving Growth and Returns with XRLs Extended Reach Lateral Program on Track* Location Average Lateral 30-Day IP 60-Day IP Number Length of Wells Northeast Wattenberg 7,300 Mid-laterals 548 Boe/d 447 Boe/d 4…
  17. Wells Fargo Conference – Bill Barrett Corp. – slide 17
    UINTA OIL PROGRAM
  18. Wells Fargo Conference – Bill Barrett Corp. – slide 18
    Uinta Oil Program Large, Scalable Program: 170,000 net acres Wasatch, Green River Formations East Bluebell: 24,365 net acres Blacktail Ridge/Lake Canyon: 106,167* net acres South Altamont and Other: 21,613 net acres Driving Steady…
  19. Wells Fargo Conference – Bill Barrett Corp. – slide 19
    Uinta Basin: Well Positioned Among Peers Wasatch, Green River Formations DVN EPE CPG CPG QEP NFX UPL NFX LINN 10 Miles BBG Acreage 20
  20. Wells Fargo Conference – Bill Barrett Corp. – slide 20
    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 with further downspacing planned Vertical wells targeting Lower Green River…
  21. Wells Fargo Conference – Bill Barrett Corp. – slide 21
    2015 GUIDANCE
  22. Wells Fargo Conference – Bill Barrett Corp. – slide 22
    2015 Guidance Capital program 100% directed at oil growth Total capital of 240-280 million Finance through discretionary cash 2015 Capex % by Area flow and cash on hand Capex allocation 90% DJ Basin Uinta Oil 10% Uinta Oil Program…
  23. Wells Fargo Conference – Bill Barrett Corp. – slide 23
    2015 Guidance continued Lease operating expenses of 46-50 million. Gathering, transportation and processing costs of 3-5 million. Unused commitment for firm transportation charges of 18-19 million. General and administrative…
  24. Wells Fargo Conference – Bill Barrett Corp. – slide 24
    APPENDIX
  25. Wells Fargo Conference – Bill Barrett Corp. – slide 25
    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…
  26. Wells Fargo Conference – Bill Barrett Corp. – slide 26
    122 Million Boe Proved Reserves 90% increase in DJ Basin PDP Net MMBoe 2014 197.0 Production Dispositions -9.1 Net Reserve Additions, 1.48 Billion PV10 Acquisitions 1.75 Billion PV10 and Revisions 122.3 -74.3…
  27. Wells Fargo Conference – Bill Barrett Corp. – slide 27
    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%…
  28. Wells Fargo Conference – Bill Barrett Corp. – slide 28
    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…
  29. Wells Fargo Conference – Bill Barrett Corp. – slide 29
    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…
  30. Wells Fargo 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. Wells Fargo Conference – Bill Barrett Corp. – slide 31
    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…
  32. Wells Fargo Conference – Bill Barrett Corp. – slide 32
    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 -…
  33. Wells Fargo Conference – Bill Barrett Corp. – slide 33
    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…
  34. Wells Fargo Conference – Bill Barrett Corp. – slide 34
  35. Wells Fargo Conference – Bill Barrett Corp. – slide 35

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