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2014 YEAR END RESULTS – Bill Barrett Corp.

Bill Barrett Corp. · Feb 25, 2015 · 27 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. 2014 YEAR END RESULTS – Bill Barrett Corp. – slide 1
    2014 YEAR-END RESULTS FEBRUARY 25, 2015
  2. 2014 YEAR END RESULTS – 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 pro forma…
  3. 2014 YEAR END RESULTS – Bill Barrett Corp. – slide 3
    2014 Highlights Total production in 2014 of 9.1 MMBoe Production increased 29% over 2013, pro forma for asset sales Year-end 2014 proved reserves of 122 MMBoe, proved, probable and possible (3P) reserves of 477 MMBoe Generated 231.6…
  4. 2014 YEAR END RESULTS – Bill Barrett Corp. – slide 4
    Exceptionally Well Positioned for 2015 Low exposure to risk in challenging commodity price environment We have 165 million in cash on hand at year end 2014 and received 42.9 million in February 2015 from the settlement of Cottonwood…
  5. 2014 YEAR END RESULTS – Bill Barrett Corp. – slide 5
    DJ BASIN
  6. 2014 YEAR END RESULTS – Bill Barrett Corp. – slide 6
    1st Multi-Well XRL Pad Results Anschutz Eq Farms 4-62-9 Pad 7
  7. 2014 YEAR END RESULTS – Bill Barrett Corp. – slide 7
    Strong Well Performance Leads to Future Well Design Pappenheim SW 6-62-26/27 Pad 8
  8. 2014 YEAR END RESULTS – Bill Barrett Corp. – slide 8
    XRL Type Well Buildup and Flowback 9
  9. 2014 YEAR END RESULTS – Bill Barrett Corp. – slide 9
    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…
  10. 2014 YEAR END RESULTS – Bill Barrett Corp. – slide 10
    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…
  11. 2014 YEAR END RESULTS – Bill Barrett Corp. – slide 11
    Summary Well Results Location Average 30-Day IP 60-Day IP Number Lateral of Wells Length Northeast Wattenberg 7,300 Mid- 548 Boe/d 447 Boe/d 4 Wells laterals Northeast Wattenberg 9,140 Long- 617 Boe/d 484 Boe/d1 9 Wells laterals…
  12. 2014 YEAR END RESULTS – Bill Barrett Corp. – slide 12
    RESERVES AND WELL RESULTS
  13. 2014 YEAR END RESULTS – Bill Barrett Corp. – slide 13
    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…
  14. 2014 YEAR END RESULTS – Bill Barrett Corp. – slide 14
    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…
  15. 2014 YEAR END RESULTS – Bill Barrett Corp. – slide 15
    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…
  16. 2014 YEAR END RESULTS – Bill Barrett Corp. – slide 16
    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…
  17. 2014 YEAR END RESULTS – Bill Barrett Corp. – slide 17
    2015 GUIDANCE
  18. 2014 YEAR END RESULTS – Bill Barrett Corp. – slide 18
    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…
  19. 2014 YEAR END RESULTS – Bill Barrett Corp. – slide 19
    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…
  20. 2014 YEAR END RESULTS – Bill Barrett Corp. – slide 20
    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…
  21. 2014 YEAR END RESULTS – Bill Barrett Corp. – slide 21
    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…
  22. 2014 YEAR END RESULTS – Bill Barrett Corp. – slide 22
    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…
  23. 2014 YEAR END RESULTS – Bill Barrett Corp. – slide 23
    2014 RESULTS
  24. 2014 YEAR END RESULTS – Bill Barrett Corp. – slide 24
    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%…
  25. 2014 YEAR END RESULTS – Bill Barrett Corp. – slide 25
    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…
  26. 2014 YEAR END RESULTS – Bill Barrett Corp. – slide 26
  27. 2014 YEAR END RESULTS – Bill Barrett Corp. – slide 27

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