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INVESTOR PRESENTATION – Bill Barrett Corp.

Bill Barrett Corp. · Sep 1, 2012 · 41 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. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 1
    SEPTEMBER 2012
  2. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 2
    Who We Are Premier E & P growth company, focused in prolific Rocky Mountain region 1.3B market capitalization 2.4B enterprise value Proved reserves 1.4 Tcfe 2011 22% total reserve growth 135% oil reserve growth Oil and NGLs 2Q12…
  3. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 3
    Why Invest in Bill Barrett Corporation Excellent people, long-term profitable growth, quality assets, big upside Excellent 10-year track record delivering year-over-year growth Successful transition to increased liquids for a balanced…
  4. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 4
    Who We Are: Excellent Track Record of Profitable Growth Proved Reserves1 (Bcfe) Production (Bcfe) 1,365 118-122 1,118 965 106.8 818 96.5 89.7 558 77.6 Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 382% 436% 264% 263% 331%…
  5. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 5
    Financial Strength & Flexibility Strong balance sheet offers substantial liquidity Liquidity: 900 million borrowing base with 75 million drawn Successfully executed 400 million 7% Senior Notes offering in March 2012 Completing 106…
  6. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 6
    Oil Growth: Successfully Rebalancing Portfolio Our development portfolio has flexibility to increase liquids proportion to 40+% by 2014, predominantly oil Driving significant oil growth going forward % of Sales Volumes1 2008…
  7. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 7
    Oil Growth: Drives Increased Value and Revenues Strong oil growth trajectory Target nearly 80% growth in oil production for 2012 Proved Oil Reserves (MMBoe) Oil Production (MMBoe)RUN OIL ONLY Oil Production 2.5-3.0 30.6 1.5…
  8. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 8
    Oil: 2012 Capital Allocation Liquids Focused All capital currently directed at oil growth 8 rigs currently targeting oil (3 DJ, 5 Uinta) 2012: Capital budget 850-900 million including year-to-date acquisitions 2013: Narrowing capital…
  9. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 9
    Financial Strength & Flexibility: Strong Realized Prices Maintaining high realized prices in a challenging natural gas price environment Realized Prices per Mcfe 7.81 7.20-7.60 7.10 7.07 7.05 6.10-6.30 2008 2009 2010 2011…
  10. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 10
    Hedging Provides Price Predictability Hedges reduce volatility and support cash flow for capital program Opportunistically add to positions over time 2H12 hedges: 70% of natural gas production and 65% of oil production 2013 hedges:…
  11. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 11
    PROPERTY DESCRIPTIONS: TWO CORE OIL PROGRAMS
  12. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 12
    Development Programs: Long Term, Low Risk Growth Commodity balanced All drilling currently focused on oil Minimal drilling commitments: capital flexibility Uinta Oil DJ Oil (5 rigs) (3 rigs) Cost discipline: low cost operator…
  13. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 13
    Quality Assets: Building value since year-end 2011 Largest 3P expansion in 2011 was oil: proved up 135%, 3P up 200% Uinta Oil Program: Added 15,000 net acres since YE2011 Drilling 67 gross wells DJ Basin: Increased position 125%…
  14. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 14
    Uinta Oil Program: Driving Substantial Oil Growth Expanded acreage, 5 rigs operating and production up 75% year-to-date Prolific Wasatch-Green River targets Wasatch, Green River Formations Expanding giant Altamont-Bluebell field…
  15. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 15
    Uinta Oil Program: Significant Upside Billions of barrels of oil yet to be tapped We are dealing with a Seek to increase historical recoveries of 4-6% true hydrocarbon storehouse Vertical drilling: Needed to produce oil from…
  16. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 16
    Uinta Oil Program: Executing Horizontal & Vertical Programs Combining horizontal and vertical programs to increase recoveries 7 Successful Uteland Butte Hz Wasatch, Green River Formations wells 2011: 15-10-36 BTR Blacktail Ridge 24…
  17. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 17
    DJ Basin: Driving Substantial Oil Growth Built sizable position since July 2011, 3 rigs operating Niobrara Formation Silo Acreage focused on high oil-cut fairways Field 74,820 net acre position, added 41,400 acres in 2012 Chalk…
  18. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 18
    DJ Basin: Northeast Wattenberg Strong and repeatable well results in the area Niobrara Formation Multiple 3rd party Niobrara horizontal producing wells in the area Adjacent industry activity helpful in assessing our acreage…
  19. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 19
    EXPLORATION UPSIDE
  20. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 20
    Upside Oil Exposure: Exploration - All Oil, All Horizontal Strategically applying new technologies to legacy plays while building new oil concepts Testing Exploratory Oil Upside: DJ and Uinta S. Alberta Oil PRB stacked oil play (64K…
  21. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 21
    Outlook: Realizing High Growth in Oil Positive operational and financial outlook moving forward Stand-alone growth visibility Rapidly growing oil production Operating discipline Expansive upside potential Strong realized…
  22. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 22
    APPENDIX
  23. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 23
    Quality Assets: Solid Reserve Replacement 22% reserve growth (oil +135%) 331% reserve replacement 600 million increase in Pretax PV10 Net Bcfe 250 1,365 1,118 -107 98 6 Price Engineering 2011 Acquisitions revisions revisions…
  24. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 24
    Oil & Liquids Growth: We Have the Oil Inventory Long-term development inventory heavily weighted toward oil and NGLs Large scale natural gas assets when prices return 1,400 net locations: Oil & NGLs (2,675 gross) Uinta Oil Play,…
  25. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 25
    Uinta Oil: 2011: Horizontal Uteland Butte Summary 24 hr. peak rate 30-day avg TVD Lateral of First Well WI / NRI of UB Length Stgs prod (Bbl/d) (Mcf/d) (Boe/d) (Bbl/d) (Mcf/d) (Boe/d) LC Tribal 56.25% / 45.7% 4,750 3,120 15…
  26. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 26
    Upside Exposure: Natural Gas Extensive portfolio of sizable, long-term natural gas projects Extension plays offer multi-Tcf upside Shale gas and basin centered gas prospects Current extension plays Cottonwood Gulch* Hornfrog*…
  27. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 27
    Piceance Basin: Gibson Gulch Significant NGL Exposure Williams Fork Formation High liquids content increases Silt revenue (+1.23/Mcf to company N 3-Component natural gas realized price in 2011) 3-D Seismic Proved reserves: 596…
  28. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 28
    Uinta Basin: West Tavaputs Proved reserves: 461 Bcfe Shallow Wasatch, Mesaverde 3P reserves: 1,171 Bcfe Questar Interconnect N Locations: 622 Prickly Questar Dry Canyon Compressor Site Pear Interconnect Net production:…
  29. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 29
    Disciplined Cost Structure BBG Ranks 7 among 40 E&Ps (BofAML) Breakeven calculation includes: All-in costs*, adjustments for percentage PUDs and differential to NYMEX 14 All-in Breakeven Costs 12 Breakeven (/Mcfe) 10…
  30. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 30
    Efficient Operations: Low Finding & Development Costs Lower risk reserve additions from development properties Drilling efficiencies Focus on cost discipline Three-year average all-in F & D ( per Bbl) 13.09 10.44 10.56 2009…
  31. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 31
    Efficient Operations: Track Record of Cost Discipline Piceance (Gas & NGLs) West Tavaputs (Gas) Blacktail Ridge (Oil) Reduced Drilling Days (Spud to rig release) 13 13 11 12 29 10 10 25 9 9 23 Days Days Days 6 6 16 16…
  32. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 32
    Typical Well Production Profiles West Tavaputs, Uinta Basin, Utah Piceance Basin, Colorado 3.0 1.6 1.4 2.5 1.2 Grs MMcfd 2.0 1.0 Grs MMcfd 1.5 0.8 0.6 1.0 0.4 0.5 0.2 0.0 0.0 0 10 20 30 40 50 60 0 10 20 30 40 50 60…
  33. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 33
    Typical Well Production Profiles: Uinta Basin, Utah Uteland Butte Core Blacktail Ridge/Lake Canyon 350 1000 300 800 250 Grs BOPD Grs BOPD 600 200 150 400 100 200 50 0 0 0 10 20 30 40 50 60 0 10 20 30 40 50 60…
  34. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 34
    Natural Gas and Oil Hedges: Equivalents As of September 14, 2012 Swaps & Collars Period Natural Gas / NGLs Oil Equivalent Volume Price Volume Price Volume Price (MMBtu/d) (MMBtu) (Bbl/d) (/Bbl) (MMcfe) (/Mcfe) 3Q12 233,520 4.44…
  35. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 35
    Additional Swap/Collar Data As of September 14, 2012 Natural Gas Oil Period Swaps Basis Period Swaps Collars Volume Price Volume Price Volume Price Volume Floor Ceiling (BBtu/d) (/MMBtu) (BBtu/d) (/MMBtu) (BBl/d) (/Bbl) (BBl/d) (/Bbl)…
  36. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 36
    Uinta Oil Program: Marketing Refining capacity in basin is increasing; confident we can sell our growing production Current agreement 7,500 Bbl/d through 2018 Typical 16% price deduct from WTI Oil refined in Salt Lake City Salt…
  37. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 37
    Capital Structure ( in millions) Actual 6/30/2012 Cash & Cash Equivalents 21 Revolving Credit Facility due 2016 75 Borrowing Base 900 5.000% Convertible Notes due 2028 (March 2015 Put) 25 9.875% Senior Notes due 2016 250 7.625%…
  38. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 38
    Credit Metrics Modest Compared to Peers Debt TTM EBITDAX 4.1x 3.5x 4.0x 2.5x 2.8x 3.1x 2.3x 1.7x 1.0x 0.9x SM BRY PXP PVA XCO CRK FST BBG 2010 BBG 2011 2012 1H Credit Ba3 / Ba3/ Ba3 / B2 / B1 / B2 / B1 / rating BB BB- BB B B…
  39. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 39
    Manageable Debt Levels Well-spaced debt maturities Completed 800 million of senior notes offerings since September 2011 Redeemed 147 million of convertible bonds (March 2012) Bank credit facility with 900 million of commitments Last…
  40. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 40
    Land Summary As of June 30, 2012 Net Undeveloped Average Gross Average BBG Area Gross Acreage Acreage Project NRI Working Interest Development Properties Piceance Gibson Gulch 17,764 5,610 81% 96% Uinta West Tavaputs 40,041 19,260…
  41. INVESTOR PRESENTATION – Bill Barrett Corp. – slide 41
    1099 Eighteenth Street, Suite 2300 Investor Relations: Denver, Colorado 80202 Jennifer Martin, Vice President 303.293.9100 303.312.8155 www.billbarrettcorp.com jmartinbillbarrettcorp.com

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