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GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp.

Bill Barrett Corp. · Jan 8, 2014 · 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. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 1
    GOLDMAN SACHS GLOBAL ENERGY CONFERENCE JANUARY 2014
  2. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 2
    Company Overview 2.2 billion enterprise value 1.2 billion market cap Proved reserves: 1.04 Tcfe 29% oil; 59% proved developed Risked resources: 2.9 Tcfe Established long-term inventory 4,000 gross drilling locations Nearly…
  3. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 3
    Value Creation Strategy: Exploit large, existing drilling inventory focus on two core oil programs Allocate capital to highest return assets Strive toward operational excellence Uphold high-level standards for health, safety and…
  4. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 4
    BBG Strengths Our people and portfolio People SAFETY AND ENVIRONMENT are key priorities in conducting our operations LOW-COST, EFFICIENT OPERATOR with excellent track record REGIONAL EXPERTISE in permitting, geology, marketing,…
  5. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 5
    2013 Successes Driving value from core programs Northeast Wattenberg Delineation underway and on schedule 4 active rigs Technology refinements leading to better results Uinta Oil Program 80-acre pilot program in Blacktail Ridge area…
  6. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 6
    2013 Guidance: 30-35% Growth in Oil Production Capital program 100% directed at oil growth Total capital of 465-485 million Finance through discretionary 2013 Capex % by Area cash flow and asset divestiture 5% West Tavaputs sale…
  7. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 7
    Oil Growth: Successfully Rebalancing Portfolio Achieving excellent growth in oil reserves and production Oil% of Production Proved Oil Reserves (MMBbls) 50.8 2013e Exit Rate 94% 30.6 40*% 13.0 Year-end 2012 Gross 7.8 2013…
  8. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 8
    Portfolio Offers Low-risk, Long-term Growth 40% increase in gross oil locations 10% increase in risked resources (pro forma) Year-end 2012 Proved + Proved Risked Gross/Net Total Risked Resources (2012) Oil Proved Resources…
  9. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 9
    Financial Strength & Flexibility Balance sheet strengthened Pro Forma West Tavaputs Sale Long-term debt reduced to 985 million (estimated year-end) Debt:EBITDAX 2.7X Long-term debt 40% of Enterprise Value Redemption of 9.875%…
  10. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 10
    Hedging Provides Price Predictability 2014 hedges: 43.6 Bcfe hedged at weighted average 9.45/Mcfe 2015 hedges: 11.5 Bcfe hedged at weighted average 11.75/Mcfe Opportunistically add to positions over time 2014: 43.6 Bcfe at…
  11. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 11
    PROPERTY DESCRIPTIONS: CORE OIL DEVELOPMENT PROGRAMS
  12. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 12
    Core Oil Development Programs Uinta Basin, Uinta Oil Program DJ Basin, Northeast Wattenberg Focus 2012 year-end reserves: 47 MMBoe 2012 year-end reserves:12.5 MMBoe Year-over-year exit rate oil production Year-over-year exit rate…
  13. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 13
    DJ Basin: Lots Of Running Room Niobrara Formation Prime land position: 75,000 net acres Silo Field Northeast Wattenberg: 40,290 net acres Chalk Bluffs Wattenberg interior: 13,585 net acres Chalk Bluffs/Wyoming border: 21,425 net…
  14. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 14
    DJ Basin Niobrara Acreage Quality B bench of the Niobrara is the primary target and is present in and surrounding BBG leasehold B bench appears to have good hydrocarbon saturation across all acreage with additional accumulation in…
  15. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 15
    DJ Basin: Northeast Wattenberg Focus Niobrara Formation High growth potential in prime location 3Q13 Well Results Two Southern Acreage Block wells completed 24-hour average IP: 1,000 Boe/d Larger fracs and earlier artificial lift…
  16. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 16
    DJ Basin: Trending in the Right Direction Rapidly increasing activity and moving on the learning curve Net Acreage Horizontal Wells Spud 80,000 60 50 60,000 40 40,000 30 20 20,000 10 0 0 YE11 1H12 YE12 1H13 2H11 1H12 2H12 1H13…
  17. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 17
    DJ Basin Timeline: Rapidly Building a Core Oil Program Value Creation 2011 2012 1H3 2H13 Build Position Implement Technology Delineate Position Average of 3 4-well pads: 30-day IP: 412 Boe/d Delineate Northeast Wattenberg; Drill…
  18. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 18
    Uinta Oil Program: Driving Substantial Oil Growth Expanded acreage in key areas Wasatch, Green River Formations Sizable 150,000 net acres Core positions added in South Altamont N and East Bluebell area Altamont/Bluebell Roosevelt…
  19. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 19
    Uinta Oil Program: Reducing Costs and Delivering Efficiencies BTR/LC Average Drilling Days BTR/LC Average Cost per Well Average Drilling Days Average Cost per Well 30 5.0 4.6 25.1 4.2 4.1 4.1 25 4.0 3.6 Dollars (Millions)…
  20. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 20
    Uinta Oil Program: Production Growth Uinta Oil Program growth Net Production (Boe/d) 9,000 7,950 7,500 6,000 5,550 4,500 3,000 1,500 0 3Q12 4Q12 1Q13 2Q13 3Q13 Driving continued growth 21
  21. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 21
    Uinta Oil Program: East Bluebell Execution Expanded acreage offers consistent geology and improved returns Growing Production: 2,700 Boe/d (3Q13) East Bluebell Lower Green River target 34,600 gross/20,320 net acres Planned…
  22. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 22
    Powder River Deep Program: New Program, Exciting Results Stacked oil play providing early positive test results BBG 2013 Drilling Program 162,140 gross/68,285 net acres 5 Shannon Wells Peer Results*: Avg. 30-day IP: 516 Boe/d (30-day…
  23. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 23
    Value Creation Opportunity Execution, Execution, Execution Deliver 30-35% growth in oil production 2013 over 2012 Realize value of DJ asset: Delineate 40,000 net acreage position in Northeast Wattenberg Test upside concepts in…
  24. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 24
    APPENDIX
  25. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 25
    Northeast Wattenberg: Prime Position Among Peers Niobrara Formation Excellent position yet to be fully valued Neighboring peers seeing 300,000+ EURs East Pony WLL Redtail NBL Successful NBL extended reach PDCE laterals within 2…
  26. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 26
    Northeast Wattenberg Peer Activity Carrizo IP: 725 BO, 166 Mcf/d A wealth of data by year-end BBG Wells/Pads NBL 1280 East Pony BCEI Horizontal Condor IP: 528 BO, 360 Mcf/d BBG 65 well program plus Continental peer activity provide…
  27. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 27
    DJ Basin: Supportive Resistivity and Thermal Mapping Extensive geologic work and mapping done SPC_DATA_ITEMS - MAX_NBRR_RES_COMBINED [SPC] - combined 99% NBRR ILD and max resi Resistivity 20 120 20 100 80 60 40 20 0…
  28. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 28
    Uinta Basin Driving Rapid Growth, Improving Efficiencies Green River 150,000 net acres* Altamont Monument East Core positions added in South Altamont and East Bluebell area Bluebell Butte Bluebell Core Upper Green River…
  29. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 29
    Uinta Oil Program: Significant Upside 3,000-4,000 feet of stacked oil pay Current development: vertical wells on 160 acre spacing Vertical drilling needed to maximize recoveries from stacked, Green River discontinuous zones…
  30. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 30
    Uinta Oil Program Marketing Refining capacity is increasing, growing optionality, confident we can sell our production Current marketing agreement 7,500 Bbl/d through 2018 Sales based upon wax posted prices typically 16-18% price…
  31. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 31
    DJ Basin Infrastructure Infrastructure additions to double capacity by 2015 Crude pipelines and rail projects Over 450 MBbls/d capacity to come online by 2015 White Cliffs pipeline expansion (Platteville, CO to Cushing, OK) 1Q14 Pony…
  32. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 32
    Colorado Hydraulic Fracturing Initiative Anti-Hydraulic Fracturing Initiative Announced 2014 ballot issue that would empower local governments to ban a range of corporate activities, not limited to hydraulic fracturing 80,000…
  33. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 33
    Powder River Deep Stacked Oil Play with Multiple Horizons 2013 Program Five horizontal Shannon wells 8,800 true vertical depth with 4,000 foot lateral and 17-18 frac stages 7 million well cost 2012 Program Horizontal Sussex well…
  34. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 34
    Piceance Basin: Gibson Gulch Stable Cash Generating Asset High liquids content increases Williams Fork Formation revenue Silt Ethane rejection in 2013 N 4Q12 sale of 18% working interest in Gibson Gulch progressing to Cottonwood…
  35. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 35
    Debt Instruments ( in millions) PRO FORMA ASSET SALE 12/31/2013* Revolving Credit Facility due 2016 115 Borrowing Base (adjusted for West Tavaputs sale) 625 5.000% Convertible Notes due 2028 (March 2015 Put) (currently callable)…
  36. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 36
    Manageable Debt Levels Well-spaced debt maturities Bank credit facility of 625 million, 115 million drawn as of 12/31/2013, matures 2016 Redeemed 250 million 9.875% senior notes in mid-July 2013 at 104.938% Debt Maturity…
  37. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 37
    Natural Gas and Oil Hedges As of January 6, 2013 Swaps Period Natural Gas NGLs* Oil Volume NWPL Price Volume Price Volume WTI Price (MMBtu/d) (MMBtu) Bbls/d (/Bbl) (Bbls/d) (/Bbl) 1Q14 65,000 4.02 655 55.55 9,000 94.27 2Q14…
  38. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 38
    Reserves & Risked Resources: 3-Streams Year-end 2012 Proved + Proved Risked Gross/Net Total Risked Resources (2012) Oil Gas Proved Resources Drilling Bcfe Bcfe Locations Uinta Oil Program (oil) 289 980 1,696/639 West…
  39. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 39
    Adjusted Production Chart Production reporting of ethane rejected at the processing plant has been moved from the natural gas stream to the NGL stream for the three quarters of 2013 Revised Volumes: Piceance Total Company 1Q13…
  40. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 40
    Land Summary As of September 30, 2013 Average Gross Average BBG Area Gross Acreage Net Acreage Project NRI Working Interest Active Oil Properties Uinta Basin Uinta Oil Program Blacktail Ridge/Lake Canyon 126,240 57,505 82% 51%…
  41. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Bill Barrett Corp. – slide 41

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