HighPoint Resources Corporation
Company Summary
Description
HighPoint Resources Corporation (NYSE: HPR) is a Denver, Colorado based exploration and production company focused on the development of oil and natural gas assets located in the Denver-Julesburg Basin of Colorado. Merged entity between the former Bill Barrett and Fifth Creek Energy.
April 2021 - Merged with Bonanza Creek Energy
Financial Data:
NYSE:BBG from Google FinanceNYSE:HPR from Google Finance
Tickers:
-
BBG - New York Stock Exchange
-
HPR - New York Stock Exchange
Related Entities
Recent news
- 5/4/2021 - Bonanza Creek Issues... (subscriber access)
- 5/4/2021 - Bonanza Creek Reports... (subscriber access)
- 5/4/2021 - Bonanza Creek Reports... (subscriber access)
- 5/4/2021 - Bonanza Creek Focused on... (subscriber access)
- 4/19/2021 - Haynes and Boone 1Q21... (subscriber access)
Investor Presentations
- November 2019 Investor Presentation
- August 2019 Presentation (subscriber access)
- May 2019 Presentation (subscriber access)
- 4Q18 Presentation (subscriber access)
- 3Q18 Investor Presentation (subscriber access)
- January 2018 Investor Update (subscriber access)
- Strategic Combination with Fifth Creek Energy (subscriber access)
- Corporate Update - October 2017 (subscriber access)
- Corporate Presentation - March 2017 (subscriber access)
- Investor Presentation - October 2016 (subscriber access)
- Enercom Presentation - August 2016 (subscriber access)
- June 2016 Corp Presentation (subscriber access)
Company Transactions
Date: 4/5/2021
Type: Acquisition
NOTES:
Bonanza Creek has entered into a merger agreement to acquire HighPoint Resources Corp. for $376 million, including debt. Bonanza will issue 9.8 million shares of stock and $100 million in senior secured notes in the transaction. The deal will close contingent on HighPoint's emergence from Chapter 11 in the first quarter of 2021. Bonanza will own 68% of the firm, HighPoints stakeholders 32% and existing HighPoint shareholders will have 1.6% of the combined firm.
Bonanza Creek has entered into a merger agreement to acquire HighPoint Resources Corp. for $376 million, including debt. Bonanza will issue 9.8 million shares of stock and $100 million in senior secured notes in the transaction. The deal will close contingent on HighPoint's emergence from Chapter 11 in the first quarter of 2021. Bonanza will own 68% of the firm, HighPoints stakeholders 32% and existing HighPoint shareholders will have 1.6% of the combined firm.
REGIONS:
DJ Basin
Date: 5/15/2018
Type: Merger
BUYERS:
HighPoint Resources Corporation
SELLERS:
Fifth Creek Energy
DETAILS:
COST: 649 $MM
VOLUMES: 2.9 MBOE/d
ACRES: 81000 Acres
NOTES:
Fifth Creek is a portfolio company of NGP and they will receive 100 million shares of the new company while Bill Barrett will exchange their stock on a 1-for-1 basis. The combined entity will hold 151,000 net acres and a drilling inventory of 2,865 well which are suitable for extended reach lateral development.
Fifth Creek is a portfolio company of NGP and they will receive 100 million shares of the new company while Bill Barrett will exchange their stock on a 1-for-1 basis. The combined entity will hold 151,000 net acres and a drilling inventory of 2,865 well which are suitable for extended reach lateral development.
REGIONS:
DJ Basin
Date: 12/31/2017
Type: Acquisition
REGIONS:
Uinta Basin
Date: 6/30/2016
Type: Acquisition
REGIONS:
Uinta Basin
News & Press Releases
Criterion News
- 5/4/2021 - Bonanza Creek Issues... (subscriber access)
- 5/4/2021 - Bonanza Creek Reports... (subscriber access)
- 5/4/2021 - Bonanza Creek Reports... (subscriber access)
- 5/4/2021 - Bonanza Creek Focused on... (subscriber access)
- 4/19/2021 - Haynes and Boone 1Q21... (subscriber access)
- 4/6/2021 - Bonanza Creek Energy... (subscriber access)
- 4/6/2021 - Bonanza Creek Energy... (subscriber access)
- 4/5/2021 - Bonanza Creek Energy... (subscriber access)
- 3/15/2021 - HighPoint Resources... (subscriber access)
- 2/10/2021 - Bonanza Creek Commences... (subscriber access)
- 1/28/2021 - Bonanza Creek Production... (subscriber access)
- 1/28/2021 - Bonanza Creek Issues... (subscriber access)
- 1/28/2021 - Bonanza Creek Reports... (subscriber access)
- 1/28/2021 - Bonanza Creek Issues... (subscriber access)
- 11/25/2020 - HighPoint Resources... (subscriber access)
- 11/9/2020 - Bonanza Creek Acquiring... (subscriber access)
- 10/30/2020 - HighPoint Resources... (subscriber access)
- 10/20/2020 - HighPoint Resources... (subscriber access)
- 3/20/2020 - HighPoint Resources... (subscriber access)
- 3/17/2020 - HighPoint Resources... (subscriber access)
- 3/5/2020 - HighPoint Resources... (subscriber access)
- 3/5/2020 - HighPoint Resources... (subscriber access)
- 3/5/2020 - HighPoint Resources... (subscriber access)
- 3/5/2020 - HighPoint Resources... (subscriber access)
- 3/5/2020 - HighPoint Resources... (subscriber access)
- 3/5/2020 - HighPoint Resources... (subscriber access)
- 3/5/2020 - HighPoint Resources... (subscriber access)
- 3/5/2020 - HighPoint Resources... (subscriber access)
- 11/5/2019 - Highpoint Resources... (subscriber access)
- 11/5/2019 - Highpoint Resources... (subscriber access)
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- Oil & Gas 360® - an online daily industry news portal; and
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- corporate annual reports, oil and gas company websites, custom stratigraphic and subsurface illustrations;
- company investor presentations;
- EnerCom's Monthly Oil & Gas Industry Data & Trends Report;
- Oil & Gas 360® - an online daily industry news portal; and
- EnerCom 360 - the online magazine.
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- corporate annual reports, oil and gas company websites, custom stratigraphic and subsurface illustrations;
- company investor presentations;
- EnerCom's Monthly Oil & Gas Industry Data & Trends Report;
- Oil & Gas 360® - an online daily industry news portal; and
- EnerCom 360 - the online magazine.
- Capital expenditures of $500-$550 million, unchanged
- Third quarter capital expenditures are expected to total $140-$150 million
- Pro forma production of 10.5-11.0 MMBoe, revised from a previous guidance range of 11.0-11.5 MMBoe
- Updated to reflect actual production volumes for the first half of 2018 and the anticipated impact of midstream constraints in NE Wattenberg in the third quarter, including high line pressures, a greater amount of processing facility outages due to unseasonably warm weather and lower processing plant product recoveries associated with interim processing facilities
- Includes production volumes of approximately 0.3 MMBoe associated with Hereford for the first quarter of 2018
- Pro forma oil volumes are expected to be in a range of 6.6-6.9 MMBbls or approximately 63% of total production volumes, an increase from previous oil weighting guidance of 60-62% of total production volumes
- Includes oil volumes of approximately 0.2 MMBbls associated with Hereford for the first quarter of 2018
- Third quarter production sales volumes are expected to approximate 2.65-2.95 MMBoe (approximately 63% oil)
- Lease operating expense of $28-$32 million, unchanged
- General and administrative expenses of $36-$40 million, unchanged
- Gathering, transportation and processing costs of $5-$10 million, unchanged
- Unused commitment for firm natural gas transportation charges of $18-$19 million, unchanged
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- 3.2 million barrels of oil equivalent production per day (MMBOEPD)
- 5 million barrels of crude oil/NGLs handled daily via 19,000 miles of crude/liquids pipelines, 100 million barrels of storage capacity and 10,000 rail cars
- $275+ billion in enterprise value
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- Independence Contract Drilling (NYSE: ICD): Drilling company focused on unconventional drilling.
- Key Energy Services (NYSE: KEG): Well service provider with rigs, coiled tubing, fishing and fluid management.
- Liberty Oilfield Services (NYSE: LBRT): Pressure pumping service provider.
- Nabors Industries (NYSE: NBR): Owns/operates world's largest land-based drilling fleet, also provides offshore drilling services, proprietary drilling software and specialty equipment.
- Superior Drilling Products (NYSE: SDPI): Drilling tool provider.
- Plains All American Pipeline (NYSE: PAA): midstream energy infrastructure and logistics services for crude oil, natural gas liquids and natural gas.
- Black Stone Minerals (NYSE: BSM): Holds 20 million gross acres throughout the U.S., with holdings in every major basin.
- CorEnergy Infrastructure Trust (NYSE: CORR): REIT owning energy infrastructure assets.
- Osprey Energy Acquisition Corp. (NASDAQ: OSPR) energy-focused special purpose acquisition corporation; completed $275 million IPO July 2017.
- Ameredev II
- Anschutz Exploration
- Atlas Sand
- BetaZi
- Bison Oil & Gas
- Blue Racer Midstream
- BTU Analytics
- Caerus Oil and Gas
- Canyon Creek Energy
- CIBC
- Comisión Nacional de Hidrocarburos (CNH)
- Credit Agricole CIB
- U.S. Energy Information Administration
- Felix Energy
- Fleur de Lis Energy
- Goodnight Midstream
- Great Western Oil & Gas
- GuildOne
- RS Energy
- Samson Resources II
- Tailwater Capital
- peer group company valuations that are specific to the oil and gas industry;
- corporate annual reports, oil and gas company websites, custom stratigraphic and subsurface illustrations; company investor presentations; sustainability reports;
- complete digital marketing services and lead capture for oilfield services and technology companies;
- EnerCom's Monthly Oil & Gas Industry Data & Trends Report;
- Profile company listings and advertising opportunities in Oil & Gas 360® - one of the industry's most popular online daily news portals; and
- EnerCom 360 - the online magazine.
- Enerplus Corp. (NYSE: ERF): E&P operating in the Bakken/Three Forks, Marcellus and Western Canada.
- Northern Oil & Gas (NYSE: NOG): Non-operator targeting the Bakken/Three Forks.
- Whiting Petroleum (NYSE: WLL): Bakken-focused operator with additional northeast Colorado assets.
- EOG Resources (NYSE: EOG): Large independent E&P producing the Delaware, Woodford, Eagle Ford, and Rocky Mountains – Q1 Revenues of $3.7 Billion; production of 660 MBOEPD
- Lonestar Resources (NASDAQ: LONE): Eagle Ford E&P with acreage throughout the play.
- Penn Virginia (NASDAQ: PVAC): Oil-focused E&P with Eagle Ford, Granite Wash acreage.
- SilverBow Resources (NYSE: SBOW): Gas-focused producer targeting southern Eagle Ford.
- Sundance Energy Australia (NASDAQ: SNDE): Pure-play Eagle Ford producer.
- WildHorse Resource Development (NYSE: WRD): Northern Eagle Ford operator with basin's second-largest acreage holdings.
- Centennial Resource Development (NASDAQ: CDEV): Pure play Delaware Basin E&P company.
- Encana (NYSE: ECA): Diversified E&P company with operations in the Permian, Montney, Eagle Ford, Duvernay and San Juan Basin.
- Earthstone Energy (NYSE: ESTE): E&P company with operations in the Midland and Eagle Ford.
- Jagged Peak (NYSE: JAG): Pure play Delaware Basin operator.
- Legacy Reserves (NASDAQ: LGCY): MLP with assets in the Permian, East Texas, Rocky Mountains and Mid-Continent.
- Lilis Energy (NYSE: LLEX): Pure play Delaware Basin operator.
- QEP Resources (NYSE: QEP): Midland Basin player with additional acreage in Williston, Uinta and Haynesville.
- Rosehill Resources (NASDAQ: ROSE): Pure play Delaware Basin operator.
- SM Energy (NYSE: SM): Midland Basin producer with additional Eagle Ford operations.
- WPX Energy (NYSE: WPX): Delaware basin E&P company with additional extensive production from Williston.
- Alta Mesa Resources (NASDAQ: AMR): E&P with operations in STACK portion of Anadarko Basin.
- BNK Petroleum (TSE: BKX): E&P with operations in Tishomingo Field of SCOOP portion of Ardmore Basin.
- Chaparral Energy (OTCMKTS: CHPE): Pure play STACK E&P company.
- Midstates Petroleum (NYSE: MPO): E&P producing from Mississippi Lime in Oklahoma.
- Panhandle Oil & Gas (NYSE: PHX): Leaseholder with interests in SCOOP/STACK, Oklahoma Woodford, Fayetteville and Eagle Ford.
- Unit Corp (NYSE: UNT): Vertically integrated energy company with drilling, producing and midstream businesses. Production in Mid Continent and Upper Gulf Coast.
- Cabot Oil & Gas (NYSE: COG): Pure play Marcellus E&P company.
- Eclipse Resources (NYSE: ECR): Appalachia-focused E&P company with assets in eastern Ohio.
- Range Resources (NYSE: RRC): Pennsylvania Marcellus producer with additional North Louisiana acreage.
- HighPoint Resources (NYSE: HPR): Rocky Mountains-focused E&P with operations in the Wattenberg and Hereford fields.
- PDC Energy (NASDAQ: PDCE): Liquids-focused E&P in the DJ/Niobrara and Delaware basins.
- PetroShare (OTCMKTS: PRHR): Wattenberg producer active in southern portion of field.
- Energy XXI (NASDAQ: EGC): E&P company in shallow Gulf of Mexico.
- GulfSlope Energy (OTCMKTS: GSPE): Louisiana offshore Gulf company, partnered with Delek for drilling new wells.
- Talos Energy (NYSE: TALO): E&P operator with focus on Louisiana Gulf of Mexico, additional properties in U.S. and Mexican GOM.
- Goodrich Petroleum (NYSE: GDP): E&P company with operations in the Haynesville and Tuscaloosa Marine Shale.
- Ultra Petroleum (NASDAQ: UPL): E&P focused on Pinedale and Jonah fields, also developing Uinta basin.
- Denbury Resources (ticker: DNR): CO2 EOR production with activity in the Gulf Coast and Rocky Mountains.
- Elk Petroleum (ticker: ELK): CO2 EOR company with operations in Wyoming and Utah.
- Evolution Petroleum (ticker: EPM): CO2 EOR production company. Pays a dividend.
- Mid-Con Energy Partners (ticker: MCEP): CO2 EOR company with production in the Permian and Mid-Continent.
- Advantage Oil & Gas (ticker: AAV): E&P focused on Montney formation in Alberta.
- Blackbird Energy (ticker: BBI): E&P focused on Pipestone Corridor of Montney formation in Alberta.
- Bellatrix Exploration (ticker: BXE): E&P focused on the Western Sedimentary Basin in Alberta, Canada.
- Gear Energy (ticker: GXE): E&P operating heavy oil projects in Saskatchewan and light oil in Alberta.
- NuVista Energy (ticker: NVA): Alberta-based operator focused on Wapiti Montney play.
- Painted Pony Energy (ticker: PPY): E&P producing natural gas from British Columbia Montney.
- Razor Energy (ticker: RZE): Alberta oil producer targeting Swan Hills and Kaybob Montney.
- Strategic Oil & Gas (ticker: SOG): Light oil producer in Alberta and Northwest Territories.
- Tamarack Valley Energy (ticker: TVE): Light oil producing E&P developing Cardium, Viking and Penny Barons plays.
- Vermilion Energy (ticker: VET): E&P with extensive international diversification. Operations in Mannville, Cardium, Powder River Basin, offshore Australia and throughout Europe.
- Alvopetro Energy (ticker: ALV): Gas-weighted E&P with operations in Brazil.
- Canacol Energy (ticker: CNE): Exploration portfolio encompassing 5 basins in Colombia and Ecuador.
- GeoPark Energy (ticker: GPRK): International E&P with projects in Colombia, Argentina, Brazil, Chile and Peru.
- Gran Tierra Energy (ticker: GTE): Oil-weighted E&P company with assets in Columbia.
- Jadestone Energy (ticker: JSE): E&P company with assets in Australia, Indonesia, Vietnam and Philippines.
- PetroTal (ticker: TAL): Canadian E&P company with assets in Peru.
- Valeura Energy (ticker: VLE): Canada-based company developing gas in Turkey.
- CES Energy Solutions (ticker: CEU): Provider of chemical solutions in drilling, production and specialty applications.
- Core Laboratories (ticker: CLB): Reservoir technology and optimization company.
- Flotek Industries (ticker: FTK): Chemical solutions provider with additional reservoir characterization and engineering services.
- Independence Contract Drilling (ticker: ICD): Drilling company focused on unconventional drilling.
- Key Energy Services (ticker: KEG): Well service provider with rigs, coiled tubing, fishing and fluid management.
- Liberty Oilfield Services (ticker: LBRT): Pressure pumping service provider.
- Nabors Industries (ticker: NBR): Drilling company offering rigs, services, software and equipment.
- Superior Drilling Products (ticker: SDPI): Drilling tool provider.
- STEP Energy Services (ticker: STEP): Fracturing and coiled tubing provider, with operations in Texas, Oklahoma, Louisiana, Alberta and British Columbia.
- Black Stone Minerals (ticker: BSM): Holds 20 million gross acres throughout the U.S., with holdings in every major basin.
- CorEnergy Infrastructure Trust (ticker: CORR): REIT owning energy infrastructure assets.
- Ameredev II
- BetaZi
- BTU Analytics
- Canyon Creek Energy
- Felix Energy
- Goodnight Midstream
- GuildOne
- RS Energy
- Samson Resources II
- peer group company valuations that are specific to the oil and gas industry;
- corporate annual reports, oil and gas company websites, custom stratigraphic and subsurface illustrations; company investor presentations; sustainability reports;
- complete digital marketing services and lead capture for oilfield services and technology companies;
- EnerCom's Monthly Oil & Gas Industry Data & Trends Report;
- Profile company listings and advertising opportunities in Oil & Gas 360® - one of the industry's most popular online daily news portals; and
- EnerCom 360 - the online magazine.
- Advantage Oil & Gas (NYSE: AAV)
- Alta Mesa Resources (NASDAQ: AMR)
- Amerdev II LLC (Private)
- Anschutz Exploration (Private)
- Baytex Energy Corp. (NYSE: BTE)
- Bellatrix Exploration (NYSE: BXE)
- BetaZi LLC (private)
- Black Stone Minerals, L.P. (NYSE: BSM)
- Blackbird Energy (TSX-V: BBI)
- BNK Petroleum, Inc. (TSE: BKX)
- BTU Analytics (Private)
- Cabot Oil & Gas (NYSE: COG)
- Canacol Energy Ltd. (TSE: CNE)
- Canyon Creek Energy (Private)
- Centennial Resource Development (NASDAQ: CDEV)
- CES Energy Solutions Corp. (TSX: CEU)
- Chaparral Energy (OTCQB: CHPE)
- Core Laboratories (NYSE: CLB)
- CorEnergy Infrastructure Trust (NYSE: CORR)
- Denbury Resources (NYSE: DNR)
- Earthstone Energy (NYSE: ESTE)
- Eclipse Resources (NYSE: ECR)
- Elk Petroleum (ASX: ELK)
- Enerplus Corp. (NYSE: ERF)
- EOG Resources (NYSE: EOG)
- Evolution Petroleum (NYSE: EPM)
- Gear Energy Ltd. (TXE: GXE)
- GeoPark Ltd. (NYSE: GPRK)
- Goodrich Petroleum (NYSE: GDP)
- Gran Tierra Energy (NYSE: GTE)
- Great Western Oil & Gas LLC (Private)
- GuildOne Inc. (Private)
- HighPoint Resources (NYSE: HPR)
- Independence Contract Drilling (NYSE: ICD)
- International Frontier Resources (TSX-V: IFR)
- Jadestone Energy (TSX-V: JSE)
- Jagged Peak Energy (NYSE: JAG)
- Key Energy Services (NYSE: KEG)
- Legacy Reserves, LP (NASDAQ: LGCY)
- Liberty Oilfield Services (NYSE: LBRT)
- Lilis Energy (NYSE: LLEX)
- Lonestar Resources (NASDAQ: LONE)
- Mid-Con Energy Partners, LP (NASDAQ: MCEP)
- Midstates Petroleum (NYSE: MPO)
- Northern Oil & Gas (NYSE: NOG)
- NuVista Energy Ltd. (TSE: NVA)
- Painted Pony Energy (TSE: PONY)
- Panhandle Oil & Gas (NYSE: PHX)
- PDC Energy (NASDAQ: PDCE)
- Penn Virginia Corp. (NASDAQ: PVAC)
- PetroTal Corp. (TSX-V: TAL)
- Petroteq Energy (TSX-V: PQE)
- QEP Resources (NYSE: QEP)
- Range Resources Corp. (NYSE: RRC)
- Razor Energy Corp. (TSX-V: RZE)
- Rosehill Resources (NASDAQ: ROSE)
- RS Energy Group (Private)
- Samson Resources II, LLC (Private)
- SilverBow Resources (NYSE: SBOW)
- SM Energy (NYSE: SM)
- STEP Energy Services (TSE: STEP)
- Strategic Oil & Gas (TSX-V: SOG)
- Sundance Energy Australia Ltd. (NASDAQ: SNDE)
- Superior Drilling Products (NYSE: SDPI)
- Talos Energy (NYSE: TALO)
- Tamarack Valley Energy (TSE: TVE)
- TGS-NOPEC Geophysical Company ASA (TGS.OL)
- Ultra Petroleum Corporation (NASDAQ: UPL)
- Unit Corporation (NYSE: UNT)
- Vermilion Energy (NYSE: VET)
- Whiting Petroleum Corporation (NYSE: WLL)
- WildHorse Resource Development (NYSE: WRD)
- WPX Energy (NYSE: WPX)
- peer group company valuations that are specific to the oil and gas industry;
- corporate annual reports, oil and gas company websites, custom stratigraphic and subsurface illustrations; company investor presentations; sustainability reports;
- complete digital marketing services and lead capture for oilfield services and technology companies;
- EnerCom's Monthly Oil & Gas Industry Data & Trends Report;
- Profile company listings and advertising opportunities in Oil & Gas 360® - one of the industry's most popular online daily news portals; and
- EnerCom 360 - the online magazine.
- Advantage Oil & Gas (NYSE: AAV)
- Alta Mesa Resources (NASDAQ: AMR)
- Baytex Energy Corp. (NYSE: BTE)
- Blackbird Energy (TSX-V: BBI)
- Cabot Oil & Gas (NYSE: COG)
- Centennial Resource Development (NASDAQ: CDEV)
- CES Energy Solutions Corp. (TSX: CEU)
- Core Laboratories (NYSE: CLB)
- Denbury Resources (NYSE: DNR)
- Earthstone Energy (NYSE: ESTE)
- Elk Petroleum (ASX: ELK)
- Energy XXI Gulf Coast (NASDAQ: EGC)
- EOG Resources (NYSE: EOG)
- Evolution Petroleum (NYSE: EPM)
- Gear Energy Ltd. (TXE: GXE)
- GeoPark Ltd. (NYSE: GPRK)
- Goodrich Petroleum (NYSE: GDP)
- HighPoint Resources (NYSE: HPR)
- Independence Contract Drilling (NYSE: ICD)
- Jagged Peak Energy (NYSE: JAG)
- Liberty Oilfield Services (NYSE: LBRT)
- Lilis Energy (NYSE: LLEX)
- Lonestar Resources (NASDAQ: LONE)
- Northern Oil & Gas (NYSE: NOG)
- PDC Energy (NASDAQ: PDCE)
- QEP Resources (NYSE: QEP)
- Range Resources Corp. (NYSE: RRC)
- Razor Energy Corp. (TSX-V: RZE)
- Rosehill Resources (NASDAQ: ROSE)
- Samson Resources II, LLC (Private)
- SilverBow Resources (NYSE: SBOW)
- SM Energy (NYSE: SM)
- Strategic Oil & Gas (TSX-V: SOG)
- Talos Energy (NYSE: TALO)
- Tamarack Valley Energy (TSE: TVE)
- Ultra Petroleum Corporation (NASDAQ: UPL)
- Unit Corporation (NYSE: UNT)
- Whiting Petroleum Corporation (NYSE: WLL)
- WildHorse Resource Development (NYSE: WRD)
- WPX Energy (NYSE: WPX)
- peer group company valuations that are specific to the oil and gas industry;
- corporate annual reports, oil and gas company websites, custom stratigraphic and subsurface illustrations; company investor presentations; sustainability reports;
- complete digital marketing services and lead capture for oilfield services and technology companies;
- EnerCom's Monthly Oil & Gas Industry Data & Trends Report;
- Profile company listings and advertising opportunities in Oil & Gas 360® - one of the industry's most popular online daily news portals; and
- EnerCom 360 - the online magazine.
- Alta Mesa Resources (NASDAQ: AMR)
- Blackbird Energy (TSX-V: BBI)
- Cabot Oil & Gas (NYSE: COG)
- Centennial Resource Development (NASDAQ: CDEV)
- CES Energy Solutions Corp. (TSX: CEU)
- Core Laboratories (NYSE: CLB)
- Denbury Resources (NYSE: DNR)
- Elk Petroleum (ASX: ELK)
- EOG Resources (NYSE: EOG)
- Evolution Petroleum (NYSE: EPM)
- Gear Energy Ltd. (TXE: GXE)
- GeoPark Ltd. (NYSE: GPRK)
- Goodrich Petroleum (NYSE: GDP)
- HighPoint Resources (NYSE: HPR)
- Jagged Peak Energy (NYSE: JAG)
- Liberty Oilfield Services (NYSE: LBRT)
- Lilis Energy (NYSE: LLEX)
- PDC Energy (NASDAQ: PDCE)
- QEP Resources (NYSE: QEP)
- Range Resources Corp. (NYSE: RRC)
- Razor Energy Corp. (TSX-V: RZE)
- Rosehill Resources (NASDAQ: ROSE)
- Samson Resources II, LLC (Private)
- SM Energy (NYSE: SM)
- Tamarack Valley Energy (TSE: TVE)
- Ultra Petroleum Corporation (NASDAQ: UPL)
- Unit Corporation (NYSE: UNT)
- Whiting Petroleum Corporation (NYSE: WLL)
- WPX Energy (NYSE: WPX)
- peer group company valuations that are specific to the oil and gas industry;
- corporate annual reports, oil and gas company websites, custom stratigraphic and subsurface illustrations; company investor presentations; sustainability reports;
- complete digital marketing services and lead capture for oilfield services and technology companies;
- EnerCom's Monthly Oil & Gas Industry Data & Trends Report;
- Profile company listings and advertising opportunities in Oil & Gas 360® - one of the industry's most popular online daily news portals; and
- EnerCom 360 - the online magazine.
- Capital expenditures of $500-$550 million, unchanged
- Second quarter capital expenditures are expected to total $135-$145 million
- Pro forma production of 11.0-11.5 MMBoe, unchanged
- Second quarter production sales volumes are expected to approximate 2.4-2.5 MMBoe, which represents an approximate 11% sequential increase from the first quarter of 2018
- Second quarter production is expected to be weighted approximately 60% oil
- Lease operating expense of $28-$32 million, unchanged
- General and administrative expenses of $36-$40 million, unchanged
- Gathering, transportation and processing costs of $5-$10 million, unchanged
- Unused commitment for firm natural gas transportation charges of $18-$19 million, unchanged
- May 15-16, 2018 - Tudor, Pickering, Holt & Co. Hotter 'N Hell Conference in Houston, TX
- May 22, 2018 - J.P. Morgan Energy Bus Tour in Denver, CO
- May 22, 2018 - Barclays High Yield Bond & Syndicated Loan Conference in Colorado Springs, CO
- June 4, 2018 - Ladenburg Thalmann & Co. One-on-One Energy Conference, New York, NY
- June 6, 2018 - Bank of America Merrill Lynch 2018 Energy Credit Conference in New York, NY
- June 12-13, 2018 - Wells Fargo West Coast Energy Conference in San Francisco, CA
- June 19-20, 2018 - J.P. Morgan Energy Conference in New York, NY
- 2018 capital expenditures of $500 million to $550 million that will be primarily internally funded with cash on hand and cash flow from operations
- 2018 pro forma production sales volumes of 11.0-11.5 million barrels of oil equivalent ("MMBoe"), representing year-over-year growth of approximately 80% from the DJ Basin and year-over-year growth of greater than 40% from Northeast Wattenberg ("NE")
- 2019 production sales volumes of 18-20 MMBoe (~65% oil) with associated capital expenditures of $575 million to $625 million, representing year-over-year production growth of approximately 70% at the mid-point
- Operating cash flow to exceed capital expenditures in the second half of 2019 with a year-end leverage ratio below 1.5 times
- NE Wattenberg optimized completion program for 2017 had twelve-month cumulative oil production 47% higher than the 2015 program
- Three new wells brought online in the Hereford Field ("Hereford") in December 2017 had an average initial thirty-day production rate of 1,016 Boe/d (86% oil)
- Mark S. Berg, Executive Vice President and General Counsel at Pioneer Natural Resources;
- Scott A. Gieselman, partner at NGP Energy Capital Management L.L.C.;
- Craig S. Glick, partner at NGP Energy Capital Management L.L.C.;
- Andrew C. Kidd, legal consultant in the energy industry;
- Michael R. Starzer, former Chairman and Chief Executive Officer of Fifth Creek Energy
- Announced strategic combination with Fifth Creek Energy that materially expands DJ Basin footprint and significantly strengthens balance sheet
- Production sales volumes of 7.0 million barrels of oil equivalent ("MMBoe") in 2017 represents 20% growth over 2016, pro forma for asset sales
- Production sales volumes of 2.12 MMBoe in the fourth quarter of 2017 represents 37% growth over the fourth quarter of 2016; Denver-Julesburg ("DJ") Basin production of 1.94 MMBoe represents 42% growth over the fourth quarter of 2016
- DJ Basin lease operating expense ("LOE") of $2.64 per Boe in the fourth quarter of 2017 represents an 11% improvement compared to the fourth quarter of 2016
- Extended reach lateral ("XRL") wells averaged $4.65 million in 2017, driven by a 30% improvement in drilling and completion cycle times compared to 2016
- Year-end 2017 proved reserves of 86 MMBoe represents a 56% increase over year-end 2016 proved reserves with estimated all-sources reserve replacement of 541%
- Completed sale of remaining Uinta Basin assets for net proceeds of $102 million
- Entered 2018 with $314 million of cash and an undrawn credit facility of $300 million providing strong liquidity to fund anticipated 2018 activity levels
- Capital expenditures are expected to total approximately $80-$90 million
- Assumes two drilling rigs operating in NE Wattenberg
- Production of 1.8-2.0 MMBoe
- Includes only DJ Basin production volumes on the legacy NE Wattenberg acreage and does not include any volumes associated with the Uinta Basin that was sold in the fourth quarter of 2017 or from the Fifth Creek Energy business combination
- Represents flat sequential production from the fourth quarter of 2017 as operations are being modestly impacted by high line pressures associated with third-party natural gas processing constraints and third-party line freezes
- Production is estimated to be approximately 60% oil
- March 26-27, 2018 - Scotia Howard Weil Energy Conference in New Orleans, LA
- Creates premier DJ Basin focused company with a highly contiguous and complementary acreage position that is conducive to XRL development
- Pro forma proved reserves of 168 million barrels of oil equivalent (MMBoe) (69% oil) as of December 31, 2016 and pro forma third quarter of 2017 production of approximately 24 MBoe/d (64% oil)
- Acquisition adds approximately 81,000 net acres and approximately 2,900 Boe/d (72% oil) of production located in the Hereford Field area of rural northern Weld County, Colorado
- Hereford Field drilling results are among the highest rate oil wells drilled in the DJ Basin with seven wells averaging 1,052 Boe/d (84% oil) (two-stream basis) during their initial thirty days of production
- Combined company will have substantial scale with approximately 151,100 net acres and a deep inventory of 2,865 undeveloped drilling locations (~95% XRL) that are prospective for multiple Niobrara horizons and the Codell formation, and provide strong weighted average economic returns of 65% at strip pricing
- Maintain operational control as 100% of net acreage at the Hereford Field is operated, largely held by production with minimal near-term lease expirations, and established well control consisting of 62 standard reach lateral ("SRL") delineation wells and seven XRLs
- Established infrastructure on both assets with low operating costs and current oil differentials to WTI of less than $2.50 per barrel
- Initial 2018 plans are to operate three drilling rigs on the combined acreage with anticipated 2018 production of 11-12 MMBoe (~65% oil) and capital expenditures of $500-$600 million
- Solid pro forma financial position highlighted by improving leverage metrics, no near-term debt maturities and ample liquidity to fund development
- Production sales volumes of 1.92 million barrels of oil equivalent ("MMBoe") for the third quarter of 2017, which increased 26% sequentially from the second quarter of 2017
- Oil production sales volumes of 1.2 million barrels of oil ("MMBbls") for the third quarter, which increased 33% sequentially and represents 63% of total production volumes
- Capital expenditures of $57 million in the third quarter were below guidance range of $65-$75 million
- Oil price differential of $2.12 per barrel decreased 13% sequentially; Denver-Julesburg ("DJ") Basin oil price differential of $2.06 per barrel decreased 5% sequentially
- Lease operating expense ("LOE") of $3.08 per Boe decreased 15% sequentially; DJ Basin LOE of $2.52 per Boe decreased 18% sequentially
- Drilling and completion cycle times for the extended reach lateral ("XRL") program improved 28% compared to 2016 led by efficiency gains
- 2017 production guidance increased to 6.9-7.1 MMBoe; represents 21% growth over 2016 at the mid-point, excluding 2016 asset sales
- Commenced marketed sales process to divest of Uinta Oil Program assets
- 5-63-32 - The DSU is located within the western area of NE Wattenberg and includes 5 XRL wells. Initial flowback began in the third quarter of 2017. The wells incorporated enhanced completion and flowback methods. Early production is currently tracking above the Company's base XRL type curve.
- 5-63-30 - The DSU is located within the western area of NE Wattenberg and includes 6 XRL wells. Initial flowback began in the third quarter of 2017. The wells incorporated enhanced completion and flowback methods. Early production is currently tracking above the Company's base XRL type curve.
- 5-61-20 - The DSU is located within the central area of NE Wattenberg and includes 8 XRL wells. Completion operations have commenced and the wells are expected to be placed on initial flowback in the fourth quarter of 2017.
- 4-62-29/32 - The DSUs are located within the southern area of NE Wattenberg and includes 10 XRL wells per DSU. Completion operations commenced in October 2017.
- 3-62-4 - The DSU is located within the southern area of NE Wattenberg and includes 10 XRL wells. Drilling operations commenced in October 2017.
- Capital expenditures of $250-$270 million, unchanged
- Fourth quarter capital expenditures are expected to total $80-$90 million. Higher capital expenditures compared to the third quarter of 2017 are due to increased completion activity associated with a two-rig drilling program.
- Production of 6.9-7.1 MMBoe, increased from a previous guidance range of 6.4-6.6 MMBoe to reflect actual production sales volumes for the first nine months of 2017 and anticipated production for the fourth quarter of 2017
- Fourth quarter production sales volumes are expected to approximate 2.0-2.2 MMBoe
- Fourth quarter production is expected to be weighted approximately 63% oil
- Lease operating expense of $24-$25 million, narrowed from a previous guidance range of $24-$26 million due to further operational efficiencies
- General and administrative expenses of $32-$33 million, narrowed from a previous range of $30-$33 million due to variable employee compensation costs related to performance
- Gathering, transportation and processing costs of $2-$3 million, unchanged
- Unused commitment for firm natural gas transportation charges of $18-$19 million, unchanged
- November 13, 2017 - Ladenburg Thalmann & Co. Energy Conference in New York, NY
- November 14, 2017 - KLR Group E&P Day in Denver, CO
- November 29, 2017 - Bank of America Merrill Lynch Leveraged Finance Conference in Boca Raton, FL
- November 30, 2017 - KeyBanc Capital Markets E&P Bus Tour in Denver, CO
- Production sales volumes of 1.53 MMBoe for the second quarter were at the high end of guidance range of 1.45-1.55 MMBoe
- Capital expenditures of $59 million in the second quarter were below guidance range of $65-$75 million
- Denver-Julesburg ("DJ") Basin oil price differential averaged $2.16 per barrel; represents 55% reduction from the second quarter of 2016
- Lease operating expense ("LOE") averaged $3.61 per Boe; represents 32% improvement from the second quarter of 2016
- DJ Basin LOE of $3.06 per Boe in the second quarter; represents 18% improvement from the second quarter of 2016
- Issued $275 million of Senior Notes due 2025; proceeds were used with cash on hand to reduce long-term debt and redeem existing $315 million of Senior Notes due 2019; extends nearest maturity to 2022
- 5-62-27 - The DSU is located within the central area of NE Wattenberg and includes 9 XRL wells that incorporated enhanced proppant of approximately 1,500 pounds of sand per lateral foot. The wells were placed on initial flowback in March 2017 and early production data is encouraging as the wells continue to trend towards peak production.
- 6-62-10/6-62-11 - The DSU is located within the northern area of NE Wattenberg and includes 4 XRL wells. An additional 10 MRL wells, with lateral lengths of approximately 7,300 feet, were drilled to develop the DSU based on lease configuration. The wells were placed on initial flowback during the second quarter of 2017. This is the initial DSU that incorporated enhanced proppant of up to 1,500 pounds of sand per lateral foot and a reduction in frac spacing from approximately 175 feet between stages to approximately 100-140 feet per stage.
- 5-63-32 - The DSU is located within the western area of NE Wattenberg and includes 5 XRL wells. Completion operations have commenced and the wells are scheduled to be placed on initial flowback in the third quarter of 2017. The wells will incorporate enhanced proppant of up to 1,500 pounds of sand per lateral foot and frac spacing of approximately 120 feet between stages.
- 5-63-30 - The DSU is located within the western area of NE Wattenberg and includes 6 XRL wells. Completion operations have commenced and the wells are expected to be placed on initial flowback in the fourth quarter of 2017.
- 5-61-20 - The DSU is located within the central area of NE Wattenberg and includes 8 XRL wells that are being drilled concurrently with two rigs. Drilling commenced in the third quarter and the wells are anticipated to be completed during the fourth quarter of 2017.
- XRL well drilling days to rig release have averaged approximately 6.5 days per well during 2017, including a best-in-class well that was drilled in approximately 5.1 days. Average feet drilled per day for XRL wells has increased to 3,424 feet drilled per day in 2017 compared to the 2016 average of 2,668 feet drilled per day.
- Drilling and completion costs for the XRL wells drilled during the first half of 2017 averaged approximately $4.5 million per well, which includes the cost of incorporating higher proppant concentrations and tighter frac stage spacing. The Company continues to work to mitigate the expected risk of inflationary pressure on service costs during the second half of 2017.
- Capital expenditures of $255-$285 million, unchanged
- Third quarter capital expenditures are expected to total $65-$75 million
- Production of 6.0-6.5 MMBoe, unchanged
- Third quarter production sales volumes are expected to approximate 1.55-1.65 MMBoe
- Third quarter production is expected to be weighted approximately 60% oil
- Lease operating expense of $27-$30 million, unchanged
- General and administrative expenses of $30-$33 million, unchanged
- Gathering, transportation and processing costs of $2-$3 million, unchanged
- Unused commitment for firm natural gas transportation charges of $18-$19 million, unchanged
- August 14, 2017 - EnerCom's The Oil & Gas Conference in Denver, CO
- September 6, 2017 - Barclays CEO Energy-Power Conference in New York, NY
- September 27, 2017 - Johnson Rice & Company Energy Conference in New Orleans, LA
- October 3-4, 2017 - Deutsche Bank Leveraged Finance Conference in Scottsdale, AZ
- Production sales volumes of 1.43 MMBoe for the first quarter were at the high-end of guidance range of 1.35-1.45 MMBoe
- Capital expenditures of $59 million in the first quarter were below guidance range of $60-$65 million
- Denver-Julesburg ("DJ") Basin oil price differential averaged $2.78 per barrel; represents a 50% reduction from the first quarter of 2016
- Added 2,882 acre federal lease in DJ Basin; provides up to 50 XRL drilling locations
- Lease operating expense ("LOE") averaged $4.09 per Boe; represents 37% improvement from the first quarter of 2016
- DJ Basin LOE of $3.47 per Boe in the first quarter; represents 28% improvement from the first quarter of 2016
- Negotiated significant improvement in Utah oil contract pricing beginning May 2017; oil differential expected to average approximately $2.00/bbl
- Exited the first quarter financially well positioned with cash of $266 million and an undrawn credit facility
- Recently issued $275 million of Senior Notes due 2025; proceeds will be used with cash on hand to redeem existing $315 million of Senior Notes due 2019; extends nearest maturity to 2022
- 4-62-20 - the DSU is located within the southern area of NE Wattenberg and includes 4 XRL wells, which incorporated increased proppant of up to 1,200 pounds of sand per lateral foot. The wells were placed on initial flowback in February 2017.
- 5-62-27 - the DSU is located within the central area of NE Wattenberg and includes 9 XRL wells, which incorporated increased proppant of approximately 1,500 pounds of sand per lateral foot. The wells were placed on initial flowback in March 2017.
- 6-62-10/6-62-11 - the DSU is located within the northern area of NE Wattenberg and includes 4 XRL wells. An additional 10 MRL wells, with a lateral length of approximately 7,300 feet, were drilled to develop the DSU based on lease configuration. The wells are scheduled to be placed on initial flowback during the second quarter of 2017. Completion operations will incorporate enhanced proppant of up to 1,500 pounds of sand per lateral foot and a reduction in frac spacing from approximately 175 feet between stages to approximately 100-140 feet per stage.
- 5-63-32 - the DSU is located within the western area of NE Wattenberg and includes 5 XRL wells. Drilling operations commenced in the second quarter and the wells are scheduled to be placed on initial flowback in the third quarter of 2017. The wells will incorporate enhanced proppant of up to 1,500 pounds of sand per lateral foot and frac spacing of approximately 100-120 feet between stages.
- XRL well drilling days to rig release have averaged approximately 6.7 days per well during 2017, including a best-in-class well that was drilled in approximately 5.6 days. This represents a 26% improvement over 2016. In addition, average feet drilled per day for an XRL well has increased 37% to 3,661 feet drilled per day compared to the 2016 average of 2,668 feet drilled per day.
- Drilling and completion costs for the most recent XRL wells averaged approximately $4.5 million per well, which includes the cost of incorporating higher proppant concentrations.
- Capital expenditures of $255-$285 million, unchanged
- Second quarter capital expenditures are expected to total $65-$75 million
- Production of 6.0-6.5 MMBoe, unchanged
- Second quarter production sales volumes are expected to approximate 1.45-1.55 MMBoe
- Second quarter production is expected to be weighted approximately 60% oil
- Lease operating expense of $27-$30 million, unchanged
- General and administrative expenses of $30-$33 million, unchanged
- Gathering, transportation and processing costs of $2-$3 million, unchanged
- Unused commitment for firm natural gas transportation charges of $18-$19 million, unchanged
- Production sales volumes of 6.1 million barrels of oil equivalent ("MMBoe") in 2016 were at the mid-point of guidance range; represents pro forma growth of 11% over 2015
- Capital expenditures of $98 million in 2016 were below guidance range
- Lease operating expense ("LOE") of $4.58 per Boe in 2016, represents 29% improvement compared to 2015; Denver-Julesburg ("DJ") Basin LOE of $3.41 per Boe in 2016, represents 27% improvement compared to 2015
- DJ Basin oil price differential averaged $3.45 per barrel in 2016; represents 58% improvement compared to 2015
- XRL drilling days have averaged 7.4 days; represents a 33% improvement over 2015
- Recently closed bolt-on transactions for 13,800 net acres in the DJ Basin
- Entered 2017 with $276 million of cash and an undrawn credit facility of $300 million
- 2017 operating plan has projected capital expenditures of $255-$285 million and production sales volumes of 6.0-6.5 MMBoe; representing growth of 7% at the mid-point pro forma for asset sales
- 2018 production sales volumes anticipated to be 30%-50% greater than 2017
- 4-62-20 - the DSU is located within the southern area of NE Wattenberg and includes 4 XRL wells. The wells incorporated increased proppant of up to 1,350 pounds of sand per lateral foot. The wells were placed on initial flowback in February 2017 and are connected to pipeline infrastructure that the Company constructed beneath the South Platte River in 2016. The infrastructure allows for the future development of the Company's acreage located south of the river.
- 5-62-27 - the DSU is located within the central area of NE Wattenberg and includes 9 XRL wells. Completion operations have commenced and it is expected that the wells will be placed on initial flowback during the second quarter of 2017. This DSU includes a combination of wells that incorporated enhanced proppant loading of approximately 1,500 pounds of sand per lateral foot and monobores.
- 6-62-10 - the Company has drilled a DSU which is located within the northern area of NE Wattenberg that includes 4 XRL wells. Based on lease configuration, an additional 10 mid-reach lateral wells are being drilled to develop the DSU. It is expected that the wells will be completed in second quarter of 2017 and placed on initial flowback during the third quarter of 2017. The wells will incorporate enhanced proppant loading of up to 1,500 pounds of sand per lateral foot and additional frac stages.
- Since resuming drilling operations in September 2016, XRL well drilling days to rig release have averaged approximately 7.4 days per well, including a best-in-class well that was drilled in approximately 5.6 days. This represents a 33% improvement from the average of 2015.
- Drilling and completion costs for the most recent XRL wells have averaged approximately $4.25 million per well, which includes the cost of incorporating higher proppant concentrations.
- Capital expenditures of approximately $255-$285 million
- Assumes the addition of a second drilling rig in the second quarter.
- Approximately 70-75 gross XRL wells are expected to be drilled in the NE Wattenberg field of the DJ Basin.
- XRL well costs are expected to average approximately $4.75 million per well; reflecting enhanced completion designs and potential increases in service costs, partially offset by additional drilling efficiencies.
- First quarter of 2017 capital expenditures are expected to be approximately $60-$65 million, which includes approximately $12 million for the portion of the aforementioned DJ Basin acreage acquisition that closed in 2017.
- Production of 6.0-6.5 MMBoe
- Represents a production level that is approximately 7% higher at the mid-point than pro forma 2016 production sales volumes of 5.8 MMBoe, excluding assets divested in 2016.
- Production is estimated to be approximately 60-65% oil, 20% natural gas and 15-20% NGLs.
- First quarter of 2017 production is expected to approximate 1.35-1.45 MMBoe, which represents lower sequential production from the fourth quarter of 2016, in part, due to no new wells being placed on production during the fourth quarter of 2016 and the timing of wells being placed on flowback during the first quarter of 2017.
- Lease operating expense of $27-$30 million
- Cash general and administrative expense of $30-$33 million
- Gathering, transportation and processing costs of $2-$3 million
- Unused commitment for firm natural gas transportation charges of $18-$19 million
- March 16, 2017 - Wells Fargo Securities High Yield group meeting in Denver, CO
- March 27, 2017 - Scotia Howard Weil Energy Conference in New Orleans, LA
- Production sales volumes of 1.6 MMBoe (65% oil)
- DJ Basin oil price differential narrowed to $2.21 per barrel, representing a 54% sequential improvement from the second quarter of 2016
- LOE averaged $3.06 per Boe, representing a 42% sequential improvement from the second quarter of 2016
- LOE guidance lowered to $29-$31 million from $31-$34 million to reflect cost reductions and the sale of higher operating cost properties in the Uinta Basin
- 2016 capital expenditures expected to total approximately $100 million; anticipate cash flow to be in excess of capital expenditures for the year
- Extended reach lateral ("XRL") development program in the Denver-Julesburg ("DJ") Basin resumed with up to 15 gross wells expected to spud prior to year-end
- Completed sale of Uinta Basin properties for net cash proceeds of approximately $30 million
- Exited the quarter financially well positioned with a cash position of $174 million and an undrawn credit facility that provides additional liquidity
- Produced an average of 14,543 Boe/d (62% oil) in the third quarter of 2016, which represents an increase of 3% from the second quarter of 2016 and an increase of 11% from the third quarter of 2015, pro forma for asset sales.
- Oil volumes averaged 8,989 Bbls/d during the third quarter of 2016, an increase of 5% from the second quarter of 2016 and an 18% increase from the third quarter of 2015, pro forma for asset sales.
- The XRL drilling program resumed in September and 6 wells have spud, including 3 wells that spud in October. No wells were completed during the quarter. Current plans are to drill up to 15 wells and complete 5 of the wells during the remainder of the year.
- Efficiencies have been maintained since resuming the program as drilling times averaged approximately 8 days per well (spud to rig release) for the most recent wells.
- Drilling and completion costs for the most recent drilling and spacing unit ("DSU") are expected to average $4.25 million per well, which incorporates an increased proppant loading of approximately 1,350 pounds of sand per lateral foot. The Company continues to pursue additional capital efficiency measures designed to improve drilling and completion costs and enhance economic returns.
- The following provides a synopsis of the current DSU activity:
- Section 5-62-22 - the DSU is located within the central area of NE Wattenberg and includes 15 XRL wells that began initial flowback in April 2016. The wells are performing consistently during initial flowback and have not yet reached an initial peak rate.
- Section 4-62-9 - the DSU is located within the southern area of NE Wattenberg and includes 8 XRL wells that began initial flowback in June 2016. The wells are performing consistently during initial flowback and have not yet reached an initial peak rate.
- Section 4-62-20 - the DSU is located within the southern area of NE Wattenberg and includes 5 XRL wells that recently finished drilling to the Niobrara "B", Niobrara "C" and Codell horizons. It is expected that the wells will be completed in late 2016 and placed on initial flowback in early 2017. The wells will incorporate increased proppant of approximately 1,350 pounds of sand per lateral foot.
- Section 5-62-27 - the DSU is located within the central area of NE Wattenberg and includes 9 XRL wells that will target the Niobrara "B" and Niobrara "C" horizons. Drilling operations have commenced and it is expected that the wells will be completed during the first quarter of 2017 and placed on initial flowback during the second quarter of 2017. This DSU will include a combination of wells that incorporates enhanced proppant loading and monobores.
- DJ Basin oil price differentials averaged $2.21 per barrel during the third quarter of 2016, a 54% improvement from the second quarter of 2016 average of $4.82 per barrel and a 70% decrease from the third quarter of 2015 average of $7.43 per barrel. The Company's oil pricing continues to benefit from having no firm takeaway capacity commitments as regional infrastructure has improved. The fourth quarter of 2016 oil differential is expected to average approximately $3.00 per barrel less than WTI.
- DJ Basin LOE averaged $2.45 per barrel during the third quarter of 2016, a 34% improvement from the second quarter of 2016 average of $3.74 per barrel and a 38% decrease from the third quarter of 2015 average of $3.96 per barrel. The reduction in LOE was primarily a result of an improvement in operating efficiencies.
- Capital expenditures of approximately $100 million, which was updated to reflect drilling activity associated with the XRL drilling program that resumed in September 2016.
- Assumes up to 15 XRL wells are spud and 5 wells are completed prior to the end of the year
- Anticipate being free cash flow positive as cash flows from operations are expected to exceed capital expenditures
- Production of 6.0-6.2 MMBoe, with the low end of guidance increased to reflect actual production sales volumes for the first nine months of 2016.
- LOE of $29-$31 million, decreased from $31-$34 million to reflect cost reductions and the sale of higher operating cost properties in the Uinta Basin.
- LOE per Boe is anticipated to be higher in the fourth quarter of 2016 relative to the third quarter due to greater seasonal operating costs that are typically experienced during colder months
- General and administrative expenses of $30-$33 million, unchanged
- Gathering, transportation and processing costs of $2-$4 million, unchanged
- Production sales volumes of 1.6 MMBoe (64% oil), representing an 18% sequential increase compared to the first quarter of 2016 and exceeded second quarter guidance by 14%
- Raised the low end of 2016 production guidance to 5.9-6.2 MMBoe despite the sale of non-core Uinta Basin assets
- Capital expenditures of $15.6 million compared to second quarter guidance of $30-$35 million
- 2016 planned capital expenditure range reduced to $75-$100 million from $90-$135 million as a result of continued cost control; represents a 30% decrease from the mid-point of original guidance; expect to be cash flow positive for 2016
- DJ Basin oil price differential narrowed to $4.82 per barrel, representing a 14% sequential improvement
- LOE averaged $5.28 per Boe, representing an 18% sequential improvement
- LOE guidance lowered to $31-$34 million from $33-$36 million to reflect cost reductions and the sale of higher operating cost properties in the Uinta Basin
- Exited the second quarter of 2016 with over $100 million of cash (pro forma for Uinta Basin asset sale of $30 million that closed in July) and an undrawn credit facility of $335 million
- Debt exchange reduced net debt by $84.7 million or 12% and annual interest expense burden by approximately $6.5 million or 11%
- Produced an average of 14,176 Boe/d, represents an increase of 21% from the first quarter of 2016.
- Second quarter production benefited from the start up of production from a 16-well DSU, which included 15 XRL wells, located in Section 5-62-22 of NE Wattenberg, which initiated production earlier than forecast.
- Drilling and completion costs for XRL wells in the first half of 2016 were approximately 15% below forecast costs of $4.75 million, contributing to first half capital expenditures coming in significantly below guidance.
- Placed 24 wells, including 23 XRL wells, on initial flowback during the second quarter of 2016. The wells are in various stages of producing and ramping up to a peak initial rate. Activity to date has included utilizing several modified drilling and completion concepts to determine the optimal technique.
- The following DSUs are currently in various stages of production:
- Section 6-62-15 - the "Will" DSU is located within the northern area of NE Wattenberg and includes 9 XRL wells. The wells primarily utilized a standard completion design1 except for two wells that incorporated a higher sand concentration of 1,200 pounds of sand per lateral foot. In addition, the DSU includes the initial Niobrara "A" and Niobrara "C" wells drilled on the northern acreage.
- Section 5-62-22 - the wells are located within the central area of NE Wattenberg and includes 15 XRL wells within a single DSU that began initial flowback in April 2016. The wells primarily utilized the standard completion design, but also incorporated a tighter frac density concept utilizing an 82-stage completion on four wells.
- Section 4-62-9 - the wells are located within the southern area of NE Wattenberg and includes 8 XRL wells that began initial flowback in June 2016. The wells primarily utilized the standard completion design, but also incorporated a new spacing concept
- The oil price differential averaged $4.82 per barrel less than WTI, a 14% improvement from the first quarter of 2016 average of $5.61 per barrel and a decrease from the second quarter of 2015 of $8.77 per barrel. The Company's oil pricing continues to benefit from having no firm takeaway capacity commitments as regional infrastructure has improved.
- As previously announced, due to the uncertainty of a sustained oil price recovery during 2016, the Company elected to curtail drilling activity to preserve capital and released the sole drilling rig that was operating during the first quarter. The Company continues to monitor industry conditions to determine the appropriate time to resume drilling activities during the second half of 2016.
- Capital expenditures of $75-$100 million, reduced from $90-$135 million, reflecting lower well costs and lower infrastructure related and other non-drilling related capital.
- Represents a 30% decrease from the mid-point of initial 2016 guidance
- The low end of guidance assumes that no new XRL wells are drilled.
- Production of 5.9-6.2 MMBoe, raised the low end of guidance despite the sale of non-core assets in the Uinta Basin.
- Full-year 2016 guidance reflects the loss of approximately 0.1 MMBoe for the second half of the year associated with the Uinta Basin asset sale
- Third quarter production sales volumes are expected to approximate 1.5-1.6 MMBoe
- Lease operating expense of $31-$34 million, decreased from $33-$36 million to reflect cost reductions and the sale of higher operating cost properties in the Uinta Basin
- General and administrative expenses of $30-$33 million, decreased from $31-$34 million to reflect lower costs in the second half of the year
- Gathering, transportation and processing costs of $2-$4 million, decreased from $3-$5 million to reflect the sale of properties in the Uinta Basin
- August 15, 2016 - EnerCom's The Oil & Gas Conference in Denver, CO
- September 7-8, 2016 - Barclays CEO Energy-Power Conference in New York, NY
- September 20, 2016 - Deutsche Bank Energy Summit in Boston, MA
- September 21, 2016 - Johnson Rice & Company Energy Conference in New Orleans, LA
- September 28, 2016 - Deutsche Bank Leveraged Finance Conference in Scottsdale, AZ
- June 7, 2016 – BAML Energy Credit Conference. Senior Vice President – Treasury and Finance, Bill Crawford, will present at 10:50 a.m. ET and will meet with investors in a 1x1 setting. The event will not be webcast.
- June 9-10, 2016 – Barclays High Yield Bond and Syndicated Loan Conference. Senior Vice President – Treasury and Finance, Bill Crawford, will present at 8:50 a.m. MT on June 10 and will meet with investors in a 1x1 setting. This event will not be webcast.
- June 21-22, 2016 – Wells Fargo West Coast Energy Conference. Chief Executive Officer and President, Scot Woodall, will participate in a panel discussion on June 22 and will meet with investors in a 1x1 setting.
- June 28, 2016 – Seaport Global Annual Energy & Industrials Conference. Chief Executive Officer and President, Scot Woodall, will meet with investors in a 1x1 setting.
- June 29, 2016 – J.P. Morgan Inaugural Energy Equity Investor Conference. Chief Executive Officer and President, Scot Woodall, will present at 1:40 p.m. ET and will meet with investors in a 1x1 setting. The event will not be webcast.
- Production sales volumes of 1.4 MMBoe (65% oil), at the high-end of first quarter guidance range
- Capital expenditures of $46 million, 20% below the mid-point of the first quarter guidance range
- 2016 capital expenditures reduced to $90-$135 million from $100-$150 million as a result of lower well costs
- Reported discretionary cash flow of $0.50 per share and EBITDAX of $39 million
- Affirmed borrowing base at $335 million with no change to terms or conditions
- Exited the first quarter of 2016 with $106 million of cash and an undrawn credit facility
- Executed agreement to divest a portion of Uinta Basin assets for approximately $30 million
- Produced an average of 11,670 Boe/d, an increase of 15% from the first quarter of 2015, excluding production associated with non-core asset sales completed during 2015.
- The oil price differential averaged $5.61 per barrel less than WTI, a decrease from the fourth quarter of 2015 of $6.42 per barrel and a decrease from the first quarter of 2015 of $9.99 per barrel.
- Spud 4 XRL wells and placed 16 wells, including 15 XRL wells, on initial flowback.
- Expect to place 8 XRL wells on initial flowback during the second quarter of 2016.
- The Company continues to be encouraged with the initial results of the development program and has a total of 34 wells, including 32 XRL wells that are currently in various stages of flowback operations. Activity to date has included utilizing several modified drilling and completion concepts to determine the optimal drilling and completion techniques.
- As previously announced, due to the uncertainty of an oil price recovery during 2016, the Company elected to curtail drilling activity to preserve capital and released the sole drilling rig that was operating during the first quarter. Industry conditions will continue to be monitored to determine the appropriate time to resume drilling.
- Drilling and completion costs for XRL wells are currently forecast to average approximately $4.75 million per well, although wells on the most recent multi-well pad were completed 10-15% below this level.
- Drilling days for the recent XRL wells have consistently averaged approximately 8 days per well from spud to rig release, including a best-in-class well drilled in 6.5 days.
- Capital expenditures of $90-$135 million, reduced from $100-$150 million as a result of lower XRL well costs.
- Second quarter capital expenditures are expected to total approximately $30-$35 million
- Production of 5.8-6.2 MMBoe, unchanged.
- Second quarter production sales volumes are expected to approximate 1.4 MMBoe
- 2015 production sales volumes of 6.6 million barrels of oil equivalent ("MMBoe"), exceeded high-end of guidance and was 16% above the mid-point of original guidance
- Denver-Julesburg ("DJ") Basin production for the fourth quarter of 2015 increased 55% year-over-year
- 2015 lease operating expense ("LOE") of $43 million, 7% below the mid-point of guidance and 10% below the mid-point of original guidance
- Fourth quarter LOE of $4.70 per Boe, represents a 17% sequential decrease
- 2015 capital expenditures of $287 million, 10% below the mid-point of guidance
- Exhibited cost discipline as current extended reach lateral ("XRL") well costs of $4.75 million are approximately 42% lower compared to wells drilled in the fourth quarter of 2014
- Entered 2016 with $129 million of cash and an undrawn credit facility of $375 million
- 2016 operating plan has projected capital expenditures of $100-$150 million, approximately 55% below 2015 levels, with total production of 5.8-6.2 MMBoe
- Produced an average of 13,837 Boe/d, an increase of 55% from the fourth quarter of 2014
- DJ Basin oil volumes averaged 8,263 Bbls/d, an increase of 51% from the fourth quarter of 2014
- Spud 9.0 gross/8.0 net operated XRL wells during the fourth quarter of 2015.
- Placed 9.0 gross/8.1 net XRL wells on initial sales during the fourth quarter of 2015.
- 17 XRL wells are currently in various stages of flowback and ramping up to a peak oil rate, including two four-well XRL pads and a ten-well pad that includes 9 XRL wells.
- 16 wells, including 15 XRL wells, are in various stages of completion and are expected to be placed on initial flowback in April 2016.
- 8 XRL wells have recently finished drilling and will begin completion operations beginning in March 2016.
- XRL well drilling days to rig release have been reduced to an average of approximately 8 days per well, including a best-in-class well that was drilled in approximately 6.5 days. This represents a 49% improvement from the average of 2014.
- XRL drilling and completion costs of $4.75 million per well are approximately 42% lower compared to XRL wells drilled in the fourth quarter of 2014.
- Capital expenditures of $100-$150 million
- This is approximately 55% below 2015 spending at the mid-point and represents a one-rig program for a portion of the year to drill up to 20 XRL wells in the NE Wattenberg field of the DJ Basin.
- The Company has spud 4 XRL wells since the beginning of the year and recently released the drilling rig that it was operating due to low oil prices.
- The low-end of the guidance range assumes that all wells that have been drilled are completed and placed on production and no new wells are drilled in 2016, while the high-end of the guidance range assumes that drilling activity resumes during the second half of 2016.
- Assumes an XRL well cost of approximately $4.75 million.
- First quarter of 2016 capital expenditures are expected to be approximately $55-$60 million and includes capital for completions of wells drilled during 2015.
- Production of 5.8-6.2 MMBoe
- Represents a production level that is similar to or slightly higher than pro forma 2015 sales volumes of 5.9 MMBoe at the mid-point, which excludes asset divestitures completed during 2015.
- Production is estimated to be approximately 65% oil, 20% natural gas and 15% NGLs.
- Production is expected to be weighted higher in the second half of 2016 as current completion and flowback operations on a 16-well drilling and spacing unit ("DSU"), including 15 XRL wells, and a 8-well DSU, all of which are XRL wells, will contribute to second half production rates. The Company anticipates that the fourth quarter of 2016 exit rate will be similar to the fourth quarter of 2015. This also represents an approximate 20-25% increase from the first quarter of 2016 to the fourth quarter of 2016.
- First quarter of 2016 production is expected to approximate 1.3-1.4 MMBoe, which represents lower sequential production from the fourth quarter of 2015, in part, due to the sale of non-core assets that were completed during the quarter.
- Lease operating expense of $33-$36 million, approximately 20% lower than 2015
- Gathering, transportation and processing costs of $3-$5 million
- Unused commitment for firm natural gas transportation charges of $18-$19 million
- General and administrative expenses of $31-$34 million, which excludes non-cash, performance-based compensation and other one-time costs, approximately 25% lower than 2015
- Full-year 2015 production sales volumes of 6.6 MMBoe, exceeds high end of guidance and was 16% above the mid-point of original guidance
- Full-year 2015 capital expenditures of $287 million, 9% below the low-end of guidance
- XRL completed well costs currently averaging $4.75 million, a 42% improvement over wells drilled in the fourth quarter of 2014
- Entered 2016 with excellent liquidity of $478 million, consisting of $129 million of cash and an undrawn credit facility
EnerCom Dallas 2020 Energy Investment Conference Set to Welcome Hundreds of Energy Industry Executives to Texas
Source: PR Newswire
DENVER, Feb. 10, 2020 /PRNewswire/ -- Institutional investors, portfolio managers, financial analysts, CIOs and other capital market professionals who invest in the energy space will attend the EnerCom Dallas energy investment conference, coming to The Tower Club beginning tomorrow February 11th through the 12th in downtown Dallas.
The EnerCom Dallas conference follows EnerCom's familiar 25-minute CEO presentation format, followed by 50-minute Q&A opportunities in separate breakout rooms, one-on-one meeting opportunities for buyside investors and sellside researchers to meet company management teams, networking opportunities and global insight delivered by leading energy economists and strategists. The event also provides energy industry professionals a venue to learn about important energy topics affecting the global oil and gas industry. Key panel discussions include Environmental, Social and Governance (ESG), Capital Markets and Midstream.
New this year, the EnerCom Dallas conference is offering a unique opportunity for energy related technology, alternative energy and traditional oil and gas start-up ventures to present their business to a captive audience of investors. The Energy Innovation Capital Accelerator Session will provide invited presenters the opportunity to give a fifteen-minute presentation and participate in a Q&A. Investors can also schedule private one-on-one meetings with session participants at the Tower Club, Dallas.
The EnerCom Dallas schedule is accessible on the conference site.
One-on-One Meetings Open for 2020 Conference Session:
EnerCom works in advance with presenting company management teams to arrange one-on-one meetings with the attending institutional investors and research analysts at the conference venue. Buy- and sell-side attendees can now request one-on-one meeting via the conference registration portal accessible on the conference site.
EnerCom Dallas Presenting Companies Include:
The EnerCom Dallas Presenting Company Line-Up is accessible on the conference website.
Registration for EnerCom Dallas is now exclusively walk-up on site at the Tower Club in Dallas
Buyside professionals and oil and gas company executives may register for the event on Tuesday morning ahead of morning proceedings.
Conference Details: Modeled after EnerCom's The Oil & Gas Conference® in Denver, EnerCom Dallas offers investment professionals a unique opportunity to listen to oil and gas company senior management teams update investors on their operational and financial strategies and learn how the leading energy companies are building value in 2020.
Conference Dates: February 11-12, 2020
Conference Location: Tower Club Dallas, 1601 Elm Street, Thanksgiving Tower, 48th Floor, Dallas, Texas 75201
Public and Private Company Presenters: EnerCom Dallas will feature both public and private companies headquartered in Canada and the U.S. with operations across the most active and prolific oil and gas regions and the globe.
Who Attends the Conference: Institutional and hedge fund investors, private equity investors, energy research analysts, broker/dealers, trust officers, high net worth investors, commercial energy bankers and other energy industry professionals will gather in Dallas for the conference.
One-on-One Meetings: EnerCom works in advance with presenting company management teams to arrange one-on-one meetings with the attending institutional investors and research analysts at the conference venue.
History: EnerCom, Inc. hosted its original energy-focused investment conference, The Oil & Gas Conference®, in 1996 in Denver. 2020 marks EnerCom's 25th annual Denver oil and gas financial conference. Since its founding, EnerCom has hosted more than 50 successful oil and gas investment conferences in Denver, London, Dallas, Boston and San Francisco.
About EnerCom, Inc.
Founded in 1994, EnerCom, Inc. is an internationally recognized management consultancy advising companies on Environmental, Social & Governance (ESG), investor relations, corporate strategy/board advisory, marketing, analysis and valuation, media, branding, and visual communications design. Headquartered in Denver, EnerCom and its team of experts are passionate about the energy industry and our work to provide clients with wide range of services to build brand recognition that drives valuation and returns.
EnerCom's upcoming oil and gas investment conferences include:
For more information about EnerCom and its services, please visit http://www.enercominc.com/ or call +1 303-296-8834 to speak with the management team or one of our consultants.
Event Sponsors Include:
About Netherland, Sewell & Associates, Inc.
Netherland, Sewell & Associates, Inc. (NSAI) was founded in 1961 to provide the highest quality engineering and geological consulting to the petroleum industry. Today they are recognized as the worldwide leader of petroleum property analysis to industry and financial organizations and government agencies. With offices in Dallas and Houston, NSAI provides a complete range of geological, geophysical, petrophysical, and engineering services and has the technical experience and ability to perform these services in any of the onshore and offshore oil and gas producing areas of the world. They provide reserves reports and audits, acquisition and divestiture evaluations, simulation studies, exploration resources assessments, equity determinations, and management and advisory services.
For a complete list of services or to learn more about Netherland, Sewell & Associates, Inc. please visit https://netherlandsewell.com/.
About Haynes and Boone
Haynes and Boone, LLP is an energy focused corporate law firm, providing a full spectrum of legal services and solutions to clients across the oil and gas industry, including the upstream, midstream, and downstream sectors. Lawyers from our Denver office and 15 other offices work as a team to meet the legal needs of our domestic and international clients involved in oil and gas. We represent private and public oil and gas companies, financial institutions, investment funds and other investors. Our team of more than 100 energy lawyers and landmen understands the physical and financial energy markets, and the firm has been helping both operators and lenders complete some of the largest financings and M&A transactions in recent years. The BTI Industry Power Rankings, published by BTI Consulting Group, Inc., named Haynes and Boone a "Leading Recommended" firm for the energy industry in 2017, ranking our firm among the top three percent of all law firms. For more information, please visit www.haynesboone.com/.
About CAC Specialty
CAC Specialty is an employee-owned risk solutions company of seasoned and proactive industry leaders, operating as a nimble and collaborative partner who puts you and your business first. With a knowledge-driven approach informed by data and decades of honed instinct, CAC Specialty brings an innovative vision to insurance broking, private finance and structured solutions to solve your risk challenges – from the simple to the previously unsolvable.
We are an integrated specialty insurance brokerage and structured solutions business focused on providing subject matter expertise and placement capabilities across the spectrum of insurance and alternative capital markets. CAC Specialty designs and delivers bespoke private finance and insurance solutions to public and private companies and private equity sponsors. We deliver unique solutions that help our clients facilitate the execution of strategic priorities, increase capital efficiency and significantly reduce costs. We are not constrained by traditional risk transfer thinking. Backed by a large $40B AUM asset manager, our team can expand the range of risk transfer through access to private debt and alternative pools of risk capital. For information on CAC Specialty, please visit the www.cacspecialty.com/.
About SitePro
At SitePro we discovered the missing link between facilities and human power is digital technology. Developed in 2012 by our team of experts in computer science, oilfield operations and engineering, our real-time cloud-based automation and IoT platform transformed fluid management in the industry. Our technology combines field operations with back-office responsibilities in one platform, allowing our customers to remotely control their sites, digitally manage their tickets and receive real-time data for reporting. To ensure the continued growth of our customers' businesses we knew we had to provide more operational support, in the form of managed services. Today we offer around-the-clock facility management acting as our customer's eyes, protecting their operations and enabling optimal production. The SitePro team continues to work towards our goal by developing solutions that help our customers operate efficiently and safely.
For information on SitePro, please visit the www.sitepro.com/.
View original content:http://www.prnewswire.com/news-releases/enercom-dallas-2020-energy-investment-conference-set-to-welcome-hundreds-of-energy-industry-executives-to-texas-301002219.html
SOURCE EnerCom, Inc.
Article Date
2/10/2020Day One Keynote Speaker, Chris Wright, Announced for EnerCom Dallas Energy Investment Conference, February 11-12, 2020
Source: PR Newswire
DENVER, Jan. 30, 2020 /PRNewswire/ -- Institutional investors, portfolio managers, financial analysts, CIOs and other capital market professionals who invest in the energy space should register now for the EnerCom Dallas energy investment conference, which is coming to The Tower Club February 11-12 in downtown Dallas.
The EnerCom Dallas conference follows EnerCom's familiar 25-minute CEO presentation format, followed by 50-minute Q&A opportunities in separate breakout rooms, one-on-one meeting opportunities for buyside investors and sellside researchers to meet company management teams, networking opportunities and global insight delivered by leading energy economists and strategists. The event also provides energy industry professionals a venue to learn about important energy topics affecting the global oil and gas industry. Key panel discussions include Environmental, Social and Governance (ESG), Capital Markets, LNG Landscape and Midstream.
New this year, the EnerCom Dallas conference is offering a unique session for energy related technology, alternative energy and traditional oil and gas start-up ventures the opportunity to present their business to a captive audience of investors. The event will provide invited presenters the opportunity to give a fifteen-minute presentation and participate in a Q&A. Investors can also schedule private one-on-one meetings with session participants at the Tower Club, Dallas.
The EnerCom Dallas schedule is now live and will be updated continuously on the conference site.
Chris Wright, CEO of Liberty Oilfield Services Will Present "Energy Transitions and Humans"
Chris Wright serves as CEO and Chairman of Liberty Oilfield Services and has since its founding in 2011. Additionally, Chris co-founded and serves as Executive Chairman of Liberty Resources, a Bakken-focused E&P company and Liberty Midstream Solutions. He has had a lifelong passion for energy and its role in human life.
He has spoken on energy to the UK House of Lords, the States Attorneys General, Federal and State Judges, debated the merits of the shale revolution on TV and given over 100 talks.
Chris completed an undergraduate degree in Mechanical Engineering at MIT and graduate work in Electrical Engineering at both UC Berkeley and MIT. Chris founded Pinnacle Technologies and from 1992 to 2006 served as CEO and Chairman. Pinnacle created the hydraulic fracture mapping industry by developing and commercializing tiltmeter and microseismic fracture mapping. Pinnacle's innovations in fracturing practices helped launch commercial shale gas production in the late 1990's. Chris was Chairman of Stroud Energy, an early shale gas producer, prior to its sale to Range Resources in 2006. Chris is currently a director of Liberty Oilfield Services, Liberty Resources, and Urban Solutions Group.
One-on-One Meetings Open for 2020 Conference Session:
EnerCom works in advance with presenting company management teams to arrange one-on-one meetings with the attending institutional investors and research analysts at the conference venue. Buy- and sell-side attendees can now request one-on-one meeting via the conference registration portal accessible on the conference site.
EnerCom Dallas Presenting Companies Include:
The EnerCom Dallas Presenting Company Line-Up will be updated continuously on the conference website.
Registration for EnerCom Dallas is now open
Buyside professionals and oil and gas company executives may register for the event through the conference website.
Conference Details: Modeled after EnerCom's The Oil & Gas Conference® in Denver, EnerCom Dallas offers investment professionals a unique opportunity to listen to oil and gas company senior management teams update investors on their operational and financial strategies and learn how the leading energy companies are building value in 2020.
Conference Dates: February 11-12, 2020
Conference Location: Tower Club Dallas, 1601 Elm Street, Thanksgiving Tower, 48th Floor, Dallas, Texas 75201
Public and Private Company Presenters: EnerCom Dallas will feature both public and private companies headquartered in Canada and the U.S. with operations across the most active and prolific oil and gas regions and the globe.
Who Attends the Conference: Institutional and hedge fund investors, private equity investors, energy research analysts, broker/dealers, trust officers, high net worth investors, commercial energy bankers and other energy industry professionals will gather in Dallas for the conference.
One-on-One Meetings: EnerCom works in advance with presenting company management teams to arrange one-on-one meetings with the attending institutional investors and research analysts at the conference venue.
History: EnerCom, Inc. hosted its original energy-focused investment conference, The Oil & Gas Conference®, in 1996 in Denver. 2020 marks EnerCom's 25th annual Denver oil and gas financial conference. Since its founding, EnerCom has hosted more than 50 successful oil and gas investment conferences in Denver, London, Dallas, Boston and San Francisco.
About EnerCom, Inc.
Founded in 1994, EnerCom, Inc. is an internationally recognized management consultancy advising companies on Environmental, Social & Governance (ESG), investor relations, corporate strategy/board advisory, marketing, analysis and valuation, media, branding, and visual communications design. Headquartered in Denver, EnerCom and its team of experts are passionate about the energy industry and our work to provide clients with wide range of services to build brand recognition that drives valuation and returns.
EnerCom's upcoming oil and gas investment conferences include:
For more information about EnerCom and its services, please visit http://www.enercominc.com/ or call +1 303-296-8834 to speak with the management team or one of our consultants.
Event Sponsors Include:
About Netherland, Sewell & Associates, Inc.
Netherland, Sewell & Associates, Inc. (NSAI) was founded in 1961 to provide the highest quality engineering and geological consulting to the petroleum industry. Today they are recognized as the worldwide leader of petroleum property analysis to industry and financial organizations and government agencies. With offices in Dallas and Houston, NSAI provides a complete range of geological, geophysical, petrophysical, and engineering services and has the technical experience and ability to perform these services in any of the onshore and offshore oil and gas producing areas of the world. They provide reserves reports and audits, acquisition and divestiture evaluations, simulation studies, exploration resources assessments, equity determinations, and management and advisory services.
For a complete list of services or to learn more about Netherland, Sewell & Associates, Inc. please visit https://netherlandsewell.com/.
About Haynes and Boone
Haynes and Boone, LLP is an energy focused corporate law firm, providing a full spectrum of legal services and solutions to clients across the oil and gas industry, including the upstream, midstream, and downstream sectors. Lawyers from our Denver office and 15 other offices work as a team to meet the legal needs of our domestic and international clients involved in oil and gas. We represent private and public oil and gas companies, financial institutions, investment funds and other investors. Our team of more than 100 energy lawyers and landmen understands the physical and financial energy markets, and the firm has been helping both operators and lenders complete some of the largest financings and M&A transactions in recent years. The BTI Industry Power Rankings, published by BTI Consulting Group, Inc., named Haynes and Boone a "Leading Recommended" firm for the energy industry in 2017, ranking our firm among the top three percent of all law firms. For more information, please visit www.haynesboone.com/.
About CAC Specialty
CAC Specialty is an employee-owned risk solutions company of seasoned and proactive industry leaders, operating as a nimble and collaborative partner who puts you and your business first. With a knowledge-driven approach informed by data and decades of honed instinct, CAC Specialty brings an innovative vision to insurance broking, private finance and structured solutions to solve your risk challenges – from the simple to the previously unsolvable.
We are an integrated specialty insurance brokerage and structured solutions business focused on providing subject matter expertise and placement capabilities across the spectrum of insurance and alternative capital markets. CAC Specialty designs and delivers bespoke private finance and insurance solutions to public and private companies and private equity sponsors. We deliver unique solutions that help our clients facilitate the execution of strategic priorities, increase capital efficiency and significantly reduce costs. We are not constrained by traditional risk transfer thinking. Backed by a large $40B AUM asset manager, our team can expand the range of risk transfer through access to private debt and alternative pools of risk capital. For information on CAC Specialty, please visit the www.cacspecialty.com/.
About SitePro
At SitePro we discovered the missing link between facilities and human power is digital technology. Developed in 2012 by our team of experts in computer science, oilfield operations and engineering, our real-time cloud-based automation and IoT platform transformed fluid management in the industry. Our technology combines field operations with back-office responsibilities in one platform, allowing our customers to remotely control their sites, digitally manage their tickets and receive real-time data for reporting. To ensure the continued growth of our customers' businesses we knew we had to provide more operational support, in the form of managed services. Today we offer around-the-clock facility management acting as our customer's eyes, protecting their operations and enabling optimal production. The SitePro team continues to work towards our goal by developing solutions that help our customers operate efficiently and safely.
For information on SitePro, please visit the www.sitepro.com/.
View original content:http://www.prnewswire.com/news-releases/day-one-keynote-speaker-chris-wright-announced-for-enercom-dallas-energy-investment-conference-february-11-12-2020-300996588.html
SOURCE EnerCom, Inc.
Article Date
1/30/2020Presenting Company Line-Up Announced for EnerCom Dallas Energy Investment Conference, February 11-12, 2020
Source: PR Newswire
DENVER, Jan. 8, 2020 /PRNewswire/ -- Institutional investors, portfolio managers, financial analysts, CIOs and other capital market professionals who invest in the energy space should register now for the EnerCom Dallas energy investment conference, which is coming to The Tower Club February 11-12 in downtown Dallas.
The EnerCom Dallas conference follows EnerCom's familiar 25-minute CEO presentation format, followed by 50-minute Q&A opportunities in separate breakout rooms, one-on-one meeting opportunities for buyside investors and sellside researchers to meet company management teams, networking opportunities and global insight delivered by leading energy economists and strategists. The event also provides energy industry professionals a venue to learn about important energy topics affecting the global oil and gas industry. Key panel discussions include Environmental, Social and Governance (ESG), Capital Markets, LNG Landscape and Midstream.
New this year, the EnerCom Dallas conference is offering a unique session for energy related technology, alternative energy and traditional oil and gas start-up ventures to have the opportunity to present their business to a captive audience of investors. The event will provide invited presenters the opportunity to give a fifteen-minute presentation and participate in a Q&A. Investors can also schedule private one-on-one meetings with session participants at the Tower Club, Dallas.
EnerCom Dallas Presenting Companies Include:
The EnerCom Dallas Presenting Company Line-Up will be updated continuously on the conference website.
Registration for EnerCom Dallas is now open
Buyside professionals and oil and gas company executives may register for the event through the conference website.
Conference Details: Modeled after EnerCom's The Oil & Gas Conference® in Denver, EnerCom Dallas offers investment professionals a unique opportunity to listen to oil and gas company senior management teams update investors on their operational and financial strategies and learn how the leading energy companies are building value in 2020.
Conference Dates: February 11-12, 2020
Conference Location: Tower Club Dallas, 1601 Elm Street, Thanksgiving Tower, 48th Floor, Dallas, Texas 75201
Public and Private Company Presenters: EnerCom Dallas will feature both public and private companies headquartered in Canada and the U.S. with operations across the most active and prolific oil and gas regions and the globe.
Who Attends the Conference: Institutional and hedge fund investors, private equity investors, energy research analysts, broker/dealers, trust officers, high net worth investors, commercial energy bankers and other energy industry professionals will gather in Dallas for the conference.
One-on-One Meetings: EnerCom works in advance with presenting company management teams to arrange one-on-one meetings with the attending institutional investors and research analysts at the conference venue.
History: EnerCom, Inc. hosted its original energy-focused investment conference, The Oil & Gas Conference®, in 1996 in Denver. 2020 marks EnerCom's 25th annual Denver oil and gas financial conference. Since its founding, EnerCom has hosted more than 50 successful oil and gas investment conferences in Denver, London, Dallas, Boston and San Francisco.
About EnerCom, Inc.
Founded in 1994, EnerCom, Inc. is an internationally recognized management consultancy advising companies on Environmental, Social & Governance (ESG), investor relations, corporate strategy/board advisory, marketing, analysis and valuation, media, branding, and visual communications design. Headquartered in Denver, EnerCom and its team of experts are passionate about the energy industry and our work to provide clients with wide range of services to build brand recognition that drives valuation and returns.
EnerCom's upcoming oil and gas investment conferences include:
For more information about EnerCom and its services, please visit http://www.enercominc.com/ or call +1 303-296-8834 to speak with the management team or one of our consultants.
Event Sponsors Include:
About Netherland, Sewell & Associates, Inc.
Netherland, Sewell & Associates, Inc. (NSAI) was founded in 1961 to provide the highest quality engineering and geological consulting to the petroleum industry. Today they are recognized as the worldwide leader of petroleum property analysis to industry and financial organizations and government agencies. With offices in Dallas and Houston, NSAI provides a complete range of geological, geophysical, petrophysical, and engineering services and has the technical experience and ability to perform these services in any of the onshore and offshore oil and gas producing areas of the world. They provide reserves reports and audits, acquisition and divestiture evaluations, simulation studies, exploration resources assessments, equity determinations, and management and advisory services.
For a complete list of services or to learn more about Netherland, Sewell & Associates, Inc. please visit https://netherlandsewell.com/.
About Haynes and Boone
Haynes and Boone, LLP is an energy focused corporate law firm, providing a full spectrum of legal services and solutions to clients across the oil and gas industry, including the upstream, midstream, and downstream sectors. Lawyers from our Denver office and 15 other offices work as a team to meet the legal needs of our domestic and international clients involved in oil and gas. We represent private and public oil and gas companies, financial institutions, investment funds and other investors. Our team of more than 100 energy lawyers and landmen understands the physical and financial energy markets, and the firm has been helping both operators and lenders complete some of the largest financings and M&A transactions in recent years. The BTI Industry Power Rankings, published by BTI Consulting Group, Inc., named Haynes and Boone a "Leading Recommended" firm for the energy industry in 2017, ranking our firm among the top three percent of all law firms. For more information, please visit www.haynesboone.com/.
About CAC Specialty
CAC Specialty is an employee-owned risk solutions company of seasoned and proactive industry leaders, operating as a nimble and collaborative partner who puts you and your business first. With a knowledge-driven approach informed by data and decades of honed instinct, CAC Specialty brings an innovative vision to insurance broking, private finance and structured solutions to solve your risk challenges – from the simple to the previously unsolvable.
We are an integrated specialty insurance brokerage and structured solutions business focused on providing subject matter expertise and placement capabilities across the spectrum of insurance and alternative capital markets. CAC Specialty designs and delivers bespoke private finance and insurance solutions to public and private companies and private equity sponsors. We deliver unique solutions that help our clients facilitate the execution of strategic priorities, increase capital efficiency and significantly reduce costs. We are not constrained by traditional risk transfer thinking. Backed by a large $40B AUM asset manager, our team can expand the range of risk transfer through access to private debt and alternative pools of risk capital. For information on CAC Specialty, please visit the www.cacspecialty.com/.
About SitePro
At SitePro we discovered the missing link between facilities and human power is digital technology. Developed in 2012 by our team of experts in computer science, oilfield operations and engineering, our real-time cloud-based automation and IoT platform transformed fluid management in the industry. Our technology combines field operations with back-office responsibilities in one platform, allowing our customers to remotely control their sites, digitally manage their tickets and receive real-time data for reporting. To ensure the continued growth of our customers' businesses we knew we had to provide more operational support, in the form of managed services. Today we offer around-the-clock facility management acting as our customer's eyes, protecting their operations and enabling optimal production. The SitePro team continues to work towards our goal by developing solutions that help our customers operate efficiently and safely.
For information on SitePro, please visit the www.sitepro.com/.
View original content:http://www.prnewswire.com/news-releases/presenting-company-line-up-announced-for-enercom-dallas-energy-investment-conference-february-11-12-2020-300983772.html
SOURCE EnerCom, Inc.
Article Date
1/8/202012/30/2019 - Registration is Open for EnerCom Dallas Energy Investment Conference, February 11-12, 2020
Registration is Open for EnerCom Dallas Energy Investment Conference, February 11-12, 2020
Source: PR Newswire
DENVER, Dec. 30, 2019 /PRNewswire/ -- Institutional investors, portfolio managers, financial analysts, CIOs and other investment community professionals who invest in the energy space should register now for the EnerCom Dallas energy investment conference, which is coming to The Tower Club February 11-12 in downtown Dallas.
EnerCom Dallas is a financial conference that allows institutional investors an early 2020 opportunity to hear and meet CEOs from leading independent E&Ps, including some of the industry's leading Permian, Eagle Ford, Marcellus, Utica and Canadian producers and the oilfield service companies supporting them, discuss plans to drive development, fund operations and return value to shareholders in 2020.
Registration for EnerCom Dallas is now open
Buyside professionals and oil and gas company executives may register for the event through the conference website.
2019 proved to be a year where the energy industry continued to adapt, have constructive dialogues with capital parties and find ways to generate returns for investors. Companies are focused on improving their operations and having a relentless drive to continually be better stewards of their assets and the capital.
"EnerCom Dallas will give the buyside community an early opportunity to hear the leading independent oil and gas producers and service companies present their plans for 2020," said Aaron Vandeford, President of EnerCom. "Growing public expectations around Corporate Social Responsibility (CSR) has increased the emphasis by investors on making investments in companies that are actively addressing Environmental, Social and Governance (ESG) concerns. EnerCom will look to help facilitate this dialogue at our Dallas conference ahead of the proxy season."
The EnerCom Dallas conference follows EnerCom's familiar 25-minute CEO presentation format, followed by 50-minute Q&A opportunities in separate breakout rooms, one-on-one meeting opportunities for buyside investors to meet company management teams, networking opportunities and global insight delivered by leading energy economists and strategists. The event also provides energy industry professionals a venue to learn about important energy topics affecting the global oil and gas industry. The conference offers healthy dialogue and informal networking opportunities for attendees and presenters.
EnerCom Dallas is in its fourth year. Last year's EnerCom Dallas conference featured hundreds of investment community and oil and gas industry attendees.
Conference Details: Modeled after EnerCom's The Oil & Gas Conference® in Denver, EnerCom Dallas offers investment professionals a unique opportunity to listen to oil and gas company senior management teams update investors on their operational and financial strategies and learn how the leading energy companies are building value in 2020.
Conference Dates: February 11-12, 2020
Conference Location: Tower Club Dallas, 1601 Elm Street, Thanksgiving Tower, 48th Floor, Dallas, Texas 75201
Public and Private Company Presenters: EnerCom Dallas will feature both public and private companies headquartered in Canada and the U.S. with operations across the most active and prolific oil and gas regions and the globe.
Who Attends the Conference: Institutional and hedge fund investors, private equity investors, energy research analysts, broker/dealers, trust officers, high net worth investors, commercial energy bankers and other energy industry professionals will gather in Dallas for the conference.
One-on-One Meetings: EnerCom works in advance with presenting company management teams to arrange one-on-one meetings with the attending institutional investors and research analysts at the conference venue.
History: EnerCom, Inc. hosted its original energy-focused investment conference, The Oil & Gas Conference®, in 1996 in Denver. 2020 marks EnerCom's 25th annual Denver oil and gas financial conference. Since its founding, EnerCom has hosted more than 50 successful oil and gas investment conferences in Denver, London, Dallas, Boston and San Francisco.
About EnerCom, Inc.
Founded in 1994, EnerCom, Inc. is an internationally recognized management consultancy advising companies on Environmental, Social & Governance (ESG), investor relations, corporate strategy/board advisory, marketing, analysis and valuation, media, branding, and visual communications design. Headquartered in Denver, EnerCom and its team of experts are passionate about the energy industry and our work to provide clients with wide range of services to build brand recognition that drives valuation and returns.
EnerCom's upcoming oil and gas investment conferences include:
For more information about EnerCom and its services, please visit http://www.enercominc.com/ or call +1 303-296-8834 to speak with the management team or one of our consultants.
View original content:http://www.prnewswire.com/news-releases/registration-is-open-for-enercom-dallas-energy-investment-conference-february-11-12-2020-300979915.html
SOURCE EnerCom, Inc.
Article Date
12/30/2019EnerCom Posts Schedule of Presenters for The Oil & Gas Conference® Aug. 11-14, 2019
Source: PR Newswire
DENVER, June 12, 2019 /PRNewswire/ -- EnerCom has released the presentation schedule for the oil and gas companies presenting at its 24th annual The Oil & Gas Conference® on Aug. 11-14, 2019, in Denver, Colorado.
Day One Presenting Companies at the 2019 EnerCom Conference
Aug. 12, 2019, the first day of the EnerCom conference presentation schedule, features a large, established group of operators working across North America's shale basins and internationally, including:
The conference investor presentations begin at 7:30 a.m. and run through 4:30 p.m. on Monday, Aug. 12.
Expert Speakers: Global energy industry leaders, economists, market strategists, government officials, energy finance professionals and other energy experts will provide their insights on global commodities markets, energy exports, frac sand supply and logistics, and capital sources for energy development.
EnerCom is pleased to include Credit Agricole CIB's Chief Economist for the United States Michael Carey as a guest expert speaker at 11:30 a.m. on Monday, Aug. 12. Carey will provide his insight on energy markets, capital markets and market conditions going forward.
Monday's luncheon keynote address on Aug. 12, 2019 will be provided by Cedric Burgher, Occidental Petroleum (NYSE: OXY) CFO.
Online Registration is Open for EnerCom's 24TH Annual The Oil & Gas Conference®: Buyside investors and oil and gas company professionals may register for the event through the conference website registration page.
Conference Details: The Oil & Gas Conference® 24 offers investment professionals the opportunity to listen to senior management teams in the oil and gas industry present operational and financial strategies and to gain exposure to important energy topics affecting the global oil and gas industry.
The EnerCom conference forum fosters healthy dialogue and informal networking opportunities for attendees at several sponsored events the week of the conference.
Public and Private Company Presenters: The 2019 edition of EnerCom's The Oil & Gas Conference® will feature public and private oil and gas companies with operations around the world including the U.S. shale basins, the Gulf of Mexico and Canada. A work-in-progress list of the 2019 presenting companies will be updated on the conference website. The daily schedule of presenters is also posted on the website (presenters, days, times are subject to change).
How to Hear the Luncheon Speakers: Completing online registration well in advance of The Oil & Gas Conference® will provide your best chance to gain insight from Occidental Petroleum SVP and chief financial officer Cedric Burgher, Continental Resources Chairman and CEO Harold Hamm, and global supermajor Eni, SpA VP of North America Investor Relations Andrew Lees.
Who Attends the Conference: More than 2,000 institutional, private equity and hedge fund investors, family offices, energy research analysts, retail brokers, trust officers, high net worth investors, investment bankers and energy industry professionals gather in Denver for the conference.
One-on-One Meetings: EnerCom works in advance with presenting company management teams to arrange one-on-one meetings with the attending institutional investors and research analysts at the conference venue. In 2018, EnerCom arranged and managed more than 2,000 one-on-one meeting requests.
How to Register: Investment professionals and oil and gas companies may register for the event through the conference website.
EnerCom History and Sponsors: EnerCom, Inc. founded The Oil & Gas Conference® in 1996. It is the oldest and largest energy investment conference in Denver.
Global sponsors of EnerCom's conferences are Netherland, Sewell & Associates; and Drillinginfo. Sponsors of The Oil & Gas Conference® 24 include CIBC; Credit Agricole CIB; McGriff, Seibels & Williams; Haynes and Boone; Moss Adams; PNC; Preng & Associates; Bank of America Merrill Lynch; DNB Bank ASA; Holland & Hart; MUFG; Petrie Partners; SMBC; and Wells Fargo.
About EnerCom, Inc.
Since 1994 EnerCom, Inc. has developed into a nationally recognized management consultancy advising oil and gas industry clients on corporate strategy, asset valuations, investor relations, media relations, external communications and visual communications design.
EnerCom produces and publishes numerous data products and external communications tools for public energy companies and oil and gas investors including:
Headquartered in Denver, with senior consultants in Dallas, EnerCom uses the team approach for delivering its wide range of services to public and private companies, large and small, operating in the global exploration and production, OilService, capital markets, and associated advanced-technology industries. EnerCom's professionals have more than 170 years of industry and business experience and a proven track record of success.
EnerCom's upcoming oil and gas investment conferences include:
EnerCom Denver (The Oil & Gas Conference®) – August 11-14, 2019
EnerCom Dallas – Q1 - 2020
For more information about EnerCom and its services, please visit http://www.enercominc.com/ or call +1 303-296-8834 to speak with the management team or one of our consultants.
About Netherland, Sewell & Associates, Inc.
Netherland, Sewell & Associates, Inc. (NSAI) was founded in 1961 to provide the highest quality engineering and geological consulting to the petroleum industry. Today they are recognized as the worldwide leader of petroleum property analysis to industry and financial organizations and government agencies. With offices in Dallas and Houston, NSAI provides a complete range of geological, geophysical, petrophysical, and engineering services and has the technical experience and ability to perform these services in any of the onshore and offshore oil and gas producing areas of the world. They provide reserves reports and audits, acquisition and divestiture evaluations, simulation studies, exploration resources assessments, equity determinations, and management and advisory services. For a complete list of services or to learn more about Netherland, Sewell & Associates, Inc. please visit www.netherlandsewell.com.
For more information about NSAI, call C.H. (Scott) Rees, Chief Executive Officer, at 214-969-5401 or send an email to info@nsai-petro.com.
About Drillinginfo
Drillinginfo delivers business-critical insights to the energy, power, and commodities markets. Its state-of-the-art SaaS platform offers sophisticated technology, powerful analytics, and industry-leading data. Drillinginfo's solutions deliver value across upstream, midstream and downstream markets, empowering exploration and production (E&P), oilfield services, midstream, utilities, trading and risk, and capital markets companies to be more collaborative, efficient, and competitive. Drillinginfo delivers actionable intelligence over mobile, web, and desktop to analyze and reduce risk, conduct competitive benchmarking, and uncover market insights. Drillinginfo serves over 5,000 companies globally from its Austin, Texas headquarters and has more than 1,000 employees.
For more information visit drillinginfo.com
About CIBC
CIBC is a leading Canadian-based global financial institution with a reputation as a strong, reliable banking partner focused on delivering customized products and services built on innovative thinking and leading technology.
Through our major business units – Canadian Personal & Business Banking, Canadian Commercial Banking & Wealth Management, U.S. Commercial Banking & Wealth Management and Capital Markets – our more than 45,000 employees provide a full range of financial products and services to 10 million clients around the world.
With offices throughout North America and other major financial centers, we are widely recognized as a strong global financial institution with more than $634 billion in assets and a market capitalization of $50 billion. We are rated A+ by Standard & Poor's, Aa2 by Moody's Investor Service and AA- by Fitch Ratings.
Our dedicated industry specialists based in Houston, New York, Calgary, London, Hong Kong, Beijing, Tokyo, Singapore and Sydney draw on the breadth of our capabilities to support firms across the entire energy value chain. From credit commitments, A&D advisory, M&A, and capital markets, we help our clients achieve their objectives and unlock value across a range of market conditions.
Visit www.cibccm.com/energy to learn more about CIBC Capital Markets and our energy capabilities.
About Crédit Agricole Corporate and Investment Bank
Crédit Agricole Corporate and Investment Bank is the corporate and investment banking arm of the Crédit Agricole Group, the world's eighth largest bank by total assets (The Banker, July 2014). Crédit Agricole CIB offers its clients a comprehensive range of products and services in capital markets, brokerage, investment banking, structured finance, corporate banking, and international private banking.
With headquarters in New York City, and U.S. offices in Houston and Chicago, Credit Agricole CIB Americas offers its corporate and institutional clients financial products and services and made-to-order structuring, origination and distribution, through both its banking unit Credit Agricole CIB, and the full-service broker-dealer Credit Agricole Securities (USA) Inc., which is a member of the NYSE and NASD. Credit Agricole CIB is also present in Montreal, Canada, and in Latin America with offices in Argentina, Brazil, and Mexico.
The Energy Industry represents the single largest concentration of industry exposure at Credit Agricole Corporate and Investment Bank, whose specialty focus dates back over 100 years. Our Energy practice for North America, located in Houston, focuses on all segments of the business and covers it on a truly global basis.
For more information, visit www.ca-cib.com.
McGriff, Seibels & Williams
As one of the most progressive insurance brokerage firms in the United States, McGriff, Seibels & Williams leads the way with innovative programs to protect our clients' financial interests. Our experienced professionals work with some of the world's largest corporations to design state-of-the-art solutions for a full range of needs "…from property and casualty exposures…to employee benefits, life and pension plans…to financial services and surety products…to specialty insurance programs."
Our philosophy of personal service and attention to individual needs puts the client at the top of our organizational chart. We work to make each relationship a long-term partnership that continues to grow in value.
For more information please visit mcgriff.com.
About Haynes and Boone
Haynes and Boone, LLP is an energy-focused corporate law firm, providing a full spectrum of legal services to our clients across the oil and gas industry, including the upstream, midstream, and downstream sectors. We serve energy clients from our offices in Texas, Colorado, New York, California, Washington, D.C., London, Mexico City and Shanghai. We work as a team representing U.S. and foreign public and private companies engaged in the dynamic day-to-day work of finding and extracting oil and gas, and the banks, investment funds and other investors that support them.
Our team of more than 100 energy lawyers and landmen understands the U.S. and international physical and financial energy markets, and the firm has been helping operators and lenders complete some of the largest financings and M&A transactions in recent years. With more than 600 attorneys, Haynes and Boone is ranked among the largest law firms in the nation by The National Law Journal, and our energy lawyers have been ranked by publications such as Best Lawyers in America, Chambers and Partners and Who's Who in Energy.
For more info, please visit www.haynesboone.com.
About Moss Adams LLP
For more than 30 years, Hein & Associates has been recognized throughout the industry as a leading oil and gas accounting and advisory firm. In late 2017, Hein combined with Moss Adams LLP, one of the largest accounting, consulting and wealth management firms in the nation, creating a $600 million middle-market accounting/tax/audit leader in the western U.S. with a strong oil & gas practice group. With more than 2,900 professionals and staff across more than 25 locations in the West and beyond, Moss Adams works with many of the world's most innovative companies and leaders. Our strength in the middle market enables us to advise clients at all intervals of development—from start-up, to rapid growth and expansion, to transition. Today, we help over 2,300 companies doing business in more than 100 countries and territories.
For more information, please contact Joe Blice, Partner, National Practice Leader, Oil & Gas, CPA joe.blice@mossadams.com, (972) 687-7818.
Moss Adams LLP provides details at https://www.mossadams.com/home .
About PNC Financial Services Group
PNC is one of the largest, best-regarded and best-capitalized financial services companies in the country, with approximately $325 billion in assets and offices in 33 states, Canada and the United Kingdom.
PNC's Energy Group, headed by Tom Byargeon, is a significant capital and service provider to energy companies, with approximately $6.5 billion in commitments to the industry. The Energy office in Houston houses a team with extensive experience and deep relationships across the entire energy supply chain. This group also offers strategic corporate finance advice and delivers PNC's comprehensive set of solutions and capabilities, including commodity and interest rate hedging, debt capital markets, loan syndications, treasury management, asset securitization, equipment finance and institutional investments.
For more information, please contact Tom Byargeon at 713-353-8782 or tom.byargeon@pnc.com. You can also visit www.pnc.com.
About Preng & Associates
Preng & Associates, founded in 1980, is the only retainer-based, international executive search firm specializing solely in the energy industry. Its number one priority is to assist clients with their executive selection, organization development, and human resource needs by providing the highest quality service. Preng's record of accomplishment is directly attributable to their experienced staff, worldwide network of industry contacts, proven search methodology, and high standards of professionalism. Preng has conducted over 3000 searches for board, executive, management, and professional positions in its 35-year history and has the highest success and repeat client track record.
Preng's practice is based on the premise that the search process is most effective when conducted by professionals with significant search industry experience. The company has earned a reputation for combining professional search disciplines with an in-depth industry and market understanding and has succeeded in some of the industry's most challenging and high-profile searches. Preng's international reach allows it to effectively conduct global engagements; and as a member of the Association of Executive Search Consultants, Preng practices and promotes its high standards of conduct and professionalism.
For more information about Preng & Associates, contact Charles Carpenter, Partner at 713-243-2610 or ccarpenter@preng.com.
About Bank of America Merrill Lynch
Bank of America Merrill Lynch Oil and Gas Group
The Bank of America Merrill Lynch (BofAML) Oil and Gas practice is comprised of a global team of bankers dedicated to covering the energy industry, dating back to the 1920s when Texas predecessor banks pioneered reserve-based lending. The practice includes an experienced in-house Petroleum Engineering team with over 150 years of combined experience. With one of the only full-service financial energy platforms in the industry, the BofAML oil and gas team manages significant capital commitments in the energy sector with dedicated bankers based in Calgary, Denver, Dallas, Houston, London and New York.
The BofA Merrill Lynch Global Research platform offers clients access to information and actionable ideas on stocks, bonds, economics and investment strategies. With approximately 700 analysts in more than 20 countries, we offer our clients knowledge about economic and business developments that are having an impact on the markets, so that they can work with their financial advisors to make the most of opportunities. BofA Merrill Lynch Global Research was ranked No. 1 for the fourth consecutive year on the 2014 list of Top Global Research Firms, Institutional Investor.
About DNB ASA
DNB is Norway's largest financial services provider, with total assets approaching $400 billion. The bank has for years been a major provider of capital to the oil & gas industry, growing up literally side by side with the highly prolific fields developed in the Norwegian Sector of the North Sea. The Oslo Energy Office maintains a global financing strategy and serves this market through multiple offices around the world including Houston, London and Singapore.
Energy Americas, based in Houston, comprises approximately 20 seasoned energy finance professionals. Aside from facilitating the bank's global business strategies, the office concentrates primarily on serving middle market and larger customers in the four principal oil & gas sectors — upstream, midstream, downstream and service — as well as in Power and Renewables. The bank offers a variety of financial products, from traditional oil & gas reserve financing, to longer-term capital markets transactions and merger/acquisition advisory services through its broker-dealer arm, DNB Markets, Inc. Ancillary service capabilities include cash management/depository services, as well as commodity and interest rate hedging.
For information on DNB's energy services, please visit the DNB energy website.
About Holland & Hart
Holland & Hart's oil and gas clients include the major, large independent producers and small to medium sized independents.
The Mountain West is one of the nation's leading oil and gas producing regions, and we are the only law firm with established oil and gas lawyers in every state in the region. We provide clients broad-based, in-depth industry knowledge and legal capabilities by local practitioners who have long-standing professional relationships with decision makers in each of the Mountain West states.
We assist clients at every stage of the oil and gas business, from upstream activities including exploration, production, secondary and tertiary recovery, to midstream gathering and processing activities; and to downstream elements including refining, pipelines, local distribution, marketing, and Federal and State utility regulation. Within each segment of the oil and gas business, Holland & Hart's regional team has experience providing representation every step of the way.
For details, please contact Lisa Adelberg in the Denver office: (303) 295-8148.
About MUFG
Mitsubishi UFJ Financial Group (MUFG) has been a leading provider of banking services to the oil and gas industry in the Americas for more than 30 years, consistently ranking in the Top 10 Lead Arrangers and Top 10 Bond Arrangers in the Thomson Reuters Oil and Gas League Tables.
We support clients across the industry—from regional exploration and production to global diversified services companies—that benefit from our focused approach, strong execution, and customized services. Whether you are looking to expand existing reserves, make an acquisition, or streamline operations, we can support your growth with services, including: underwriting and syndications; U.S./Canadian cross-border funding; securities underwriting and placements; leasing and tax equity financing; and commodities, interest rate, and foreign exchange risk management.
For more information, visit: www.mufgamericas.com/oil-gas.
About Petrie Partners
Petrie Partners, LLC is a boutique investment banking firm offering financial advisory services to the oil and gas industry. We provide specialized advice on mergers, divestitures and acquisitions and private placements.
For more information please refer to petrie.com.
About SMBC
Sumitomo Mitsui Banking Corporation (SMBC) is a core member of Sumitomo Mitsui Financial Group (SMFG), a Tokyo-based bank holding company that is ranked among the largest 25 banks globally by assets under management.
SMBC Americas Division, with more than 2,500 employees, oversees operations in the U.S., Canada, Mexico, and South America. We work across SMFG to offer corporate and institutional clients sophisticated and comprehensive financial services around the globe.
SMBC's roots in Japan trace back more than 400 years to 1590. The Americas Division of SMBC has more than a century of experience in the United States, beginning when the San Francisco branch of Sumitomo Bank was established in 1919. Sumitomo Mitsui Financial Group (NYSE: SMFG) was listed on the New York Stock Exchange in 2010.
For more information please visit the corporate website: www.smbcgroup.com/americas/group-companies/
About Wells Fargo & Company
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company providing banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,700 locations, 12,500 ATMs, and the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy.
The Energy Banking Group, headed by Bart Schouest, provides corporate banking products and services to the energy sector, including upstream, midstream, oilfield services, and diversified industries. With offices in Houston, Dallas, Denver, Calgary, and Aberdeen the group's success is driven by in-depth industry expertise and longstanding relationships with key industry participants. The group has over $45 billion of credit commitments to public and private companies across the upstream, midstream, downstream, services, and power and utilities sectors.
The Energy & Power Investment Banking Group, headed by James Kipp, provides strategic advisory and corporate finance expertise to energy and power clients, including upstream, midstream, oilfield services, downstream, coal and the power & utilities sectors. Areas of focus include equity, equity-linked and debt underwritings, private placements, syndications, and mergers and acquisitions. The Energy & Power Investment Banking Group has offices in Houston and Charlotte.
These teams work together to offer clients industry and product expertise, in addition to sharing their understanding of internal and external forces that drive both industry trends and financial markets. For additional information, contact us at 713-319-1350 or Energy@wellsfargo.com.
View original content:http://www.prnewswire.com/news-releases/enercom-posts-schedule-of-presenters-for-the-oil--gas-conference-aug-11-14-2019-300866065.html
SOURCE EnerCom, Inc.
Article Date
6/12/2019Eni VP Andrew Lees to Keynote EnerCom's The Oil & Gas Conference® Aug. 14, 2019
Source: PR Newswire
DENVER, June 5, 2019 /PRNewswire/ -- EnerCom is pleased to announce that global oil and gas giant Eni, SpA Vice President Andrew Lees will deliver the keynote luncheon address at EnerCom's The Oil & Gas Conference® on Aug. 14, 2019.
Eni, SpA
Eni, SpA (NYSE: E) is an Italian global oil and gas and energy company operating in 67 countries worldwide, with 30,000 employees in upstream, midstream and downstream operations. Eni reported daily production for oil and gas of 1.85 MMBOPD for 2018. The company's adjusted operating profit for 2018 more than doubled its 2017 operating profit and represented Eni's best performance of the past eight years, Eni reports.
In 2018 Eni, SpA's upstream exploration group operated in:
Goliat has been developed using the world's largest and most sophisticated cylindrical floating production and storage unit - FPSO—it is the largest and most sophisticated cylindrical FPSO ever built with production capacity of a million barrels of oil.
"With the increasing integration of Upstream and Mid-downstream and due to the massive amount of gas we have discovered, we are turning into a gas and power company with an evolving model that is that is still tied to retail but linked to Upstream," Eni said.
Andrew Lees
Andrew Lees is vice president of North America investor relations for Eni, SpA.
Lees draws on a wealth of energy investing, analysis and oil and gas finance and capital experience in his leadership of Eni, SpA's North American investor relations duties. Before joining Eni in 2015, he was principal at Gadsden Enterprises, LLC. Lees previously served as Invesco's lead portfolio manager for both the energy team and the gold and precious metals team. He entered the investment industry in 1994 and worked for Invesco from 2005 to 2013. Before Invesco Lees served as director of investment banking with Trinity Capital Services, director and research analyst with RBC Capital Markets, VP and senior analyst for Stifel, Nicolaus & Co., senior analyst for Petrie Parkman & Co., and as a research analyst for A.G. Edwards.
How to Hear the Speakers: Completing online registration well in advance of The Oil & Gas Conference® will provide your best chance to gain insight from global supermajor Eni during Mr. Lees' luncheon as well as hearing the luncheon discussions with Continental Resources Chairman and CEO Harold Hamm and Occidental Petroleum SVP and chief financial officer Cedric Burgher earlier in the conference.
Online Registration is Open for EnerCom's 24TH Annual The Oil & Gas Conference®: The conference is August 11-14, 2019, at the Westin Denver Downtown hotel. Buyside investors and oil and gas company professionals may register for the event through the conference website.
Conference Details: The Oil & Gas Conference® 24 offers investment professionals the opportunity to listen to senior management teams in the oil and gas industry present operational and financial strategies and to gain exposure to important energy topics affecting the global oil and gas industry.
The EnerCom forum fosters healthy dialogue and informal networking opportunities for attendees.
Public and Private Company Presenters: The 2019 edition of EnerCom's The Oil & Gas Conference® will feature public and private oil and gas companies with operations around the world including the U.S. shale basins, the Gulf of Mexico and Canada. A work-in-progress list of the 2019 presenting companies will be updated on the conference website.
The list of EnerCom's 2019 presenting companies includes (but is not limited to) the following companies:
Additional Speakers: Global energy industry leaders, economists, market strategists, government officials, energy finance professionals and other energy experts will provide their insights on global commodities markets, the U.S. becoming a net energy exporter, frac sand supply and logistics, and capital sources for energy development.
Who Attends the Conference: More than 2,000 institutional, private equity and hedge fund investors, family offices, energy research analysts, retail brokers, trust officers, high net worth investors, investment bankers and energy industry professionals gather in Denver for the conference.
One-on-One Meetings: EnerCom works in advance with presenting company management teams to arrange one-on-one meetings with the attending institutional investors and research analysts at the conference venue. In 2018, EnerCom arranged and managed more than 2,000 one-on-one meeting requests.
How to Register: Investment professionals and oil and gas companies can register for the event through the conference website.
EnerCom History and Sponsors: EnerCom, Inc. founded The Oil & Gas Conference® in 1996. It is the oldest and largest energy investment conference in Denver.
Global sponsors of EnerCom's conferences are Netherland, Sewell & Associates; and Drillinginfo.
Sponsors of The Oil & Gas Conference® 24 include CIBC; Credit Agricole CIB; McGriff, Seibels & Williams; Haynes and Boone; Moss Adams; PNC; Preng & Associates; Bank of America Merrill Lynch; DNB Bank ASA; Holland & Hart; MUFG; Petrie Partners; SMBC; and Wells Fargo.
About EnerCom, Inc.
Since 1994 EnerCom, Inc. has developed into a nationally recognized management consultancy advising oil and gas industry clients on corporate strategy, asset valuations, investor relations, media relations, external communications and visual communications design.
EnerCom produces and publishes numerous data products and external communications tools for public energy companies and oil and gas investors including:
Headquartered in Denver, with senior consultants in Dallas, EnerCom uses the team approach for delivering its wide range of services to public and private companies, large and small, operating in the global exploration and production, OilService, capital markets, and associated advanced-technology industries. EnerCom's professionals have more than 170 years of industry and business experience and a proven track record of success.
EnerCom's upcoming oil and gas investment conferences include:
EnerCom Denver (The Oil & Gas Conference®) – August 11-14, 2019
EnerCom Dallas – Q1 - 2020
For more information about EnerCom and its services, please visit http://www.enercominc.com/ or call +1 303-296-8834 to speak with the management team or one of our consultants.
About Netherland, Sewell & Associates, Inc.
Netherland, Sewell & Associates, Inc. (NSAI) was founded in 1961 to provide the highest quality engineering and geological consulting to the petroleum industry. Today they are recognized as the worldwide leader of petroleum property analysis to industry and financial organizations and government agencies. With offices in Dallas and Houston, NSAI provides a complete range of geological, geophysical, petrophysical, and engineering services and has the technical experience and ability to perform these services in any of the onshore and offshore oil and gas producing areas of the world. They provide reserves reports and audits, acquisition and divestiture evaluations, simulation studies, exploration resources assessments, equity determinations, and management and advisory services. For a complete list of services or to learn more about Netherland, Sewell & Associates, Inc. please visit www.netherlandsewell.com.
For more information about NSAI, call C.H. (Scott) Rees, Chief Executive Officer, at 214-969-5401 or send an email to info@nsai-petro.com.
About Drillinginfo
Drillinginfo delivers business-critical insights to the energy, power, and commodities markets. Its state-of-the-art SaaS platform offers sophisticated technology, powerful analytics, and industry-leading data. Drillinginfo's solutions deliver value across upstream, midstream and downstream markets, empowering exploration and production (E&P), oilfield services, midstream, utilities, trading and risk, and capital markets companies to be more collaborative, efficient, and competitive. Drillinginfo delivers actionable intelligence over mobile, web, and desktop to analyze and reduce risk, conduct competitive benchmarking, and uncover market insights. Drillinginfo serves over 5,000 companies globally from its Austin, Texas headquarters and has more than 1,000 employees.
For more information visit drillinginfo.com
About CIBC
CIBC is a leading North American bank headquartered in Canada and with offices around the world. CIBC was originally founded nearly 150 years ago and has supported and financed the energy industry for many decades. CIBC was recently ranked as the strongest publicly traded bank in North America by Bloomberg and is rated A+/Aa3 by S&P and Moody's, respectively.
Our energy specialists draw on the breadth of CIBC's capabilities to provide market insights and creative solutions for our clients. Services include corporate banking, commodity and interest rate hedging and strategy, A&D advisory, and capital markets.
CIBC is publicly traded on the NYSE and Toronto Stock Exchange under the symbol "CM" and has a market cap of $36 billion and nearly $400 billion in total assets. For more information, please visit the CIBC energy website.
About Crédit Agricole Corporate and Investment Bank
Crédit Agricole Corporate and Investment Bank is the corporate and investment banking arm of the Crédit Agricole Group, the world's eighth largest bank by total assets (The Banker, July 2014). Crédit Agricole CIB offers its clients a comprehensive range of products and services in capital markets, brokerage, investment banking, structured finance, corporate banking, and international private banking.
With headquarters in New York City, and U.S. offices in Houston and Chicago, Credit Agricole CIB Americas offers its corporate and institutional clients financial products and services and made-to-order structuring, origination and distribution, through both its banking unit Credit Agricole CIB, and the full-service broker-dealer Credit Agricole Securities (USA) Inc., which is a member of the NYSE and NASD. Credit Agricole CIB is also present in Montreal, Canada, and in Latin America with offices in Argentina, Brazil, and Mexico.
The Energy Industry represents the single largest concentration of industry exposure at Credit Agricole Corporate and Investment Bank, whose specialty focus dates back over 100 years. Our Energy practice for North America, located in Houston, focuses on all segments of the business and covers it on a truly global basis.
For more information, visit www.ca-cib.com.
McGriff, Seibels & Williams
As one of the most progressive insurance brokerage firms in the United States, McGriff, Seibels & Williams leads the way with innovative programs to protect our clients' financial interests. Our experienced professionals work with some of the world's largest corporations to design state-of-the-art solutions for a full range of needs "…from property and casualty exposures…to employee benefits, life and pension plans…to financial services and surety products…to specialty insurance programs."
Our philosophy of personal service and attention to individual needs puts the client at the top of our organizational chart. We work to make each relationship a long-term partnership that continues to grow in value.
For more information please visit mcgriff.com.
About Haynes and Boone
Haynes and Boone, LLP is an energy-focused corporate law firm, providing a full spectrum of legal services to our clients across the oil and gas industry, including the upstream, midstream, and downstream sectors. We serve energy clients from our offices in Texas, Colorado, New York, California, Washington, D.C., London, Mexico City and Shanghai. We work as a team representing U.S. and foreign public and private companies engaged in the dynamic day-to-day work of finding and extracting oil and gas, and the banks, investment funds and other investors that support them.
Our team of more than 100 energy lawyers and landmen understands the U.S. and international physical and financial energy markets, and the firm has been helping operators and lenders complete some of the largest financings and M&A transactions in recent years. With more than 600 attorneys, Haynes and Boone is ranked among the largest law firms in the nation by The National Law Journal, and our energy lawyers have been ranked by publications such as Best Lawyers in America, Chambers and Partners and Who's Who in Energy.
For more info, please visit www.haynesboone.com.
About Moss Adams LLP
For more than 30 years, Hein & Associates has been recognized throughout the industry as a leading oil and gas accounting and advisory firm. In late 2017, Hein combined with Moss Adams LLP, one of the largest accounting, consulting and wealth management firms in the nation, creating a $600 million middle-market accounting/tax/audit leader in the western U.S. with a strong oil & gas practice group. With more than 2,900 professionals and staff across more than 25 locations in the West and beyond, Moss Adams works with many of the world's most innovative companies and leaders. Our strength in the middle market enables us to advise clients at all intervals of development—from start-up, to rapid growth and expansion, to transition. Today, we help over 2,300 companies doing business in more than 100 countries and territories.
For more information, please contact Joe Blice, Partner, National Practice Leader, Oil & Gas, CPA
joe.blice@mossadams.com, (972) 687-7818.
Moss Adams LLP provides details at https://www.mossadams.com/home .
About PNC Financial Services Group
PNC is one of the largest, best-regarded and best-capitalized financial services companies in the country, with approximately $325 billion in assets and offices in 33 states, Canada and the United Kingdom.
PNC's Energy Group, headed by Tom Byargeon, is a significant capital and service provider to energy companies, with approximately $6.5 billion in commitments to the industry. The Energy office in Houston houses a team with extensive experience and deep relationships across the entire energy supply chain. This group also offers strategic corporate finance advice and delivers PNC's comprehensive set of solutions and capabilities, including commodity and interest rate hedging, debt capital markets, loan syndications, treasury management, asset securitization, equipment finance and institutional investments.
For more information, please contact Tom Byargeon at 713-353-8782 or tom.byargeon@pnc.com. You can also visit www.pnc.com.
About Preng & Associates
Preng & Associates, founded in 1980, is the only retainer-based, international executive search firm specializing solely in the energy industry. Its number one priority is to assist clients with their executive selection, organization development, and human resource needs by providing the highest quality service. Preng's record of accomplishment is directly attributable to their experienced staff, worldwide network of industry contacts, proven search methodology, and high standards of professionalism. Preng has conducted over 3000 searches for board, executive, management, and professional positions in its 35-year history and has the highest success and repeat client track record.
Preng's practice is based on the premise that the search process is most effective when conducted by professionals with significant search industry experience. The company has earned a reputation for combining professional search disciplines with an in-depth industry and market understanding and has succeeded in some of the industry's most challenging and high-profile searches. Preng's international reach allows it to effectively conduct global engagements; and as a member of the Association of Executive Search Consultants, Preng practices and promotes its high standards of conduct and professionalism.
For more information about Preng & Associates, contact Charles Carpenter, Partner at 713-243-2610 or ccarpenter@preng.com.
About Bank of America Merrill Lynch
Bank of America Merrill Lynch Oil and Gas Group
The Bank of America Merrill Lynch (BofAML) Oil and Gas practice is comprised of a global team of bankers dedicated to covering the energy industry, dating back to the 1920s when Texas predecessor banks pioneered reserve-based lending. The practice includes an experienced in-house Petroleum Engineering team with over 150 years of combined experience. With one of the only full-service financial energy platforms in the industry, the BofAML oil and gas team manages significant capital commitments in the energy sector with dedicated bankers based in Calgary, Denver, Dallas, Houston, London and New York.
The BofA Merrill Lynch Global Research platform offers clients access to information and actionable ideas on stocks, bonds, economics and investment strategies. With approximately 700 analysts in more than 20 countries, we offer our clients knowledge about economic and business developments that are having an impact on the markets, so that they can work with their financial advisors to make the most of opportunities. BofA Merrill Lynch Global Research was ranked No. 1 for the fourth consecutive year on the 2014 list of Top Global Research Firms, Institutional Investor.
About DNB ASA
DNB is Norway's largest financial services provider, with total assets approaching $400 billion. The bank has for years been a major provider of capital to the oil & gas industry, growing up literally side by side with the highly prolific fields developed in the Norwegian Sector of the North Sea. The Oslo Energy Office maintains a global financing strategy and serves this market through multiple offices around the world including Houston, London and Singapore.
Energy Americas, based in Houston, comprises approximately 20 seasoned energy finance professionals. Aside from facilitating the bank's global business strategies, the office concentrates primarily on serving middle market and larger customers in the four principal oil & gas sectors — upstream, midstream, downstream and service — as well as in Power and Renewables. The bank offers a variety of financial products, from traditional oil & gas reserve financing, to longer-term capital markets transactions and merger/acquisition advisory services through its broker-dealer arm, DNB Markets, Inc. Ancillary service capabilities include cash management/depository services, as well as commodity and interest rate hedging.
For information on DNB's energy services, please visit the DNB energy website.
About Holland & Hart
Holland & Hart's oil and gas clients include the major, large independent producers and small to medium sized independents.
The Mountain West is one of the nation's leading oil and gas producing regions, and we are the only law firm with established oil and gas lawyers in every state in the region. We provide clients broad-based, in-depth industry knowledge and legal capabilities by local practitioners who have long-standing professional relationships with decision makers in each of the Mountain West states.
We assist clients at every stage of the oil and gas business, from upstream activities including exploration, production, secondary and tertiary recovery, to midstream gathering and processing activities; and to downstream elements including refining, pipelines, local distribution, marketing, and Federal and State utility regulation. Within each segment of the oil and gas business, Holland & Hart's regional team has experience providing representation every step of the way.
For details, please contact Lisa Adelberg in the Denver office: (303) 295-8148.
About MUFG
Mitsubishi UFJ Financial Group (MUFG) has been a leading provider of banking services to the oil and gas industry in the Americas for more than 30 years, consistently ranking in the Top 10 Lead Arrangers and Top 10 Bond Arrangers in the Thomson Reuters Oil and Gas League Tables.
We support clients across the industry—from regional exploration and production to global diversified services companies—that benefit from our focused approach, strong execution, and customized services. Whether you are looking to expand existing reserves, make an acquisition, or streamline operations, we can support your growth with services, including: underwriting and syndications; U.S./Canadian cross-border funding; securities underwriting and placements; leasing and tax equity financing; and commodities, interest rate, and foreign exchange risk management.
For more information, visit: www.mufgamericas.com/oil-gas.
About Petrie Partners
Petrie Partners, LLC is a boutique investment banking firm offering financial advisory services to the oil and gas industry. We provide specialized advice on mergers, divestitures and acquisitions and private placements.
For more information please refer to petrie.com.
About SMBC
Sumitomo Mitsui Banking Corporation (SMBC) is a core member of Sumitomo Mitsui Financial Group (SMFG), a Tokyo-based bank holding company that is ranked among the largest 25 banks globally by assets under management.
SMBC Americas Division, with more than 2,500 employees, oversees operations in the U.S., Canada, Mexico, and South America. We work across SMFG to offer corporate and institutional clients sophisticated and comprehensive financial services around the globe.
SMBC's roots in Japan trace back more than 400 years to 1590. The Americas Division of SMBC has more than a century of experience in the United States, beginning when the San Francisco branch of Sumitomo Bank was established in 1919. Sumitomo Mitsui Financial Group (NYSE: SMFG) was listed on the New York Stock Exchange in 2010.
For more information please visit the corporate website: www.smbcgroup.com/americas/group-companies/
About Wells Fargo & Company
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company providing banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,700 locations, 12,500 ATMs, and the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy.
The Energy Banking Group, headed by Bart Schouest, provides corporate banking products and services to the energy sector, including upstream, midstream, oilfield services, and diversified industries. With offices in Houston, Dallas, Denver, Calgary, and Aberdeen the group's success is driven by in-depth industry expertise and longstanding relationships with key industry participants. The group has over $45 billion of credit commitments to public and private companies across the upstream, midstream, downstream, services, and power and utilities sectors.
The Energy & Power Investment Banking Group, headed by James Kipp, provides strategic advisory and corporate finance expertise to energy and power clients, including upstream, midstream, oilfield services, downstream, coal and the power & utilities sectors. Areas of focus include equity, equity-linked and debt underwritings, private placements, syndications, and mergers and acquisitions. The Energy & Power Investment Banking Group has offices in Houston and Charlotte.
These teams work together to offer clients industry and product expertise, in addition to sharing their understanding of internal and external forces that drive both industry trends and financial markets. For additional information, contact us at 713-319-1350 or Energy@wellsfargo.com.
View original content:http://www.prnewswire.com/news-releases/eni-vp-andrew-lees-to-keynote-enercoms-the-oil--gas-conference-aug-14-2019-300862186.html
SOURCE EnerCom, Inc.
Article Date
6/5/2019Continental Petroleum Chairman Harold Hamm to Keynote EnerCom's The Oil & Gas Conference® Tues. Aug. 13, 2019
Source: PR Newswire
DENVER, May 29, 2019 /PRNewswire/ -- EnerCom is pleased to announce that legendary oilman Harold G. Hamm, chairman and CEO of Continental Resources (NYSE: CLR), will take the stage for a discussion about U.S. shale and look at the prospects for U.S. oil and gas exploration in a "fireside chat" Tuesday, August 13, 2019, during EnerCom's The Oil & Gas Conference® in downtown Denver's Westin hotel.
Limited space is available for conference registrants to join the discussion with Mr. Hamm. Completing online registration well in advance of The Oil & Gas Conference® will provide your best chance to participate in Mr. Hamm's luncheon discussion during the 2019 EnerCom conference.
Harold Hamm and Continental Resources
Harold Hamm is founder, chairman and chief executive officer of Continental Resources, one of North America's iconic oil and gas explorers and producers and one of the leading oil producers in the Bakken oil play in the Williston Basin and the STACK/SCOOP plays in Oklahoma. With a market capitalization of $14.5 billion, Continental ranks in the top ten largest U.S. independent exploration and production companies, sharing the top of the list with companies like ConocoPhillips ($COP), EOG Resources ($EOG) and Occidental Petroleum (NYSE: OXY), whose CFO Cedric Burgher will give a luncheon keynote address at The Oil & Gas Conference® on Monday, Aug. 12.
Mr. Hamm is heavily involved with furthering the success of the U.S. oil and gas industry on a global scale. He co-founded and serves as chairman of the Domestic Energy Producers Alliance, whose goal is to preserve the millions of jobs and billions of dollars in economic activity and tax revenues generated by onshore drilling and production activities within the United States. Through his work with DEPA, Mr. Hamm is widely recognized as the man who led the charge to lift America's 40-year-old ban on U.S. crude oil exports, opening new global markets for America's oil producers.
Hamm, the youngest of 13 children born to a family of sharecroppers, began working in the oilfields as a teenager and founded Continental Resources in 1967 at the age of 21. He is a frequent guest on business and financial cable networks and global business publications. Mr. Hamm has been recognized by numerous industry groups as Executive of the Year, Wildcatter of the Year, Chief Roughneck, CEO of the Year and Entrepreneur of the Year. In 2012 Harold Hamm was named by TIME Magazine as one of the "100 Most Influential People in the World."
Online registration is open for EnerCom's 24TH annual The Oil & Gas Conference®
The conference is August 11-14, 2019, at the Westin Denver Downtown hotel. Buyside investors and oil and gas company professionals may register for the event through the conference website.
Conference Details: The Oil & Gas Conference® 24 offers investment professionals the opportunity to listen to senior management teams in the oil and gas industry present operational and financial strategies and to gain exposure to important energy topics affecting the global oil and gas industry.
The EnerCom forum fosters healthy dialogue and informal networking opportunities for attendees.
Public and Private Company Presenters: The 2019 edition of EnerCom's The Oil & Gas Conference® will feature public and private oil and gas companies with operations around the world including the U.S. shale basins, the Gulf of Mexico and Canada. A work-in-progress list of the 2019 presenting companies will be updated on the conference website.
The list of EnerCom's 2019 presenting companies includes (but is not limited to) the following companies:
Additional Speakers: Global energy industry leaders, economists, market strategists, government officials, energy finance professionals and other energy experts will provide their insights on global commodities markets, the U.S. becoming a net energy exporter, frac sand supply and logistics, and capital sources for energy development.
Who Attends the Conference: More than 2,000 institutional, private equity and hedge fund investors, family offices, energy research analysts, retail brokers, trust officers, high net worth investors, investment bankers and energy industry professionals gather in Denver for the conference.
One-on-One Meetings: EnerCom works in advance with presenting company management teams to arrange one-on-one meetings with the attending institutional investors and research analysts at the conference venue. In 2018, EnerCom arranged and managed more than 2,000 one-on-one meeting requests.
How to Register: Investment professionals and oil and gas companies can register for the event through the conference website.
EnerCom History and Sponsors: EnerCom, Inc. founded The Oil & Gas Conference® in 1996. It is the oldest and largest energy investment conference in Denver.
Global sponsors of EnerCom's conferences are Netherland, Sewell & Associates; and Drillinginfo.
Sponsors of The Oil & Gas Conference® 24 include CIBC; Credit Agricole CIB; McGriff, Seibels & Williams; Haynes and Boone; Moss Adams; PNC; Preng & Associates; Bank of America Merrill Lynch; DNB Bank ASA; Holland & Hart; MUFG; Petrie Partners; SMBC; and Wells Fargo.
About EnerCom, Inc.
Since 1994 EnerCom, Inc. has developed into a nationally recognized management consultancy advising oil and gas industry clients on corporate strategy, asset valuations, investor relations, media relations, external communications and visual communications design.
EnerCom produces and publishes numerous data products and external communications tools for public energy companies and oil and gas investors including:
Headquartered in Denver, with senior consultants in Dallas, EnerCom uses the team approach for delivering its wide range of services to public and private companies, large and small, operating in the global exploration and production, OilService, capital markets, and associated advanced-technology industries. EnerCom's professionals have more than 170 years of industry and business experience and a proven track record of success.
EnerCom's upcoming oil and gas investment conferences include:
EnerCom Denver (The Oil & Gas Conference®) – August 11-14, 2019
EnerCom Dallas – Q1 - 2020
For more information about EnerCom and its services, please visit http://www.enercominc.com/ or call +1 303-296-8834 to speak with the management team or one of our consultants.
About Netherland, Sewell & Associates, Inc.
Netherland, Sewell & Associates, Inc. (NSAI) was founded in 1961 to provide the highest quality engineering and geological consulting to the petroleum industry. Today they are recognized as the worldwide leader of petroleum property analysis to industry and financial organizations and government agencies. With offices in Dallas and Houston, NSAI provides a complete range of geological, geophysical, petrophysical, and engineering services and has the technical experience and ability to perform these services in any of the onshore and offshore oil and gas producing areas of the world. They provide reserves reports and audits, acquisition and divestiture evaluations, simulation studies, exploration resources assessments, equity determinations, and management and advisory services. For a complete list of services or to learn more about Netherland, Sewell & Associates, Inc. please visit www.netherlandsewell.com.
For more information about NSAI, call C.H. (Scott) Rees, Chief Executive Officer, at 214-969-5401 or send an email to info@nsai-petro.com.
About Drillinginfo
Drillinginfo delivers business-critical insights to the energy, power, and commodities markets. Its state-of-the-art SaaS platform offers sophisticated technology, powerful analytics, and industry-leading data. Drillinginfo's solutions deliver value across upstream, midstream and downstream markets, empowering exploration and production (E&P), oilfield services, midstream, utilities, trading and risk, and capital markets companies to be more collaborative, efficient, and competitive. Drillinginfo delivers actionable intelligence over mobile, web, and desktop to analyze and reduce risk, conduct competitive benchmarking, and uncover market insights. Drillinginfo serves over 5,000 companies globally from its Austin, Texas headquarters and has more than 1,000 employees.
For more information visit drillinginfo.com
About CIBC
CIBC is a leading North American bank headquartered in Canada and with offices around the world. CIBC was originally founded nearly 150 years ago and has supported and financed the energy industry for many decades. CIBC was recently ranked as the strongest publicly traded bank in North America by Bloomberg and is rated A+/Aa3 by S&P and Moody's, respectively.
Our energy specialists draw on the breadth of CIBC's capabilities to provide market insights and creative solutions for our clients. Services include corporate banking, commodity and interest rate hedging and strategy, A&D advisory, and capital markets.
CIBC is publicly traded on the NYSE and Toronto Stock Exchange under the symbol "CM" and has a market cap of $36 billion and nearly $400 billion in total assets. For more information, please visit the CIBC energy website.
About Crédit Agricole Corporate and Investment Bank
Crédit Agricole Corporate and Investment Bank is the corporate and investment banking arm of the Crédit Agricole Group, the world's eighth largest bank by total assets (The Banker, July 2014). Crédit Agricole CIB offers its clients a comprehensive range of products and services in capital markets, brokerage, investment banking, structured finance, corporate banking, and international private banking.
With headquarters in New York City, and U.S. offices in Houston and Chicago, Credit Agricole CIB Americas offers its corporate and institutional clients financial products and services and made-to-order structuring, origination and distribution, through both its banking unit Credit Agricole CIB, and the full-service broker-dealer Credit Agricole Securities (USA) Inc., which is a member of the NYSE and NASD. Credit Agricole CIB is also present in Montreal, Canada, and in Latin America with offices in Argentina, Brazil, and Mexico.
The Energy Industry represents the single largest concentration of industry exposure at Credit Agricole Corporate and Investment Bank, whose specialty focus dates back over 100 years. Our Energy practice for North America, located in Houston, focuses on all segments of the business and covers it on a truly global basis.
For more information, visit www.ca-cib.com.
McGriff, Seibels & Williams
As one of the most progressive insurance brokerage firms in the United States, McGriff, Seibels & Williams leads the way with innovative programs to protect our clients' financial interests.
Our experienced professionals work with some of the world's largest corporations to design state-of-the-art solutions for a full range of needs "…from property and casualty exposures…to employee benefits, life and pension plans…to financial services and surety products…to specialty insurance programs."
Our philosophy of personal service and attention to individual needs puts the client at the top of our organizational chart. We work to make each relationship a long-term partnership that continues to grow in value.
For more information please visit mcgriff.com.
About Haynes and Boone
Haynes and Boone, LLP is an energy-focused corporate law firm, providing a full spectrum of legal services to our clients across the oil and gas industry, including the upstream, midstream, and downstream sectors. We serve energy clients from our offices in Texas, Colorado, New York, California, Washington, D.C., London, Mexico City and Shanghai. We work as a team representing U.S. and foreign public and private companies engaged in the dynamic day-to-day work of finding and extracting oil and gas, and the banks, investment funds and other investors that support them.
Our team of more than 100 energy lawyers and landmen understands the U.S. and international physical and financial energy markets, and the firm has been helping operators and lenders complete some of the largest financings and M&A transactions in recent years. With more than 600 attorneys, Haynes and Boone is ranked among the largest law firms in the nation by The National Law Journal, and our energy lawyers have been ranked by publications such as Best Lawyers in America, Chambers and Partners and Who's Who in Energy.
For more info, please visit www.haynesboone.com.
About Moss Adams LLP
For more than 30 years, Hein & Associates has been recognized throughout the industry as a leading oil and gas accounting and advisory firm. In late 2017, Hein combined with Moss Adams LLP, one of the largest accounting, consulting and wealth management firms in the nation, creating a $600 million middle-market accounting/tax/audit leader in the western U.S. with a strong oil & gas practice group.
With more than 2,900 professionals and staff across more than 25 locations in the West and beyond, Moss Adams works with many of the world's most innovative companies and leaders. Our strength in the middle market enables us to advise clients at all intervals of development—from start-up, to rapid growth and expansion, to transition. Today, we help over 2,300 companies doing business in more than 100 countries and territories.
For more information, please contact Joe Blice, Partner, National Practice Leader, Oil & Gas, CPA
joe.blice@mossadams.com, (972) 687-7818.
Moss Adams LLP provides details at https://www.mossadams.com/home.
About PNC Financial Services Group
PNC is one of the largest, best-regarded and best-capitalized financial services companies in the country, with approximately $325 billion in assets and offices in 33 states, Canada and the United Kingdom.
PNC's Energy Group, headed by Tom Byargeon, is a significant capital and service provider to energy companies, with approximately $6.5 billion in commitments to the industry. The Energy office in Houston houses a team with extensive experience and deep relationships across the entire energy supply chain. This group also offers strategic corporate finance advice and delivers PNC's comprehensive set of solutions and capabilities, including commodity and interest rate hedging, debt capital markets, loan syndications, treasury management, asset securitization, equipment finance and institutional investments.
For more information, please contact Tom Byargeon at 713-353-8782 or tom.byargeon@pnc.com. You can also visit www.pnc.com.
About Preng & Associates
Preng & Associates, founded in 1980, is the only retainer-based, international executive search firm specializing solely in the energy industry. Its number one priority is to assist clients with their executive selection, organization development, and human resource needs by providing the highest quality service. Preng's record of accomplishment is directly attributable to their experienced staff, worldwide network of industry contacts, proven search methodology, and high standards of professionalism. Preng has conducted over 3000 searches for board, executive, management, and professional positions in its 35-year history and has the highest success and repeat client track record.
Preng's practice is based on the premise that the search process is most effective when conducted by professionals with significant search industry experience. The company has earned a reputation for combining professional search disciplines with an in-depth industry and market understanding and has succeeded in some of the industry's most challenging and high-profile searches. Preng's international reach allows it to effectively conduct global engagements; and as a member of the Association of Executive Search Consultants, Preng practices and promotes its high standards of conduct and professionalism.
For more information about Preng & Associates, contact Charles Carpenter, Partner at 713-243-2610 or ccarpenter@preng.com.
About Bank of America Merrill Lynch
Bank of America Merrill Lynch Oil and Gas Group
The Bank of America Merrill Lynch (BofAML) Oil and Gas practice is comprised of a global team of bankers dedicated to covering the energy industry, dating back to the 1920s when Texas predecessor banks pioneered reserve-based lending. The practice includes an experienced in-house Petroleum Engineering team with over 150 years of combined experience. With one of the only full-service financial energy platforms in the industry, the BofAML oil and gas team manages significant capital commitments in the energy sector with dedicated bankers based in Calgary, Denver, Dallas, Houston, London and New York.
The BofA Merrill Lynch Global Research platform offers clients access to information and actionable ideas on stocks, bonds, economics and investment strategies. With approximately 700 analysts in more than 20 countries, we offer our clients knowledge about economic and business developments that are having an impact on the markets, so that they can work with their financial advisors to make the most of opportunities. BofA Merrill Lynch Global Research was ranked No. 1 for the fourth consecutive year on the 2014 list of Top Global Research Firms, Institutional Investor.
About DNB ASA
DNB is Norway's largest financial services provider, with total assets approaching $400 billion. The bank has for years been a major provider of capital to the oil & gas industry, growing up literally side by side with the highly prolific fields developed in the Norwegian Sector of the North Sea. The Oslo Energy Office maintains a global financing strategy and serves this market through multiple offices around the world including Houston, London and Singapore.
Energy Americas, based in Houston, comprises approximately 20 seasoned energy finance professionals. Aside from facilitating the bank's global business strategies, the office concentrates primarily on serving middle market and larger customers in the four principal oil & gas sectors — upstream, midstream, downstream and service — as well as in Power and Renewables. The bank offers a variety of financial products, from traditional oil & gas reserve financing, to longer-term capital markets transactions and merger/acquisition advisory services through its broker-dealer arm, DNB Markets, Inc. Ancillary service capabilities include cash management/depository services, as well as commodity and interest rate hedging.
For information on DNB's energy services, please visit the DNB energy website.
About Holland & Hart
Holland & Hart's oil and gas clients include the major, large independent producers and small to medium sized independents.
The Mountain West is one of the nation's leading oil and gas producing regions, and we are the only law firm with established oil and gas lawyers in every state in the region. We provide clients broad-based, in-depth industry knowledge and legal capabilities by local practitioners who have long-standing professional relationships with decision makers in each of the Mountain West states.
We assist clients at every stage of the oil and gas business, from upstream activities including exploration, production, secondary and tertiary recovery, to midstream gathering and processing activities; and to downstream elements including refining, pipelines, local distribution, marketing, and Federal and State utility regulation. Within each segment of the oil and gas business, Holland & Hart's regional team has experience providing representation every step of the way.
For details, please contact Lisa Adelberg in the Denver office: (303) 295-8148.
About MUFG
Mitsubishi UFJ Financial Group (MUFG) has been a leading provider of banking services to the oil and gas industry in the Americas for more than 30 years, consistently ranking in the Top 10 Lead Arrangers and Top 10 Bond Arrangers in the Thomson Reuters Oil and Gas League Tables.
We support clients across the industry—from regional exploration and production to global diversified services companies—that benefit from our focused approach, strong execution, and customized services. Whether you are looking to expand existing reserves, make an acquisition, or streamline operations, we can support your growth with services, including: underwriting and syndications; U.S./Canadian cross-border funding; securities underwriting and placements; leasing and tax equity financing; and commodities, interest rate, and foreign exchange risk management.
For more information, visit: www.mufgamericas.com/oil-gas.
About Petrie Partners
Petrie Partners, LLC is a boutique investment banking firm offering financial advisory services to the oil and gas industry. We provide specialized advice on mergers, divestitures and acquisitions and private placements.
For more information please refer to petrie.com.
About SMBC
Sumitomo Mitsui Banking Corporation (SMBC) is a core member of Sumitomo Mitsui Financial Group (SMFG), a Tokyo-based bank holding company that is ranked among the largest 25 banks globally by assets under management.
SMBC Americas Division, with more than 2,500 employees, oversees operations in the U.S., Canada, Mexico, and South America. We work across SMFG to offer corporate and institutional clients sophisticated and comprehensive financial services around the globe.
SMBC's roots in Japan trace back more than 400 years to 1590. The Americas Division of SMBC has more than a century of experience in the United States, beginning when the San Francisco branch of Sumitomo Bank was established in 1919. Sumitomo Mitsui Financial Group (NYSE: SMFG) was listed on the New York Stock Exchange in 2010.
For more information please visit the corporate website: www.smbcgroup.com/americas/group-companies/
About Wells Fargo & Company
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company providing banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,700 locations, 12,500 ATMs, and the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy.
The Energy Banking Group, headed by Bart Schouest, provides corporate banking products and services to the energy sector, including upstream, midstream, oilfield services, and diversified industries. With offices in Houston, Dallas, Denver, Calgary, and Aberdeen the group's success is driven by in-depth industry expertise and longstanding relationships with key industry participants. The group has over $45 billion of credit commitments to public and private companies across the upstream, midstream, downstream, services, and power and utilities sectors.
The Energy & Power Investment Banking Group, headed by James Kipp, provides strategic advisory and corporate finance expertise to energy and power clients, including upstream, midstream, oilfield services, downstream, coal and the power & utilities sectors. Areas of focus include equity, equity-linked and debt underwritings, private placements, syndications, and mergers and acquisitions. The Energy & Power Investment Banking Group has offices in Houston and Charlotte.
These teams work together to offer clients industry and product expertise, in addition to sharing their understanding of internal and external forces that drive both industry trends and financial markets. For additional information, contact us at 713-319-1350 or Energy@wellsfargo.com.
View original content:http://www.prnewswire.com/news-releases/continental-petroleum-chairman-harold-hamm-to-keynote-enercoms-the-oil--gas-conference-tues-aug-13-2019-300858017.html
SOURCE EnerCom, Inc.
Article Date
5/29/2019HighPoint Resources Reports Second Quarter 2018 Financial and Operating Results
Source: PR Newswire
DENVER, Aug. 8, 2018 /PRNewswire/ -- HighPoint Resources Corporation (the "Company" or "HighPoint") (NYSE: HPR) today reported second quarter of 2018 financial and operating results, highlighted by oil volumes above the mid-point of guidance and early positive results from Hereford development activity.
For the second quarter of 2018, the Company reported a net loss of $46.9 million, or $0.22 per diluted share. Adjusted net income for the second quarter of 2018 was a net loss of $3.2 million, or $0.02 per diluted share. EBITDAX for the second quarter of 2018 was $63.1 million. Adjusted net income (loss) and EBITDAX are non-GAAP (Generally Accepted Accounting Principles) measures. Please reference the reconciliations to GAAP financial statements at the end of this release.
Chief Executive Officer and President Scot Woodall commented, "Our second quarter results demonstrate our continued operating excellence as we reported total equivalent production sales volumes within our guidance range, including oil volumes that were above the mid-point of guidance. During the second quarter, we generated EBITDAX of $63.1 million, an increase of 35% over the first quarter of 2018 and 72% over the second quarter last year. We are well positioned for continued growth with a dominant acreage position, a low cost structure, and ample liquidity of $381 million at the end of the second quarter. Combined with disciplined capital allocation across an extensive and attractive inventory of XRL drilling locations we remain well positioned for value creation.
"Operationally, our development program is on track as Hereford activity began as planned in April. Drilling of the first DSU was recently completed and we initiated production from nine DUCs. Three of the DUCs were placed on flowback in May and we are seeing positive early production data as the wells are performing consistent with our base type-curve assumptions. The early results highlight the significant resource potential of the Hereford asset. The pace of development at Hereford will increase during the second half of the year as we are currently operating two drilling rigs. NE Wattenberg also continues to see very consistent results and produced an average of 23,900 Boe/d in the second quarter of 2018, representing a 65% increase over the second quarter of 2017.
"Midstream constraints in NE Wattenberg resulted in curtailed natural gas and liquids production during the second quarter. While we had anticipated these issues, the impact was greater than forecast due to a period of unseasonably warm weather in June and July, which resulted in an increase in processing facility outages. We are adjusting our 2018 natural gas and NGL guidance to account for these temporary issues, but expect that full-year oil volumes will be relatively unchanged from previous expectations.
"I am pleased with HighPoint's ability to create long-term shareholder value through development of our extensive and favorable asset base targeting the oil-weighted and rural core of the DJ Basin. We remain positioned to deliver significant growth in production, cash flow and EBITDAX and reiterate our 2019 outlook."
OPERATING AND FINANCIAL RESULTS
The following table summarizes certain operating and financial results for the second quarter of 2018 and 2017 and for the first quarter of 2018:
|
Three Months Ended |
Three Months Ended | ||||||||||||||||
|
2018 |
2017 |
Change |
2018 |
Change | |||||||||||||
|
Combined production sales volumes (MBoe) |
2,409 |
1,526 |
58 |
% |
1,914 |
26 |
% | ||||||||||
|
Net cash provided by (used in) operating activities ($ millions) |
$ |
14.6 |
$ |
0.1 |
*nm |
$ |
54.3 |
(73) |
% | ||||||||
|
Discretionary cash flow ($ millions) (1) |
$ |
51.3 |
$ |
21.6 |
138 |
% |
$ |
34.9 |
47 |
% | |||||||
|
Combined realized prices with hedging (per Boe) |
$ |
39.29 |
$ |
37.42 |
5 |
% |
$ |
37.86 |
4 |
% | |||||||
|
Net income (loss) ($ millions) |
$ |
(46.9) |
$ |
(18.4) |
(155) |
% |
$ |
(24.9) |
(88) |
% | |||||||
|
Per share, basic |
$ |
(0.22) |
$ |
(0.25) |
12 |
% |
$ |
(0.20) |
(10) |
% | |||||||
|
Per share, diluted |
$ |
(0.22) |
$ |
(0.25) |
12 |
% |
$ |
(0.20) |
(10) |
% | |||||||
|
Adjusted net income (loss) ($ millions) (1) |
$ |
(3.2) |
$ |
(12.9) |
75 |
% |
$ |
(5.9) |
46 |
% | |||||||
|
Per share, basic |
$ |
(0.02) |
$ |
(0.17) |
88 |
% |
$ |
(0.05) |
(60) |
% | |||||||
|
Per share, diluted |
$ |
(0.02) |
$ |
(0.17) |
88 |
% |
$ |
(0.05) |
(60) |
% | |||||||
|
Weighted average shares outstanding, basic (in thousands) |
209,393 |
74,794 |
180 |
% |
123,596 |
69 |
% | ||||||||||
|
Weighted average shares outstanding, diluted (in thousands) |
209,393 |
74,794 |
180 |
% |
123,596 |
69 |
% | ||||||||||
|
EBITDAX ($ millions) (1) |
$ |
63.1 |
$ |
36.7 |
72 |
% |
$ |
46.7 |
35 |
% | |||||||
|
* |
Not meaningful |
|
(1) |
Discretionary cash flow, adjusted net income (loss) and EBITDAX are non-GAAP measures. Please reference the reconciliations to GAAP financial statements at the end of this release. |
The Company reported oil, natural gas and natural gas liquids ("NGL") production of 2.41 MMBoe for the second quarter of 2018, which was an increase of 58% over the second quarter of 2017. Oil volumes totaled 1.51 MMBbls, which was an increase of 67% over the second quarter of 2017. Production sales volumes from NE Wattenberg totaled 2.2 MMBoe and Hereford volumes totaled 0.2 MMBoe. Second quarter natural gas and NGL production was impacted by midstream constraints in NE Wattenberg, including high line pressures, unplanned processing facility outages due to unseasonably warm weather and lower product recoveries associated with interim processing facilities.
Production sales volumes were comprised of approximately 63% oil, 21% natural gas and 16% NGLs.
For the second quarter of 2018, WTI oil prices averaged $67.88 per barrel, NWPL natural gas prices averaged $1.95 per MMBtu and NYMEX natural gas prices averaged $2.80 per MMBtu. Commodity price realizations to benchmark pricing were oil less $2.76 per barrel versus WTI and natural gas less $0.66 per Mcf compared to NWPL. The NGL price averaged approximately 31% of the WTI price per barrel.
For the second quarter of 2018, the Company had derivative commodity swaps in place for 11,637 barrels of oil per day tied to WTI pricing at $52.98 per barrel, 5,000 MMBtu of natural gas per day tied to NWPL regional pricing at $2.68 per MMBtu and no hedges in place for NGLs.
|
Three Months Ended |
Three Months Ended | ||||||||||||||||
|
2018 |
2017 |
Change |
2018 |
Change | |||||||||||||
|
Average Realized Prices before Hedging: |
|||||||||||||||||
|
Oil (per Bbl) |
$ |
65.07 |
$ |
45.83 |
42 |
% |
$ |
60.45 |
8 |
% | |||||||
|
Natural gas (per Mcf) |
1.29 |
2.43 |
(47) |
% |
1.95 |
(34) |
% | ||||||||||
|
NGLs (per Bbl) |
20.84 |
16.20 |
29 |
% |
20.31 |
3 |
% | ||||||||||
|
Combined (per Boe) |
45.71 |
33.38 |
37 |
% |
42.24 |
8 |
% | ||||||||||
|
Average Realized Prices with Hedging: |
|||||||||||||||||
|
Oil (per Bbl) |
$ |
54.59 |
$ |
52.39 |
4 |
% |
$ |
53.00 |
3 |
% | |||||||
|
Natural gas (per Mcf) |
1.40 |
2.56 |
(45) |
% |
1.98 |
(29) |
% | ||||||||||
|
NGLs (per Bbl) |
20.84 |
16.20 |
29 |
% |
20.31 |
3 |
% | ||||||||||
|
Combined (per Boe) |
39.29 |
37.42 |
5 |
% |
37.86 |
4 |
% | ||||||||||
LOE averaged $3.15 per Boe in the second quarter of 2018 compared to $3.61 per Boe in the second quarter of 2017. The year-over-year reduction in LOE is a result of improved operating efficiencies on the legacy NE Wattenberg asset and disposition of higher LOE wells in Utah.
Production tax expense averaged $4.02 per Boe in the second quarter of 2018 compared to $2.25 per Boe in the second quarter of 2017. Production tax expense averaged approximately 9% of revenues in the second quarter of 2018 compared to 7% of revenues in the second quarter of 2017. The increase was due to a higher estimated effective tax rate for Colorado severance taxes and is currently expected to approximate this level for the remainder of the year.
Depreciation, depletion and amortization ("DD&A") averaged $21.66 per Boe in the second quarter of 2018 compared to $25.78 per Boe in the second quarter of 2017. Lower DD&A on a per unit basis compared to the second quarter of 2017 was primarily the result of proved reserves added at lower costs.
|
Three Months Ended |
Three Months Ended | ||||||||||||||||
|
2018 |
2017 |
Change |
2018 |
Change | |||||||||||||
|
Average Costs (per Boe): |
|||||||||||||||||
|
Lease operating expenses |
$ |
3.15 |
$ |
3.61 |
(13) |
% |
$ |
3.27 |
(4) |
% | |||||||
|
Gathering, transportation and processing expense |
0.42 |
0.35 |
20 |
% |
0.22 |
91 |
% | ||||||||||
|
Production tax expenses |
4.02 |
2.25 |
79 |
% |
2.70 |
49 |
% | ||||||||||
|
Depreciation, depletion and amortization |
21.66 |
25.78 |
(16) |
% |
21.41 |
1 |
% | ||||||||||
|
General and administrative expense |
4.83 |
5.86 |
(18) |
% |
5.28 |
(9) |
% | ||||||||||
Debt and Liquidity
At June 30, 2018, the principal debt balance was $627.1 million, while cash and cash equivalents were $107.4 million, resulting in net debt of $519.7 million. Cash and cash equivalents were primarily used during the quarter to execute on the second quarter development program.
The Company currently has $274 million in available borrowing capacity on its $300 million credit facility, after taking into account a $26 million letter of credit.
Capital Expenditures
Capital expenditures for the second quarter of 2018 totaled $145.0 million. The Company operated three drilling rigs and capital projects included spudding 28 XRL wells and placing 27 XRL wells on initial flowback, including six DUCs in Hereford.
Capital expenditures included $135.4 million for drilling and completion operations, $2.0 million for leasehold, and $7.6 million for infrastructure and corporate assets.
OPERATIONAL UPDATE
The Company is operating three drilling rigs in the DJ Basin with one rig in NE Wattenberg and two rigs in Hereford. The Company currently anticipates maintaining this pace of development and plans to drill approximately 120-125 gross XRL wells in 2018. Two completion crews will be utilized in 2018 and the Company has the ability to add a third completion crew, as necessary, based on the timing of well completions.
NE Wattenberg
The Company produced an average of 23,900 Boe/d (61% oil) in the second quarter of 2018, representing a 65% increase over the second quarter of 2017. For the second quarter of 2018, the Company drilled 20 XRL wells and placed 21 XRL wells on initial flowback. The Company is currently operating a one-rig drilling program and expects to maintain this level of development activity for the remainder of the year.
Recent activity was highlighted by DSU 5-61-27, which includes 10 XRL wells and is located in the east-central portion of NE Wattenberg. Initial flowback began in the second quarter and the wells have performed consistent with the type-curve expectations. This is a step-out to DSU 5-61-20, which was placed on flowback in the fourth quarter of 2017 and continues to perform in line with the base type-curve after 260 days of production.
In addition, DSUs 4-62-28 and 4-62-33 are located in the southern portion of NE Wattenberg and were also placed on initial flowback during the second quarter. The DSUs include 10 XRL and 9 XRL wells, respectively, and continue to trend towards peak production.
The Company continues to mitigate the impact of inflationary pressure on well costs as wells drilled during the first half of 2018 averaged approximately $4.85 million, which is in line with internal expectations. In addition, total drilling and completion cycle times averaged approximately 16.5 days for the first half of 2018, which is a 6% improvement over the 2017 average and was driven by a reduction in the number of frac and drill out days.
Hereford Field
Production sales volumes for the second quarter of 2018 averaged approximately 2,550 Boe/d (79% oil). Drilling operations commenced in April on DSU 11-63-14, which includes 10 XRL wells (6 Niobrara, 4 Codell). Drilling was completed in June and it is anticipated that the wells will be placed on initial flowback during the third quarter of 2018. A full-time completion crew began operating in April and completion operations commenced on three pads (three wells each) of DUCs, which incorporated optimized completions, including controlled flowback methods. The first three wells were placed on flowback in May and continue to trend towards peak production. Early production data is encouraging as the wells are performing consistent with the base type-curve of 550 MBoe for the 60 days of production following initial oil sales. It is anticipated that peak production will be achieved after approximately 90 days of production. The remaining six DUCs were placed on production in June and July and are in the initial flowback stage.
The Company expects to maintain two drilling rigs for the remainder of the year and the focus of the 2018 program will be on full DSU development to maximize drilling and completion efficiencies. The Company has already begun to realize significant savings due to synergies generated as completion costs for the 9 DUCs were 29% below legacy completion costs. In addition, drilling costs for the initial DSU were 17% below legacy wells with drilling days to rig release averaging approximately 8.5 days per well, including a best-in-class well that was drilled in 6.9 days.
MARKETING UPDATE
The Company experienced midstream curtailments in the first half of 2018 due to high line pressures in the DJ Basin that led to minor production impacts in NE Wattenberg, but expects that line pressures and gas processing capacity will improve in the second half of 2018. Natural gas processing capacity has improved as DCP's Mewbourn 3 plant recently became operational, which increased the Company's allocated gas volumes by approximately 25%. In addition, the Company has worked diligently to diversify its gas processing capacity and has signed agreements with several third-party midstream providers that will increase the Company's available gas processing capacity by over 70% by the end of 2018. This provides the flexibility to direct approximately 35% of expected fourth quarter NE Wattenberg volumes to processing facilities outside of the legacy DCP system.
Hereford natural gas volumes are processed by Summit midstream, which is in the process of expanding its gas processing capacity to 60 MMcf/d by the end of 2018.
The Company continues to maintain no oil marketing or oil pipeline delivery commitments and expects that oil price differentials to benchmark pricing will be less than $3.00 per barrel versus WTI for the foreseeable future.
2018 OPERATING GUIDANCE
The Company is updating its 2018 operating guidance and providing third quarter of 2018 guidance for capital expenditures and production as discussed below. The Company is reiterating its previously announced outlook for 2019.
See "Forward-Looking Statements" below.
COMMODITY HEDGES UPDATE
The following table summarizes our current hedge position as of August 8, 2018:
|
Oil (WTI) |
Natural Gas (NWPL) | |||||||||||
|
Period |
Volume |
Price |
Volume |
Price | ||||||||
|
3Q18 |
13,843 |
54.62 |
5,000 |
2.68 |
||||||||
|
4Q18 |
13,806 |
54.63 |
5,000 |
2.68 |
||||||||
|
1Q19 |
17,774 |
58.33 |
5,000 |
2.05 |
||||||||
|
2Q19 |
17,750 |
58.34 |
5,000 |
2.05 |
||||||||
|
3Q19 |
17,231 |
58.64 |
5,000 |
2.05 |
||||||||
|
4Q19 |
17,212 |
58.65 |
5,000 |
2.05 |
||||||||
|
FY2020 |
3,500 |
59.71 |
||||||||||
Realized sales prices will reflect basis differentials from the index prices to the sales location.
UPCOMING EVENTS
Second Quarter Conference Call and Webcast
The Company plans to host a conference call on Thursday, August 9, 2018, to discuss second quarter of 2018 results. The call is scheduled at 10:00 a.m. Eastern time (8:00 a.m. Mountain time). Please join the webcast conference call live or for replay via the Internet at www.hpres.com, accessible from the home page. To join by telephone, call (855) 760-8152 ((631) 485-4979 international callers) with passcode 8494357. The webcast will remain on the Company's website for approximately 7 days and a replay of the call will be available through August 16, 2018 at (855) 859-2056 ((404) 537-3406 international) with passcode 8494357.
Investor Events
Members of the Company's management are currently scheduled to participate in the following investor events:
Presentation materials will be posted to the investor relations section of the Company's website prior to the start of each event.
DISCLOSURE STATEMENTS
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. In particular, the Company is providing "2018 Operating Guidance," which contains projections for certain 2018 full-year and third quarter operational and financial metrics. Additional forward-looking statements in this release relate to, among other things, future capital expenditures, costs, projects and opportunities; and the availability of adequate natural gas processing capacity, future line pressures and the timing and effect of new midstream facilities, and future diversification of gas processing capacity.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Actual results may vary significantly from those indicated in the forward-looking statements. Please refer to the Bill Barrett Corporation's Annual Report on Form 10-K for the year ended December 31, 2017 filed with the SEC, and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT HIGHPOINT RESOURCES CORPORATION
HighPoint Resources Corporation (NYSE: HPR) is a Denver, Colorado based company focused on the development of oil and natural gas assets located in the Denver-Julesburg Basin of Colorado. Additional information about the Company may be found on its website at www.hpres.com.
|
HIGHPOINT RESOURCES CORPORATION | |||||||||||||||
|
Selected Operating Highlights | |||||||||||||||
|
(Unaudited) | |||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
2018 |
2017 |
2018 |
2017 | ||||||||||||
|
Production Data: |
|||||||||||||||
|
Oil (MBbls) |
1,507 |
902 |
2,644 |
1,727 |
|||||||||||
|
Natural gas (MMcf) |
3,096 |
1,920 |
5,652 |
3,810 |
|||||||||||
|
NGLs (MBbls) |
386 |
304 |
737 |
597 |
|||||||||||
|
Combined volumes (MBoe) |
2,409 |
1,526 |
4,323 |
2,959 |
|||||||||||
|
Daily combined volumes (Boe/d) |
26,473 |
16,769 |
23,884 |
16,348 |
|||||||||||
|
Average Sales Prices (before the effects of realized hedges): | |||||||||||||||
|
Oil (per Bbl) |
$ |
65.07 |
$ |
45.83 |
$ |
63.09 |
$ |
46.83 |
|||||||
|
Natural gas (per Mcf) |
1.29 |
2.43 |
1.59 |
2.54 |
|||||||||||
|
NGLs (per Bbl) |
20.84 |
16.20 |
20.59 |
18.09 |
|||||||||||
|
Combined (per Boe) |
45.71 |
33.38 |
44.18 |
34.25 |
|||||||||||
|
Average Realized Sales Prices (after the effects of realized hedges): | |||||||||||||||
|
Oil (per Bbl) |
$ |
54.59 |
$ |
52.39 |
$ |
53.91 |
$ |
52.40 |
|||||||
|
Natural gas (per Mcf) |
1.40 |
2.56 |
1.66 |
2.59 |
|||||||||||
|
NGLs (per Bbl) |
20.84 |
16.20 |
20.59 |
18.09 |
|||||||||||
|
Combined (per Boe) |
39.29 |
37.42 |
38.66 |
37.56 |
|||||||||||
|
Average Costs (per Boe): |
|||||||||||||||
|
Lease operating expenses |
$ |
3.15 |
$ |
3.61 |
$ |
3.20 |
$ |
3.84 |
|||||||
|
Gathering, transportation and processing expense |
0.42 |
0.35 |
0.33 |
0.35 |
|||||||||||
|
Production tax expenses |
4.02 |
2.25 |
3.44 |
1.27 |
|||||||||||
|
Depreciation, depletion and amortization |
21.66 |
25.78 |
21.55 |
26.25 |
|||||||||||
|
General and administrative expense (1) |
4.83 |
5.86 |
5.03 |
6.18 |
|||||||||||
|
(1) |
Includes long-term cash and equity incentive compensation of $0.93 per Boe and $1.10 per Boe for the three months ended June 30, 2018 and 2017, respectively, and $0.85 per Boe and $0.95 per Boe for the six months ended June 30, 2018 and 2017, respectively. |
|
HIGHPOINT RESOURCES CORPORATION | |||||||
|
Consolidated Condensed Balance Sheets | |||||||
|
(Unaudited) | |||||||
|
As of |
As of | ||||||
|
2018 |
2017 | ||||||
|
(in thousands) | |||||||
|
Assets: |
|||||||
|
Cash and cash equivalents |
$ |
107,379 |
$ |
314,466 |
|||
|
Other current assets |
66,140 |
53,197 |
|||||
|
Property and equipment, net |
1,905,620 |
1,018,880 |
|||||
|
Other noncurrent assets |
3,814 |
4,163 |
|||||
|
Total assets |
$ |
2,082,953 |
$ |
1,390,706 |
|||
|
Liabilities and Stockholders' Equity: |
|||||||
|
Current liabilities (1) |
$ |
264,247 |
$ |
148,934 |
|||
|
Long-term debt, net of debt issuance costs |
616,625 |
617,744 |
|||||
|
Other long-term liabilities (1) |
186,878 |
25,474 |
|||||
|
Stockholders' equity |
1,015,203 |
598,554 |
|||||
|
Total liabilities and stockholders' equity |
$ |
2,082,953 |
$ |
1,390,706 |
|||
|
(1) |
At June 30, 2018, the estimated fair value of all of the Company's commodity derivative instruments was a liability of $85.3 million, comprised of $66.4 million of current liabilities and $18.9 million of non-current liabilities. This amount will fluctuate based on estimated future commodity prices and the current hedge position. |
|
HIGHPOINT RESOURCES CORPORATION | |||||||||||||||
|
Consolidated Statements of Operations | |||||||||||||||
|
(Unaudited) | |||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
2018 |
2017 |
2018 |
2017 | ||||||||||||
|
(in thousands, except per share amounts) | |||||||||||||||
|
Operating Revenues: |
|||||||||||||||
|
Oil, gas and NGL production |
$ |
110,118 |
$ |
50,941 |
$ |
190,949 |
$ |
101,366 |
|||||||
|
Other operating revenues, net |
280 |
125 |
259 |
236 |
|||||||||||
|
Total operating revenues |
110,398 |
51,066 |
191,208 |
101,602 |
|||||||||||
|
Operating Expenses: |
|||||||||||||||
|
Lease operating |
7,594 |
5,506 |
13,845 |
11,368 |
|||||||||||
|
Gathering, transportation and processing |
1,012 |
535 |
1,431 |
1,024 |
|||||||||||
|
Production tax |
9,684 |
3,434 |
14,859 |
3,756 |
|||||||||||
|
Exploration |
7 |
3 |
20 |
30 |
|||||||||||
|
Impairment, dry hole costs and abandonment |
108 |
1 |
425 |
8,075 |
|||||||||||
|
(Gain) Loss on sale of properties |
564 |
— |
972 |
(92) |
|||||||||||
|
Depreciation, depletion and amortization |
52,175 |
39,337 |
93,160 |
77,677 |
|||||||||||
|
Unused commitments |
4,572 |
4,558 |
9,110 |
9,130 |
|||||||||||
|
General and administrative (1) |
11,624 |
8,943 |
21,731 |
18,292 |
|||||||||||
|
Merger transaction expense |
1,277 |
— |
6,040 |
— |
|||||||||||
|
Other operating expenses, net |
9 |
(755) |
48 |
(1,328) |
|||||||||||
|
Total operating expenses |
88,626 |
61,562 |
161,641 |
127,932 |
|||||||||||
|
Operating Income (Loss) |
21,772 |
(10,496) |
29,567 |
(26,330) |
|||||||||||
|
Other Income and Expense: |
|||||||||||||||
|
Interest and other income |
701 |
492 |
1,392 |
698 |
|||||||||||
|
Interest expense |
(13,093) |
(16,137) |
(26,183) |
(30,088) |
|||||||||||
|
Commodity derivative gain (loss) (2) |
(56,286) |
15,598 |
(76,619) |
32,062 |
|||||||||||
|
Gain (loss) on extinguishment of debt |
— |
(7,904) |
— |
(7,904) |
|||||||||||
|
Total other income and expense |
(68,678) |
(7,951) |
(101,410) |
(5,232) |
|||||||||||
|
Income (Loss) before Income Taxes |
(46,906) |
(18,447) |
(71,843) |
(31,562) |
|||||||||||
|
(Provision for) Benefit from Income Taxes |
— |
— |
— |
— |
|||||||||||
|
Net Income (Loss) |
$ |
(46,906) |
$ |
(18,447) |
$ |
(71,843) |
$ |
(31,562) |
|||||||
|
Net Income (Loss) per Common Share |
|||||||||||||||
|
Basic |
$ |
(0.22) |
$ |
(0.25) |
$ |
(0.43) |
$ |
(0.42) |
|||||||
|
Diluted |
$ |
(0.22) |
$ |
(0.25) |
$ |
(0.43) |
$ |
(0.42) |
|||||||
|
Weighted Average Common Shares Outstanding |
|||||||||||||||
|
Basic |
209,393 |
74,794 |
166,731 |
74,670 |
|||||||||||
|
Diluted |
209,393 |
74,794 |
166,731 |
74,670 |
|||||||||||
|
(1) |
Includes long-term cash and equity incentive compensation of $2.2 million and $1.7 million for the three months ended June 30, 2018 and 2017, respectively, and $3.7 million and $2.8 million for the six months ended June 30, 2018 and 2017, respectively. |
|
(2) |
The table below summarizes the realized and unrealized gains and losses the Company recognized related to its oil and natural gas derivative instruments for the periods indicated: |
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
2018 |
2017 |
2018 |
2017 | ||||||||||||
|
(in thousands) | |||||||||||||||
|
Included in commodity derivative gain (loss): |
|||||||||||||||
|
Realized gain (loss) on derivatives (1) |
$ |
(15,460) |
$ |
6,167 |
$ |
(23,848) |
$ |
9,799 |
|||||||
|
Prior year unrealized (gain) loss transferred to realized (gain) loss (1) |
5,788 |
(737) |
20,940 |
(2,114) |
|||||||||||
|
Unrealized gain (loss) on derivatives (1) |
(46,614) |
10,168 |
(73,711) |
24,377 |
|||||||||||
|
Total commodity derivative gain (loss) |
$ |
(56,286) |
$ |
15,598 |
$ |
(76,619) |
$ |
32,062 |
|||||||
|
(1) |
Realized and unrealized gains and losses on commodity derivatives are presented herein as separate line items but are combined for a total commodity derivative gain (loss) in the Consolidated Statements of Operations. This separate presentation is a non-GAAP measure. Management believes the separate presentation of the realized and unrealized commodity derivative gains and losses is useful because the realized cash settlement portion provides a better understanding of the Company's hedge position. The Company also believes that this disclosure allows for a more accurate comparison to its peers. |
|
HIGHPOINT RESOURCES CORPORATION | |||||||||||||||
|
Consolidated Statements of Cash Flows | |||||||||||||||
|
(Unaudited) | |||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
2018 |
2017 |
2018 |
2017 | ||||||||||||
|
(in thousands) | |||||||||||||||
|
Operating Activities: |
|||||||||||||||
|
Net income (loss) |
$ |
(46,906) |
$ |
(18,447) |
$ |
(71,843) |
$ |
(31,562) |
|||||||
|
Adjustments to reconcile to net cash provided by operations: |
|||||||||||||||
|
Depreciation, depletion and amortization |
52,175 |
39,337 |
93,160 |
77,677 |
|||||||||||
|
Impairment, dry hole costs and abandonment |
108 |
1 |
425 |
8,075 |
|||||||||||
|
Unrealized derivative (gain) loss |
40,826 |
(9,432) |
52,771 |
(22,264) |
|||||||||||
|
Incentive compensation and other non-cash charges |
2,655 |
1,686 |
3,490 |
3,654 |
|||||||||||
|
Amortization of deferred financing costs |
568 |
597 |
1,131 |
1,155 |
|||||||||||
|
(Gain) loss on sale of properties |
564 |
— |
972 |
(92) |
|||||||||||
|
(Gain) loss on extinguishment of debt |
— |
7,904 |
— |
7,904 |
|||||||||||
|
Change in operating assets and liabilities: |
|||||||||||||||
|
Accounts receivable |
(13,363) |
(1,160) |
(4,197) |
2,427 |
|||||||||||
|
Prepayments and other assets |
(978) |
(330) |
(1,089) |
(1,377) |
|||||||||||
|
Accounts payable, accrued and other liabilities |
(36,855) |
(14,550) |
(36,033) |
(5,585) |
|||||||||||
|
Amounts payable to oil and gas property owners |
15,923 |
1,583 |
25,532 |
2,673 |
|||||||||||
|
Production taxes payable |
(147) |
(7,088) |
4,568 |
(4,486) |
|||||||||||
|
Net cash provided by (used in) operating activities |
$ |
14,570 |
$ |
101 |
$ |
68,887 |
$ |
38,199 |
|||||||
|
Investing Activities: |
|||||||||||||||
|
Additions to oil and gas properties, including acquisitions |
(131,962) |
(46,273) |
(220,816) |
(104,236) |
|||||||||||
|
Additions of furniture, equipment and other |
(348) |
(190) |
(470) |
(201) |
|||||||||||
|
Repayment of debt associated with merger, net of cash acquired |
— |
— |
(53,357) |
— |
|||||||||||
|
Proceeds from sale of properties and other investing activities |
687 |
(11,840) |
530 |
(615) |
|||||||||||
|
Net cash provided by (used in) investing activities |
$ |
(131,623) |
$ |
(58,303) |
$ |
(274,113) |
$ |
(105,052) |
|||||||
|
Financing Activities: |
|||||||||||||||
|
Proceeds from debt |
— |
275,000 |
— |
275,000 |
|||||||||||
|
Principal payments on debt |
(116) |
(322,001) |
(232) |
(322,113) |
|||||||||||
|
Proceeds from sale of common stock, net of offering costs |
— |
(74) |
— |
(298) |
|||||||||||
|
Deferred financing costs and other |
(144) |
(5,045) |
(1,629) |
(6,012) |
|||||||||||
|
Net cash provided by (used in) financing activities |
$ |
(260) |
$ |
(52,120) |
$ |
(1,861) |
$ |
(53,423) |
|||||||
|
Increase (Decrease) in Cash and Cash Equivalents |
(117,313) |
(110,322) |
(207,087) |
(120,276) |
|||||||||||
|
Beginning Cash and Cash Equivalents |
224,692 |
265,887 |
314,466 |
275,841 |
|||||||||||
|
Ending Cash and Cash Equivalents |
$ |
107,379 |
$ |
155,565 |
$ |
107,379 |
$ |
155,565 |
|||||||
|
HIGHPOINT RESOURCES CORPORATION | |||||||||||||||
|
Reconciliation of Discretionary Cash Flow, Adjusted Net Income (Loss) and EBITDAX | |||||||||||||||
|
(Unaudited) | |||||||||||||||
|
Discretionary Cash Flow Reconciliation | |||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
2018 |
2017 |
2018 |
2017 | ||||||||||||
|
(in thousands) | |||||||||||||||
|
Net Cash Provided by (Used in) Operating Activities |
$ |
14,570 |
$ |
101 |
$ |
68,887 |
$ |
38,199 |
|||||||
|
Adjustments to reconcile to discretionary cash flow: |
|||||||||||||||
|
Exploration expense |
7 |
3 |
20 |
30 |
|||||||||||
|
Merger transaction expense |
1,277 |
— |
6,040 |
— |
|||||||||||
|
Changes in working capital |
35,420 |
21,545 |
11,219 |
6,348 |
|||||||||||
|
Discretionary Cash Flow |
$ |
51,274 |
$ |
21,649 |
$ |
86,166 |
$ |
44,577 |
|||||||
|
Adjusted Net Income (Loss) Reconciliation | |||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
2018 |
2017 |
2018 |
2017 | ||||||||||||
|
(in thousands, except per share amounts) | |||||||||||||||
|
Net Income (Loss) |
$ |
(46,906) |
$ |
(18,447) |
$ |
(71,843) |
$ |
(31,562) |
|||||||
|
Provision for (Benefit from) income taxes |
— |
— |
— |
— |
|||||||||||
|
Income (Loss) before income taxes |
(46,906) |
(18,447) |
(71,843) |
(31,562) |
|||||||||||
|
Adjustments to net income (loss): |
|||||||||||||||
|
Unrealized derivative (gain) loss |
40,826 |
(9,432) |
52,771 |
(22,264) |
|||||||||||
|
Impairment expense |
— |
— |
— |
8,010 |
|||||||||||
|
(Gain) loss on sale of properties |
564 |
— |
972 |
(92) |
|||||||||||
|
(Gain) loss on extinguishment of debt |
— |
7,904 |
— |
7,904 |
|||||||||||
|
One-time item: |
|||||||||||||||
|
Merger transaction expense |
1,277 |
— |
6,040 |
— |
|||||||||||
|
(Income) expense related to properties sold |
9 |
(755) |
48 |
(1,328) |
|||||||||||
|
Adjusted Income (Loss) before income taxes |
(4,230) |
(20,730) |
(12,012) |
(39,332) |
|||||||||||
|
Adjusted (provision for) benefit from income taxes (1) |
1,047 |
7,869 |
2,959 |
14,911 |
|||||||||||
|
Adjusted Net Income (Loss) |
$ |
(3,183) |
$ |
(12,861) |
$ |
(9,053) |
$ |
(24,421) |
|||||||
|
Per share, diluted |
$ |
(0.02) |
$ |
(0.17) |
$ |
(0.05) |
$ |
(0.33) |
|||||||
|
(1) |
Adjusted (provision for) benefit from income taxes is calculated using the Company's current effective tax rate prior to applying the valuation allowance against deferred tax assets. |
|
EBITDAX Reconciliation | |||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
2018 |
2017 |
2018 |
2017 | ||||||||||||
|
(in thousands) | |||||||||||||||
|
Net Income (Loss) |
$ |
(46,906) |
$ |
(18,447) |
$ |
(71,843) |
$ |
(31,562) |
|||||||
|
Adjustments to reconcile to EBITDAX: |
|||||||||||||||
|
Depreciation, depletion and amortization |
52,175 |
39,337 |
93,160 |
77,677 |
|||||||||||
|
Impairment, dry hole and abandonment expense |
108 |
1 |
425 |
8,075 |
|||||||||||
|
Exploration expense |
7 |
3 |
20 |
30 |
|||||||||||
|
Unrealized derivative (gain) loss |
40,826 |
(9,432) |
52,771 |
(22,264) |
|||||||||||
|
Incentive compensation and other non-cash charges |
2,655 |
1,686 |
3,490 |
3,654 |
|||||||||||
|
Merger transaction expense |
1,277 |
— |
6,040 |
— |
|||||||||||
|
(Gain) loss on sale of properties |
564 |
— |
972 |
(92) |
|||||||||||
|
(Gain) loss on extinguishment of debt |
— |
7,904 |
— |
7,904 |
|||||||||||
|
Interest and other income |
(701) |
(492) |
(1,392) |
(698) |
|||||||||||
|
Interest expense |
13,093 |
16,137 |
26,183 |
30,088 |
|||||||||||
|
EBITDAX |
$ |
63,098 |
$ |
36,697 |
$ |
109,826 |
$ |
72,812 |
|||||||
Discretionary cash flow, adjusted net income (loss) and EBITDAX are non-GAAP measures. These measures are presented because management believes that they provide useful additional information to investors for analysis of the Company's performance. If used as a liquidity measure, they should be reconciled to cash flow from operations as well as adjusting net income (loss) for certain items to allow for a more consistent comparison from period to period. In addition, the Company believes that these measures are widely used by professional research analysts and others in the valuation, comparison and investment recommendations of companies in the oil and gas exploration and production industry, and that many investors use the published research of industry research analysts in making investment decisions.
These measures should not be considered in isolation or as a substitute for net income, income from operations, net cash provided by operating activities or other income, profitability, cash flow or liquidity measures prepared in accordance with GAAP. The definition of these measures may vary among companies, and, therefore, the amounts presented may not be comparable to similarly titled measures of other companies.
View original content with multimedia:http://www.prnewswire.com/news-releases/highpoint-resources-reports-second-quarter-2018-financial-and-operating-results-300694348.html
SOURCE HighPoint Resources Corporation
Article Date
8/8/201890 Public and Private Oil and Gas Company Leaders and Experts to Speak at the 23rd Annual EnerCom - The Oil & Gas Conference®
Source: PR Newswire
DENVER, Aug. 1, 2018 /PRNewswire/ -- Regardless of whether your area of interest in the U.S. energy sector is the shale plays and companies drilling the U.S. basins, offshore drilling in the Gulf of Mexico, oil pipelines, LNG exports, Texas-sourced frac sand, oilfield services or new oilfield technologies, the 23rd annual EnerCom conference will deliver the best of the industry to the Denver Downtown Westin Hotel Denver Aug. 19-22, 2018.
The combined market value of the presenting public companies is more than $220 billion and the publicly-traded energy companies represent a combined enterprise value of more than $275 billion—55% higher than last year.
Several privately held E&Ps and related energy service companies will be at the conference in force as well this year, participating in a variety of panels at the conference. Conference attendees have a rare opportunity to hear from several large private operators who—unlike their publicly traded counterparts—often say nothing in public about their operations.
Among the private oil companies participating in the conference is Anschutz Exploration, a large operator with assets in the Powder River and Washakie Basins of Wyoming, the Piceance and DJ Basins of Colorado and the Unita Basin of Utah. Other private drillers include Permian producer Felix Energy, DJ Basin producer Great Western Oil & Gas, conventional Piceance gas producer Caerus Oil and Gas, and Powder River and Green River Basin operator Samson Resources II.
Who Attends the Conference: More than 2,000 institutional, private equity and hedge fund investors, energy research analysts, retail brokers, trust officers, high net worth investors, investment bankers and energy industry professionals gather in Denver for the conference.
One-on-One Meetings: EnerCom works in advance with presenting company management teams to arrange one-on-one meetings with the attending institutional investors and research analysts at the conference venue. In 2017, EnerCom managed more than 2,100 one-on-one meeting requests. Buyside investors may request meetings on the conference website or contact EnerCom for more information at 303-296-8834.
How to Register: Investment professionals and oil and gas companies can register for the event through the conference website.
2018 Presenting Companies: The Oil & Gas Conference® 2018 presenting companies consist of the following:
Looking at basin and sector, the 2018 EnerCom conference presenting companies and companies participating in panels break out as follows (list is subject to change prior to the conference– please refer to The Oil & Gas Conference website for an updated schedule of presenting companies):
Exploration & Production and Other Energy Companies by Focus Area and Sector
Bakken/Three Forks
Eagle Ford
Permian Basin
Woodford & Other Mid-Continent – SCOOP/STACK
Marcellus/Utica
Niobrara
Gulf of Mexico/Offshore
Haynesville
Pinedale – Jonah Field – Uinta Basin
Enhanced Oil Recovery
Canadian E&Ps
International E&Ps
LNG Export Projects
Oilfield Service Companies
Midstream
Mineral, Royalty, Infrastructure Holders, Acquisition Companies
Private Companies – E&Ps, Midstream, Energy Data and Technology, Energy Capital, Government Energy Agencies
A work-in-progress schedule of the 2018 presenting companies is posted on the conference website and is regularly updated.
Sponsors of The Oil & Gas Conference®
EnerCom History and Sponsors: EnerCom, Inc. founded The Oil & Gas Conference® in 1996. It is the oldest and largest independent energy investment conference in Denver.
Global sponsors of EnerCom's conferences are Netherland, Sewell & Associates; RS Energy Group; Moss Adams; and Preng & Associates.
Sponsors of The Oil & Gas Conference® 23 are Bank of America Merrill Lynch; AssuredPartners; DNB Bank ASA; Fifth Third Bank; CIBC; Haynes and Boone; Credit Agricole CIB; Natixis; PJ SOLOMON; PNC Financial Services Group; Wells Fargo; MUFG; SMBC; Opportune LLP; Petrie Partners; EnergyNet; McGriff, Seibels & Williams, Inc.; Energy Intelligence; and TGS.
About EnerCom, Inc.
Since 1994 EnerCom, Inc. has developed into a nationally recognized oil and gas-focused investor relations consultancy advising oil and gas industry clients on corporate strategy, asset valuations, investor communications, media relations and providing visual communications design.
EnerCom offers services and produces and publishes numerous data products and external communications tools for public and private energy companies including:
EnerCom's professionals have more than 170 years of industry and business experience and a proven track record of success.
Headquartered in Denver, with senior consultants in Dallas and Houston, EnerCom uses the team approach for delivering its wide range of services to public and private companies, large and small, operating in the global exploration and production, OilService, capital markets, and associated advanced-technology industries.
EnerCom's upcoming oil and gas investment conferences include:
EnerCom Denver (The Oil & Gas Conference®) – August 19-22, 2018
EnerCom Dallas – Feb. 27-28, 2019
For more information about EnerCom and its services, please visit http://www.enercominc.com/ or call +1 303-296-8834 to speak with the management team or one of our consultants.
About Netherland, Sewell & Associates, Inc.
Netherland, Sewell & Associates, Inc. (NSAI) was founded in 1961 to provide the highest quality engineering and geological consulting to the petroleum industry. Today they are recognized as the worldwide leader of petroleum property analysis to industry and financial organizations and government agencies. With offices in Dallas and Houston, NSAI provides a complete range of geological, geophysical, petrophysical, and engineering services and has the technical experience and ability to perform these services in any of the onshore and offshore oil and gas producing areas of the world. They provide reserves reports and audits, acquisition and divestiture evaluations, simulation studies, exploration resources assessments, equity determinations, and management and advisory services. For a complete list of services or to learn more about Netherland, Sewell & Associates, Inc. please visit www.netherlandsewell.com.
For more information about NSAI, call C.H. (Scott) Rees, Chief Executive Officer, at 214-969-5401 or send an email to info@nsai-petro.com.
About RS Energy Group
RS Energy Group (RSEG) provides data-driven intelligence: evaluate assets, weigh valuable M&A opportunities and benchmark your business for more precise decision-making.
RSEG officially released its data solution in April 2017. RS Data™ provides clients with corrected, multi-sourced permit, completion and production data of unparalleled completeness and quality.
Today, RSEG's intelligence covers more than 150 companies operating in every key North American and many international energy plays with a powerful combination of practical insights at the asset level and a long-standing participation in capital markets. RSEG's independent, unbiased and accurate analysis forms a foundation of trust with its clients. Its collaborative approach, both internally and as an extension of its clients' research efforts, promotes innovation and fosters intimate, long term partnerships.
RS Energy Group (RSEG) is headquartered in Calgary, Alberta, with strategic locations in Houston, New York City, Philadelphia, San Francisco and Los Angeles. Contact RS Energy Group by phone at (403) 294-9111, or email info@rseg.com.
About Moss Adams LLP
For more than 30 years, Hein & Associates has been recognized throughout the industry as a leading oil and gas accounting and advisory firm. In late 2017, Hein combined with Moss Adams LLP, one of the largest accounting, consulting and wealth management firms in the nation, creating a $600 million middle-market accounting/tax/audit leader in the western U.S. with a strong oil & gas practice group.
With more than 2,900 professionals and staff across more than 25 locations in the West and beyond, Moss Adams works with many of the world's most innovative companies and leaders. Our strength in the middle market enables us to advise clients at all intervals of development—from start-up, to rapid growth and expansion, to transition. Today, we help over 2,300 companies doing business in more than 100 countries and territories.
For more information, please contact Joe Blice, Partner, National Practice Leader, Oil & Gas, CPA joe.blice@mossadams.com, (972) 687-7818.
Moss Adams LLP provides details at https://www.mossadams.com/home .
About Preng & Associates
Preng & Associates, founded in 1980, is the only retainer-based, international executive search firm specializing solely in the energy industry. Its number one priority is to assist clients with their executive selection, organization development, and human resource needs by providing the highest quality service. Preng's record of accomplishment is directly attributable to their experienced staff, worldwide network of industry contacts, proven search methodology, and high standards of professionalism. Preng has conducted over 3000 searches for board, executive, management, and professional positions in its 35-year history and has the highest success and repeat client track record.
Preng's practice is based on the premise that the search process is most effective when conducted by professionals with significant search industry experience. The company has earned a reputation for combining professional search disciplines with an in-depth industry and market understanding and has succeeded in some of the industry's most challenging and high-profile searches. Preng's international reach allows it to effectively conduct global engagements; and as a member of the Association of Executive Search Consultants, Preng practices and promotes its high standards of conduct and professionalism.
For more information about Preng & Associates, contact Charles Carpenter, Partner at 713-243-2610 or ccarpenter@preng.com.
About Bank of America Merrill Lynch
Bank of America Merrill Lynch Oil and Gas Group
The Bank of America Merrill Lynch (BofAML) Oil and Gas practice is comprised of a global team of bankers dedicated to covering the energy industry, dating back to the 1920s when Texas predecessor banks pioneered reserve-based lending. The practice includes an experienced in-house Petroleum Engineering team with over 150 years of combined experience. With one of the only full-service financial energy platforms in the industry, the BofAML oil and gas team manages significant capital commitments in the energy sector with dedicated bankers based in Calgary, Denver, Dallas, Houston, London and New York.
The BofA Merrill Lynch Global Research platform offers clients access to information and actionable ideas on stocks, bonds, economics and investment strategies. With approximately 700 analysts in more than 20 countries, we offer our clients knowledge about economic and business developments that are having an impact on the markets, so that they can work with their financial advisors to make the most of opportunities. BofA Merrill Lynch Global Research was ranked No. 1 for the fourth consecutive year on the 2014 list of Top Global Research Firms, Institutional Investor.
About AssuredPartners
AssuredPartners Colorado (AP CO) combines 30+ years of experience with leading-edge products to provide exceptional service and value to our customers. We provide a full range of brokerage services including employee benefits, property and casualty, and retirement. Headquartered in Colorado, we think globally but act locally, with personal services designed specifically for each individual client. AP CO utilizes resources with national networks of brokers to ensure we can meet your every need and find answers to your questions quickly and efficiently.
Our goal is to achieve a long-term relationship focused on bringing value to your employee benefits management and insurance programs. We are committed to utilizing our collective talent to support your insurance goals. We work to identify activities that drive claim frequency, and implement an action plan to control health care costs and promote a healthy work environment for your employees.
Securing the best insurance package for your business begins with planning. Analyzing all your risks is critical to successful implementation of your insurance plan. AP CO will partner with you by providing ongoing assistance, consultation and service that will help you control your insurance expenses, choose the best plan to fit your company's needs and promote health care consumerism.
For more information on Assured Partners, please visit the website, call (800) 322-9773 or email info@assuredptrco.com.
About DNB ASA
DNB is Norway's largest financial services provider, with total assets approaching $400 billion. The bank has for years been a major provider of capital to the oil & gas industry, growing up literally side by side with the highly prolific fields developed in the Norwegian Sector of the North Sea. The Oslo Energy Office maintains a global financing strategy, and serves this market through multiple offices around the world including Houston, London and Singapore.
Energy Americas, based in Houston, comprises approximately 20 seasoned energy finance professionals. Aside from facilitating the bank's global business strategies, the office concentrates primarily on serving middle market and larger customers in the four principal oil & gas sectors — upstream, midstream, downstream and service — as well as in Power and Renewables. The bank offers a variety of financial products, from traditional oil & gas reserve financing, to longer-term capital markets transactions and merger/acquisition advisory services through its broker-dealer arm, DNB Markets, Inc. Ancillary service capabilities include cash management/depository services, as well as commodity and interest rate hedging.
For information on DNB's energy services, please visit the DNB energy website.
About Fifth Third Bancorp
Fifth Third Bank is a diversified financial services company with over $120 billion in assets. The Bank's energy group is comprised of experienced and knowledgeable individuals that can assist in providing and structuring financial solutions to meet their clients' needs across the upstream, midstream, downstream and services sectors. Solutions and capabilities include commodity hedging, interest rate management, foreign exchange, debt capital markets, treasury management, and depository/investment products.
For more information, please contact Richard Butler at 713-401-6101 or richard.butler@53.com.
About CIBC
CIBC is a leading North American bank headquartered in Canada and with offices around the world. CIBC was originally founded nearly 150 years ago, and has supported and financed the energy industry for many decades. CIBC was recently ranked as the strongest publicly traded bank in North America by Bloomberg, and is rated A+/Aa3 by S&P and Moody's, respectively.
Our energy specialists draw on the breadth of CIBC's capabilities to provide market insights and creative solutions for our clients. Services include corporate banking, commodity and interest rate hedging and strategy, A&D advisory, and capital markets.
CIBC is publicly traded on the NYSE and Toronto Stock Exchange under the symbol "CM" and has a market cap of $36 billion and nearly $400 billion in total assets. For more information, please visit the CIBC energy website.
About Haynes and Boone
Haynes and Boone, LLP is an energy-focused corporate law firm, providing a full spectrum of legal services to our clients across the oil and gas industry, including the upstream, midstream, and downstream sectors. We serve energy clients from our offices in Texas, Colorado, New York, California, Washington, D.C., London, Mexico City and Shanghai. We work as a team representing U.S. and foreign public and private companies engaged in the dynamic day-to-day work of finding and extracting oil and gas, and the banks, investment funds and other investors that support them.
Our team of more than 100 energy lawyers and landmen understands the U.S. and international physical and financial energy markets, and the firm has been helping operators and lenders complete some of the largest financings and M&A transactions in recent years. With more than 600 attorneys, Haynes and Boone is ranked among the largest law firms in the nation by The National Law Journal, and our energy lawyers have been ranked by publications such as Best Lawyers in America, Chambers and Partners and Who's Who in Energy.
For more info, please visit www.haynesboone.com.
About Crédit Agricole Corporate and Investment Bank
Crédit Agricole Corporate and Investment Bank is the corporate and investment banking arm of the Crédit Agricole Group, the world's eighth largest bank by total assets (The Banker, July 2014). Crédit Agricole CIB offers its clients a comprehensive range of products and services in capital markets, brokerage, investment banking, structured finance, corporate banking, and international private banking.
The Bank provides support to clients in large international markets through its network, with a presence in major countries in Europe, the Americas, Asia and the Middle East.
With headquarters in New York City, and U.S. offices in Houston and Chicago, Credit Agricole CIB Americas offers its corporate and institutional clients financial products and services and made-to-order structuring, origination and distribution, through both its banking unit Credit Agricole CIB, and the full-service broker-dealer Credit Agricole Securities (USA) Inc., which is a member of the NYSE and NASD. Credit Agricole CIB is also present in Montreal, Canada, and in Latin America with offices in Argentina, Brazil, and Mexico.
The Energy Industry represents the single largest concentration of industry exposure at Credit Agricole Corporate and Investment Bank, whose specialty focus dates back over 100 years. Our Energy practice for North America, located in Houston, focuses on all segments of the business and covers it on a truly global basis.
For more information, visit www.ca-cib.com.
About Natixis
Natixis is the international corporate and investment banking, asset management, insurance and financial services arm of Groupe BPCE, the second-largest banking group in France.
Natixis Corporate & Investment Banking advises and assists corporations, financial institutions, institutional investors, financial sponsors, public-sector organizations and the networks of Groupe BPCE.
We furnish a diversified array of financing solutions, provide access to capital markets and transaction banking services.
Areas of expertise include Advisory: M&A, primary equity, capital & rating advisory; Financing: vanilla and structured; Capital Markets: equities, fixed income, credit, forex and commodities; Global Transaction Banking: trade finance, cash management, liquidity management and correspondent banking; Research: economic, credit, equity and quantitative.
The Bank leverages the expertise and highly technical skills of its teams, and provides industry-recognized research to build innovative and mix-and-matchable solutions. Corporate and Investment Banking is present on the main financial markets via three international platforms: Americas, Asia-Pacific, and EMEA (Europe, Middle East, Africa).
About PJ SOLOMON
PJ SOLOMON is an investment banking advisory firm that provides strategic advisory services to chief executive officers and senior management, owners of public and private companies, boards of directors, and special committees.
Our full suite of advisory services includes Mergers and Acquisitions, Restructuring and Capital Markets across a range of industry verticals.
The PJ SOLOMON Energy Advisory Group provides strategic investment banking advisory services to public and private clients across the energy chain. Drawing upon our extensive sector relationships and deep strategic and operational expertise, we can offer a unique and valued advisory platform for the upstream, upstream A&D, midstream and the utility sectors.
Based in our Houston office, the PJ SOLOMON Energy team holds more than 100 years of experience on a broad range of domestic and cross-border transactions including mergers and acquisitions, A&D, restructurings, bankruptcies, and public and private capital raisings.
Industry sectors/sub-sectors include: Upstream, Upstream A&D, Midstream, Energy related and Utilities.
About PNC Financial Services Group
PNC is one of the largest, best-regarded and best-capitalized financial services companies in the country, with approximately $325 billion in assets and offices in 33 states, Canada and the United Kingdom.
PNC's Energy Group, headed by Tom Byargeon, is a significant capital and service provider to energy companies, with approximately $6.5 billion in commitments to the industry. The Energy office in Houston houses a team with extensive experience and deep relationships across the entire energy supply chain. This group also offers strategic corporate finance advice and delivers PNC's comprehensive set of solutions and capabilities, including commodity and interest rate hedging, debt capital markets, loan syndications, treasury management, asset securitization, equipment finance and institutional investments.
For more information, please contact Tom Byargeon at 713-353-8782 or tom.byargeon@pnc.com. You can also visit www.pnc.com.
About MUFG
Mitsubishi UFJ Financial Group (MUFG) has been a leading provider of banking services to the oil and gas industry in the Americas for more than 30 years, consistently ranking in the Top 10 Lead Arrangers and Top 10 Bond Arrangers in the Thomson Reuters Oil and Gas League Tables.
We support clients across the industry—from regional exploration and production to global diversified services companies—that benefit from our focused approach, strong execution, and customized services. Whether you are looking to expand existing reserves, make an acquisition, or streamline operations, we can support your growth with services, including: underwriting and syndications; U.S./Canadian cross-border funding; securities underwriting and placements; leasing and tax equity financing; and commodities, interest rate, and foreign exchange risk management.
For more information, visit: www.mufgamericas.com/oil-gas.
About Wells Fargo & Company
Wells Fargo & Company is a nationwide, diversified, community-based financial services company providing banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,700 locations, 12,500 ATMs, and the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy.
The Energy Banking Group, headed by Bart Schouest, provides corporate banking products and services to the energy sector, including upstream, midstream, oilfield services, and diversified industries. With offices in Houston, Dallas, Denver, Calgary, and Aberdeen the group's success is driven by in-depth industry expertise and longstanding relationships with key industry participants. The group has over $45 billion of credit commitments to public and private companies across the upstream, midstream, downstream, services, and power and utilities sectors.
The Energy & Power Investment Banking Group, headed by James Kipp, provides strategic advisory and corporate finance expertise to energy and power clients, including upstream, midstream, oilfield services, downstream, coal and the power & utilities sectors. Areas of focus include equity, equity-linked and debt underwritings, private placements, syndications, and mergers and acquisitions. The Energy & Power Investment Banking Group has offices in Houston and Charlotte.
These teams work together to offer clients industry and product expertise, in addition to sharing their understanding of internal and external forces that drive both industry trends and financial markets. For additional information, contact us at 713-319-1350 or Energy@wellsfargo.com.
To learn more about Wells Fargo & Company, please visit the company's web site at www.wellsfargo.com.
About SMBC
Sumitomo Mitsui Banking Corporation (SMBC) is a core member of Sumitomo Mitsui Financial Group (SMFG), a Tokyo-based bank holding company that is ranked among the largest 25 banks globally by assets under management.
SMBC Americas Division, with more than 2,500 employees, oversees operations in the U.S., Canada, Mexico, and South America. We work across SMFG to offer corporate and institutional clients sophisticated and comprehensive financial services around the globe.
SMBC's roots in Japan trace back more than 400 years to 1590. The Americas Division of SMBC has more than a century of experience in the United States, beginning when the San Francisco branch of Sumitomo Bank was established in 1919. Sumitomo Mitsui Financial Group (NYSE: SMFG) was listed on the New York Stock Exchange in 2010.
For more information please visit the corporate website: www.smbcgroup.com/americas/group-companies/
About Opportune LLP
Founded in 2005, Opportune is a leading global energy consulting firm specializing in adding value to clients across the energy industry, including upstream, midstream, downstream, power and gas, commodities trading and oilfield services.
Since we are not an audit firm, we are advocates of our clients and are not subject to the restrictions placed on other firms by regulatory bodies. Using our extensive knowledge of all sectors of the energy industry, we work with clients to provide comprehensive solutions to their operational and financial challenges.
Our practice areas include complex financial reporting, dispute resolution, enterprise risk, outsourcing, process and technology, reserve engineering and geosciences, restructuring, strategy and organization, tax, transactional due diligence and valuation. Opportune LLP is not a CPA firm.
Opportune's corporate headquarters are in Houston, Texas. The firm also has offices in Dallas, Denver, New York City, Tulsa, and the UK. For more information please call Ashley Hunt, Marketing Coordinator,
713.490.5050 and visit the web site https://opportune.com/.
About Petrie Partners, LLC
Petrie Partners, LLC is a boutique investment banking firm offering financial advisory services to the oil and gas industry. We provide specialized advice on mergers, divestitures and acquisitions and private placements.
The firm was formed in 2011 (as Strategic Energy Advisors) by senior bankers formerly with Bank of America Merrill Lynch and Petrie Parkman & Co., an investment bank that built a reputation as a most trusted advisor to energy clients during the nearly two decades leading up to its merger into Merrill Lynch in 2006.
Through tenure with Petrie Parkman, Merrill Lynch and Bank of America Merrill Lynch, the senior members of the Petrie team bring to bear an average of more than 25 years of energy investment banking experience, including over 300 energy M&A and capital raising transactions representing over $350 billion of aggregate consideration.
For information about the firm, please visit www.petrie.com or call the firm's Denver office (303.953.6768) or the Houston office (713.659.0760).
About EnergyNet
EnergyNet is the only continuous oil and gas auction and sealed bid transaction service that facilitates the sale of producing working interests (operated and non-operated), overrides, royalties, mineral interests, and non-producing leasehold. EnergyNet is a continuous oil and gas property marketplace with due diligence and bidding available 24/7/365, where auctions and sealed bid packages close weekly. Most of the properties EnergyNet sells are located in the lower 48 United States and typically range in value from $1,000 to $100,000,000.
Details about how to buy and sell oil and gas properties using the EnergyNet online auction service are available on the website at https://www.energynet.com/.
About McGriff, Seibels & Williams, Inc.
McGriff, Seibels & Williams is one of the most progressive insurance brokerage firms in the United States, leading the way with innovative programs to protect clients' financial interests. Services include construction risk, energy and marine, surety, employee benefits and financial services. McGriff's Energy & Marine Division offers specialty services for clients with worldwide operations and potentially catastrophic exposures. Our expertise in this niche industry has made us one of the largest independent energy brokers in the U.S. and one of the top five energy brokers worldwide.
Our client base includes more than 50 electric/gas utility and merchant energy companies, several coal mining companies, and more than 70 E&P companies. It also includes the Strategic Petroleum Reserve and numerous oilfield service companies, including vessel operators, offshore drilling companies, and international marine construction companies.
We will structure and implement a domestic or foreign program for virtually any type of energy-related risk. We have more than 125 professionals in our energy division. Using alternative risk transfer and traditional insurance solutions, we determine the appropriate combination of coverage and risk assumption.
Please contact the company through the website or by calling 800 476 - 2211.
About Energy Intelligence
Energy Intelligence has been a leading independent provider of objective insight, unbiased analysis and reliable data for over 60 years. With offices in New York, London, Houston, Dubai, Moscow, Washington, Singapore and Brussels, we provide decision-makers with critically important information on issues and events affecting the global energy complex.
Our benchmark Information Services, Petroleum Intelligence Weekly, Oil Daily, Natural Gas Week, World Gas Intelligence and Energy Compass, are produced by highly experienced journalists, and our research reports and advisory services are provided by highly regarded analysts and economists.
Information on Energy Intelligence is available at the company website: https://www.energyintel.com/pages/non-subscriber.aspx
About TGS
TGS was founded in Houston in 1981 and over time built the dominant 2D multi-client data library in the Gulf of Mexico. The company expanded further into North America and West Africa and added a substantial 3D portfolio in the Gulf of Mexico.
Also in 1981, NOPEC was founded in Oslo and began building an industry-leading multi-client 2D database in the North Sea, with additional operations in Australia and the Far East. In 1997, NOPEC went public on the Oslo Stock Exchange. In 1998, the companies merged to form TGS-NOPEC Geophysical Company (TGS), creating a winning combination for investors, customers and employees. Since then, TGS has set the standard for geoscientific data around the world.
Additional information is available at the company website: http://www.tgs.com/about-tgs/company-history/ .
View original content:http://www.prnewswire.com/news-releases/90-public-and-private-oil-and-gas-company-leaders-and-experts-to-speak-at-the-23rd-annual-enercom---the-oil--gas-conference-300689920.html
SOURCE EnerCom, Inc.
Article Date
8/1/20187/19/2018 - HighPoint Resources Announces Second Quarter 2018 Earnings Release Date and Conference Call
HighPoint Resources Announces Second Quarter 2018 Earnings Release Date and Conference Call
Source: PR Newswire
DENVER, July 19, 2018 /PRNewswire/ -- HighPoint Resources Corporation ("HighPoint" or the "Company") (NYSE: HPR) today announced that the Company plans to issue its second quarter 2018 financial and operating results press release after the market close on Wednesday, August 8, 2018. The Company will host a conference call on Thursday, August 9, 2018, to discuss the results. The call is scheduled at 10:00 a.m. Eastern time (8:00 a.m. Mountain time). Please join the webcast conference call live at www.hpres.com, accessible from the Investor Relations page. To join by telephone, call 855-760-8152 (631-485-4979 international callers) with passcode 8494357.
ABOUT HIGHPOINT RESOURCES CORPORATION
HighPoint Resources Corporation (NYSE: HPR) is a Denver, Colorado based company focused on the development of oil and natural gas assets located in the Denver-Julesburg Basin of Colorado. Additional information about the Company may be found on its website www.hpres.com.
View original content with multimedia:http://www.prnewswire.com/news-releases/highpoint-resources-announces-second-quarter-2018-earnings-release-date-and-conference-call-300683853.html
SOURCE HighPoint Resources Corporation
Article Date
7/19/20187/12/2018 - $251 Billion in Public Oil & Gas Companies Will Be in Denver for the 23rd Annual EnerCom Conference
$251 Billion in Public Oil & Gas Companies Will Be in Denver for the 23rd Annual EnerCom Conference
Source: PR Newswire
The Oil & Gas Conference® 2018 presenting companies:
- 40 North American shale E&Ps
- 7 international E&Ps
- 10 other producers
- 9 oilfield service providers
- 9 private E&Ps, midstream and data providers
- $202 billion in market value
- 3.2 million barrels of oil equivalent production per day
- $251 billion in enterprise value
DENVER, July 12, 2018 /PRNewswire/ -- An impressive roster of publicly traded oil and gas company senior leadership teams will be telling their companies' stories and presenting operational and financial updates to investors at the 2018 edition of EnerCom's The Oil & Gas Conference®.
CEOs across the upstream and oilfield service spectrum will be at the Denver Downtown Westin Hotel Aug. 20-23, 2018 to make financial presentations and meet with buyside investors and analysts for the 2018 EnerCom conference.
Market Cap: The presenting North American shale E&Ps, other explorers and producers, international E&Ps, and global oilfield service companies represent a combined market value of $202 billion, 71% higher than last year.
Enterprise Value: The 2018 presenting companies represent a combined enterprise value of $251 billion—53% higher than last year.
Production: EnerCom conference E&Ps are producing more than 3.2 million barrels of oil per day, slightly more than last year.
As to basin and sector, the 2018 EnerCom conference presenting companies break out as follows (list is subject to change prior to conference– please refer to The Oil & Gas Conference website for an updated schedule of presenting companies):
Exploration & Production Companies by Focus Area
Bakken/Three Forks
Eagle Ford
Permian Basin
Woodford & Other Mid-Continent – SCOOP/STACK
Marcellus/Utica
Niobrara
Gulf of Mexico/Offshore
Haynesville
Pinedale – Jonah Field – Uinta Basin
Enhanced Oil Recovery
Canadian E&Ps
International E&Ps
Oilfield Service Companies
Mineral, Royalty, Infrastructure Holders
Private Companies – E&Ps, Midstream, Energy Data and Technology Providers
Public and Private Company Presenters: The 2018 edition of EnerCom's The Oil & Gas Conference® will feature public and private oil and gas companies with operations spanning 40 countries and six continents, including all U.S. shale basins, the Gulf of Mexico, Canada, Latin America, Europe, and Australasia.
A work-in-progress schedule of the 2018 presenting companies is posted on the conference website and will be regularly updated.
Who Attends the Conference: More than 2,000 institutional, private equity and hedge fund investors, energy research analysts, retail brokers, trust officers, high net worth investors, investment bankers and energy industry professionals gather in Denver for the conference.
One-on-One Meetings: EnerCom works in advance with presenting company management teams to arrange one-on-one meetings with the attending institutional investors and research analysts at the conference venue. In 2017, EnerCom managed more than 2,100 one-on-one meeting requests. Buyside investors may request meetings on the conference website or contact EnerCom for more information at 303-296-8834.
How to Register: Investment professionals and oil and gas companies can register for the event through the conference website.
EnerCom History and Sponsors: EnerCom, Inc. founded The Oil & Gas Conference® in 1996. It is the oldest and largest energy investment conference in Denver.
Global sponsors of EnerCom's conferences are Netherland, Sewell & Associates; RS Energy Group; Moss Adams; and Preng & Associates. Sponsors of The Oil & Gas Conference® 23 are Bank of America Merrill Lynch; AssuredPartners; DNB Bank ASA; Fifth Third Bank; CIBC; Haynes and Boone; Credit Agricole CIB; Natixis; PJ SOLOMON; PNC Financial Services Group; Wells Fargo; MUFG; SMBC; and Opportune LLP.
About EnerCom, Inc.
Since 1994 EnerCom, Inc. has developed into a nationally recognized oil and gas-focused investor relations consultancy advising oil and gas industry clients on corporate strategy, asset valuations, investor communications, media relations and providing visual communications design.
EnerCom offers services and produces and publishes numerous data products and external communications tools for public and private energy companies including:
EnerCom's professionals have more than 170 years of industry and business experience and a proven track record of success.
Headquartered in Denver, with senior consultants in Dallas and Houston, EnerCom uses the team approach for delivering its wide range of services to public and private companies, large and small, operating in the global exploration and production, OilService, capital markets, and associated advanced-technology industries.
EnerCom's upcoming oil and gas investment conferences include:
EnerCom Denver (The Oil & Gas Conference®) – August 19-22, 2018
EnerCom Dallas – Feb. 27-28, 2019
For more information about EnerCom and its services, please visit http://www.enercominc.com/ or call +1 303-296-8834 to speak with the management team or one of our consultants.
About Netherland, Sewell & Associates, Inc.
Netherland, Sewell & Associates, Inc. (NSAI) was founded in 1961 to provide the highest quality engineering and geological consulting to the petroleum industry. Today they are recognized as the worldwide leader of petroleum property analysis to industry and financial organizations and government agencies. With offices in Dallas and Houston, NSAI provides a complete range of geological, geophysical, petrophysical, and engineering services and has the technical experience and ability to perform these services in any of the onshore and offshore oil and gas producing areas of the world. They provide reserves reports and audits, acquisition and divestiture evaluations, simulation studies, exploration resources assessments, equity determinations, and management and advisory services. For a complete list of services or to learn more about Netherland, Sewell & Associates, Inc. please visit www.netherlandsewell.com.
For more information about NSAI, call C.H. (Scott) Rees, Chief Executive Officer, at 214-969-5401 or send an email to info@nsai-petro.com.
About RS Energy Group
RS Energy Group (RSEG) provides data-driven intelligence: evaluate assets, weigh valuable M&A opportunities and benchmark your business for more precise decision-making.
RSEG officially released its data solution in April 2017. RS Data™ provides clients with corrected, multi-sourced permit, completion and production data of unparalleled completeness and quality.
Today, RSEG's intelligence covers more than 150 companies operating in every key North American and many international energy plays with a powerful combination of practical insights at the asset level and a long-standing participation in capital markets. RSEG's independent, unbiased and accurate analysis forms a foundation of trust with its clients. Its collaborative approach, both internally and as an extension of its clients' research efforts, promotes innovation and fosters intimate, long term partnerships.
RS Energy Group (RSEG) is headquartered in Calgary, Alberta, with strategic locations in Houston, New York City, Philadelphia, San Francisco and Los Angeles. Contact RS Energy Group by phone at (403) 294-9111, or email info@rseg.com.
About Moss Adams LLP
For more than 30 years, Hein & Associates has been recognized throughout the industry as a leading oil and gas accounting and advisory firm. In late 2017, Hein combined with Moss Adams LLP, one of the largest accounting, consulting and wealth management firms in the nation, creating a $600 million middle-market accounting/tax/audit leader in the western U.S. with a strong oil & gas practice group.
With more than 2,900 professionals and staff across more than 25 locations in the West and beyond, Moss Adams works with many of the world's most innovative companies and leaders. Our strength in the middle market enables us to advise clients at all intervals of development—from start-up, to rapid growth and expansion, to transition. Today, we help over 2,300 companies doing business in more than 100 countries and territories.
For more information, please contact Joe Blice, Partner, National Practice Leader, Oil & Gas, CPA joe.blice@mossadams.com, (972) 687-7818.
Moss Adams LLP provides details at https://www.mossadams.com/home .
About Preng & Associates
Preng & Associates, founded in 1980, is the only retainer-based, international executive search firm specializing solely in the energy industry. Its number one priority is to assist clients with their executive selection, organization development, and human resource needs by providing the highest quality service. Preng's record of accomplishment is directly attributable to their experienced staff, worldwide network of industry contacts, proven search methodology, and high standards of professionalism. Preng has conducted over 3000 searches for board, executive, management, and professional positions in its 35-year history and has the highest success and repeat client track record.
Preng's practice is based on the premise that the search process is most effective when conducted by professionals with significant search industry experience. The company has earned a reputation for combining professional search disciplines with an in-depth industry and market understanding and has succeeded in some of the industry's most challenging and high-profile searches. Preng's international reach allows it to effectively conduct global engagements; and as a member of the Association of Executive Search Consultants, Preng practices and promotes its high standards of conduct and professionalism.
For more information about Preng & Associates, contact Charles Carpenter, Partner at 713-243-2610 or ccarpenter@preng.com.
About Bank of America Merrill Lynch
Bank of America Merrill Lynch Oil and Gas Group
The Bank of America Merrill Lynch (BofAML) Oil and Gas practice is comprised of a global team of bankers dedicated to covering the energy industry, dating back to the 1920s when Texas predecessor banks pioneered reserve-based lending. The practice includes an experienced in-house Petroleum Engineering team with over 150 years of combined experience. With one of the only full-service financial energy platforms in the industry, the BofAML oil and gas team manages significant capital commitments in the energy sector with dedicated bankers based in Calgary, Denver, Dallas, Houston, London and New York.
The BofA Merrill Lynch Global Research platform offers clients access to information and actionable ideas on stocks, bonds, economics and investment strategies. With approximately 700 analysts in more than 20 countries, we offer our clients knowledge about economic and business developments that are having an impact on the markets, so that they can work with their financial advisors to make the most of opportunities. BofA Merrill Lynch Global Research was ranked No. 1 for the fourth consecutive year on the 2014 list of Top Global Research Firms, Institutional Investor.
About AssuredPartners
AssuredPartners Colorado (AP CO) combines 30+ years of experience with leading-edge products to provide exceptional service and value to our customers. We provide a full range of brokerage services including employee benefits, property and casualty, and retirement. Headquartered in Colorado, we think globally but act locally, with personal services designed specifically for each individual client. AP CO utilizes resources with national networks of brokers to ensure we can meet your every need and find answers to your questions quickly and efficiently.
Our goal is to achieve a long-term relationship focused on bringing value to your employee benefits management and insurance programs. We are committed to utilizing our collective talent to support your insurance goals. We work to identify activities that drive claim frequency, and implement an action plan to control health care costs and promote a healthy work environment for your employees.
Securing the best insurance package for your business begins with planning. Analyzing all your risks is critical to successful implementation of your insurance plan. AP CO will partner with you by providing ongoing assistance, consultation and service that will help you control your insurance expenses, choose the best plan to fit your company's needs and promote health care consumerism.
For more information on Assured Partners, please visit the website, call (800) 322-9773 or email info@assuredptrco.com.
About DNB ASA
DNB is Norway's largest financial services provider, with total assets approaching $400 billion. The bank has for years been a major provider of capital to the oil & gas industry, growing up literally side by side with the highly prolific fields developed in the Norwegian Sector of the North Sea. The Oslo Energy Office maintains a global financing strategy, and serves this market through multiple offices around the world including Houston, London and Singapore.
Energy Americas, based in Houston, comprises approximately 20 seasoned energy finance professionals. Aside from facilitating the bank's global business strategies, the office concentrates primarily on serving middle market and larger customers in the four principal oil & gas sectors — upstream, midstream, downstream and service — as well as in Power and Renewables. The bank offers a variety of financial products, from traditional oil & gas reserve financing, to longer-term capital markets transactions and merger/acquisition advisory services through its broker-dealer arm, DNB Markets, Inc. Ancillary service capabilities include cash management/depository services, as well as commodity and interest rate hedging.
For information on DNB's energy services, please visit the DNB energy website.
About Fifth Third Bancorp
Fifth Third Bank is a diversified financial services company with over $120 billion in assets. The Bank's energy group is comprised of experienced and knowledgeable individuals that can assist in providing and structuring financial solutions to meet their clients' needs across the upstream, midstream, downstream and services sectors. Solutions and capabilities include commodity hedging, interest rate management, foreign exchange, debt capital markets, treasury management, and depository/investment products.
For more information, please contact Richard Butler at 713-401-6101 or richard.butler@53.com.
About CIBC
CIBC is a leading North American bank headquartered in Canada and with offices around the world. CIBC was originally founded nearly 150 years ago, and has supported and financed the energy industry for many decades. CIBC was recently ranked as the strongest publicly traded bank in North America by Bloomberg, and is rated A+/Aa3 by S&P and Moody's, respectively.
Our energy specialists draw on the breadth of CIBC's capabilities to provide market insights and creative solutions for our clients. Services include corporate banking, commodity and interest rate hedging and strategy, A&D advisory, and capital markets.
CIBC is publicly traded on the NYSE and Toronto Stock Exchange under the symbol "CM" and has a market cap of $36 billion and nearly $400 billion in total assets. For more information, please visit the CIBC energy website.
About Haynes and Boone
Haynes and Boone, LLP is an energy-focused corporate law firm, providing a full spectrum of legal services to our clients across the oil and gas industry, including the upstream, midstream, and downstream sectors. We serve energy clients from our offices in Texas, Colorado, New York, California, Washington, D.C., London, Mexico City and Shanghai. We work as a team representing U.S. and foreign public and private companies engaged in the dynamic day-to-day work of finding and extracting oil and gas, and the banks, investment funds and other investors that support them.
Our team of more than 100 energy lawyers and landmen understands the U.S. and international physical and financial energy markets, and the firm has been helping operators and lenders complete some of the largest financings and M&A transactions in recent years. With more than 600 attorneys, Haynes and Boone is ranked among the largest law firms in the nation by The National Law Journal, and our energy lawyers have been ranked by publications such as Best Lawyers in America, Chambers and Partners and Who's Who in Energy.
For more info, please visit www.haynesboone.com.
About Crédit Agricole Corporate and Investment Bank
Crédit Agricole Corporate and Investment Bank is the corporate and investment banking arm of the Crédit Agricole Group, the world's eighth largest bank by total assets (The Banker, July 2014). Crédit Agricole CIB offers its clients a comprehensive range of products and services in capital markets, brokerage, investment banking, structured finance, corporate banking, and international private banking.
The Bank provides support to clients in large international markets through its network, with a presence in major countries in Europe, the Americas, Asia and the Middle East.
With headquarters in New York City, and U.S. offices in Houston and Chicago, Credit Agricole CIB Americas offers its corporate and institutional clients financial products and services and made-to-order structuring, origination and distribution, through both its banking unit Credit Agricole CIB, and the full-service broker-dealer Credit Agricole Securities (USA) Inc., which is a member of the NYSE and NASD. Credit Agricole CIB is also present in Montreal, Canada, and in Latin America with offices in Argentina, Brazil, and Mexico.
The Energy Industry represents the single largest concentration of industry exposure at Credit Agricole Corporate and Investment Bank, whose specialty focus dates back over 100 years. Our Energy practice for North America, located in Houston, focuses on all segments of the business and covers it on a truly global basis.
For more information, visit www.ca-cib.com.
About Natixis
Natixis is the international corporate and investment banking, asset management, insurance and financial services arm of Groupe BPCE, the second-largest banking group in France.
Natixis Corporate & Investment Banking advises and assists corporations, financial institutions, institutional investors, financial sponsors, public-sector organizations and the networks of Groupe BPCE.
We furnish a diversified array of financing solutions, provide access to capital markets and transaction banking services.
Areas of expertise include Advisory: M&A, primary equity, capital & rating advisory; Financing: vanilla and structured; Capital Markets: equities, fixed income, credit, forex and commodities; Global Transaction Banking: trade finance, cash management, liquidity management and correspondent banking; Research: economic, credit, equity and quantitative.
The Bank leverages the expertise and highly technical skills of its teams, and provides industry-recognized research to build innovative and mix-and-matchable solutions. Corporate and Investment Banking is present on the main financial markets via three international platforms: Americas, Asia-Pacific, and EMEA (Europe, Middle East, Africa).
About PJ SOLOMON
PJ SOLOMON is an investment banking advisory firm that provides strategic advisory services to chief executive officers and senior management, owners of public and private companies, boards of directors, and special committees.
Our full suite of advisory services includes Mergers and Acquisitions, Restructuring and Capital Markets across a range of industry verticals.
The PJ SOLOMON Energy Advisory Group provides strategic investment banking advisory services to public and private clients across the energy chain. Drawing upon our extensive sector relationships and deep strategic and operational expertise, we can offer a unique and valued advisory platform for the upstream, upstream A&D, midstream and the utility sectors.
Based in our Houston office, the PJ SOLOMON Energy team holds more than 100 years of experience on a broad range of domestic and cross-border transactions including mergers and acquisitions, A&D, restructurings, bankruptcies, and public and private capital raisings.
Industry sectors/sub-sectors include: Upstream, Upstream A&D, Midstream, Energy related and Utilities.
About PNC Financial Services Group
PNC is one of the largest, best-regarded and best-capitalized financial services companies in the country, with approximately $325 billion in assets and offices in 33 states, Canada and the United Kingdom.
PNC's Energy Group, headed by Tom Byargeon, is a significant capital and service provider to energy companies, with approximately $6.5 billion in commitments to the industry. The Energy office in Houston houses a team with extensive experience and deep relationships across the entire energy supply chain. This group also offers strategic corporate finance advice and delivers PNC's comprehensive set of solutions and capabilities, including commodity and interest rate hedging, debt capital markets, loan syndications, treasury management, asset securitization, equipment finance and institutional investments.
For more information, please contact Tom Byargeon at 713-353-8782 or tom.byargeon@pnc.com. You can also visit www.pnc.com.
About MUFG
Mitsubishi UFJ Financial Group (MUFG) has been a leading provider of banking services to the oil and gas industry in the Americas for more than 30 years, consistently ranking in the Top 10 Lead Arrangers and Top 10 Bond Arrangers in the Thomson Reuters Oil and Gas League Tables.
We support clients across the industry—from regional exploration and production to global diversified services companies—that benefit from our focused approach, strong execution, and customized services. Whether you are looking to expand existing reserves, make an acquisition, or streamline operations, we can support your growth with services, including: underwriting and syndications; U.S./Canadian cross-border funding; securities underwriting and placements; leasing and tax equity financing; and commodities, interest rate, and foreign exchange risk management.
For more information, visit: www.mufgamericas.com/oil-gas.
About Wells Fargo & Company
Wells Fargo & Company is a nationwide, diversified, community-based financial services company providing banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,700 locations, 12,500 ATMs, and the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy.
The Energy Banking Group, headed by Bart Schouest, provides corporate banking products and services to the energy sector, including upstream, midstream, oilfield services, and diversified industries. With offices in Houston, Dallas, Denver, Calgary, and Aberdeen the group's success is driven by in-depth industry expertise and longstanding relationships with key industry participants. The group has over $45 billion of credit commitments to public and private companies across the upstream, midstream, downstream, services, and power and utilities sectors.
The Energy & Power Investment Banking Group, headed by James Kipp, provides strategic advisory and corporate finance expertise to energy and power clients, including upstream, midstream, oilfield services, downstream, coal and the power & utilities sectors. Areas of focus include equity, equity-linked and debt underwritings, private placements, syndications, and mergers and acquisitions. The Energy & Power Investment Banking Group has offices in Houston and Charlotte.
These teams work together to offer clients industry and product expertise, in addition to sharing their understanding of internal and external forces that drive both industry trends and financial markets. For additional information, contact us at 713-319-1350 or Energy@wellsfargo.com.
To learn more about Wells Fargo & Company, please visit the company's web site at www.wellsfargo.com.
About SMBC
Sumitomo Mitsui Banking Corporation (SMBC) is a core member of Sumitomo Mitsui Financial Group (SMFG), a Tokyo-based bank holding company that is ranked among the largest 25 banks globally by assets under management.
SMBC Americas Division, with more than 2,500 employees, oversees operations in the U.S., Canada, Mexico, and South America. We work across SMFG to offer corporate and institutional clients sophisticated and comprehensive financial services around the globe.
SMBC's roots in Japan trace back more than 400 years to 1590. The Americas Division of SMBC has more than a century of experience in the United States, beginning when the San Francisco branch of Sumitomo Bank was established in 1919. Sumitomo Mitsui Financial Group (NYSE: SMFG) was listed on the New York Stock Exchange in 2010.
For more information please visit the corporate website: www.smbcgroup.com/americas/group-companies/
About Opportune LLP
Founded in 2005, Opportune is a leading global energy consulting firm specializing in adding value to clients across the energy industry, including upstream, midstream, downstream, power and gas, commodities trading and oilfield services.
Since we are not an audit firm, we are advocates of our clients and are not subject to the restrictions placed on other firms by regulatory bodies. Using our extensive knowledge of all sectors of the energy industry, we work with clients to provide comprehensive solutions to their operational and financial challenges.
Our practice areas include complex financial reporting, dispute resolution, enterprise risk, outsourcing, process and technology, reserve engineering and geosciences, restructuring, strategy and organization, tax, transactional due diligence and valuation. Opportune LLP is not a CPA firm.
Opportune's corporate headquarters are in Houston, Texas. The firm also has offices in Dallas, Denver, New York City, Tulsa, and the UK. For more information please call Ashley Hunt, Marketing Coordinator, 713.490.5050, and visit the web site https://opportune.com/.
View original content:http://www.prnewswire.com/news-releases/251-billion-in-public-oil--gas-companies-will-be-in-denver-for-the-23rd-annual-enercom-conference-300680266.html
SOURCE EnerCom, Inc.
Article Date
7/12/2018EnerCom Announces Presenting Companies for The Oil & Gas Conference® 23
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
DENVER, June 20, 2018 /PRNewswire/ -- EnerCom, Inc. is pleased to update the list of oil and gas companies and energy sector experts who will be presenters at the 23rd annual edition of The Oil & Gas Conference®, coming August 19-22, 2018, to the Westin Denver Downtown.
Public and Private Company Presenters: The 2018 edition of EnerCom's The Oil & Gas Conference® will feature public and private oil and gas companies with operations spanning 40 countries and six continents, including all U.S. shale basins, the Gulf of Mexico, Canada, Latin America and Africa. A work-in-progress list of the 2018 presenting companies will be posted and updated on the conference website.
The EnerCom Denver 2018 presenting companies include but are not limited to:
Who Attends the Conference: More than 2,000 institutional, private equity and hedge fund investors, energy research analysts, retail brokers, trust officers, high net worth investors, investment bankers and energy industry professionals gather in Denver for the conference.
One-on-One Meetings: EnerCom works in advance with presenting company management teams to arrange one-on-one meetings with the attending institutional investors and research analysts at the conference venue. In 2017, EnerCom managed more than 2,100 one-on-one meeting requests.
How to Register: Investment professionals and oil and gas companies can register for the event through the conference website.
EnerCom History and Sponsors: EnerCom, Inc. founded The Oil & Gas Conference® in 1996. It is the oldest and largest energy investment conference in Denver.
Global sponsors of EnerCom's conferences are Netherland, Sewell & Associates; RS Energy Group; Moss Adams; and Preng & Associates. Sponsors of The Oil & Gas Conference® 23 are Bank of America Merrill Lynch; AssuredPartners; DNB Bank ASA; Fifth Third Bank; CIBC; Haynes and Boone; Credit Agricole CIB; Natixis; PJ SOLOMON; PNC Financial Services Group; Wells Fargo; MUFG; and SMBC.
About EnerCom, Inc.
Since 1994 EnerCom, Inc. has developed into a nationally recognized oil and gas-focused investor relations consultancy advising oil and gas industry clients on corporate strategy, asset valuations, investor communications, media relations and providing visual communications design.
EnerCom offers services and produces and publishes numerous data products and external communications tools for public and private energy companies including:
EnerCom's professionals have more than 170 years of industry and business experience and a proven track record of success.
Headquartered in Denver, with senior consultants in Dallas and Houston, EnerCom uses the team approach for delivering its wide range of services to public and private companies, large and small, operating in the global exploration and production, OilService, capital markets, and associated advanced-technology industries.
EnerCom's upcoming oil and gas investment conferences include:
EnerCom Denver (The Oil & Gas Conference®) – August 19-22, 2018
EnerCom Dallas – Feb. 27-28, 2019
For more information about EnerCom and its services, please visit http://www.enercominc.com/ or call +1 303-296-8834 to speak with the management team or one of our consultants.
About Netherland, Sewell & Associates, Inc.
Netherland, Sewell & Associates, Inc. (NSAI) was founded in 1961 to provide the highest quality engineering and geological consulting to the petroleum industry. Today they are recognized as the worldwide leader of petroleum property analysis to industry and financial organizations and government agencies. With offices in Dallas and Houston, NSAI provides a complete range of geological, geophysical, petrophysical, and engineering services and has the technical experience and ability to perform these services in any of the onshore and offshore oil and gas producing areas of the world. They provide reserves reports and audits, acquisition and divestiture evaluations, simulation studies, exploration resources assessments, equity determinations, and management and advisory services. For a complete list of services or to learn more about Netherland, Sewell & Associates, Inc. please visit www.netherlandsewell.com.
For more information about NSAI, call C.H. (Scott) Rees, Chief Executive Officer, at 214-969-5401 or send an email to info@nsai-petro.com.
About RS Energy Group
RS Energy Group (RSEG) provides data-driven intelligence: evaluate assets, weigh valuable M&A opportunities and benchmark your business for more precise decision-making.
RSEG officially released its data solution in April 2017. RS Data™ provides clients with corrected, multi-sourced permit, completion and production data of unparalleled completeness and quality.
Today, RSEG's intelligence covers more than 150 companies operating in every key North American and many international energy plays with a powerful combination of practical insights at the asset level and a long-standing participation in capital markets. RSEG's independent, unbiased and accurate analysis forms a foundation of trust with its clients. Its collaborative approach, both internally and as an extension of its clients' research efforts, promotes innovation and fosters intimate, long term partnerships.
RS Energy Group (RSEG) is headquartered in Calgary, Alberta, with strategic locations in Houston, New York City, Philadelphia, San Francisco and Los Angeles. Contact RS Energy Group by phone at (403) 294-9111, or email info@rseg.com.
About Moss Adams LLP
For more than 30 years, Hein & Associates has been recognized throughout the industry as a leading oil and gas accounting and advisory firm. In late 2017, Hein combined with Moss Adams LLP, one of the largest accounting, consulting and wealth management firms in the nation, creating a $600 million middle-market accounting/tax/audit leader in the western U.S. with a strong oil & gas practice group.
With more than 2,900 professionals and staff across more than 25 locations in the West and beyond, Moss Adams works with many of the world's most innovative companies and leaders. Our strength in the middle market enables us to advise clients at all intervals of development—from start-up, to rapid growth and expansion, to transition. Today, we help over 2,300 companies doing business in more than 100 countries and territories.
For more information, please contact Joe Blice, Partner, National Practice Leader, Oil & Gas, CPA joe.blice@mossadams.com, (972) 687-7818.
Moss Adams LLP provides details at https://www.mossadams.com/home .
About Preng & Associates
Preng & Associates, founded in 1980, is the only retainer-based, international executive search firm specializing solely in the energy industry. Its number one priority is to assist clients with their executive selection, organization development, and human resource needs by providing the highest quality service. Preng's record of accomplishment is directly attributable to their experienced staff, worldwide network of industry contacts, proven search methodology, and high standards of professionalism. Preng has conducted over 3000 searches for board, executive, management, and professional positions in its 35-year history and has the highest success and repeat client track record.
Preng's practice is based on the premise that the search process is most effective when conducted by professionals with significant search industry experience. The company has earned a reputation for combining professional search disciplines with an in-depth industry and market understanding and has succeeded in some of the industry's most challenging and high-profile searches. Preng's international reach allows it to effectively conduct global engagements; and as a member of the Association of Executive Search Consultants, Preng practices and promotes its high standards of conduct and professionalism.
For more information about Preng & Associates, contact Charles Carpenter, Partner at 713-243-2610 or ccarpenter@preng.com.
About Bank of America Merrill Lynch
Bank of America Merrill Lynch Oil and Gas Group
The Bank of America Merrill Lynch (BofAML) Oil and Gas practice is comprised of a global team of bankers dedicated to covering the energy industry, dating back to the 1920s when Texas predecessor banks pioneered reserve-based lending. The practice includes an experienced in-house Petroleum Engineering team with over 150 years of combined experience. With one of the only full-service financial energy platforms in the industry, the BofAML oil and gas team manages significant capital commitments in the energy sector with dedicated bankers based in Calgary, Denver, Dallas, Houston, London and New York.
The BofA Merrill Lynch Global Research platform offers clients access to information and actionable ideas on stocks, bonds, economics and investment strategies. With approximately 700 analysts in more than 20 countries, we offer our clients knowledge about economic and business developments that are having an impact on the markets, so that they can work with their financial advisors to make the most of opportunities. BofA Merrill Lynch Global Research was ranked No. 1 for the fourth consecutive year on the 2014 list of Top Global Research Firms, Institutional Investor.
About AssuredPartners
AssuredPartners Colorado (AP CO) combines 30+ years of experience with leading-edge products to provide exceptional service and value to our customers. We provide a full range of brokerage services including employee benefits, property and casualty, and retirement. Headquartered in Colorado, we think globally but act locally, with personal services designed specifically for each individual client. AP CO utilizes resources with national networks of brokers to ensure we can meet your every need and find answers to your questions quickly and efficiently.
Our goal is to achieve a long-term relationship focused on bringing value to your employee benefits management and insurance programs. We are committed to utilizing our collective talent to support your insurance goals. We work to identify activities that drive claim frequency, and implement an action plan to control health care costs and promote a healthy work environment for your employees.
Securing the best insurance package for your business begins with planning. Analyzing all your risks is critical to successful implementation of your insurance plan. AP CO will partner with you by providing ongoing assistance, consultation and service that will help you control your insurance expenses, choose the best plan to fit your company's needs and promote health care consumerism.
For more information on Assured Partners, please visit the website, call (800) 322-9773 or email info@assuredptrco.com.
About DNB ASA
DNB is Norway's largest financial services provider, with total assets approaching $400 billion. The bank has for years been a major provider of capital to the oil & gas industry, growing up literally side by side with the highly prolific fields developed in the Norwegian Sector of the North Sea. The Oslo Energy Office maintains a global financing strategy, and serves this market through multiple offices around the world including Houston, London and Singapore.
Energy Americas, based in Houston, comprises approximately 20 seasoned energy finance professionals. Aside from facilitating the bank's global business strategies, the office concentrates primarily on serving middle market and larger customers in the four principal oil & gas sectors — upstream, midstream, downstream and service — as well as in Power and Renewables. The bank offers a variety of financial products, from traditional oil & gas reserve financing, to longer-term capital markets transactions and merger/acquisition advisory services through its broker-dealer arm, DNB Markets, Inc. Ancillary service capabilities include cash management/depository services, as well as commodity and interest rate hedging.
For information on DNB's energy services, please visit the DNB energy website.
About Fifth Third Bancorp
Fifth Third Bank is a diversified financial services company with over $120 billion in assets. The Bank's energy group is comprised of experienced and knowledgeable individuals that can assist in providing and structuring financial solutions to meet their clients' needs across the upstream, midstream, downstream and services sectors. Solutions and capabilities include commodity hedging, interest rate management, foreign exchange, debt capital markets, treasury management, and depository/investment products.
For more information, please contact Richard Butler at 713-401-6101 or richard.butler@53.com.
About CIBC
CIBC is a leading North American bank headquartered in Canada and with offices around the world. CIBC was originally founded nearly 150 years ago, and has supported and financed the energy industry for many decades. CIBC was recently ranked as the strongest publicly traded bank in North America by Bloomberg, and is rated A+/Aa3 by S&P and Moody's, respectively.
Our energy specialists draw on the breadth of CIBC's capabilities to provide market insights and creative solutions for our clients. Services include corporate banking, commodity and interest rate hedging and strategy, A&D advisory, and capital markets.
CIBC is publicly traded on the NYSE and Toronto Stock Exchange under the symbol "CM" and has a market cap of $36 billion and nearly $400 billion in total assets. For more information, please visit the CIBC energy website.
About Haynes and Boone
Haynes and Boone, LLP is an energy-focused corporate law firm, providing a full spectrum of legal services to our clients across the oil and gas industry, including the upstream, midstream, and downstream sectors. We serve energy clients from our offices in Texas, Colorado, New York, California, Washington, D.C., London, Mexico City and Shanghai. We work as a team representing U.S. and foreign public and private companies engaged in the dynamic day-to-day work of finding and extracting oil and gas, and the banks, investment funds and other investors that support them.
Our team of more than 100 energy lawyers and landmen understands the U.S. and international physical and financial energy markets, and the firm has been helping operators and lenders complete some of the largest financings and M&A transactions in recent years. With more than 600 attorneys, Haynes and Boone is ranked among the largest law firms in the nation by The National Law Journal, and our energy lawyers have been ranked by publications such as Best Lawyers in America, Chambers and Partners and Who's Who in Energy.
For more info, please visit www.haynesboone.com.
About Crédit Agricole Corporate and Investment Bank
Crédit Agricole Corporate and Investment Bank is the corporate and investment banking arm of the Crédit Agricole Group, the world's eighth largest bank by total assets (The Banker, July 2014). Crédit Agricole CIB offers its clients a comprehensive range of products and services in capital markets, brokerage, investment banking, structured finance, corporate banking, and international private banking.
The Bank provides support to clients in large international markets through its network, with a presence in major countries in Europe, the Americas, Asia and the Middle East.
With headquarters in New York City, and U.S. offices in Houston and Chicago, Credit Agricole CIB Americas offers its corporate and institutional clients financial products and services and made-to-order structuring, origination and distribution, through both its banking unit Credit Agricole CIB, and the full-service broker-dealer Credit Agricole Securities (USA) Inc., which is a member of the NYSE and NASD. Credit Agricole CIB is also present in Montreal, Canada, and in Latin America with offices in Argentina, Brazil, and Mexico.
The Energy Industry represents the single largest concentration of industry exposure at Credit Agricole Corporate and Investment Bank, whose specialty focus dates back over 100 years. Our Energy practice for North America, located in Houston, focuses on all segments of the business and covers it on a truly global basis.
For more information, visit www.ca-cib.com.
About Natixis
Natixis is the international corporate and investment banking, asset management, insurance and financial services arm of Groupe BPCE, the second-largest banking group in France.
Natixis Corporate & Investment Banking advises and assists corporations, financial institutions, institutional investors, financial sponsors, public-sector organizations and the networks of Groupe BPCE. We furnish a diversified array of financing solutions, provide access to capital markets and transaction banking services.
Areas of expertise include Advisory: M&A, primary equity, capital & rating advisory; Financing: vanilla and structured; Capital Markets: equities, fixed income, credit, forex and commodities; Global Transaction Banking: trade finance, cash management, liquidity management and correspondent banking; Research: economic, credit, equity and quantitative.
The Bank leverages the expertise and highly technical skills of its teams, and provides industry-recognized research to build innovative and mix-and-matchable solutions. Corporate and Investment Banking is present on the main financial markets via three international platforms: Americas, Asia-Pacific, and EMEA (Europe, Middle East, Africa).
About PJ SOLOMON
PJ SOLOMON is an investment banking advisory firm that provides strategic advisory services to chief executive officers and senior management, owners of public and private companies, boards of directors, and special committees.
Our full suite of advisory services includes Mergers and Acquisitions, Restructuring and Capital Markets across a range of industry verticals.
The PJ SOLOMON Energy Advisory Group provides strategic investment banking advisory services to public and private clients across the energy chain. Drawing upon our extensive sector relationships and deep strategic and operational expertise, we can offer a unique and valued advisory platform for the upstream, upstream A&D, midstream and the utility sectors.
Based in our Houston office, the PJ SOLOMON Energy team holds more than 100 years of experience on a broad range of domestic and cross-border transactions including mergers and acquisitions, A&D, restructurings, bankruptcies, and public and private capital raisings.
Industry sectors/sub-sectors include: Upstream, Upstream A&D, Midstream, Energy related and Utilities.
About PNC Financial Services Group
PNC is one of the largest, best-regarded and best-capitalized financial services companies in the country, with approximately $325 billion in assets and offices in 33 states, Canada and the United Kingdom.
PNC's Energy Group, headed by Tom Byargeon, is a significant capital and service provider to energy companies, with approximately $6.5 billion in commitments to the industry. The Energy office in Houston houses a team with extensive experience and deep relationships across the entire energy supply chain. This group also offers strategic corporate finance advice and delivers PNC's comprehensive set of solutions and capabilities, including commodity and interest rate hedging, debt capital markets, loan syndications, treasury management, asset securitization, equipment finance and institutional investments.
For more information, please contact Tom Byargeon at 713-353-8782 or tom.byargeon@pnc.com. You can also visit www.pnc.com.
About MUFG
Mitsubishi UFJ Financial Group (MUFG) has been a leading provider of banking services to the oil and gas industry in the Americas for more than 30 years, consistently ranking in the Top 10 Lead Arrangers and Top 10 Bond Arrangers in the Thomson Reuters Oil and Gas League Tables.
We support clients across the industry—from regional exploration and production to global diversified services companies—that benefit from our focused approach, strong execution, and customized services. Whether you are looking to expand existing reserves, make an acquisition, or streamline operations, we can support your growth with services, including: underwriting and syndications; U.S./Canadian cross-border funding; securities underwriting and placements; leasing and tax equity financing; and commodities, interest rate, and foreign exchange risk management.
For more information, visit: www.mufgamericas.com/oil-gas.
About Wells Fargo & Company
Wells Fargo & Company is a nationwide, diversified, community-based financial services company providing banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,700 locations, 12,500 ATMs, and the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy.
The Energy Banking Group, headed by Bart Schouest, provides corporate banking products and services to the energy sector, including upstream, midstream, oilfield services, and diversified industries. With offices in Houston, Dallas, Denver, Calgary, and Aberdeen the group's success is driven by in-depth industry expertise and longstanding relationships with key industry participants. The group has over $45 billion of credit commitments to public and private companies across the upstream, midstream, downstream, services, and power and utilities sectors.
The Energy & Power Investment Banking Group, headed by James Kipp, provides strategic advisory and corporate finance expertise to energy and power clients, including upstream, midstream, oilfield services, downstream, coal and the power & utilities sectors. Areas of focus include equity, equity-linked and debt underwritings, private placements, syndications, and mergers and acquisitions. The Energy & Power Investment Banking Group has offices in Houston and Charlotte.
These teams work together to offer clients industry and product expertise, in addition to sharing their understanding of internal and external forces that drive both industry trends and financial markets. For additional information, contact us at 713-319-1350 or Energy@wellsfargo.com.
To learn more about Wells Fargo & Company, please visit the company's web site at www.wellsfargo.com.
About SMBC
Sumitomo Mitsui Banking Corporation (SMBC) is a core member of Sumitomo Mitsui Financial Group (SMFG), a Tokyo-based bank holding company that is ranked among the largest 25 banks globally by assets under management.
SMBC Americas Division, with more than 2,500 employees, oversees operations in the U.S., Canada, Mexico, and South America. We work across SMFG to offer corporate and institutional clients sophisticated and comprehensive financial services around the globe.
SMBC's roots in Japan trace back more than 400 years to 1590. The Americas Division of SMBC has more than a century of experience in the United States, beginning when the San Francisco branch of Sumitomo Bank was established in 1919. Sumitomo Mitsui Financial Group (NYSE: SMFG) was listed on the New York Stock Exchange in 2010.
For more information please visit the corporate website: www.smbcgroup.com/americas/group-companies/
CONTACT: 303-296-8834
View original content:http://www.prnewswire.com/news-releases/enercom-announces-presenting-companies-for-the-oil--gas-conference-23-300669633.html
SOURCE EnerCom, Inc.
Article Date
6/20/2018HighPoint Resources Announces Appointment of Chief Operating Officer
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
DENVER, June 14, 2018 /PRNewswire/ -- HighPoint Resources Corporation ("HighPoint" or the "Company") (NYSE: HPR) today announced that it has appointed Paul Geiger to the position of Chief Operating Officer, where he will provide leadership and strategic oversight of the Company's growing operations in the Denver-Julesburg ("DJ") Basin of Colorado. Mr. Geiger will join the Company effective July 11, 2018.
Mr. Geiger has more than 23 years of experience in oil and gas operations and a strong track record of running large-scale, multi-rig development programs. Mr. Geiger previously served as Senior Vice President of Corporate Development at Southwestern Energy. Prior to Southwestern Energy, Mr. Geiger held numerous engineering and leadership roles with Quantum Resources Management, Anadarko, Howell Petroleum and Meridian Oil/Burlington Resources. Mr. Geiger earned his bachelor's degree in Petroleum Engineering and his MBA from the University of Texas.
"Paul is an experienced operations executive with a proven track record. He has shown he can manage all aspects of asset management and leading multi-rig development programs to ensuring successful execution," said Chief Executive Officer and President Scot Woodall. "His background in operations management, engineering, and business optimization of assets will help us continue along our path of delivering returns-driven growth. Paul's expertise will prove invaluable as we move to full-scale development mode across our acreage in the oil-weighted and rural core of the DJ Basin. I am excited to welcome Paul to our team."
Mr. Geiger commented, "I am eager to join the HighPoint team and build upon the significant momentum that has been created over the past several months. I look forward to working with the Company's talented team and capitalizing on its operational capabilities as well as its technical expertise to drive further efficiencies, support the Company's growth objectives across our dominant DJ Basin acreage position and increase value for the shareholders."
DISCLOSURE STATEMENTS
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as will continue and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. Forward-looking statements in this release relate to, among other things, future projects, opportunities and growth. These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Actual results may vary significantly from those indicated in the forward-looking statements. Please refer to the Bill Barrett Corporation's Annual Report on Form 10-K for the year ended December 31, 2017 filed with the SEC, and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT HIGHPOINT RESOURCES CORPORATION
HighPoint Resources Corporation (NYSE: HPR) is a Denver, Colorado based company focused on the development of oil and natural gas assets located in the Denver-Julesburg Basin of Colorado. Additional information about the Company may be found on its website www.hpres.com.
View original content with multimedia:http://www.prnewswire.com/news-releases/highpoint-resources-announces-appointment-of-chief-operating-officer-300666126.html
SOURCE HighPoint Resources Corporation
Article Date
6/14/2018EnerCom Updates List of Presenters for The Oil & Gas Conference® 23
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
DENVER, June 13, 2018 /PRNewswire/ -- EnerCom, Inc. is pleased to update the list of oil and gas companies and energy sector experts who will be presenters at the 23rd annual edition of The Oil & Gas Conference®, coming August 19-22, 2018, to the Westin Denver Downtown.
Public and Private Company Presenters: The 2018 edition of EnerCom's The Oil & Gas Conference® will feature public and private oil and gas companies with operations spanning 40 countries and six continents, including all U.S. shale basins, the Gulf of Mexico, Canada, Latin America and Africa. A work-in-progress list of the 2018 presenting companies will be posted and updated on the conference website.
The EnerCom Denver 2018 presenting companies include but are not limited to:
Who Attends the Conference: More than 2,000 institutional, private equity and hedge fund investors, energy research analysts, retail brokers, trust officers, high net worth investors, investment bankers and energy industry professionals gather in Denver for the conference.
One-on-One Meetings: EnerCom works in advance with presenting company management teams to arrange one-on-one meetings with the attending institutional investors and research analysts at the conference venue. In 2017, EnerCom managed more than 2,100 one-on-one meeting requests.
How to Register: Investment professionals and oil and gas companies can register for the event through the conference website.
EnerCom History and Sponsors: EnerCom, Inc. founded The Oil & Gas Conference® in 1996. It is the oldest and largest energy investment conference in Denver.
Global sponsors of EnerCom's conferences are Netherland, Sewell & Associates; RS Energy Group; Moss Adams; and Preng & Associates. Sponsors of The Oil & Gas Conference® 23 are Bank of America Merrill Lynch; AssuredPartners; DNB Bank ASA; Fifth Third Bank; CIBC; Haynes and Boone; Credit Agricole CIB; Natixis; PJ SOLOMON; PNC Financial Services Group; Wells Fargo; MUFG; and SMBC.
About EnerCom, Inc.
Since 1994 EnerCom, Inc. has developed into a nationally recognized oil and gas-focused investor relations consultancy advising oil and gas industry clients on corporate strategy, asset valuations, investor communications, media relations and providing visual communications design.
EnerCom offers services and produces and publishes numerous data products and external communications tools for public and private energy companies including:
EnerCom's professionals have more than 170 years of industry and business experience and a proven track record of success.
Headquartered in Denver, with senior consultants in Dallas and Houston, EnerCom uses the team approach for delivering its wide range of services to public and private companies, large and small, operating in the global exploration and production, OilService, capital markets, and associated advanced-technology industries.
EnerCom's upcoming oil and gas investment conferences include:
EnerCom Denver (The Oil & Gas Conference®) – August 19-22, 2018
EnerCom Dallas – Feb. 27-28, 2019
For more information about EnerCom and its services, please visit http://www.enercominc.com/ or call +1 303-296-8834 to speak with the management team or one of our consultants.
About Netherland, Sewell & Associates, Inc.
Netherland, Sewell & Associates, Inc. (NSAI) was founded in 1961 to provide the highest quality engineering and geological consulting to the petroleum industry. Today they are recognized as the worldwide leader of petroleum property analysis to industry and financial organizations and government agencies. With offices in Dallas and Houston, NSAI provides a complete range of geological, geophysical, petrophysical, and engineering services and has the technical experience and ability to perform these services in any of the onshore and offshore oil and gas producing areas of the world. They provide reserves reports and audits, acquisition and divestiture evaluations, simulation studies, exploration resources assessments, equity determinations, and management and advisory services. For a complete list of services or to learn more about Netherland, Sewell & Associates, Inc. please visit www.netherlandsewell.com.
For more information about NSAI, call C.H. (Scott) Rees, Chief Executive Officer, at 214-969-5401 or send an email to info@nsai-petro.com.
About RS Energy Group
RS Energy Group (RSEG) provides data-driven intelligence: evaluate assets, weigh valuable M&A opportunities and benchmark your business for more precise decision-making.
RSEG officially released its data solution in April 2017. RS Data™ provides clients with corrected, multi-sourced permit, completion and production data of unparalleled completeness and quality.
Today, RSEG's intelligence covers more than 150 companies operating in every key North American and many international energy plays with a powerful combination of practical insights at the asset level and a long-standing participation in capital markets. RSEG's independent, unbiased and accurate analysis forms a foundation of trust with its clients. Its collaborative approach, both internally and as an extension of its clients' research efforts, promotes innovation and fosters intimate, long term partnerships.
RS Energy Group (RSEG) is headquartered in Calgary, Alberta, with strategic locations in Houston, New York City, Philadelphia, San Francisco and Los Angeles. Contact RS Energy Group by phone at (403) 294-9111, or email info@rseg.com.
About Moss Adams LLP
For more than 30 years, Hein & Associates has been recognized throughout the industry as a leading oil and gas accounting and advisory firm. In late 2017, Hein combined with Moss Adams LLP, one of the largest accounting, consulting and wealth management firms in the nation, creating a $600 million middle-market accounting/tax/audit leader in the western U.S. with a strong oil & gas practice group.
With more than 2,900 professionals and staff across more than 25 locations in the West and beyond, Moss Adams works with many of the world's most innovative companies and leaders. Our strength in the middle market enables us to advise clients at all intervals of development—from start-up, to rapid growth and expansion, to transition. Today, we help over 2,300 companies doing business in more than 100 countries and territories.
For more information, please contact Joe Blice, Partner, National Practice Leader, Oil & Gas, CPA joe.blice@mossadams.com, (972) 687-7818.
Moss Adams LLP provides details at https://www.mossadams.com/home.
About Preng & Associates
Preng & Associates, founded in 1980, is the only retainer-based, international executive search firm specializing solely in the energy industry. Its number one priority is to assist clients with their executive selection, organization development, and human resource needs by providing the highest quality service. Preng's record of accomplishment is directly attributable to their experienced staff, worldwide network of industry contacts, proven search methodology, and high standards of professionalism. Preng has conducted over 3000 searches for board, executive, management, and professional positions in its 35-year history and has the highest success and repeat client track record.
Preng's practice is based on the premise that the search process is most effective when conducted by professionals with significant search industry experience. The company has earned a reputation for combining professional search disciplines with an in-depth industry and market understanding and has succeeded in some of the industry's most challenging and high-profile searches. Preng's international reach allows it to effectively conduct global engagements; and as a member of the Association of Executive Search Consultants, Preng practices and promotes its high standards of conduct and professionalism.
For more information about Preng & Associates, contact Charles Carpenter, Partner at 713-243-2610 or ccarpenter@preng.com.
About Bank of America Merrill Lynch
Bank of America Merrill Lynch Oil and Gas Group
The Bank of America Merrill Lynch (BofAML) Oil and Gas practice is comprised of a global team of bankers dedicated to covering the energy industry, dating back to the 1920s when Texas predecessor banks pioneered reserve-based lending. The practice includes an experienced in-house Petroleum Engineering team with over 150 years of combined experience. With one of the only full-service financial energy platforms in the industry, the BofAML oil and gas team manages significant capital commitments in the energy sector with dedicated bankers based in Calgary, Denver, Dallas, Houston, London and New York.
The BofA Merrill Lynch Global Research platform offers clients access to information and actionable ideas on stocks, bonds, economics and investment strategies. With approximately 700 analysts in more than 20 countries, we offer our clients knowledge about economic and business developments that are having an impact on the markets, so that they can work with their financial advisors to make the most of opportunities. BofA Merrill Lynch Global Research was ranked No. 1 for the fourth consecutive year on the 2014 list of Top Global Research Firms, Institutional Investor.
About AssuredPartners
AssuredPartners Colorado (AP CO) combines 30+ years of experience with leading-edge products to provide exceptional service and value to our customers. We provide a full range of brokerage services including employee benefits, property and casualty, and retirement. Headquartered in Colorado, we think globally but act locally, with personal services designed specifically for each individual client. AP CO utilizes resources with national networks of brokers to ensure we can meet your every need and find answers to your questions quickly and efficiently.
Our goal is to achieve a long-term relationship focused on bringing value to your employee benefits management and insurance programs. We are committed to utilizing our collective talent to support your insurance goals. We work to identify activities that drive claim frequency, and implement an action plan to control health care costs and promote a healthy work environment for your employees.
Securing the best insurance package for your business begins with planning. Analyzing all your risks is critical to successful implementation of your insurance plan. AP CO will partner with you by providing ongoing assistance, consultation and service that will help you control your insurance expenses, choose the best plan to fit your company's needs and promote health care consumerism.
For more information on Assured Partners, please visit the website, call (800) 322-9773 or email info@assuredptrco.com.
About DNB ASA
DNB is Norway's largest financial services provider, with total assets approaching $400 billion. The bank has for years been a major provider of capital to the oil & gas industry, growing up literally side by side with the highly prolific fields developed in the Norwegian Sector of the North Sea. The Oslo Energy Office maintains a global financing strategy, and serves this market through multiple offices around the world including Houston, London and Singapore.
Energy Americas, based in Houston, comprises approximately 20 seasoned energy finance professionals. Aside from facilitating the bank's global business strategies, the office concentrates primarily on serving middle market and larger customers in the four principal oil & gas sectors — upstream, midstream, downstream and service — as well as in Power and Renewables. The bank offers a variety of financial products, from traditional oil & gas reserve financing, to longer-term capital markets transactions and merger/acquisition advisory services through its broker-dealer arm, DNB Markets, Inc. Ancillary service capabilities include cash management/depository services, as well as commodity and interest rate hedging.
For information on DNB's energy services, please visit the DNB energy website.
About Fifth Third Bancorp
Fifth Third Bank is a diversified financial services company with over $120 billion in assets. The Bank's energy group is comprised of experienced and knowledgeable individuals that can assist in providing and structuring financial solutions to meet their clients' needs across the upstream, midstream, downstream and services sectors. Solutions and capabilities include commodity hedging, interest rate management, foreign exchange, debt capital markets, treasury management, and depository/investment products.
For more information, please contact Richard Butler at 713-401-6101 or richard.butler@53.com.
About CIBC
CIBC is a leading North American bank headquartered in Canada and with offices around the world. CIBC was originally founded nearly 150 years ago, and has supported and financed the energy industry for many decades. CIBC was recently ranked as the strongest publicly traded bank in North America by Bloomberg, and is rated A+/Aa3 by S&P and Moody's, respectively.
Our energy specialists draw on the breadth of CIBC's capabilities to provide market insights and creative solutions for our clients. Services include corporate banking, commodity and interest rate hedging and strategy, A&D advisory, and capital markets.
CIBC is publicly traded on the NYSE and Toronto Stock Exchange under the symbol "CM" and has a market cap of $36 billion and nearly $400 billion in total assets. For more information, please visit the CIBC energy website.
About Haynes and Boone
Haynes and Boone, LLP is an energy-focused corporate law firm, providing a full spectrum of legal services to our clients across the oil and gas industry, including the upstream, midstream, and downstream sectors. We serve energy clients from our offices in Texas, Colorado, New York, California, Washington, D.C., London, Mexico City and Shanghai. We work as a team representing U.S. and foreign public and private companies engaged in the dynamic day-to-day work of finding and extracting oil and gas, and the banks, investment funds and other investors that support them.
Our team of more than 100 energy lawyers and landmen understands the U.S. and international physical and financial energy markets, and the firm has been helping operators and lenders complete some of the largest financings and M&A transactions in recent years. With more than 600 attorneys, Haynes and Boone is ranked among the largest law firms in the nation by The National Law Journal, and our energy lawyers have been ranked by publications such as Best Lawyers in America, Chambers and Partners and Who's Who in Energy.
For more info, please visit www.haynesboone.com.
About Crédit Agricole Corporate and Investment Bank
Crédit Agricole Corporate and Investment Bank is the corporate and investment banking arm of the Crédit Agricole Group, the world's eighth largest bank by total assets (The Banker, July 2014). Crédit Agricole CIB offers its clients a comprehensive range of products and services in capital markets, brokerage, investment banking, structured finance, corporate banking, and international private banking.
The Bank provides support to clients in large international markets through its network, with a presence in major countries in Europe, the Americas, Asia and the Middle East.
With headquarters in New York City, and U.S. offices in Houston and Chicago, Credit Agricole CIB Americas offers its corporate and institutional clients financial products and services and made-to-order structuring, origination and distribution, through both its banking unit Credit Agricole CIB, and the full-service broker-dealer Credit Agricole Securities (USA) Inc., which is a member of the NYSE and NASD. Credit Agricole CIB is also present in Montreal, Canada, and in Latin America with offices in Argentina, Brazil, and Mexico.
The Energy Industry represents the single largest concentration of industry exposure at Credit Agricole Corporate and Investment Bank, whose specialty focus dates back over 100 years. Our Energy practice for North America, located in Houston, focuses on all segments of the business and covers it on a truly global basis.
For more information, visit www.ca-cib.com.
About Natixis
Natixis is the international corporate and investment banking, asset management, insurance and financial services arm of Groupe BPCE, the second-largest banking group in France.
Natixis Corporate & Investment Banking advises and assists corporations, financial institutions, institutional investors, financial sponsors, public-sector organizations and the networks of Groupe BPCE.
We furnish a diversified array of financing solutions, provide access to capital markets and transaction banking services.
Areas of expertise include Advisory: M&A, primary equity, capital & rating advisory; Financing: vanilla and structured; Capital Markets: equities, fixed income, credit, forex and commodities; Global Transaction Banking: trade finance, cash management, liquidity management and correspondent banking; Research: economic, credit, equity and quantitative.
The Bank leverages the expertise and highly technical skills of its teams, and provides industry-recognized research to build innovative and mix-and-matchable solutions. Corporate and Investment Banking is present on the main financial markets via three international platforms: Americas, Asia-Pacific, and EMEA (Europe, Middle East, Africa).
About PJ SOLOMON
PJ SOLOMON is an investment banking advisory firm that provides strategic advisory services to chief executive officers and senior management, owners of public and private companies, boards of directors, and special committees.
Our full suite of advisory services includes Mergers and Acquisitions, Restructuring and Capital Markets across a range of industry verticals.
The PJ SOLOMON Energy Advisory Group provides strategic investment banking advisory services to public and private clients across the energy chain. Drawing upon our extensive sector relationships and deep strategic and operational expertise, we can offer a unique and valued advisory platform for the upstream, upstream A&D, midstream and the utility sectors.
Based in our Houston office, the PJ SOLOMON Energy team holds more than 100 years of experience on a broad range of domestic and cross-border transactions including mergers and acquisitions, A&D, restructurings, bankruptcies, and public and private capital raisings.
Industry sectors/sub-sectors include: Upstream, Upstream A&D, Midstream, Energy related and Utilities.
About PNC Financial Services Group
PNC is one of the largest, best-regarded and best-capitalized financial services companies in the country, with approximately $325 billion in assets and offices in 33 states, Canada and the United Kingdom.
PNC's Energy Group, headed by Tom Byargeon, is a significant capital and service provider to energy companies, with approximately $6.5 billion in commitments to the industry. The Energy office in Houston houses a team with extensive experience and deep relationships across the entire energy supply chain. This group also offers strategic corporate finance advice and delivers PNC's comprehensive set of solutions and capabilities, including commodity and interest rate hedging, debt capital markets, loan syndications, treasury management, asset securitization, equipment finance and institutional investments.
For more information, please contact Tom Byargeon at 713-353-8782 or tom.byargeon@pnc.com. You can also visit www.pnc.com.
About MUFG
Mitsubishi UFJ Financial Group (MUFG) has been a leading provider of banking services to the oil and gas industry in the Americas for more than 30 years, consistently ranking in the Top 10 Lead Arrangers and Top 10 Bond Arrangers in the Thomson Reuters Oil and Gas League Tables.
We support clients across the industry—from regional exploration and production to global diversified services companies—that benefit from our focused approach, strong execution, and customized services. Whether you are looking to expand existing reserves, make an acquisition, or streamline operations, we can support your growth with services, including: underwriting and syndications; U.S./Canadian cross-border funding; securities underwriting and placements; leasing and tax equity financing; and commodities, interest rate, and foreign exchange risk management.
For more information, visit: www.mufgamericas.com/oil-gas.
About Wells Fargo & Company
Wells Fargo & Company is a nationwide, diversified, community-based financial services company providing banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,700 locations, 12,500 ATMs, and the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy.
The Energy Banking Group, headed by Bart Schouest, provides corporate banking products and services to the energy sector, including upstream, midstream, oilfield services, and diversified industries. With offices in Houston, Dallas, Denver, Calgary, and Aberdeen the group's success is driven by in-depth industry expertise and longstanding relationships with key industry participants. The group has over $45 billion of credit commitments to public and private companies across the upstream, midstream, downstream, services, and power and utilities sectors.
The Energy & Power Investment Banking Group, headed by James Kipp, provides strategic advisory and corporate finance expertise to energy and power clients, including upstream, midstream, oilfield services, downstream, coal and the power & utilities sectors. Areas of focus include equity, equity-linked and debt underwritings, private placements, syndications, and mergers and acquisitions. The Energy & Power Investment Banking Group has offices in Houston and Charlotte.
These teams work together to offer clients industry and product expertise, in addition to sharing their understanding of internal and external forces that drive both industry trends and financial markets. For additional information, contact us at 713-319-1350 or Energy@wellsfargo.com.
To learn more about Wells Fargo & Company, please visit the company's web site at www.wellsfargo.com.
About SMBC
Sumitomo Mitsui Banking Corporation (SMBC) is a core member of Sumitomo Mitsui Financial Group (SMFG), a Tokyo-based bank holding company that is ranked among the largest 25 banks globally by assets under management.
SMBC Americas Division, with more than 2,500 employees, oversees operations in the U.S., Canada, Mexico, and South America. We work across SMFG to offer corporate and institutional clients sophisticated and comprehensive financial services around the globe.
SMBC's roots in Japan trace back more than 400 years to 1590. The Americas Division of SMBC has more than a century of experience in the United States, beginning when the San Francisco branch of Sumitomo Bank was established in 1919. Sumitomo Mitsui Financial Group (NYSE: SMFG) was listed on the New York Stock Exchange in 2010.
For more information please visit the corporate website: www.smbcgroup.com/americas/group-companies/
View original content:http://www.prnewswire.com/news-releases/enercom-updates-list-of-presenters-for-the-oil--gas-conference-23-300665469.html
SOURCE EnerCom, Inc.
Article Date
6/13/2018North American Shale Producers, International Operators Join Roster of Presenting Companies for EnerCom's The Oil & Gas Conference®
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
DENVER, June 5, 2018 /PRNewswire/ -- EnerCom, Inc. is pleased to update the list of presenting oil and gas companies for the 23rd annual edition of The Oil & Gas Conference®, coming August 19-22, 2018, at the Westin Denver Downtown. Investment and oil and gas professionals may register for the event now through the conference website.
Conference Details: The Oil & Gas Conference® 23 offers investment professionals the opportunity to listen to senior management teams in the oil and gas industry present operational and financial strategies and learn about important energy topics affecting the global oil and gas industry. The forum fosters healthy dialogue and informal networking opportunities for attendees.
Public and Private Company Presenters: The 2018 edition of EnerCom's The Oil & Gas Conference® will feature public and private oil and gas companies with operations spanning 40 countries and six continents, including all U.S. shale basins, the Gulf of Mexico, Canada, Latin America and Africa. A work-in-progress list of the 2018 presenting companies will be posted and updated on the conference website.
The EnerCom Denver 2018 presenting companies include but are not limited to:
Additional Speakers: Global energy industry leaders, economists, market strategists, government officials and other energy experts will provide their insights on topics such as global commodities markets, the U.S. becoming a net energy exporter, and capital sources for energy development.
Who Attends the Conference: More than 2,000 institutional, private equity and hedge fund investors, energy research analysts, retail brokers, trust officers, high net worth investors, investment bankers and energy industry professionals gather in Denver for the conference.
One-on-One Meetings: EnerCom works in advance with presenting company management teams to arrange one-on-one meetings with the attending institutional investors and research analysts at the conference venue. In 2017, EnerCom managed more than 2,100 one-on-one meeting requests.
How to Register: Investment professionals and oil and gas companies can register for the event through the conference website.
EnerCom History and Sponsors: EnerCom, Inc. founded The Oil & Gas Conference® in 1996. It is the oldest and largest energy investment conference in Denver.
Global sponsors of EnerCom's conferences are Netherland, Sewell & Associates; RS Energy Group; Moss Adams; and Preng & Associates. Sponsors of The Oil & Gas Conference® 23 are Bank of America Merrill Lynch; AssuredPartners; DNB Bank ASA; Fifth Third Bank; CIBC; Haynes and Boone; Credit Agricole CIB; Natixis; PJ SOLOMON; PNC Financial Services Group; Wells Fargo; MUFG; and SMBC.
About EnerCom, Inc.
Since 1994 EnerCom, Inc. has developed into a nationally recognized oil and gas-focused investor relations consultancy advising oil and gas industry clients on corporate strategy, asset valuations, investor communications, media relations and providing visual communications design.
EnerCom offers services and produces and publishes numerous data products and external communications tools for public and private energy companies including:
EnerCom's professionals have more than 170 years of industry and business experience and a proven track record of success.
Headquartered in Denver, with senior consultants in Dallas and Houston, EnerCom uses the team approach for delivering its wide range of services to public and private companies, large and small, operating in the global exploration and production, OilService, capital markets, and associated advanced-technology industries.
EnerCom's upcoming oil and gas investment conferences include:
EnerCom Denver (The Oil & Gas Conference®) – August 19-22, 2018
EnerCom Dallas – Q1 - 2019
For more information about EnerCom and its services, please visit http://www.enercominc.com/ or call +1 303-296-8834 to speak with the management team or one of our consultants.
About Netherland, Sewell & Associates, Inc.
Netherland, Sewell & Associates, Inc. (NSAI) was founded in 1961 to provide the highest quality engineering and geological consulting to the petroleum industry. Today they are recognized as the worldwide leader of petroleum property analysis to industry and financial organizations and government agencies. With offices in Dallas and Houston, NSAI provides a complete range of geological, geophysical, petrophysical, and engineering services and has the technical experience and ability to perform these services in any of the onshore and offshore oil and gas producing areas of the world. They provide reserves reports and audits, acquisition and divestiture evaluations, simulation studies, exploration resources assessments, equity determinations, and management and advisory services. For a complete list of services or to learn more about Netherland, Sewell & Associates, Inc. please visit www.netherlandsewell.com.
For more information about NSAI, call C.H. (Scott) Rees, Chief Executive Officer, at 214-969-5401 or send an email to info@nsai-petro.com.
About RS Energy Group
RS Energy Group (RSEG) provides data-driven intelligence: evaluate assets, weigh valuable M&A opportunities and benchmark your business for more precise decision-making.
RSEG officially released its data solution in April 2017. RS Data™ provides clients with corrected, multi-sourced permit, completion and production data of unparalleled completeness and quality.
Today, RSEG's intelligence covers more than 150 companies operating in every key North American and many international energy plays with a powerful combination of practical insights at the asset level and a long-standing participation in capital markets. RSEG's independent, unbiased and accurate analysis forms a foundation of trust with its clients. Its collaborative approach, both internally and as an extension of its clients' research efforts, promotes innovation and fosters intimate, long term partnerships.
RS Energy Group (RSEG) is headquartered in Calgary, Alberta, with strategic locations in Houston, New York City, Philadelphia, San Francisco and Los Angeles. Contact RS Energy Group by phone at (403) 294-9111, or email info@rseg.com.
About Moss Adams LLP
For more than 30 years, Hein & Associates has been recognized throughout the industry as a leading oil and gas accounting and advisory firm. In late 2017, Hein combined with Moss Adams LLP, one of the largest accounting, consulting and wealth management firms in the nation, creating a $600 million middle-market accounting/tax/audit leader in the western U.S. with a strong oil & gas practice group.
With more than 2,900 professionals and staff across more than 25 locations in the West and beyond, Moss Adams works with many of the world's most innovative companies and leaders. Our strength in the middle market enables us to advise clients at all intervals of development—from start-up, to rapid growth and expansion, to transition. Today, we help over 2,300 companies doing business in more than 100 countries and territories.
For more information, please contact Joe Blice, Partner, National Practice Leader, Oil & Gas, CPA joe.blice@mossadams.com, (972) 687-7818.
Moss Adams LLP provides details at https://www.mossadams.com/home .
About Preng & Associates
Preng & Associates, founded in 1980, is the only retainer-based, international executive search firm specializing solely in the energy industry. Its number one priority is to assist clients with their executive selection, organization development, and human resource needs by providing the highest quality service. Preng's record of accomplishment is directly attributable to their experienced staff, worldwide network of industry contacts, proven search methodology, and high standards of professionalism. Preng has conducted over 3000 searches for board, executive, management, and professional positions in its 35-year history and has the highest success and repeat client track record.
Preng's practice is based on the premise that the search process is most effective when conducted by professionals with significant search industry experience. The company has earned a reputation for combining professional search disciplines with an in-depth industry and market understanding and has succeeded in some of the industry's most challenging and high-profile searches. Preng's international reach allows it to effectively conduct global engagements; and as a member of the Association of Executive Search Consultants, Preng practices and promotes its high standards of conduct and professionalism.
For more information about Preng & Associates, contact Charles Carpenter, Partner at 713-243-2610 or ccarpenter@preng.com.
About Bank of America Merrill Lynch
Bank of America Merrill Lynch Oil and Gas Group
The Bank of America Merrill Lynch (BofAML) Oil and Gas practice is comprised of a global team of bankers dedicated to covering the energy industry, dating back to the 1920s when Texas predecessor banks pioneered reserve-based lending. The practice includes an experienced in-house Petroleum Engineering team with over 150 years of combined experience. With one of the only full-service financial energy platforms in the industry, the BofAML oil and gas team manages significant capital commitments in the energy sector with dedicated bankers based in Calgary, Denver, Dallas, Houston, London and New York.
The BofA Merrill Lynch Global Research platform offers clients access to information and actionable ideas on stocks, bonds, economics and investment strategies. With approximately 700 analysts in more than 20 countries, we offer our clients knowledge about economic and business developments that are having an impact on the markets, so that they can work with their financial advisors to make the most of opportunities. BofA Merrill Lynch Global Research was ranked No. 1 for the fourth consecutive year on the 2014 list of Top Global Research Firms, Institutional Investor.
About AssuredPartners
AssuredPartners Colorado (AP CO) combines 30+ years of experience with leading-edge products to provide exceptional service and value to our customers. We provide a full range of brokerage services including employee benefits, property and casualty, and retirement. Headquartered in Colorado, we think globally but act locally, with personal services designed specifically for each individual client. AP CO utilizes resources with national networks of brokers to ensure we can meet your every need and find answers to your questions quickly and efficiently.
Our goal is to achieve a long-term relationship focused on bringing value to your employee benefits management and insurance programs. We are committed to utilizing our collective talent to support your insurance goals. We work to identify activities that drive claim frequency, and implement an action plan to control health care costs and promote a healthy work environment for your employees.
Securing the best insurance package for your business begins with planning. Analyzing all your risks is critical to successful implementation of your insurance plan. AP CO will partner with you by providing ongoing assistance, consultation and service that will help you control your insurance expenses, choose the best plan to fit your company's needs and promote health care consumerism.
For more information on Assured Partners, please visit the website, call (800) 322-9773 or email info@assuredptrco.com.
About DNB ASA
DNB is Norway's largest financial services provider, with total assets approaching $400 billion. The bank has for years been a major provider of capital to the oil & gas industry, growing up literally side by side with the highly prolific fields developed in the Norwegian Sector of the North Sea. The Oslo Energy Office maintains a global financing strategy, and serves this market through multiple offices around the world including Houston, London and Singapore.
Energy Americas, based in Houston, comprises approximately 20 seasoned energy finance professionals. Aside from facilitating the bank's global business strategies, the office concentrates primarily on serving middle market and larger customers in the four principal oil & gas sectors — upstream, midstream, downstream and service — as well as in Power and Renewables. The bank offers a variety of financial products, from traditional oil & gas reserve financing, to longer-term capital markets transactions and merger/acquisition advisory services through its broker-dealer arm, DNB Markets, Inc. Ancillary service capabilities include cash management/depository services, as well as commodity and interest rate hedging.
For information on DNB's energy services, please visit the DNB energy website.
About Fifth Third Bancorp
Fifth Third Bank is a diversified financial services company with over $120 billion in assets. The Bank's energy group is comprised of experienced and knowledgeable individuals that can assist in providing and structuring financial solutions to meet their clients' needs across the upstream, midstream, downstream and services sectors. Solutions and capabilities include commodity hedging, interest rate management, foreign exchange, debt capital markets, treasury management, and depository/investment products.
For more information, please contact Richard Butler at 713-401-6101 or richard.butler@53.com.
About CIBC
CIBC is a leading North American bank headquartered in Canada and with offices around the world. CIBC was originally founded nearly 150 years ago, and has supported and financed the energy industry for many decades. CIBC was recently ranked as the strongest publicly traded bank in North America by Bloomberg, and is rated A+/Aa3 by S&P and Moody's, respectively.
Our energy specialists draw on the breadth of CIBC's capabilities to provide market insights and creative solutions for our clients. Services include corporate banking, commodity and interest rate hedging and strategy, A&D advisory, and capital markets.
CIBC is publicly traded on the NYSE and Toronto Stock Exchange under the symbol "CM" and has a market cap of $36 billion and nearly $400 billion in total assets. For more information, please visit the CIBC energy website.
About Haynes and Boone
Haynes and Boone, LLP is an energy-focused corporate law firm, providing a full spectrum of legal services to our clients across the oil and gas industry, including the upstream, midstream, and downstream sectors. We serve energy clients from our offices in Texas, Colorado, New York, California, Washington, D.C., London, Mexico City and Shanghai. We work as a team representing U.S. and foreign public and private companies engaged in the dynamic day-to-day work of finding and extracting oil and gas, and the banks, investment funds and other investors that support them.
Our team of more than 100 energy lawyers and landmen understands the U.S. and international physical and financial energy markets, and the firm has been helping operators and lenders complete some of the largest financings and M&A transactions in recent years. With more than 600 attorneys, Haynes and Boone is ranked among the largest law firms in the nation by The National Law Journal, and our energy lawyers have been ranked by publications such as Best Lawyers in America, Chambers and Partners and Who's Who in Energy.
For more info, please visit www.haynesboone.com.
About Crédit Agricole Corporate and Investment Bank
Crédit Agricole Corporate and Investment Bank is the corporate and investment banking arm of the Crédit Agricole Group, the world's eighth largest bank by total assets (The Banker, July 2014). Crédit Agricole CIB offers its clients a comprehensive range of products and services in capital markets, brokerage, investment banking, structured finance, corporate banking, and international private banking.
The Bank provides support to clients in large international markets through its network, with a presence in major countries in Europe, the Americas, Asia and the Middle East.
With headquarters in New York City, and U.S. offices in Houston and Chicago, Credit Agricole CIB Americas offers its corporate and institutional clients financial products and services and made-to-order structuring, origination and distribution, through both its banking unit Credit Agricole CIB, and the full-service broker-dealer Credit Agricole Securities (USA) Inc., which is a member of the NYSE and NASD. Credit Agricole CIB is also present in Montreal, Canada, and in Latin America with offices in Argentina, Brazil, and Mexico.
The Energy Industry represents the single largest concentration of industry exposure at Credit Agricole Corporate and Investment Bank, whose specialty focus dates back over 100 years. Our Energy practice for North America, located in Houston, focuses on all segments of the business and covers it on a truly global basis.
For more information, visit www.ca-cib.com.
About Natixis
Natixis is the international corporate and investment banking, asset management, insurance and financial services arm of Groupe BPCE, the second-largest banking group in France.
Natixis Corporate & Investment Banking advises and assists corporations, financial institutions, institutional investors, financial sponsors, public-sector organizations and the networks of Groupe BPCE.
We furnish a diversified array of financing solutions, provide access to capital markets and transaction banking services.
Areas of expertise include Advisory: M&A, primary equity, capital & rating advisory; Financing: vanilla and structured; Capital Markets: equities, fixed income, credit, forex and commodities; Global Transaction Banking: trade finance, cash management, liquidity management and correspondent banking; Research: economic, credit, equity and quantitative.
The Bank leverages the expertise and highly technical skills of its teams, and provides industry-recognized research to build innovative and mix-and-matchable solutions. Corporate and Investment Banking is present on the main financial markets via three international platforms: Americas, Asia-Pacific, and EMEA (Europe, Middle East, Africa).
About PJ SOLOMON
PJ SOLOMON is an investment banking advisory firm that provides strategic advisory services to chief executive officers and senior management, owners of public and private companies, boards of directors, and special committees.
Our full suite of advisory services includes Mergers and Acquisitions, Restructuring and Capital Markets across a range of industry verticals.
The PJ SOLOMON Energy Advisory Group provides strategic investment banking advisory services to public and private clients across the energy chain. Drawing upon our extensive sector relationships and deep strategic and operational expertise, we can offer a unique and valued advisory platform for the upstream, upstream A&D, midstream and the utility sectors.
Based in our Houston office, the PJ SOLOMON Energy team holds more than 100 years of experience on a broad range of domestic and cross-border transactions including mergers and acquisitions, A&D, restructurings, bankruptcies, and public and private capital raisings.
Industry sectors/sub-sectors include: Upstream, Upstream A&D, Midstream, Energy related and Utilities.
About PNC Financial Services Group
PNC is one of the largest, best-regarded and best-capitalized financial services companies in the country, with approximately $325 billion in assets and offices in 33 states, Canada and the United Kingdom.
PNC's Energy Group, headed by Tom Byargeon, is a significant capital and service provider to energy companies, with approximately $6.5 billion in commitments to the industry. The Energy office in Houston houses a team with extensive experience and deep relationships across the entire energy supply chain. This group also offers strategic corporate finance advice and delivers PNC's comprehensive set of solutions and capabilities, including commodity and interest rate hedging, debt capital markets, loan syndications, treasury management, asset securitization, equipment finance and institutional investments.
For more information, please contact Tom Byargeon at 713-353-8782 or tom.byargeon@pnc.com. You can also visit www.pnc.com.
About MUFG
Mitsubishi UFJ Financial Group (MUFG) has been a leading provider of banking services to the oil and gas industry in the Americas for more than 30 years, consistently ranking in the Top 10 Lead Arrangers and Top 10 Bond Arrangers in the Thomson Reuters Oil and Gas League Tables.
We support clients across the industry—from regional exploration and production to global diversified services companies—that benefit from our focused approach, strong execution, and customized services. Whether you are looking to expand existing reserves, make an acquisition, or streamline operations, we can support your growth with services, including: underwriting and syndications; U.S./Canadian cross-border funding; securities underwriting and placements; leasing and tax equity financing; and commodities, interest rate, and foreign exchange risk management.
For more information, visit: www.mufgamericas.com/oil-gas.
About Wells Fargo & Company
Wells Fargo & Company is a nationwide, diversified, community-based financial services company providing banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,700 locations, 12,500 ATMs, and the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy.
The Energy Banking Group, headed by Bart Schouest, provides corporate banking products and services to the energy sector, including upstream, midstream, oilfield services, and diversified industries. With offices in Houston, Dallas, Denver, Calgary, and Aberdeen the group's success is driven by in-depth industry expertise and longstanding relationships with key industry participants. The group has over $45 billion of credit commitments to public and private companies across the upstream, midstream, downstream, services, and power and utilities sectors.
The Energy & Power Investment Banking Group, headed by James Kipp, provides strategic advisory and corporate finance expertise to energy and power clients, including upstream, midstream, oilfield services, downstream, coal and the power & utilities sectors. Areas of focus include equity, equity-linked and debt underwritings, private placements, syndications, and mergers and acquisitions. The Energy & Power Investment Banking Group has offices in Houston and Charlotte.
These teams work together to offer clients industry and product expertise, in addition to sharing their understanding of internal and external forces that drive both industry trends and financial markets. For additional information, contact us at 713-319-1350 or Energy@wellsfargo.com.
To learn more about Wells Fargo & Company, please visit the company's web site at www.wellsfargo.com.
About SMBC
Sumitomo Mitsui Banking Corporation (SMBC) is a core member of Sumitomo Mitsui Financial Group (SMFG), a Tokyo-based bank holding company that is ranked among the largest 25 banks globally by assets under management.
SMBC Americas Division, with more than 2,500 employees, oversees operations in the U.S., Canada, Mexico, and South America. We work across SMFG to offer corporate and institutional clients sophisticated and comprehensive financial services around the globe.
SMBC's roots in Japan trace back more than 400 years to 1590. The Americas Division of SMBC has more than a century of experience in the United States, beginning when the San Francisco branch of Sumitomo Bank was established in 1919. Sumitomo Mitsui Financial Group ( NYSE : SMFG ) was listed on the New York Stock Exchange in 2010.
For more information please visit the corporate website: www.smbcgroup.com/americas/group-companies/
View original content:http://www.prnewswire.com/news-releases/north-american-shale-producers-international-operators-join-roster-of-presenting-companies-for-enercoms-the-oil--gas-conference-300659710.html
SOURCE EnerCom, Inc.
Article Date
6/5/20185/11/2018 - HighPoint Resources Announces Promotion of William M. Crawford to Chief Financial Officer
HighPoint Resources Announces Promotion of William M. Crawford to Chief Financial Officer
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
DENVER, May 11, 2018 /PRNewswire/ -- HighPoint Resources Corporation ("HighPoint" or the "Company") (NYSE: HPR) today announced the promotion of William M. Crawford to the position of Chief Financial Officer effective immediately, where he will continue to oversee all financial responsibilities of the Company. Mr. Crawford has served in various positions of increasing responsibility since joining the Company in 2004 and most recently served as Senior Vice President – Treasury and Finance and has served as principal financial officer since April 2016.
Chief Executive Officer and President Scot Woodall stated, "I would like to congratulate Bill on this well-deserved promotion as it reflects his many contributions to our organization. He has been an integral member of our management team and his commitment to the Company has been instrumental in our success. I look forward to continuing to work closely with Bill in the future."
About William M. Crawford
Mr. Crawford has served as Senior Vice President - Treasury and Finance since February 2016, as Vice President - Finance and Marketing from February 2009 until February 2016, and previously served as Director - Finance, Director of Investor Relations and in other finance related functions since joining the Company in 2004. From 1994 through 2003, Mr. Crawford held various domestic and international positions in accounting and finance with several subsidiaries of Schlumberger Limited, an international oilfield services company. Mr. Crawford holds a Bachelor of Science in Accounting from Colorado State University.
ABOUT HIGHPOINT RESOURCES CORPORATION
HighPoint Resources Corporation (NYSE: HPR) is a Denver, Colorado based company focused on the development of oil and natural gas assets located in the Denver-Julesburg Basin of Colorado. Additional information about the Company may be found on its website www.hpres.com.
View original content with multimedia:http://www.prnewswire.com/news-releases/highpoint-resources-announces-promotion-of-william-m-crawford-to-chief-financial-officer-300646870.html
SOURCE HighPoint Resources
Article Date
5/11/2018HighPoint Resources Reports First Quarter 2018 Financial and Operating Results
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
DENVER, May 8, 2018 /PRNewswire/ -- HighPoint Resources Corporation (the "Company" or "HighPoint") (NYSE: HPR) today reported first quarter of 2018 financial and operating results, highlighted by the closing of the Fifth Creek Energy strategic business combination and strong operational execution.
Chief Executive Officer and President Scot Woodall commented, "It is an exciting time for HighPoint Resources as we achieved a significant milestone with the closing of the Fifth Creek business combination in March. Together, we began a new era as a premier oil-weighted and rural DJ Basin focused company. Going forward, we are positioned to deliver a step change improvement to production growth, cash flow and EBITDAX with an associated enhancement to credit metrics. We have quickly and smoothly integrated the Hereford asset and have hit the ground running with respect to the 2018 development program. The Hereford development and completion program is proceeding as anticipated and we look forward to providing a further update over the coming quarters.
"We are off to a fast start with our legacy NE Wattenberg program, delivering another solid quarter with respect to our guidance and highlighted by strong operational execution. The team has done an excellent job of maintaining well costs at levels consistent with internal expectations and managing through minor constraints associated with third party natural gas processing facilities allowing us to meet our first quarter objectives. We are on track to achieve our objectives with three drilling rigs and two completion crews currently operating and are reiterating our 2018 and 2019 guidance.
"We are well positioned for long-term shareholder value creation with a dominant acreage position in the oil-weighted and rural core of the DJ Basin. With a focus on returns and disciplined capital allocation, our inventory of more than 2,800 undeveloped drilling locations (95% XRL) can generate robust wellhead economics and top-tier margins in a $50 plus per barrel WTI pricing environment. We have a strong technical team that is executing at a very high level and have high confidence in achieving our objectives as the close proximity of Hereford to our legacy acreage allows us to immediately transfer and apply our proven execution skill set and cost structure across our total acreage position. Finally, we are in a good financial position with current liquidity consisting of cash on hand of $225 million and an undrawn $300 million credit facility."
For the first quarter of 2018, the Company reported a net loss of $24.9 million, or $0.20 per diluted share. Adjusted net income for the first quarter of 2018 was a net loss of $5.9 million, or $0.05 per diluted share. EBITDAX for the first quarter of 2018 was $46.7 million. Adjusted net income (loss) and EBITDAX are non-GAAP (Generally Accepted Accounting Principles) measures. Please reference the reconciliations to GAAP financial statements at the end of this release.
OPERATING AND FINANCIAL RESULTS
The following table summarizes certain operating and financial results for the first quarter of 2018 and 2017:
|
Three Months Ended | ||||||||||
|
2018 |
2017 |
Change | ||||||||
|
Combined production sales volumes (MBoe) |
1,914 |
1,433 |
34 |
% | ||||||
|
Net cash provided by (used in) operating activities ($ millions) |
$ |
54.3 |
$ |
38.1 |
43 |
% | ||||
|
Discretionary cash flow ($ millions) (1) |
$ |
34.9 |
$ |
22.9 |
52 |
% | ||||
|
Combined realized prices with hedging (per Boe) |
$ |
37.86 |
$ |
37.71 |
— |
% | ||||
|
Net income (loss) ($ millions) |
$ |
(24.9) |
$ |
(13.1) |
(90) |
% | ||||
|
Per share, basic |
$ |
(0.20) |
$ |
(0.18) |
(11) |
% | ||||
|
Per share, diluted |
$ |
(0.20) |
$ |
(0.18) |
(11) |
% | ||||
|
Adjusted net income (loss) ($ millions) (1) |
$ |
(5.9) |
$ |
(11.6) |
49 |
% | ||||
|
Per share, basic |
$ |
(0.05) |
$ |
(0.16) |
69 |
% | ||||
|
Per share, diluted |
$ |
(0.05) |
$ |
(0.16) |
69 |
% | ||||
|
Weighted average shares outstanding, basic (in thousands) |
123,596 |
74,544 |
66 |
% | ||||||
|
Weighted average shares outstanding, diluted (in thousands) |
123,596 |
74,544 |
66 |
% | ||||||
|
EBITDAX ($ millions) (1) |
$ |
46.7 |
$ |
36.1 |
29 |
% | ||||
|
(1) |
Discretionary cash flow, adjusted net income (loss) and EBITDAX are non-GAAP (Generally Accepted Accounting Principles) measures. Please reference the reconciliations to GAAP financial statements at the end of this release. |
The Company reported oil, natural gas and natural gas liquids ("NGL") production of 1.91 MMBoe in the first quarter of 2018, which was at the mid-point of the guidance range of 1.8-2.0 MMBoe. Pro forma production sales volumes for the DJ Basin were approximately 2.2 MMBoe, which was an increase of 74% over the first quarter of 2017, and consisted of production from the legacy NE Wattenberg of approximately 1.9 MMBoe and Hereford volumes of approximately 0.3 MMBoe for the first quarter of 2018. Production sales volumes were comprised of approximately 60% oil, 22% natural gas and 18% NGLs.
For the first quarter of 2018, WTI oil prices averaged $62.87 per barrel, NWPL natural gas prices averaged $2.49 per MMBtu and NYMEX natural gas prices averaged $3.03 per MMBtu. Commodity price realizations to benchmark pricing were oil less $2.42 per barrel versus WTI and natural gas less $0.54 per Mcf compared to NWPL. The NGL price averaged approximately 32% of the WTI price per barrel.
For the first quarter of 2018, the Company had derivative commodity swaps in place for 9,829 barrels of oil per day tied to WTI pricing at $52.89 per barrel, 5,000 MMBtu of natural gas per day tied to NWPL regional pricing at $2.68 per MMBtu and no hedges in place for NGLs.
|
Three Months Ended | ||||||||||
|
2018 |
2017 |
Change | ||||||||
|
Average Realized Prices before Hedging: |
||||||||||
|
Oil (per Bbl) |
$ |
60.45 |
$ |
47.92 |
26 |
% | ||||
|
Natural gas (per Mcf) |
1.95 |
2.66 |
(27) |
% | ||||||
|
NGLs (per Bbl) |
20.31 |
20.04 |
1 |
% | ||||||
|
Combined (per Boe) |
42.24 |
35.18 |
20 |
% | ||||||
|
Average Realized Prices with Hedging: |
||||||||||
|
Oil (per Bbl) |
$ |
53.00 |
$ |
52.41 |
1 |
% | ||||
|
Natural gas (per Mcf) |
1.98 |
2.62 |
(24) |
% | ||||||
|
NGLs (per Bbl) |
20.31 |
20.04 |
1 |
% | ||||||
|
Combined (per Boe) |
37.86 |
37.71 |
— |
% | ||||||
LOE averaged $3.27 per Boe in the first quarter of 2018 compared to $4.09 per Boe in the first quarter of 2017. The year-over-year reduction in LOE is a result of improved operating efficiencies, disposition of higher LOE wells and lease operating cost reductions. First quarter LOE is typically higher compared to the remainder of the year due to increased seasonal operating costs, including annual compressor maintenance.
Production tax expense averaged $2.70 per Boe in the first quarter of 2018 compared to $0.22 per Boe in the first quarter of 2017. Higher production tax expense in the first quarter of 2018 was related to an adjustment of Colorado ad valorem tax based on actual assessments and of the related Colorado severance tax credit adjustment which was recorded in the first quarter of 2017.
Depreciation, depletion and amortization ("DD&A") averaged $21.41 per Boe in the first quarter of 2018 compared to $26.76 per Boe in the first quarter of 2017. Lower DD&A on a per unit basis compared to the first quarter of 2017 was primarily the result of proved reserves added at lower costs.
|
Three Months Ended | ||||||||||
|
2018 |
2017 |
Change | ||||||||
|
Average Costs (per Boe): |
||||||||||
|
Lease operating expenses |
$ |
3.27 |
$ |
4.09 |
(20) |
% | ||||
|
Gathering, transportation and processing expense |
0.22 |
0.34 |
(35) |
% | ||||||
|
Production tax expenses |
2.70 |
0.22 |
*nm | |||||||
|
Depreciation, depletion and amortization |
21.41 |
26.76 |
(20) |
% | ||||||
|
General and administrative expense |
5.28 |
6.52 |
(19) |
% | ||||||
|
* |
Not meaningful |
Debt and Liquidity
At March 31, 2018, the principal debt balance was $627.2 million, while cash and cash equivalents were $224.7 million, resulting in net debt of $402.5 million. Cash and cash equivalents were used during the quarter to execute on the first quarter development program and to repay $54 million of Fifth Creek Energy outstanding debt in conjunction with closing the business combination.
The Company currently has $274 million in available borrowing capacity on its $300 million credit facility, after taking into account a $26 million letter of credit.
Capital Expenditures
Capital expenditures for the first quarter of 2018 totaled $112.1 million. The Company operated two drilling rigs during the quarter and capital projects included spudding 20 extended reach lateral ("XRL") wells in NE Wattenberg and placing 22 XRL wells on initial flowback. There were minimal capital expenditures associated with Hereford as drilling and completion operations were initiated in April. Higher capital expenditures relative to guidance was due to the Company opportunistically adding higher working interests in NE Wattenberg wells drilled during the first quarter, the timing of completion activity and accelerating infrastructure investment to coincide with planned development and to provide mid-stream flexibility.
Capital expenditures included $98.1 million for drilling and completion operations, $0.5 million for leaseholds, and $13.5 million for infrastructure and corporate assets.
OPERATIONAL UPDATE
The Company is currently operating three drilling rigs in the DJ Basin with two rigs in NE Wattenberg and one rig in Hereford. The Company expects the three-rig program will drill approximately 120-125 gross XRL wells in 2018. Two completion crews will be utilized in 2018 and the Company has the ability to add a third completion crew, as necessary, based on the timing of well completions. The drilling program is designed to provide flexibility to opportunistically adjust activity between NE Wattenberg and Hereford to maximize development and completion efficiencies. It is anticipated that the drilling program will be adjusted in the third quarter to include two rigs in Hereford and one rig in NE Wattenberg.
NE Wattenberg
The Company produced an average of 20,845 Boe/d (59% oil) in the first quarter of 2018 in NE Wattenberg, representing 47% growth over the first quarter of 2017. The NE Wattenberg oil price differential averaged $2.42 per barrel less than WTI. For the first quarter of 2018, the Company drilled 20 XRL wells and placed 22 XRL wells on initial flowback.
The Company reported positive results from its NE Wattenberg optimized completions targeting the Niobrara B and Niobrara C formations that included increased sand concentrations, tighter frac stage spacing, and enhanced flowback methods. The average twelve month cumulative oil production of wells in the 2017 program was 47% greater than the average for wells completed in 2015 and recent wells on average continue to meet or exceed the NE Wattenberg base XRL type-curve.
Recent completion activity was highlighted by DSU 5-61-20, which is located in the central area of NE Wattenberg and is the eastern-most DSU completed to date. Initial flowback began in the fourth quarter of 2017 and early production data is encouraging as the wells continue to perform consistent with the base type-curve through the initial 90 days of production, validating the consistency and attractiveness of the asset base. DSUs 4-62-29, 4-62-32 and 3-62-4 were placed on initial flowback during the first quarter and are trending towards peak production.
The Company continues to achieve drilling and completion efficiencies in the current operating environment as recent XRL well drilling days to rig release averaged under 7 days per well, representing a further improvement over the 2017 average. Drilling and completion cycle times improved by 7% to approximately 16 days, driven by a 14% improvement in completion times (frac and drill out days). The Company set a record during the quarter by averaging 4.2 days per well to frac a recent five-well DSU that included over 400 frac stages being completed.
Hereford Field
Pro forma production sales volumes for the first quarter of 2018 averaged approximately 3,820 Boe/d (76% oil) and the oil price differential averaged $2.08 per barrel less than WTI. There was no new drilling and completion activity during the first quarter. Drilling operations were initiated in April on DSU 11-63-14, which includes ten XRL wells. It is anticipated that the wells will be placed on initial flowback during the third quarter of 2018. In addition, a full-time completion crew began operating in April and completion operations commenced on previously drilled, but not completed, XRL wells. The wells will incorporate optimized completions, including controlled flowback methods, and are anticipated to be placed on initial flowback during the second quarter of 2018. The focus of the 2018 development program will be on full DSU development to maximize drilling and completion efficiencies.
2018 OPERATING GUIDANCE
The Company is reiterating its 2018 and 2019 operating guidance outlook and providing second quarter of 2018 guidance for capital expenditures and production as discussed below. See "Forward-Looking Statements" below.
COMMODITY HEDGES UPDATE
The following table summarizes our current hedge position as of May 8, 2018:
|
Oil (WTI) |
Natural Gas (NWPL) | |||||||
|
Period |
Volume |
Price |
Volume |
Price | ||||
|
2Q18 |
11,637 |
52.98 |
5,000 |
2.68 | ||||
|
3Q18 |
13,843 |
54.62 |
5,000 |
2.68 | ||||
|
4Q18 |
13,806 |
54.63 |
5,000 |
2.68 | ||||
|
1Q19 |
13,524 |
56.66 |
— |
— | ||||
|
2Q19 |
13,500 |
56.67 |
— |
— | ||||
|
3Q19 |
12,481 |
56.70 |
— |
— | ||||
|
4Q19 |
12,462 |
56.71 |
— |
— | ||||
Realized sales prices will reflect basis differentials from the index prices to the sales location.
UPCOMING EVENTS
First Quarter Conference Call and Webcast
The Company plans to host a conference call on Wednesday, May 9, 2018, to discuss first quarter of 2018 results. The call is scheduled at 10:00 a.m. Eastern time (8:00 a.m. Mountain time). Please join the webcast conference call live or for replay via the Internet at www.hpres.com, accessible from the home page. To join by telephone, call (855) 760-8152 ((631) 485-4979 international callers) with passcode 3669649. The webcast will remain on the Company's website for approximately 7 days and a replay of the call will be available through May 16, 2018 at (855) 859-2056 ((404) 537-3406 international) with passcode 3669649.
Investor Events
Members of the Company's management are currently scheduled to participate in the following investor events:
DISCLOSURE STATEMENTS
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. In particular, the Company is providing "2018 Operating Guidance," which contains projections for certain 2018 operational and financial metrics. Additional forward-looking statements in this release relate to, among other things, future capital expenditures, costs, projects and opportunities; and the availability of adequate natural gas processing capacity.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Actual results may vary significantly from those indicated in the forward-looking statements. Please refer to the Bill Barrett Corporation's Annual Report on Form 10-K for the year ended December 31, 2017 filed with the SEC, and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT HIGHPOINT RESOURCES CORPORATION
HighPoint Resources Corporation (NYSE: HPR) is a Denver, Colorado based company focused on the development of oil and natural gas assets located in the Denver-Julesburg Basin of Colorado. Additional information about the Company may be found on its website at www.hpres.com.
|
HIGHPOINT RESOURCES CORPORATION | |||||||
|
Selected Operating Highlights | |||||||
|
(Unaudited) | |||||||
|
Three Months Ended | |||||||
|
2018 |
2017 | ||||||
|
Production Data: |
|||||||
|
Oil (MBbls) |
1,137 |
825 |
|||||
|
Natural gas (MMcf) |
2,562 |
1,890 |
|||||
|
NGLs (MBbls) |
350 |
293 |
|||||
|
Combined volumes (MBoe) |
1,914 |
1,433 |
|||||
|
Daily combined volumes (Boe/d) |
21,267 |
15,922 |
|||||
|
Average Sales Prices (before the effects of realized hedges): | |||||||
|
Oil (per Bbl) |
$ |
60.45 |
$ |
47.92 |
|||
|
Natural gas (per Mcf) |
1.95 |
2.66 |
|||||
|
NGLs (per Bbl) |
20.31 |
20.04 |
|||||
|
Combined (per Boe) |
42.24 |
35.18 |
|||||
|
Average Realized Sales Prices (after the effects of realized hedges): | |||||||
|
Oil (per Bbl) |
$ |
53.00 |
$ |
52.41 |
|||
|
Natural gas (per Mcf) |
1.98 |
2.62 |
|||||
|
NGLs (per Bbl) |
20.31 |
20.04 |
|||||
|
Combined (per Boe) |
37.86 |
37.71 |
|||||
|
Average Costs (per Boe): |
|||||||
|
Lease operating expenses |
$ |
3.27 |
$ |
4.09 |
|||
|
Gathering, transportation and processing expense |
0.22 |
0.34 |
|||||
|
Production tax expenses |
2.70 |
0.22 |
|||||
|
Depreciation, depletion and amortization |
21.41 |
26.76 |
|||||
|
General and administrative expense (1) |
5.28 |
6.52 |
|||||
|
(1) |
Includes long-term cash and equity incentive compensation of $0.75 per Boe and $0.79 per Boe for the three months ended March 31, 2018 and 2017, respectively. |
|
HIGHPOINT RESOURCES CORPORATION | |||||||
|
Consolidated Condensed Balance Sheets | |||||||
|
(Unaudited) | |||||||
|
As of |
As of | ||||||
|
2018 |
2017 | ||||||
|
(in thousands) | |||||||
|
Assets: |
|||||||
|
Cash and cash equivalents |
$ |
224,692 |
$ |
314,466 |
|||
|
Other current assets |
52,661 |
53,197 |
|||||
|
Property and equipment, net |
1,811,442 |
1,018,880 |
|||||
|
Other noncurrent assets |
3,679 |
4,163 |
|||||
|
Total assets |
$ |
2,092,474 |
$ |
1,390,706 |
|||
|
Liabilities and Stockholders' Equity: |
|||||||
|
Current liabilities (1) |
240,388 |
148,934 |
|||||
|
Long-term debt, net of debt issuance costs |
616,244 |
617,744 |
|||||
|
Other long-term liabilities (1) |
175,502 |
25,474 |
|||||
|
Stockholders' equity |
1,060,340 |
598,554 |
|||||
|
Total liabilities and stockholders' equity |
$ |
2,092,474 |
$ |
1,390,706 |
|||
|
(1) |
At March 31, 2018, the estimated fair value of all of the Company's commodity derivative instruments was a liability of $44.4 million, comprised of $35.9 million of current liabilities and $8.5 million of non-current liabilities. This amount will fluctuate based on estimated future commodity prices and the current hedge position. |
|
HIGHPOINT RESOURCES CORPORATION | |||||||
|
Consolidated Statements of Operations | |||||||
|
(Unaudited) | |||||||
|
Three Months Ended | |||||||
|
2018 |
2017 | ||||||
|
(in thousands, except per share | |||||||
|
Operating Revenues: |
|||||||
|
Oil, gas and NGL production |
$ |
80,831 |
$ |
50,425 |
|||
|
Other operating revenues, net |
(21) |
111 |
|||||
|
Total operating revenues |
80,810 |
50,536 |
|||||
|
Operating Expenses: |
|||||||
|
Lease operating |
6,251 |
5,862 |
|||||
|
Gathering, transportation and processing |
419 |
489 |
|||||
|
Production tax |
5,175 |
322 |
|||||
|
Exploration |
13 |
27 |
|||||
|
Impairment, dry hole costs and abandonment |
317 |
8,074 |
|||||
|
(Gain) Loss on sale of properties |
408 |
(92) |
|||||
|
Depreciation, depletion and amortization |
40,985 |
38,340 |
|||||
|
Unused commitments |
4,538 |
4,572 |
|||||
|
General and administrative (1) |
10,107 |
9,349 |
|||||
|
Merger transaction expense |
4,763 |
— |
|||||
|
Other operating expenses, net |
39 |
(573) |
|||||
|
Total operating expenses |
73,015 |
66,370 |
|||||
|
Operating Income (Loss) |
7,795 |
(15,834) |
|||||
|
Other Income and Expense: |
|||||||
|
Interest and other income |
691 |
206 |
|||||
|
Interest expense |
(13,090) |
(13,951) |
|||||
|
Commodity derivative gain (loss) (2) |
(20,333) |
16,464 |
|||||
|
Total other income and expense |
(32,732) |
2,719 |
|||||
|
Income (Loss) before Income Taxes |
(24,937) |
(13,115) |
|||||
|
(Provision for) Benefit from Income Taxes |
— |
— |
|||||
|
Net Income (Loss) |
$ |
(24,937) |
$ |
(13,115) |
|||
|
Net Income (Loss) per Common Share |
|||||||
|
Basic |
$ |
(0.20) |
$ |
(0.18) |
|||
|
Diluted |
$ |
(0.20) |
$ |
(0.18) |
|||
|
Weighted Average Common Shares Outstanding |
|||||||
|
Basic |
123,596 |
74,544 |
|||||
|
Diluted |
123,596 |
74,544 |
|||||
|
(1) |
Includes long-term cash and equity incentive compensation of $1.4 million and $1.1 million for the three months ended March 31, 2018 and 2017, respectively. |
|
(2) |
The table below summarizes the realized and unrealized gains and losses the Company recognized related to its oil and natural gas derivative instruments for the periods indicated: |
|
Three Months Ended | ||||||||
|
2018 |
2017 | |||||||
|
(in thousands) | ||||||||
|
Included in commodity derivative gain (loss): |
||||||||
|
Realized gain (loss) on derivatives (1) |
$ |
(8,388) |
$ |
3,632 |
||||
|
Prior year unrealized (gain) loss transferred to realized (gain) loss (1) |
6,094 |
(1,377) |
||||||
|
Unrealized gain (loss) on derivatives (1) |
(18,039) |
14,209 |
||||||
|
Total commodity derivative gain (loss) |
$ |
(20,333) |
$ |
16,464 |
||||
|
(1) |
Realized and unrealized gains and losses on commodity derivatives are presented herein as separate line items but are combined for a total commodity derivative gain (loss) in the Consolidated Statements of Operations. This separate presentation is a non-GAAP measure. Management believes the separate presentation of the realized and unrealized commodity derivative gains and losses is useful because the realized cash settlement portion provides a better understanding of the Company's hedge position. The Company also believes that this disclosure allows for a more accurate comparison to its peers. |
|
HIGHPOINT RESOURCES CORPORATION | |||||||
|
Consolidated Statements of Cash Flows | |||||||
|
(Unaudited) | |||||||
|
Three Months Ended | |||||||
|
2018 |
2017 | ||||||
|
(in thousands) | |||||||
|
Operating Activities: |
|||||||
|
Net income (loss) |
$ |
(24,937) |
$ |
(13,115) |
|||
|
Adjustments to reconcile to net cash provided by operations: |
|||||||
|
Depreciation, depletion and amortization |
40,985 |
38,340 |
|||||
|
Impairment, dry hole costs and abandonment |
317 |
8,074 |
|||||
|
Unrealized derivative (gain) loss |
11,945 |
(12,832) |
|||||
|
Incentive compensation and other non-cash charges |
835 |
1,968 |
|||||
|
Amortization of deferred financing costs |
563 |
558 |
|||||
|
(Gain) loss on sale of properties |
408 |
(92) |
|||||
|
Change in operating assets and liabilities: |
|||||||
|
Accounts receivable |
9,166 |
3,587 |
|||||
|
Prepayments and other assets |
(111) |
(1,047) |
|||||
|
Accounts payable, accrued and other liabilities |
822 |
8,965 |
|||||
|
Amounts payable to oil and gas property owners |
9,609 |
1,090 |
|||||
|
Production taxes payable |
4,715 |
2,602 |
|||||
|
Net cash provided by (used in) operating activities |
$ |
54,317 |
$ |
38,098 |
|||
|
Investing Activities: |
|||||||
|
Additions to oil and gas properties, including acquisitions |
(88,854) |
(57,963) |
|||||
|
Additions of furniture, equipment and other |
(122) |
(11) |
|||||
|
Repayment of debt associated with merger, net of cash acquired |
(53,357) |
— |
|||||
|
Proceeds from sale of properties and other investing activities |
(157) |
11,225 |
|||||
|
Net cash provided by (used in) investing activities |
$ |
(142,490) |
$ |
(46,749) |
|||
|
Financing Activities: |
|||||||
|
Principal payments on debt |
(116) |
(112) |
|||||
|
Proceeds from sale of common stock, net of offering costs |
— |
(224) |
|||||
|
Deferred financing costs and other |
(1,485) |
(967) |
|||||
|
Net cash provided by (used in) financing activities |
$ |
(1,601) |
$ |
(1,303) |
|||
|
Increase (Decrease) in Cash and Cash Equivalents |
(89,774) |
(9,954) |
|||||
|
Beginning Cash and Cash Equivalents |
314,466 |
275,841 |
|||||
|
Ending Cash and Cash Equivalents |
$ |
224,692 |
$ |
265,887 |
|||
|
HIGHPOINT RESOURCES CORPORATION | |||||||
|
Reconciliation of Discretionary Cash Flow, Adjusted Net Income (Loss) and EBITDAX | |||||||
|
(Unaudited) | |||||||
|
Discretionary Cash Flow Reconciliation | |||||||
|
Three Months Ended | |||||||
|
2018 |
2017 | ||||||
|
(in thousands) | |||||||
|
Net Cash Provided by (Used in) Operating Activities |
$ |
54,317 |
$ |
38,098 |
|||
|
Adjustments to reconcile to discretionary cash flow: |
|||||||
|
Exploration expense |
13 |
27 |
|||||
|
Merger transaction expense |
4,763 |
— |
|||||
|
Changes in working capital |
(24,201) |
(15,197) |
|||||
|
Discretionary Cash Flow |
$ |
34,892 |
$ |
22,928 |
|||
|
Adjusted Net Income (Loss) Reconciliation | |||||||
|
Three Months Ended | |||||||
|
2018 |
2017 | ||||||
|
(in thousands, except per share | |||||||
|
Net Income (Loss) |
$ |
(24,937) |
$ |
(13,115) |
|||
|
Provision for (Benefit from) income taxes |
— |
— |
|||||
|
Income (Loss) before income taxes |
(24,937) |
(13,115) |
|||||
|
Adjustments to net income (loss): |
|||||||
|
Unrealized derivative (gain) loss |
11,945 |
(12,832) |
|||||
|
Impairment expense |
— |
8,010 |
|||||
|
(Gain) loss on sale of properties |
408 |
(92) |
|||||
|
One-time item: |
|||||||
|
Merger transaction expense |
4,763 |
— |
|||||
|
(Income) expense related to properties sold |
39 |
(573) |
|||||
|
Adjusted Income (Loss) before income taxes |
(7,782) |
(18,602) |
|||||
|
Adjusted (provision for) benefit from income taxes (1) |
1,912 |
7,042 |
|||||
|
Adjusted Net Income (Loss) |
$ |
(5,870) |
$ |
(11,560) |
|||
|
Per share, diluted |
$ |
(0.05) |
$ |
(0.16) |
|||
|
(1) |
Adjusted (provision for) benefit from income taxes is calculated using the Company's current effective tax rate prior to applying the valuation allowance against deferred tax assets. |
|
EBITDAX Reconciliation | |||||||
|
Three Months Ended | |||||||
|
2018 |
2017 | ||||||
|
(in thousands) | |||||||
|
Net Income (Loss) |
$ |
(24,937) |
$ |
(13,115) |
|||
|
Adjustments to reconcile to EBITDAX: |
|||||||
|
Depreciation, depletion and amortization |
40,985 |
38,340 |
|||||
|
Impairment, dry hole and abandonment expense |
317 |
8,074 |
|||||
|
Exploration expense |
13 |
27 |
|||||
|
Unrealized derivative (gain) loss |
11,945 |
(12,832) |
|||||
|
Incentive compensation and other non-cash charges |
835 |
1,968 |
|||||
|
Merger transaction expense |
4,763 |
— |
|||||
|
(Gain) loss on sale of properties |
408 |
(92) |
|||||
|
Interest and other income |
(691) |
(206) |
|||||
|
Interest expense |
13,090 |
13,951 |
|||||
|
Provision for (benefit from) income taxes |
— |
— |
|||||
|
EBITDAX |
$ |
46,728 |
$ |
36,115 |
|||
Discretionary cash flow, adjusted net income (loss) and EBITDAX are non-GAAP measures. These measures are presented because management believes that they provide useful additional information to investors for analysis of the Company's performance. If used as a liquidity measure, they should be reconciled to cash flow from operations as well as adjusting net income (loss) for certain items to allow for a more consistent comparison from period to period. In addition, the Company believes that these measures are widely used by professional research analysts and others in the valuation, comparison and investment recommendations of companies in the oil and gas exploration and production industry, and that many investors use the published research of industry research analysts in making investment decisions.
These measures should not be considered in isolation or as a substitute for net income, income from operations, net cash provided by operating activities or other income, profitability, cash flow or liquidity measures prepared in accordance with GAAP. The definition of these measures may vary among companies, and, therefore, the amounts presented may not be comparable to similarly titled measures of other companies.
View original content with multimedia:http://www.prnewswire.com/news-releases/highpoint-resources-reports-first-quarter-2018-financial-and-operating-results-300644891.html
SOURCE HighPoint Resources Corporation
Article Date
5/8/20184/20/2018 - HighPoint Resources Announces First Quarter 2018 Earnings Release Date and Conference Call
HighPoint Resources Announces First Quarter 2018 Earnings Release Date and Conference Call
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
DENVER, April 20, 2018 /PRNewswire/ -- HighPoint Resources Corporation ("HighPoint" or the "Company") (NYSE: HPR) today announced that the Company plans to issue its first quarter 2018 financial and operating results press release after the market close on Tuesday, May 8, 2018. The Company will host a conference call on Wednesday, May 9, 2018, to discuss the results. The call is scheduled at 10:00 a.m. Eastern time (8:00 a.m. Mountain time). Please join the webcast conference call live at www.hpres.com, accessible from the Investor Relations page. To join by telephone, call 855-760-8152 (631-485-4979 international callers) with passcode 3669649. A replay of the call will be available through May 16, 2018 at 855-859-2056 (404-537-3406 international) with passcode 3669649.
ABOUT HIGHPOINT RESOURCES CORPORATION
HighPoint Resources Corporation (NYSE: HPR) is a Denver, Colorado based company focused on the development of oil and natural gas assets located in the Denver-Julesburg Basin of Colorado. Additional information about the Company may be found on its website www.hpres.com.
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SOURCE HighPoint Resources Corporation
Article Date
4/20/2018HighPoint Resources Announces 2018 Financial and Operating Guidance, Provides Initial 2019 Outlook and Operations Update
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
DENVER, March 26, 2018 /PRNewswire/ -- HighPoint Resources Corporation ("HighPoint" or the "Company") (NYSE: HPR) today announced its 2018 financial and operating guidance, provided an initial outlook for 2019 and provided an operations update, including these highlights:
Chief Executive Officer and President, Scot Woodall commented, "We are pleased to present our 2018 guidance and 2019 outlook which outlines HighPoint's value proposition as a dominant operator in the oil-weighted, non-urban core of the DJ Basin. Our guidance reflects a strong production profile comprised of greater than 40% production growth from our legacy NE Wattenberg asset and the growing contribution from the Hereford asset. The capital program will be primarily internally funded, and we will increasingly allocate capital to higher-return projects in our core asset portfolio, while effectively managing liquidity and maintaining balance sheet flexibility.
We are focused on integrating Hereford this year and excited about the transformational impact this asset will have on our corporate growth trajectory, capital efficiency metrics and inventory quality. The three most recent wells brought online in December achieved average initial thirty-day production rates of over 1,000 Boe/d (86% oil) and are consistent with previous well performance. We expect to resume drilling and completion activity at Hereford in April that will drive significant volume growth in the back half of the year and into 2019. In NE Wattenberg, we are pleased to announce that our optimized completion program in 2017 resulted in twelve-month cumulative oil production 47% higher than the 2015 program. This low-cost, high-quality asset provides significant cash flow to support the development of the Hereford asset.
The enhancement to our inventory depth and quality, combined with our demonstrated technical execution will allow us to deliver robust production growth in 2018 and 2019, while becoming free cash flow positive in the second half of 2019. Lastly, the anticipated step change in production, cash flow and EBITDAX generation materially improves leverage metrics and provides an optimal capital structure to drive substantial returns to shareholders in the coming years."
2018 PRODUCTION AND CAPITAL BUDGET GUIDANCE
The Company possesses a high rate-of-return asset portfolio in NE Wattenberg and Hereford that will deliver strong growth and peer-leading operating margins. 2018 pro forma guidance is outlined in the table below:
|
Low |
High | ||
|
Capital expenditures ($mm) |
$500 |
$550 | |
|
Pro forma production sales volumes (MMBoe) |
11.0 |
11.5 | |
|
Oil Percentage |
60% |
62% | |
|
Operating Metrics |
|||
|
Lease operating expense ($mm) |
$28 |
$32 | |
|
Per Unit ($/Boe) |
$2.43 |
$2.91 | |
|
Cash general & administrative expense ($mm) |
$36 |
$40 | |
|
Per Unit ($/Boe) |
$3.13 |
$3.64 | |
|
Gathering, transportation & processing ($mm) |
$5 |
$10 | |
|
Unused commitment for firm natural gas transportation charges ($mm) |
$18 |
$19 | |
|
DJ Basin oil price differential less WTI price |
$3.00 |
$3.00 |
Pro forma production sales volumes for 2018 are expected to be 11.0-11.5 MMBoe and weighted approximately 60-62% oil. NE Wattenberg is expected to deliver year-over-year production growth in excess of 40% compared to 2017 production sales volumes of 6.2 MMBoe. Hereford will contribute the remainder of 2018 production volumes. Included in the 2018 production guidance is approximately 0.3 MMBoe associated with Hereford for the first quarter of 2018.
The production profile will be weighted more to the second half of 2018 since there was no new drilling or completion activity in Hereford during the first quarter of 2018. Starting in April, completion operations will commence on eight previously drilled, but not completed, extended reach lateral ("XRL") wells in Hereford with initial flowback anticipated in late second quarter. Drilling is also expected to begin in April with initial production from new wells forecast to impact the fourth quarter of 2018.
The 2018 capital budget range of $500 million to $550 million initially plans for two drilling rigs to operate in NE Wattenberg and one drilling rig to begin operating in Hereford in April 2018. The budget is designed to provide flexibility to opportunistically adjust capital spending and activity between NE Wattenberg and Hereford to maximize development and completion efficiencies. Accordingly, it is anticipated that the drilling program will be adjusted in the third quarter to include two rigs in Hereford and one rig in NE Wattenberg. The Company expects this three-rig program will drill approximately 120-125 gross XRL wells in 2018. Two completion crews will be utilized in 2018 and the Company has the flexibility to add a completion crew, as necessary, based on the timing of well completions. XRL well costs are expected to average approximately $4.85 million per well in NE Wattenberg and $5.1 million per well in Hereford.
As previously reported, first quarter of 2018 production is expected to total 1.8-2.0 MMBoe for the legacy NE Wattenberg properties (excluding the 0.3 MMBoe associated with Hereford). During the first quarter of 2018, the Company operated two drilling rigs in NE Wattenberg and there was no new drilling and completion activity in Hereford. Capital expenditures are expected to total $80-$90 million for the first quarter. Hereford production will be included in reported production sales volumes beginning March 20, 2018, which is the closing date for the combination of HighPoint's predecessor companies, Bill Barrett Corporation and Fifth Creek Energy.
2019 OUTLOOK
Initial plans for 2019 include maintaining three drilling rigs and drilling approximately 150 XRL wells. It is anticipated that two rigs will operate in Hereford and one rig will operate in NE Wattenberg. Capital expenditures are expected to total $575 million to $625 million and production sales volumes are estimated to be 18-20 MMBoe (~65% oil), representing year-over-year production growth of approximately 70% at the mid-point of the guidance range. Assuming $55.00 per barrel WTI oil and $3.00 per Mcf natural gas pricing, the Company anticipates that operating cash flow will exceed capital expenditures in the second half of 2019. Additionally, based on the same pricing assumptions, the Company expects its year-end leverage ratio to improve to below 1.5 times at year-end 2019.
OPERATIONS UPDATE
Hereford Field
Drilling activity is expected to commence in April with a focus on full drilling and spacing unit development with XRLs. There was no new drilling or completion activity during the first quarter of 2018 following the conclusion of the 2017 capital program. The most recent Hereford activity included three wells that were placed on production in December 2017 that achieved average thirty-day initial production rates of 1,016 Boe/d (86% oil). For 2017, the Company placed ten XRL wells on production with average thirty-day initial production rates of 1,041 Boe/d (85% oil). One full-time completion crew will begin operating in April and completion operations will commence on eight previously drilled, but not completed, XRL wells. The wells will incorporate optimized completions, including controlled flowback methods, and are anticipated to be placed on initial flowback in June 2018.
NE Wattenberg
The 2017 program in NE Wattenberg focused on optimizing completions to include higher sand concentrations, tighter frac stage spacing, and enhanced flowback methods. The Company continues to realize the benefits of these completion techniques as the average twelve month cumulative oil production of these wells is 47% greater than wells completed in 2015.
Two drilling rigs continue to operate in NE Wattenberg with activity focused on the southern portion of the acreage position. During the first quarter of 2018, the Company anticipates drilling 20 XRL wells and placing 22 XRL wells on initial flowback.
COMMODITY HEDGES UPDATE
It is the Company's strategy to hedge approximately 50%-70% of production on a forward 12-month to 18-month basis to reduce the risks associated with unpredictable future commodity prices, to provide certainty for a portion of its cash flow and to support its capital expenditure program. As part of this strategy, the Company continues to opportunistically add hedges and, as of March 23, 2018, has the following hedges in place:
|
Oil (WTI) |
Natural Gas (NWPL) | |||||||||
|
Period |
Volume |
Price |
Volume |
Price | ||||||
|
1Q18 |
9,829 |
$ |
52.89 |
5,000 |
$ |
2.68 | ||||
|
2Q18 |
11,637 |
52.98 |
5,000 |
2.68 | ||||||
|
3Q18 |
13,343 |
54.31 |
5,000 |
2.68 | ||||||
|
4Q18 |
13,306 |
54.31 |
5,000 |
2.68 | ||||||
|
1Q19 |
8,524 |
54.62 |
— |
— | ||||||
|
2Q19 |
8,500 |
54.63 |
— |
— | ||||||
|
3Q19 |
7,481 |
54.41 |
— |
— | ||||||
|
4Q19 |
7,462 |
54.42 |
— |
— | ||||||
UPCOMING EVENTS
Investor Events
Members of management are scheduled to participate in the Scotia Howard Weil Energy Conference in New Orleans, Louisiana, March 26-27, 2018. Chief Executive Officer and President, Scot Woodall is scheduled to present on Monday, March 26, 2018, at 3:20 pm central time. Presentation materials will be posted to the Company's website at www.hpres.com in the Investor Relations section prior to the start of the conference.
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. Forward-looking statements in this release relate to, among other things, anticipated 2018 and 2019 production, costs, cash flows, differentials, capital expenditures and projects and other future results and our future financial condition and balance sheet attributes.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2017 filed with the SEC and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT HIGHPOINT RESOURCES CORPORATION
HighPoint Resources Corporation (NYSE: HPR) is a Denver, Colorado based exploration and production company focused on the development of oil and natural gas assets located in the Denver-Julesburg Basin of Colorado. Additional information about the Company may be found on its website www.hpres.com.
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SOURCE HighPoint Resources Corporation
Article Date
3/26/2018HighPoint Resources Announces Appointment of New Board Members
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
DENVER, March 22, 2018 /PRNewswire/ -- HighPoint Resources Corporation ("HighPoint" or the "Company") (NYSE: HPR) today announced that it has recently appointed five new outside members to its board of directors, effective immediately, expanding the size of the Board from six to eleven members. The new board members are:
Chief Executive Officer and President Scot Woodall welcomed the new board members to the Company. "We are delighted to have these five highly accomplished executives join our board. They bring a wealth of knowledge and experience and will provide tremendous value to HighPoint and its shareholders as we continue to grow as an industry leader in the DJ Basin."
The new members join HighPoint's legacy board of directors, including Chairman of the Board Jim W. Mogg, William F. Owens, Edmund P. Segner, Randy I. Stein, Michael E. Wiley, and Scot Woodall.
About Mark S. Berg
Mr. Berg serves Pioneer Natural Resources as Executive Vice President & General Counsel. He was promoted to Executive Vice President, Corporate in January 2014, named Executive Vice President, Corporate/Operations in August 2015 and became Executive Vice President, Corporate/Vertically Integrated Operations in May 2017. Mr. Berg's corporate responsibilities include oversight of Legal, Land, Regulatory Affairs, Government Affairs and Corporate Communications. In operations, he is responsible for Pioneer's vertically integrated service companies: Pioneer Pumping Services, Premier Silica and Pioneer Well Services. Mr. Berg began his career in 1983 with the Houston-based law firm of Vinson & Elkins L.L.P. and served as a partner from 1990 through 1997. He served as Executive Vice President, General Counsel and Secretary of American General Corporation, a Fortune 200 diversified financial services company, from 1997 through 2001. Subsequent to the sale of American General to American International Group, Mr. Berg was appointed Senior Vice President, General Counsel and Secretary of Hanover Compressor Company, a NYSE company specializing in natural gas compression and processing. Mr. Berg received his Juris Doctor, with honors, from the University of Texas School of Law, and graduated magna cum laude and Phi Beta Kappa with a Bachelor of Arts in Public Policy from Tulane University. Mr. Berg is a member of the State Bar of Texas and also served as Chairman on the Board of Dallas CASA.
About Scott A. Gieselman
Mr. Gieselman has served as a partner for NGP Energy Capital Management, L.L.C. since April 2007. Since February 2017, Mr. Gieselman has served on the board of Vantage Energy Acquisition Corporation. Prior to joining NGP ECM, Mr. Gieselman worked in various positions in the investment banking energy group of Goldman, Sachs & Co., where he became a partner in 2002. He has been a Director of WildHorse Resource Development Corporation, a Houston-based independent oil and natural gas company, since September 2016. Mr. Gieselman has served as a member of the board of directors of Rice Energy, Inc. from January 2014 to April 2017 and was a member of the board of directors of Memorial Resource Development Corporation from its formation until it was acquired by Range Resources Corporation in September 2016. In addition, Mr. Gieselman served as a member of the board of directors of Memorial Production Partners GP LLC from December 2011 until March 2016. Mr. Gieselman received a B.S. in 1985 and an M.B.A. in 1988 from Boston College.
About Craig S. Glick
Mr. Glick joined NGP Energy Capital Management, L.L.C. ("NGP ECM") in 2006 and serves as a Partner of NGP ECM, with over 32 years of legal and financial experience to NGP's structuring and execution activities. In addition, Mr. Glick has served on the board of Vantage Energy Acquisition Corp. since February 2017. Previously, Mr. Glick served as Managing Director and General Counsel for NGP Midstream & Resources from 2006 to 2008. He was a founding partner of Kosmos Energy Holdings and served as Senior Vice President, General Counsel and Corporate Secretary from 2003 to 2006. His previous tenures also include Hunt Resources and Hunt Oil Company (1999 to 2003), Gulf Canada Resources, Limited (1994 to 1999), and Torch Energy Advisors (1994). Mr. Glick was a Partner in the law firm of Vinson & Elkins from 1985 to 1994 and has been a director of four publicly-traded companies; Northern Blizzard Resources, Inc., Parallel Energy Trust, Westside Energy, Inc. and Gulf Indonesia Resources. Mr. Glick received a B.A. in Political Science, cum laude, in 1982 from Tulane University and earned a J.D. in 1985 from the University of Texas School of Law, where he was a member of the Texas Law Review.
About Andrew C. Kidd
Mr. Kidd currently serves as a legal consultant to institutional investors in the energy industry, and since May 2017 has served as an Independent Manager for GenOn Americas Generation, Inc. in connection with the GenOn bankruptcy. Mr. Kidd served as the Chief Executive Officer, President and General Counsel of Samson Investment Company and Samson Resources Corporation from February 2016 through March 2017 and served on the Company's Executive Team as Senior Vice President and General Counsel from September 2013 through January 2016. From October 2011 to August 2013, he served as Partner and General Counsel of Anthem Energy, a private investment manager that develops and operates energy investments. Prior to joining Anthem, Mr. Kidd was Senior Vice President and General Counsel of Quantum Utility Generation, LLC, a power generation asset operator. From August 2004 to December 2008, Mr. Kidd was with Constellation Energy Group, Inc. ("CEG"), serving in various positions, including Deputy General Counsel of CEG, General Counsel of Constellation Energy Resources, the business organization representing CEG's customer supply, global commodities and portfolio management activities, and a member of the Board of Managers of Constellation Energy Partners LLC, a publicly traded exploration and production company that was previously sponsored by CEG. Earlier in his career, he served as Senior Vice President and Deputy General Counsel of El Paso Corporation and held various officer level positions at Covanta Energy, Inc. Mr. Kidd began his law career as an associate at DLA Piper in Baltimore, Maryland. Mr. Kidd received his Bachelor of Arts degree from Dartmouth College and his Juris Doctorate degree, with honors, from the University of Maryland School of Law, where he was an editor of the University of Maryland Law Review.
About Michael R. Starzer
Mr. Starzer served as Chairman and CEO of Fifth Creek from its inception in 2014 until its business combination with HighPoint Resources (formerly Bill Barrett Corporation). Mr. Starzer has 34 years of experience in the oil and gas industry and has served as a Director for five private and two public companies in the energy industry and is a member of multiple professional and technical organizations. Mr. Starzer serves on the board of Newalta Corporation, a provider of engineered environmental solutions for the oil and gas industry, and is a member of the National Association of Corporate Directors (U.S.) and the Institute of Corporate Directors (Canada). In 1999, Mr. Starzer founded the first Bonanza Creek Company serving in positions of Managing Partner, President and CEO and on the board for each of the four Bonanza Creek companies. In January 2014, Mr. Starzer retired from the fourth company, Bonanza Creek Energy, Inc. and established Fifth Creek. Mr. Starzer is a Registered Professional Engineer in Petroleum Engineering, a member of the Society of Petroleum Evaluation Engineers, and has a degree in Petroleum Engineering from the Colorado School of Mines and a Master of Science degree in Engineering Management from the University of Alaska.
ABOUT HIGHPOINT RESOURCES CORPORATION
HighPoint Resources Corporation (NYSE: HPR) is a Denver, Colorado based exploration and production company focused on the development of oil and natural gas assets located in the Denver-Julesburg Basin of Colorado. Additional information about the Company may be found on its website www.hpres.com.
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SOURCE HighPoint Resources Corporation
Article Date
3/22/2018Bill Barrett Corporation Completes Strategic Combination with Fifth Creek Energy and Announces Name Change to HighPoint Resources Corporation
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
DENVER, March 19, 2018 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) today announced that it has completed its strategic combination with Fifth Creek Energy Company, LLC. In conjunction with the closing, the Company will change its name to HighPoint Resources Corporation and will begin trading on the New York Stock Exchange under the new symbol "HPR" on March 20, 2018.
Chief Executive Officer and President Scot Woodall commented, "We have undergone a significant transformation over the past several years and are positioned to embark on an exciting new era for the organization as a premier, DJ Basin focused company. Our new name recognizes the strategic direction of our company that is underpinned by high quality oil assets and a returns focused capital program that positions us for a period of significant growth in the coming years."
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. Forward-looking statements in this release relate to, among other things, preliminary estimates of fourth quarter commodity derivative gains, commodity price differentials and outstanding shares.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2017 filed with the SEC and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. Risks also include potential differences between expected reported results and actual reported results after the Company's financial statements and related reviews are finalized. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT HIGHPOINT RESOURCES CORPORATION
HighPoint Resources Corporation (NYSE: HPR) is a Denver, Colorado based exploration and production company focused on the development of oil and natural gas assets located in the Denver-Julesburg Basin of Colorado. Additional information about the Company may be found on its website www.hpres.com.
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SOURCE Bill Barrett Corporation
Article Date
3/19/2018Bill Barrett Corporation Receives All Required Stockholder Approvals Related To Business Combination with Fifth Creek Energy
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
DENVER, March 16, 2018 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) today announced that its stockholders overwhelmingly approved the adoption of the Agreement and Plan of Merger between Bill Barrett Corporation and Fifth Creek Energy Operating Company, LLC ("Fifth Creek Energy") at the special meeting of the Company's stockholders held earlier today. Approximately 98.7% of the shares voting, representing approximately 76.9% of the total outstanding shares, voted in favor of the adoption of the Merger Agreement.
With the receipt of the required stockholder approval, the transaction is expected to close Monday, March 19, 2018.
As previously announced on December 5, 2017, the Company and Fifth Creek Energy entered into a business combination transaction pursuant to which the Company will acquire Fifth Creek Energy for shares of the Company's common stock.
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. Forward-looking statements in this release relate to, among other things, the anticipated closing of the transaction with Fifth Creek Energy.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2017 filed with the SEC and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
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SOURCE Bill Barrett Corporation
Article Date
3/16/2018Bill Barrett Corporation Reports Fourth Quarter and Year-End 2017 Financial and Operating Results; Highlighted by Quarterly Production of 2.12 MMBoe, 42% Growth in DJ Basin Volumes and 56% Increase in Proved Reserves
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
DENVER, Feb. 27, 2018 /PRNewswire/ --
Bill Barrett Corporation (the "Company") (NYSE: BBG) today reported fourth quarter and full year 2017 financial and operating results and provides first quarter of 2018 outlook on its legacy properties.
Chief Executive Officer and President Scot Woodall commented, "Reflecting on the past year, I'm proud of our accomplishments as we delivered excellent operating and financial results, and executed on strategic goals as well. Our strong execution was highlighted by 2017 production growth of 20%, further improvement in per unit operating costs and lower oil price differentials that translated into industry leading operating margins relative to our DJ Basin peers. Our operations team did an excellent job of executing an efficient capital program that resulted in strong reserve and production growth from our legacy DJ Basin asset. We are also seeing positive results from our enhanced completion program. During the fourth quarter, we completed the sale of our remaining Uinta Basin assets, a transaction that further streamlines our operations and cost structure, while strengthening our balance sheet. We have generated significant operating momentum and entered 2018 with $314 million of cash and an undrawn credit facility of $300 million, providing strong liquidity to support anticipated 2018 activity levels."
Mr. Woodall continued, "In December, we announced a strategic combination with Fifth Creek Energy that creates a premier DJ Basin company. This transaction significantly expands our footprint by providing a large, derisked acreage position with a significant inventory of drilling locations, while materially improving our leverage metrics. We continue to integrate the two organizations and expect to provide a combined 2018 operating plan and guidance following the anticipated March closing."
For the fourth quarter of 2017, the Company reported a net loss of $77.8 million, or $0.94 per diluted share. Adjusted net income (non-GAAP) for the fourth quarter of 2017 was $1.1 million, or $0.01 per diluted share. EBITDAX for the fourth quarter of 2017 was $57.3 million. For 2017 as a whole, the Company reported a net loss of $138.2 million, or $1.80 per diluted share. Adjusted net income (non-GAAP) for 2017 was a net loss of $29.2 million, or $0.38 per diluted share. EBITDAX for 2017 was $178.0 million. Adjusted net income (loss) and EBITDAX are non-GAAP (Generally Accepted Accounting Principles) measures. Please reference the reconciliations to GAAP financial statements at the end of this release.
Strategic Combination with Fifth Creek Energy
On December 5, 2017, the Company announced a strategic combination with Fifth Creek Energy that materially expands its DJ Basin footprint and, coupled with other strategic steps taken in the fourth quarter of 2017, significantly strengthens the Company's balance sheet. The Company has established a record date of February 13, 2018, and a date of March 16, 2018, for a special meeting of its shareholders to vote on, among other items, the strategic business combination with Fifth Creek Energy pursuant to the Agreement and Plan of Merger. The combination is expected to close in March 2018.
OPERATING AND FINANCIAL RESULTS
Proved Reserves
Total estimated proved reserves at year-end 2017 were 85.8 MMBoe compared to 54.9 MMBoe at year-end 2016, an increase of 56%. All-sources reserve replacement totaled 541%(1). The increase in estimated proved reserves compared to year-end 2016 is primarily the result of extensions and discoveries of 35.9 MMBoe, and positive commodity price-related and other revisions totaling 8.8 MMBoe, partially offset by sale of properties of 11.2 MMBoe. Additions to extensions and discoveries were driven by positive drilling results in the DJ Basin, which resulted in a 100% increase in DJ Basin proved reserves. The Company maintained a conservative approach to adding proved undeveloped ("PUD") locations by limiting the PUD inventory to only two rig years of planned drilling activity. Sale of properties primarily consisted of the sale of Uinta Basin assets, which was completed in December 2017. Positive price-related revisions were primarily a result of a 20% increase in both the average WTI oil price and the average Henry Hub natural gas price used to calculate the 2017 proved reserves compared to 2016.
|
Changes in Proved Reserves (MMBoe) | ||
|
Proved reserves as of December 31, 2016 |
54.9 | |
|
Extensions and discoveries |
35.9 | |
|
Production sales volumes |
(7.0) | |
|
Purchases of oil and gas reserves in place |
4.4 | |
|
Sale of properties |
(11.2) | |
|
Pricing revisions and other |
8.8 | |
|
Proved reserves as of December 31, 2017 |
85.8 | |
|
1 All-sources reserve replacement defined as the sum of the year-over-year net additions in provided reserves from extensions and discoveries, pricing revisions, sale of properties, divided by 2017 production sales volumes |
2017 Production and Financial Results
Oil, natural gas and natural gas liquids production totaled 7.0 MMBoe for 2017, at the mid-point of the Company's guidance range of 6.9-7.1 MMBoe. DJ Basin production sales volumes totaled 6.2 MMBoe for 2017 or an increase of 21% compared to 2016. Production sales volumes for 2017 were weighted 60% oil, 21% natural gas and 19% natural gas liquids.
Production sales volumes for the fourth quarter of 2017 totaled 2.12 MMBoe, above the mid-point of the Company's guidance range of 2.0-2.2 MMBoe, representing a 37% increase from the fourth quarter of 2016. DJ Basin production sales volumes totaled 1.94 MMBoe, an increase of 42% compared to the fourth quarter of 2016. DJ Basin oil volumes totaled 1.1 MMBbls, an increase of 38% compared to the fourth quarter of 2016. Production sales volumes for the fourth quarter of 2017 were weighted 60% oil, 23% natural gas and 17% NGLs.
|
Three Months Ended |
Twelve Months Ended | ||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||
|
Production Data (1) |
|||||||||||
|
Oil (MBbls) |
1,274 |
960 |
4,203 |
3,885 |
|||||||
|
Natural gas (MMcf) |
2,868 |
1,866 |
8,952 |
7,170 |
|||||||
|
NGLs (MBbls) |
371 |
279 |
1,307 |
1,010 |
|||||||
|
Combined volumes (MBoe) |
2,123 |
1,550 |
7,002 |
6,090 |
|||||||
|
Daily combined volumes (Boe/d) |
23,076 |
16,848 |
19,184 |
16,639 |
|||||||
|
(1) Includes legacy DJ Basin and Uinta Basin production only |
For 2017, West Texas Intermediate ("WTI") oil prices averaged $50.95 per barrel, NWPL natural gas prices averaged $2.71 per MMBtu and NYMEX natural gas prices averaged $3.11 per MMBtu. Commodity price differentials to benchmark pricing for 2017 were oil less $2.75 per barrel versus WTI; and natural gas less $0.27 per Mcf compared to NWPL. The DJ Basin oil price differential averaged $2.40 per barrel. The NGL price averaged approximately 39% of the WTI price per barrel.
For the fourth quarter of 2017, WTI oil prices averaged $55.40 per barrel, NWPL natural gas prices averaged $2.60 per MMBtu and NYMEX natural gas prices averaged $2.93 per MMBtu. Fourth quarter of 2017 commodity price differentials to benchmark pricing were oil less $2.44 per barrel versus WTI; and natural gas less $0.28 per Mcf compared to NWPL. The DJ Basin oil price differential averaged $2.51 per barrel. The NGL price averaged approximately 44% of the WTI price per barrel.
For the fourth quarter of 2017, the Company had derivative commodity swaps in place for 8,125 barrels of oil per day tied to WTI pricing at $57.69 per barrel, 10,000 MMBtu of natural gas per day tied to NWPL regional pricing at $2.96 per MMBtu and no hedges in place for NGLs.
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
Average Sales Prices (before the effects of realized hedges): | |||||||||||||||
|
Oil (per Bbl) |
$ |
52.63 |
$ |
44.76 |
$ |
48.37 |
$ |
38.83 |
|||||||
|
Natural gas (per Mcf) |
2.32 |
2.47 |
2.43 |
1.98 |
|||||||||||
|
NGLs (per Bbl) |
24.09 |
16.04 |
20.01 |
13.15 |
|||||||||||
|
Combined (per Boe) |
38.94 |
33.57 |
35.88 |
29.28 |
|||||||||||
|
Average Realized Sales Prices (after the effects of realized hedges): | |||||||||||||||
|
Oil (per Bbl) |
$ |
53.98 |
$ |
62.03 |
$ |
52.72 |
$ |
62.56 |
|||||||
|
Natural gas (per Mcf) |
2.43 |
2.80 |
2.52 |
2.46 |
|||||||||||
|
NGLs (per Bbl) |
24.09 |
16.04 |
20.01 |
13.15 |
|||||||||||
|
Combined (per Boe) |
39.90 |
44.65 |
38.60 |
44.98 |
|||||||||||
Cash operating costs (LOE, gathering, transportation and processing costs, and production tax expense) averaged $5.90 per Boe in 2017 compared to $6.72 per Boe in 2016, a 12% improvement. Cash operating costs totaled $6.24 per Boe in the fourth quarter of 2017 compared to $6.37 per Boe in the fourth quarter of 2016.
LOE was $3.27 per Boe in the fourth quarter of 2017 compared to $3.73 per Boe in the fourth quarter of 2016. The year-over-year improvement was primarily a result of increased operational efficiencies and lease operating cost reductions.
DJ Basin LOE improved to $2.64 per Boe in the fourth quarter of 2017 compared to $2.96 per Boe in the fourth quarter of 2016, and was $2.87 per Boe in 2017 compared to $3.41 per Boe in 2016.
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
Average Costs (per Boe): |
|||||||||||||||
|
Lease operating expenses |
$ |
3.27 |
$ |
3.73 |
$ |
3.46 |
$ |
4.58 |
|||||||
|
Gathering, transportation and processing expense |
0.46 |
0.32 |
0.37 |
0.39 |
|||||||||||
|
Production tax expenses |
2.51 |
2.32 |
2.07 |
1.75 |
|||||||||||
|
Depreciation, depletion and amortization |
19.10 |
29.76 |
22.85 |
28.18 |
|||||||||||
|
General and administrative expense |
5.51 |
6.86 |
6.07 |
6.92 |
|||||||||||
The following table summarizes certain operating and financial results for the fourth quarter of 2017 and 2016 and the full years 2017 and 2016:
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
Production sales volumes (MBoe) |
2,123 |
1,550 |
7,002 |
6,090 |
|||||||||||
|
Net cash provided by (used in) operating activities ($ millions) |
$ |
26.6 |
$ |
5.5 |
$ |
122.0 |
$ |
121.7 |
|||||||
|
Discretionary cash flow ($ millions) (1) |
$ |
45.9 |
$ |
32.4 |
$ |
125.3 |
$ |
126.1 |
|||||||
|
Net income (loss) ($ millions) |
$ |
(77.8) |
$ |
(49.3) |
$ |
(138.2) |
$ |
(170.4) |
|||||||
|
Per share, basic |
$ |
(0.94) |
$ |
(0.79) |
$ |
(1.80) |
$ |
(3.08) |
|||||||
|
Per share, diluted |
$ |
(0.94) |
$ |
(0.79) |
$ |
(1.80) |
$ |
(3.08) |
|||||||
|
Adjusted net income (loss) ($ millions) (1) |
$ |
1.1 |
$ |
(11.2) |
$ |
(29.2) |
$ |
(37.8) |
|||||||
|
Per share, basic |
$ |
0.01 |
$ |
(0.18) |
$ |
(0.38) |
$ |
(0.68) |
|||||||
|
Per share, diluted |
$ |
0.01 |
$ |
(0.18) |
$ |
(0.38) |
$ |
(0.68) |
|||||||
|
Weighted average shares outstanding, basic (in thousands) |
83,138 |
62,241 |
76,859 |
55,384 |
|||||||||||
|
Weighted average shares outstanding, diluted (in thousands) |
83,138 |
62,241 |
76,859 |
55,384 |
|||||||||||
|
EBITDAX ($ millions) (1) |
$ |
57.3 |
$ |
45.8 |
$ |
178.0 |
$ |
182.4 |
|||||||
|
(1) |
Discretionary cash flow, adjusted net income (loss) and EBITDAX are non-GAAP (Generally Accepted Accounting Principles) measures. Please reference the reconciliations to GAAP financial statements at the end of this release. |
At December 31, 2017, the Company's $300 million revolving credit facility had zero drawn and $274.0 million in available capacity, after taking into account a $26.0 million letter of credit. The principal balance of long-term debt was $627.3 million and cash and cash equivalents were $314.5 million, resulting in net debt (principal balance of debt outstanding less the cash and cash equivalents balance) of $312.8 million. Cash and cash equivalents includes approximately $110.8 million of net proceeds from the common stock offering completed in December 2017 and $102.3 million of net proceeds from the sale of Uinta Basin properties that closed in December 2017.
On December 5, 2017, the Company announced a privately negotiated exchange with a holder of its 7.0% Senior Notes due 2022 (the "Notes"). As a result of this transaction, the principal amount of the Notes was reduced by $50 million or 13%, which will result in annual interest savings of approximately $3.5 million.
Capital Expenditures
Capital expenditures of $260.7 million for 2017 were at the mid-point of the Company's guidance range of $250-$270 million. Capital projects included spudding 69 gross operated XRL wells in the DJ Basin and placing 54 gross operated XRL wells on initial flowback. Completion activity was greater during the second half of the year as the Company entered 2017 operating one drilling rig and added a second drilling rig in June. Capital expenditures included $226.9 million for drilling and completion operations, $20.4 million for leaseholds to expand development programs, and $13.4 million for infrastructure and corporate purposes.
Capital expenditures for the fourth quarter of 2017 totaled $86.2 million, which was at the mid-point of the Company's guidance range of $80-$90 million. Capital expenditures included spudding 22 gross operated XRL wells in the DJ Basin and placing 16 gross operated XRL wells on initial flowback. Capital expenditures included $76.8 million for drilling and completion operations, $0.2 million for leaseholds, and $9.2 million for infrastructure and corporate assets.
OPERATIONAL HIGHLIGHTS
DJ Basin
During 2017, production sales volumes from the DJ Basin totaled 6.2 MMBoe, which represents a 23% increase over 2016. In the fourth quarter of 2017, DJ Basin production sales volumes totaled 1.94 MMBoe, which represents a 42% increase from the fourth quarter of 2016. DJ Basin oil volumes totaled 1.11 MMBbls, which represents a 38% increase from the fourth quarter of 2016.
During 2017, the DJ Basin program focused on optimizing completions to include enhanced completions and narrower frac stage spacing of approximately 120 feet. Early data from the enhanced completion program is encouraging with well performance from recent DSUs on average meeting or exceeding the base XRL type-curve of 600 MBoe.
Completion activity was recently highlighted by DSU 5-63-32 and DSU 5-63-30, which are located within the western area of NE Wattenberg and include 5 XRL and 6 XRL wells, respectively. Initial flowback began in the third quarter of 2017 and production is tracking above the base type-curve. DSU 5-61-20 is located within the central area of NE Wattenberg and includes 8 XRL wells. Initial flowback began in the fourth quarter of 2017 and the wells are performing consistent with the base type-curve.
Two drilling rigs are currently operating in the NE Wattenberg field with drilling activity focused on the southern portion of the acreage position within DSU 4-62-28, which includes 10 XRL wells, and within DSU 4-62-33, which includes 10 XRL wells. In addition, completion operations continue at DSU 3-62-4, which includes 10 XRL wells and is expected to be placed on initial flowback in the first quarter 2018.
The drilling program continues to exceed expectations as XRL well drilling days to rig release averaged approximately 6.9 days per well in 2017, including a best-in-class XRL well that was drilled in approximately 5.6 days. This represents a 15% improvement from the average of 2016.
Drilling and completion efficiencies continue to be achieved within the XRL well program that have resulted in an approximate 30% average year-over-year improvement in 2017 cycle times leading to an increased number of stages being completed and in the amount of sand that is pumped on a daily basis.
Drilling and completion costs for XRL wells averaged approximately $4.65 million in 2017 and the Company continues to seek efficiencies that will offset expected inflationary pressures in 2018.
Uinta Oil Program
Production sales volumes averaged 1,965 Boe/d (91% oil) during the fourth quarter of 2017.
The Company completed the sale of its Uinta Basin assets for net proceeds of $102 million in December 2017.
FIRST QUARTER 2018 OUTLOOK
The Company is providing its outlook for the first quarter of 2018 for its legacy properties and anticipates issuing full year 2018 guidance following the closing of the Fifth Creek Energy transaction in March 2018. See "Forward-Looking Statements" below.
COMMODITY HEDGES UPDATE
Generally, it is the Company's strategy to hedge 50%-70% of production on a forward 12-month to 18-month basis to reduce the risks associated with unpredictable future commodity prices, to provide certainty for a portion of its cash flow and to support its capital expenditure program.
For 2018, 10,067 barrels per day of oil is hedged at an average WTI price of $53.55 per barrel and 5,000 MMBtu/d of natural gas is hedged at an average NWPL price of $2.68 per MMBtu.
For 2019, 5,246 barrels per day of oil is hedged at an average WTI price of $54.17 per barrel. No natural gas hedges are in place.
As of February 27, 2018, the Company had the following commodity hedge positions in place on its legacy properties for 2018 and 2019:
|
Oil (WTI) |
Natural Gas (NWPL) | |||||||||||||
|
Period |
Volume |
Price |
Volume |
Price | ||||||||||
|
1Q18 |
9,250 |
$ |
52.99 |
5,000 |
$ |
2.68 |
||||||||
|
2Q18 |
10,000 |
53.28 |
5,000 |
2.68 |
||||||||||
|
3Q18 |
10,500 |
53.92 |
5,000 |
2.68 |
||||||||||
|
4Q18 |
10,500 |
53.92 |
5,000 |
2.68 |
||||||||||
|
1Q19 |
5,750 |
54.25 |
— |
— |
||||||||||
|
2Q19 |
5,750 |
54.25 |
— |
— |
||||||||||
|
3Q19 |
4,750 |
54.07 |
— |
— |
||||||||||
|
4Q19 |
4,750 |
54.07 |
— |
— |
||||||||||
Realized sales prices will reflect basis differentials from the index prices to the sales location.
UPCOMING EVENTS
Teleconference Call and Webcast
The Company plans to host a conference call on Wednesday, February 28, 2018, to discuss the results and other items presented in this press release. The call is scheduled at 10:00 a.m. Eastern time (8:00 a.m. Mountain time). Please join the webcast conference call live or for replay via the Internet at www.billbarrettcorp.com, accessible from the home page. To join by telephone, call 855-760-8152 (631-485-4979 international callers) with passcode 9658234. The webcast will remain on the Company's website for approximately 30 days and a replay of the call will be available through Wednesday, March 7, 2018 at 855-859-2056 (404-537-3406 international) with passcode 9658234.
Investor Events
Members of management are scheduled to participate in the following investor event:
Presentation materials will be posted to the Company's website at www.billbarrettcorp.com in the Investor Relations section prior to the start of the conference.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
In connection with the proposed transaction with Fifth Creek Energy, the Company and Fifth Creek Energy caused the newly formed company ("Holdco") to file with the SEC a registration statement on Form S-4, which includes a prospectus with respect to the shares of Holdco to be issued in the proposed transaction and a proxy statement of the Company with respect to the obtaining of stockholder approval for the transaction. The registration statement was declared effective by the SEC on February 13, 2018. On or about February 14, 2018, the Company commenced mailing the definitive proxy statement/prospectus to its stockholders of record as of the close of business on February 13, 2018. The Company and Holdco also plan to file other documents with the SEC regarding the proposed transaction. STOCKHOLDERS OF THE COMPANY ARE URGED TO READ THE REGISTRATION STATEMENT AND PROXY STATEMENT/PROSPECTUS (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND OTHER DOCUMENTS RELATING TO THE PROPOSED TRANSACTION THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors may obtain free copies of the proxy statement/prospectus and other documents containing important information about Holdco, the Company and Fifth Creek Energy through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by the Company are available free of charge on the Company's internet website at www.billbarrettcorp.com under the tab "Investors" and then under the tab "SEC Filings" or by contacting the Company's Investor Relations Department at (303) 293‐9100.
PARTICIPANTS IN THE SOLICITATION
Holdco, the Company, and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in connection with the proposed Fifth Creek Energy transaction. Information about the Company's directors and executive officers is set forth in the Company's public filings with the SEC, including its definitive proxy statement filed with the SEC on April 6, 2017. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is contained in the proxy statement/prospectus referred to in the preceding paragraph and other relevant materials filed with the SEC. Free copies of these documents can be obtained as described in the preceding paragraph.
NO OFFER OR SOLICITATION
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the "Securities Act").
DISCLOSURE STATEMENTS
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. In particular, the Company is providing "First Quarter 2018 Outlook," which contains projections for certain first quarter 2018 operational metrics. Additional forward-looking statements in this release relate to, among other things, the closing and effect of the Fifth Creek Energy transaction, future capital expenditures, projects, costs, operational improvements and opportunities.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Actual results may vary significantly from those indicated in the forward-looking statements due to, among other things: oil, NGL and natural gas price volatility, including regional price differentials; changes in operational and capital plans; changes in capital costs, operating costs, availability and timing of build-out of third-party facilities for gathering, processing, refining and transportation; delays or other impediments to drilling and completing wells arising from political or judicial developments at the local, state or federal level, including voter initiatives related to hydraulic fracturing; development drilling and testing results; the potential for production decline rates to be greater than expected; regulatory delays, including seasonal or other wildlife restrictions on federal lands; exploration risks such as drilling unsuccessful wells; higher than expected costs and expenses, including the availability and cost of services and materials, and our potential inability to achieve expected cost savings; unexpected future capital expenditures; economic and competitive conditions; debt and equity market conditions, including the availability and costs of financing to fund the Company's operations; the ability to obtain industry partners to jointly explore certain prospects, and the willingness and ability of those partners to meet capital obligations when requested; declines in the values of our oil and gas properties resulting in impairments; changes in estimates of proved reserves; compliance with environmental and other regulations, including new emission control requirements; derivative and hedging activities; risks associated with operating in one major geographic area; the success of the Company's risk management activities; unexpected obstacles to closing anticipated transactions, including the Fifth Creek Energy transaction, or unfavorable purchase price adjustments; title to properties; litigation; and environmental liabilities; and potential failure to achieve the anticipated benefits of the Fifth Creek Energy transaction. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC and for the year 2017 upon filing, and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and not to place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website at www.billbarrettcorp.com.
|
BILL BARRETT CORPORATION Selected Operating Highlights (Unaudited) | |||||||||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
Production Data: |
|||||||||||||||
|
Oil (MBbls) |
1,274 |
960 |
4,203 |
3,885 |
|||||||||||
|
Natural gas (MMcf) |
2,868 |
1,866 |
8,952 |
7,170 |
|||||||||||
|
NGLs (MBbls) |
371 |
279 |
1,307 |
1,010 |
|||||||||||
|
Combined volumes (MBoe) |
2,123 |
1,550 |
7,002 |
6,090 |
|||||||||||
|
Daily combined volumes (Boe/d) |
23,076 |
16,848 |
19,184 |
16,639 |
|||||||||||
|
Average Sales Prices (before the effects of realized hedges): | |||||||||||||||
|
Oil (per Bbl) |
$ |
52.63 |
$ |
44.76 |
$ |
48.37 |
$ |
38.83 |
|||||||
|
Natural gas (per Mcf) |
2.32 |
2.47 |
2.43 |
1.98 |
|||||||||||
|
NGLs (per Bbl) |
24.09 |
16.04 |
20.01 |
13.15 |
|||||||||||
|
Combined (per Boe) |
38.94 |
33.57 |
35.88 |
29.28 |
|||||||||||
|
Average Realized Sales Prices (after the effects of realized hedges): | |||||||||||||||
|
Oil (per Bbl) |
$ |
53.98 |
$ |
62.03 |
$ |
52.72 |
$ |
62.56 |
|||||||
|
Natural gas (per Mcf) |
2.43 |
2.80 |
2.52 |
2.46 |
|||||||||||
|
NGLs (per Bbl) |
24.09 |
16.04 |
20.01 |
13.15 |
|||||||||||
|
Combined (per Boe) |
39.90 |
44.65 |
38.60 |
44.98 |
|||||||||||
|
Average Costs (per Boe): |
|||||||||||||||
|
Lease operating expenses |
$ |
3.27 |
$ |
3.73 |
$ |
3.46 |
$ |
4.58 |
|||||||
|
Gathering, transportation and processing expense |
0.46 |
0.32 |
0.37 |
0.39 |
|||||||||||
|
Production tax expenses |
2.51 |
2.32 |
2.07 |
1.75 |
|||||||||||
|
Depreciation, depletion and amortization |
19.10 |
29.76 |
22.85 |
28.18 |
|||||||||||
|
General and administrative expense (1) |
5.51 |
6.86 |
6.07 |
6.92 |
|||||||||||
|
(1) |
Includes long-term cash and equity incentive compensation of $1.32 per Boe and $2.12 per Boe for the three months ended December 31, 2017 and 2016, respectively, and $1.18 per Boe and $1.96 per Boe for the twelve months ended December 31, 2017 and 2016, respectively. |
|
BILL BARRETT CORPORATION Consolidated Condensed Balance Sheets (Unaudited) | |||||||
|
As of |
As of December 31, | ||||||
|
2017 |
2016 | ||||||
|
(in thousands) | |||||||
|
Assets: |
|||||||
|
Cash and cash equivalents |
$ |
314,466 |
$ |
275,841 |
|||
|
Other current assets (1) |
53,197 |
42,611 |
|||||
|
Property and equipment, net |
1,018,880 |
1,062,149 |
|||||
|
Other noncurrent assets |
4,163 |
4,740 |
|||||
|
Total assets |
$ |
1,390,706 |
$ |
1,385,341 |
|||
|
Liabilities and Stockholders' Equity: |
|||||||
|
Current liabilities (1) |
$ |
148,934 |
$ |
85,018 |
|||
|
Long-term debt, net of debt issuance costs |
617,744 |
711,808 |
|||||
|
Other long-term liabilities (1) |
25,474 |
16,972 |
|||||
|
Stockholders' equity |
598,554 |
571,543 |
|||||
|
Total liabilities and stockholders' equity |
$ |
1,390,706 |
$ |
1,385,341 |
|||
|
(1) |
At December 31, 2017, the estimated fair value of all of the Company's commodity derivative instruments was a net liability of $25.1 million, comprised of $20.9 million of current liabilities and $4.2 million of noncurrent liabilities. This amount will fluctuate based on estimated future commodity prices and the current hedge position. |
|
BILL BARRETT CORPORATION Consolidated Statements of Operations (Unaudited) | |||||||||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
(in thousands, except per share amounts) | |||||||||||||||
|
Operating Revenues: |
|||||||||||||||
|
Oil, gas and NGL production |
$ |
82,674 |
$ |
52,049 |
$ |
251,215 |
$ |
178,328 |
|||||||
|
Other operating revenues |
698 |
(429) |
1,624 |
491 |
|||||||||||
|
Total operating revenues |
83,372 |
51,620 |
252,839 |
178,819 |
|||||||||||
|
Operating Expenses: |
|||||||||||||||
|
Lease operating expense |
6,936 |
5,785 |
24,223 |
27,886 |
|||||||||||
|
Gathering, transportation and processing expense |
971 |
494 |
2,615 |
2,365 |
|||||||||||
|
Production tax expense |
5,336 |
3,601 |
14,476 |
10,638 |
|||||||||||
|
Exploration expense |
35 |
19 |
83 |
83 |
|||||||||||
|
Impairment, dry hole costs and abandonment expense |
41,217 |
2,483 |
49,553 |
4,249 |
|||||||||||
|
(Gain) loss on sale of properties |
— |
(128) |
(92) |
1,078 |
|||||||||||
|
Depreciation, depletion and amortization |
40,555 |
46,150 |
159,964 |
171,641 |
|||||||||||
|
Unused commitments |
4,544 |
4,569 |
18,231 |
18,272 |
|||||||||||
|
General and administrative expense (1) |
11,688 |
10,634 |
42,476 |
42,169 |
|||||||||||
|
Merger transaction expense |
8,749 |
— |
8,749 |
— |
|||||||||||
|
Other operating expenses, net |
96 |
(316) |
(1,514) |
(316) |
|||||||||||
|
Total operating expenses |
120,127 |
73,291 |
318,764 |
278,065 |
|||||||||||
|
Operating Income (Loss) |
(36,755) |
(21,671) |
(65,925) |
(99,246) |
|||||||||||
|
Other Income and Expense: |
|||||||||||||||
|
Interest and other income |
329 |
69 |
1,359 |
235 |
|||||||||||
|
Interest expense |
(13,696) |
(14,213) |
(57,710) |
(59,373) |
|||||||||||
|
Commodity derivative gain (loss) (2) |
(28,766) |
(13,462) |
(9,112) |
(20,720) |
|||||||||||
|
Gain (loss) on extinguishment of debt |
(335) |
— |
(8,239) |
8,726 |
|||||||||||
|
Total other income and expense |
(42,468) |
(27,606) |
(73,702) |
(71,132) |
|||||||||||
|
Income (Loss) before Income Taxes |
(79,223) |
(49,277) |
(139,627) |
(170,378) |
|||||||||||
|
(Provision for) Benefit from Income Taxes |
1,402 |
— |
1,402 |
— |
|||||||||||
|
Net Income (Loss) |
$ |
(77,821) |
$ |
(49,277) |
$ |
(138,225) |
$ |
(170,378) |
|||||||
|
Net Income (Loss) per Common Share |
|||||||||||||||
|
Basic |
$ |
(0.94) |
$ |
(0.79) |
$ |
(1.80) |
$ |
(3.08) |
|||||||
|
Diluted |
$ |
(0.94) |
$ |
(0.79) |
$ |
(1.80) |
$ |
(3.08) |
|||||||
|
Weighted Average Common Shares Outstanding |
|||||||||||||||
|
Basic |
83,138 |
62,241 |
76,859 |
55,384 |
|||||||||||
|
Diluted |
83,138 |
62,241 |
76,859 |
55,384 |
|||||||||||
|
(1) |
Includes long-term cash and equity incentive compensation of $2.8 million and $3.3 million for the three months ended December 31, 2017 and 2016, respectively, and $8.3 million and $11.9 million for the twelve months ended December 31, 2017 and 2016, respectively. |
|
(2) |
The table below summarizes the realized and unrealized gains and losses the Company recognized related to its oil and natural gas derivative instruments for the periods indicated: |
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
(in thousands) | |||||||||||||||
|
Included in commodity derivative gain (loss): |
|||||||||||||||
|
Realized gain (loss) on derivatives |
$ |
2,037 |
$ |
17,181 |
$ |
19,099 |
$ |
95,598 |
|||||||
|
Reversal of prior year unrealized gain transferred to realized gain |
(903) |
(20,754) |
(4,053) |
(99,809) |
|||||||||||
|
Unrealized gain (loss) on derivatives |
(29,900) |
(9,889) |
(24,158) |
(16,509) |
|||||||||||
|
Total commodity derivative gain (loss) |
$ |
(28,766) |
$ |
(13,462) |
$ |
(9,112) |
$ |
(20,720) |
|||||||
|
BILL BARRETT CORPORATION Consolidated Statements of Cash Flows (Unaudited) | |||||||||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
(in thousands) | |||||||||||||||
|
Operating Activities: |
|||||||||||||||
|
Net income (loss) |
$ |
(77,821) |
$ |
(49,277) |
$ |
(138,225) |
$ |
(170,378) |
|||||||
|
Adjustments to reconcile to net cash provided by operations: | |||||||||||||||
|
Depreciation, depletion and amortization |
40,555 |
46,150 |
159,964 |
171,641 |
|||||||||||
|
Impairment, dry hole costs and abandonment expense |
41,217 |
2,483 |
49,553 |
4,249 |
|||||||||||
|
Unrealized derivative (gain) loss |
30,803 |
30,643 |
28,211 |
116,318 |
|||||||||||
|
Incentive compensation and other non-cash charges |
1,462 |
1,774 |
6,596 |
8,982 |
|||||||||||
|
Amortization of debt discounts and deferred financing costs |
529 |
759 |
2,194 |
2,834 |
|||||||||||
|
(Gain) loss on sale of properties |
— |
(128) |
(92) |
1,078 |
|||||||||||
|
(Gain) loss on extinguishment of debt |
335 |
— |
8,239 |
(8,726) |
|||||||||||
|
Change in operating assets and liabilities: |
|||||||||||||||
|
Accounts receivable |
(9,326) |
(2,928) |
(18,578) |
10,624 |
|||||||||||
|
Prepayments and other assets |
(868) |
1,318 |
(1,848) |
350 |
|||||||||||
|
Accounts payable, accrued and other liabilities |
(8,381) |
(21,796) |
11,690 |
(2,893) |
|||||||||||
|
Amounts payable to oil and gas property owners |
4,031 |
(6,571) |
10,402 |
(9,465) |
|||||||||||
|
Production taxes payable |
4,071 |
3,102 |
3,884 |
(2,878) |
|||||||||||
|
Net cash provided by (used in) operating activities |
$ |
26,607 |
$ |
5,529 |
$ |
121,990 |
$ |
121,736 |
|||||||
|
Investing Activities: |
|||||||||||||||
|
Additions to oil and gas properties, including acquisitions |
(78,843) |
(13,166) |
(239,631) |
(106,870) |
|||||||||||
|
Additions of furniture, equipment and other |
(658) |
(11) |
(926) |
(1,195) |
|||||||||||
|
Proceeds from sale of properties and other investing activities |
102,258 |
(644) |
101,546 |
24,927 |
|||||||||||
|
Net cash provided by (used in) investing activities |
$ |
22,757 |
$ |
(13,821) |
$ |
(139,011) |
$ |
(83,138) |
|||||||
|
Financing Activities: |
|||||||||||||||
|
Proceeds from debt |
— |
— |
275,000 |
— |
|||||||||||
|
Principal and redemption premium payments on debt |
(115) |
(111) |
(322,343) |
(440) |
|||||||||||
|
Deferred financing costs and other |
(1,676) |
(21) |
(7,721) |
(1,156) |
|||||||||||
|
Proceeds from sale of common stock, net of offering costs |
111,008 |
110,002 |
110,710 |
110,003 |
|||||||||||
|
Net cash provided by (used in) financing activities |
$ |
109,217 |
$ |
109,870 |
$ |
55,646 |
$ |
108,407 |
|||||||
|
Increase (Decrease) in Cash and Cash Equivalents |
158,581 |
101,578 |
38,625 |
147,005 |
|||||||||||
|
Beginning Cash and Cash Equivalents |
155,885 |
174,263 |
275,841 |
128,836 |
|||||||||||
|
Ending Cash and Cash Equivalents |
$ |
314,466 |
$ |
275,841 |
$ |
314,466 |
$ |
275,841 |
|||||||
|
BILL BARRETT CORPORATION Reconciliation of Discretionary Cash Flow, Adjusted Net Income (Loss) and EBITDAX (Unaudited) | |||||||||||||||
|
Discretionary Cash Flow Reconciliation | |||||||||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
(in thousands) | |||||||||||||||
|
Net Cash Provided by (Used in) Operating Activities |
$ |
26,607 |
$ |
5,529 |
$ |
121,990 |
$ |
121,736 |
|||||||
|
Adjustments to reconcile to discretionary cash flow: |
|||||||||||||||
|
Exploration expense |
35 |
19 |
83 |
83 |
|||||||||||
|
Merger transaction expense |
8,749 |
— |
8,749 |
— |
|||||||||||
|
Changes in working capital |
10,473 |
26,875 |
(5,550) |
4,262 |
|||||||||||
|
Discretionary Cash Flow |
$ |
45,864 |
$ |
32,423 |
$ |
125,272 |
$ |
126,081 |
|||||||
|
Adjusted Net Income (Loss) Reconciliation | |||||||||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
(in thousands, except per share amounts) | |||||||||||||||
|
Net Income (Loss) |
$ |
(77,821) |
$ |
(49,277) |
$ |
(138,225) |
$ |
(170,378) |
|||||||
|
Provision for (Benefit from) income taxes |
(1,402) |
— |
(1,402) |
— |
|||||||||||
|
Income (Loss) before Income Taxes |
(79,223) |
(49,277) |
(139,627) |
(170,378) |
|||||||||||
|
Adjustments to Net Income (Loss): |
|||||||||||||||
|
Unrealized derivative (gain) loss |
30,803 |
30,643 |
28,211 |
116,318 |
|||||||||||
|
Impairment expense |
41,088 |
— |
49,098 |
183 |
|||||||||||
|
(Gain) loss on sale of properties |
— |
(128) |
(92) |
1,078 |
|||||||||||
|
(Gain) loss on extinguishment of debt |
335 |
— |
8,239 |
(8,726) |
|||||||||||
|
One-time items: |
|||||||||||||||
|
Merger transaction expense |
8,749 |
— |
8,749 |
— |
|||||||||||
|
(Income) expense related to properties sold |
96 |
576 |
(1,514) |
576 |
|||||||||||
|
Adjusted Income (Loss) before Income Taxes |
1,848 |
(18,186) |
(46,936) |
(60,949) |
|||||||||||
|
Adjusted (provision for) benefit from income taxes (1) |
(700) |
7,003 |
17,760 |
23,167 |
|||||||||||
|
Adjusted Net Income (Loss) |
$ |
1,148 |
$ |
(11,183) |
$ |
(29,176) |
$ |
(37,782) |
|||||||
|
Per share, diluted |
$ |
0.01 |
$ |
(0.18) |
$ |
(0.38) |
$ |
(0.68) |
|||||||
|
(1) |
Adjusted (provision for) benefit from income taxes is calculated using the Company's current effective tax rate prior to applying the valuation allowance against deferred tax assets. |
|
EBITDAX Reconciliation | |||||||||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
(in thousands) | |||||||||||||||
|
Net Income (Loss) |
$ |
(77,821) |
$ |
(49,277) |
$ |
(138,225) |
$ |
(170,378) |
|||||||
|
Adjustments to reconcile to EBITDAX: |
|||||||||||||||
|
Depreciation, depletion and amortization |
40,555 |
46,150 |
159,964 |
171,641 |
|||||||||||
|
Impairment, dry hole and abandonment expense |
41,217 |
2,483 |
49,553 |
4,249 |
|||||||||||
|
Exploration expense |
35 |
19 |
83 |
83 |
|||||||||||
|
Unrealized derivative (gain) loss |
30,803 |
30,643 |
28,211 |
116,318 |
|||||||||||
|
Incentive compensation and other non-cash charges |
1,462 |
1,774 |
6,596 |
8,982 |
|||||||||||
|
Merger transaction expense |
8,749 |
— |
8,749 |
— |
|||||||||||
|
(Gain) loss on sale of properties |
— |
(128) |
(92) |
1,078 |
|||||||||||
|
(Gain) loss on extinguishment of debt |
335 |
— |
8,239 |
(8,726) |
|||||||||||
|
Interest and other income |
(329) |
(69) |
(1,359) |
(235) |
|||||||||||
|
Interest expense |
13,696 |
14,213 |
57,710 |
59,373 |
|||||||||||
|
Provision for (benefit from) income taxes |
(1,402) |
— |
(1,402) |
— |
|||||||||||
|
EBITDAX |
$ |
57,300 |
$ |
45,808 |
$ |
178,027 |
$ |
182,385 |
|||||||
Discretionary cash flow and adjusted net income (loss) are non-GAAP measures. These measures are presented because management believes that they provide useful additional information to investors for analysis of the Company's ability to internally generate funds for exploration, development and acquisitions as well as adjusting net income (loss) for certain items to allow for a more consistent comparison from period to period. In addition, the Company believes that these measures are widely used by professional research analysts and others in the valuation, comparison and investment recommendations of companies in the oil and gas exploration and production industry, and that many investors use the published research of industry research analysts in making investment decisions.
These measures should not be considered in isolation or as a substitute for net income, income from operations, net cash provided by operating activities or other income, profitability, cash flow or liquidity measures prepared in accordance with GAAP. The definition of these measures may vary among companies, and, therefore, the amounts presented may not be comparable to similarly titled measures of other companies.
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SOURCE Bill Barrett Corporation
Article Date
2/27/2018Bill Barrett Corporation Announces Record Date and Meeting Date for Special Meeting Regarding Proposed Strategic Combination with Fifth Creek Energy
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
DENVER, Feb. 14, 2018 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) today announced that it has established a record date of February 13, 2018 and a meeting date of March 16, 2018 for a special meeting of its shareholders, which will be held at 8:30 a.m. Mountain Time at the Company's offices at 1099 18th Street, Suite 2300, Denver, Colorado 80202. At the special meeting, shareholders will vote on, among other items, the previously announced strategic business combination with Fifth Creek Energy Company, LLC ("Fifth Creek") pursuant to the Agreement and Plan of Merger dated December 4, 2017 (the "transaction").
Bill Barrett Corporation shareholders of record at the close of business on February 13, 2018, will be entitled to receive notice of the special meeting and to vote at the special meeting.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
In connection with the proposed transaction, the Company and Fifth Creek caused the newly formed company ("Holdco") to file with the SEC a registration statement on Form S-4, which includes a prospectus with respect to the shares of Holdco to be issued in the proposed transaction and a proxy statement of the Company with respect to the obtaining of stockholder approval for the transaction. The registration statement was declared effective by the SEC on February 13, 2018. On or about February 14, 2018, the Company commenced mailing the definitive proxy statement/prospectus to its stockholders of record as of the close of business on February 13, 2018. The Company and Holdco also plan to file other documents with the SEC regarding the proposed merger. STOCKHOLDERS OF THE COMPANY ARE URGED TO READ THE REGISTRATION STATEMENT AND PROXY STATEMENT/PROSPECTUS (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND OTHER DOCUMENTS RELATING TO THE PROPOSED MERGER THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. Investors may obtain free copies of the proxy statement/prospectus and other documents containing important information about Holdco, the Company and Fifth Creek through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by the Company are available free of charge on the Company's internet website at www.billbarrettcorp.com under the tab "Investors" and then under the tab "SEC Filings" or by contacting the Company's Investor Relations Department at (303) 293‐9100.
NO OFFER OR SOLICITATION
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
PARTICIPANTS IN THE SOLICITATION
Holdco, the Company, and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information about the Company's directors and executive officers is set forth in the Company's public filings with the SEC, including its definitive proxy statement filed with the SEC on April 6, 2017. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials filed with the SEC. Free copies of these documents can be obtained as described in the preceding paragraph.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as "may," "will," "could," "should," "would," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target," "prospects," "potential" and "forecast," and other words, terms and phrases of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. Bill Barrett (the "Company") cautions readers that any forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking statement. Such forward-looking statements include, but are not limited to, statements regarding the anticipated closing date of the transaction, the successful closing of the transaction and the integration of the Company and Fifth Creek, the combined company's plans and prospective business mix, margins, transitional costs and integration to achieve the synergies and the timing of such costs and synergies and earnings and other statements that are not historical facts. These forward-looking statements are based on numerous assumptions and are subject to risks, uncertainties and other factors that could cause actual results and events to differ materially from those expressed or implied by these forward-looking statements. Such risks, uncertainties and other factors include, but are not limited to: risks and uncertainties relating to the transaction, including the possibility that the transaction does not close when expected or at all because conditions to closing are not satisfied on a timely basis or at all; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction; timing of the transaction; the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from the integration of the two companies; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management's attention from ongoing business operations and opportunities; oil, natural gas liquids ("NGLs") and natural gas price volatility, including regional price differentials; changes in operational and capital plans; costs, availability and timing of build-out of third party facilities for gathering, processing, refining and transportation; delays or other impediments to drilling and completing wells arising from political or judicial developments at the local, state or federal level, including voter initiatives related to hydraulic fracturing; development drilling and testing results; the potential for production decline rates to be greater than expected; regulatory delays, including seasonal or other wildlife restrictions on federal lands; exploration risks such as drilling unsuccessful wells; higher than expected costs and expenses, including the availability and cost of services and material and our potential inability to achieve expected cost savings; unexpected future capital expenditures; economic and competitive conditions; debt and equity market conditions, including the availability and costs of financing to fund the Company's operations; the ability to obtain industry partners to jointly explore certain prospects, and the willingness and ability of those partners to meet capital obligations when requested; declines in the values of our oil and gas properties resulting in impairments; changes in estimates of proved reserves; compliance with environmental and other regulations; derivative and hedging activities; risks associated with operating in one major geographic area; the success of the Company's risk management activities; title to properties, including those to be acquired in the transaction; litigation, including litigation concerning the transaction; environmental liabilities; and other uncertainties, as well as those factors discussed in this prospectus and in our Annual Report on Form 10-K for the year ended December 31, 2016 and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2017, June 30, 2017 and September 30, 2017 under the headings "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" and in other documents incorporated by reference in this prospectus supplement. The information contained herein speaks as of the date hereof and the Company undertakes no obligation to update or revise its forward-looking statements, whether as a result of changes in internal estimates or expectations, new information, subsequent events or circumstances or otherwise.
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SOURCE Bill Barrett Corporation
Article Date
2/14/2018Bill Barrett Corporation Provides Commodity Price and Derivatives Update and Schedules Fourth Quarter 2017 and Year-End 2017 Financial Results Conference Call
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
DENVER, Feb. 7, 2018 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) today provided an update on certain fourth quarter of 2017 items, including commodity price and derivatives data and the weighted average basic and diluted shares outstanding. The Company also announced that it will host a conference call on Wednesday, February 28, 2018, to discuss its fourth quarter 2017 financial and operating results.
For the fourth quarter of 2017, West Texas Intermediate ("WTI") oil prices averaged $55.40 per barrel, Northwest Pipeline ("NWPL") natural gas prices averaged $2.60 per MMBtu and NYMEX natural gas prices averaged $2.93 per MMBtu. The Company had derivative commodity swaps that settled in the fourth quarter of 2017 for 8,125 barrels of oil per day tied to WTI pricing at $57.69 per barrel, 10,000 MMBtu of natural gas per day tied to NWPL regional pricing at $2.96 per MMBtu and no hedges in place for NGLs.
Based on preliminary unaudited results, the Company expects to realize a cash commodity derivative gain of $2.0 million in the fourth quarter due to positive derivative positions. The Company expects its fourth quarter commodity price differentials to benchmark pricing – before commodity derivative gains and taking into account delivery location and quality adjustments – to average approximately: WTI less $2.44 per barrel for oil and NWPL less $0.28 per thousand cubic feet ("Mcf") for natural gas. The Denver-Julesburg Basin oil price differential averaged WTI less $2.51 per barrel in the quarter. NGL prices averaged approximately 44% of the WTI price per barrel of oil during the quarter.
The following table summarizes the Company's hedge position as of February 7, 2018:
|
Oil (WTI) |
Natural Gas (NWPL) | ||||
|
Period |
Volume |
Price |
Volume |
Price | |
|
1Q18 |
9,250 |
52.99 |
5,000 |
2.68 | |
|
2Q18 |
10,000 |
53.28 |
5,000 |
2.68 | |
|
3Q18 |
10,500 |
53.92 |
5,000 |
2.68 | |
|
4Q18 |
10,500 |
53.92 |
5,000 |
2.68 | |
|
1Q19 |
5,750 |
54.25 |
|||
|
2Q19 |
5,750 |
54.25 |
|||
|
3Q19 |
4,750 |
54.07 |
|||
|
4Q19 |
4,750 |
54.07 |
|||
Realized sales prices will reflect basis differentials from the index prices to the sales location.
The Company estimates that the weighted average common basic and diluted shares for the fourth quarter will be approximately 83.1 million. At December 31, 2017, the common shares outstanding were approximately 110.4 million.
The Company plans to issue its fourth quarter 2017 financial and operating results press release after the market close on Tuesday, February 27, 2018. The Company will host a conference call on Wednesday, February 28, 2018, to discuss the results. The call is scheduled at 10:00 a.m. Eastern time (8:00 a.m. Mountain time). Please join the webcast conference call live at www.billbarrettcorp.com, accessible from the Investor Relations page. To join by telephone, call 855-760-8152 (631-485-4979 international callers) with passcode 9658234. A replay of the call will be available through March 7, 2018, at 855-859-2056 (404-537-3406 international) with passcode 9658234.
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. Forward-looking statements in this release relate to, among other things, preliminary estimates of fourth quarter commodity derivative gains, commodity price differentials and outstanding shares.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. Risks also include potential differences between expected reported results and actual reported results after the Company's financial statements and related reviews are finalized. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
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SOURCE Bill Barrett Corporation
Article Date
2/7/2018Bill Barrett Corporation Announces Exercise of Over-Allotment Option
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
DENVER, Dec. 29, 2017 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) today announced that the underwriters of its previously announced public offering of 21,000,000 shares of the Company's common stock (the "common stock") have purchased an additional 2,205,529 shares of the Company's common stock pursuant to their over-allotment option. The net proceeds from the exercise of the over-allotment option were approximately $10.5 million, after deducting fees and estimated expenses. The exercise of the over-allotment option closed on December 29, 2017. J.P. Morgan served as sole bookrunner for the offering.
The common stock was issued pursuant to a prospectus supplement and an accompanying prospectus filed as part of an effective shelf registration statement filed with the Securities and Exchange Commission on Form S-3.
The Company intends to use the net proceeds from the offering for general corporate purposes, including to finance future capital expenditures.
A written prospectus and prospectus supplement relating to the offering may be obtained by sending a request to: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, email: prospectus-eq_fi@jpmchase.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. Forward-looking statements in this release relate to, among other things, the use of proceeds of the offering.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Actual results may vary significantly from those indicated in the forward-looking statements. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC, and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
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SOURCE Bill Barrett Corporation
Article Date
12/29/2017Bill Barrett Corporation Announces Closing of Uinta Basin Asset Sale
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
DENVER, Dec. 29, 2017 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) announced today that it has closed the previously announced sale of non-core assets located in the Uinta Basin. The proceeds from this transaction will be used for general corporate purposes.
Tudor, Pickering, Holt & Co. served as advisor on this transaction.
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. Forward-looking statements in this release relate to the use of proceeds from the asset sale.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Actual results may vary significantly from those indicated in the forward-looking statements. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC, and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
View original content with multimedia:http://www.prnewswire.com/news-releases/bill-barrett-corporation-announces-closing-of-uinta-basin-asset-sale-300576094.html
SOURCE Bill Barrett Corporation
Article Date
12/29/2017Bill Barrett Corporation Announces Closing of Common Stock Offering
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
DENVER, Dec. 8, 2017 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) today announced the closing of its previously announced underwritten public offering of 21,000,000 shares of its common stock (the "common stock"). The Company granted the underwriters in the offering an option for 30 days to purchase up to an additional 3,150,000 shares of common stock to cover over-allotments, if any. The net proceeds from the offering, not including any over-allotment shares, were approximately $100.3 million, after deducting fees and estimated expenses. J.P. Morgan served as sole bookrunner for the offering.
The common stock was issued pursuant to a prospectus supplement and an accompanying prospectus filed as part of an effective shelf registration statement filed with the Securities and Exchange Commission on Form S-3.
The Company intends to use the net proceeds from the offering for general corporate purposes, including to finance future capital expenditures.
A written prospectus and prospectus supplement relating to the offering may be obtained by sending a request to: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, email: prospectus-eq_fi@jpmchase.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. Forward-looking statements in this release relate to, among other things, the use of proceeds of the offering.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Actual results may vary significantly from those indicated in the forward-looking statements. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC, and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
View original content with multimedia:http://www.prnewswire.com/news-releases/bill-barrett-corporation-announces-closing-of-common-stock-offering-300569129.html
SOURCE Bill Barrett Corporation
Article Date
12/8/2017Bill Barrett Corporation Announces Pricing of Public Offering of Common Stock
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
DENVER, Dec. 5, 2017 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) announced today it has priced an underwritten public offering of 21,000,000 shares of its common stock (the "common stock") for total gross proceeds (before underwriters' compensation and estimated expenses) of $105 million. J.P. Morgan is serving as sole bookrunner for the offering.
The Company has granted the underwriters in the offering an option for 30 days to purchase up to an additional 3,150,000 shares of the Company's common stock to cover over-allotments, if any.
The common stock will be issued pursuant to a prospectus supplement and an accompanying prospectus filed as part of an effective shelf registration statement filed with the Securities and Exchange Commission on Form S-3.
The Company intends to use the net proceeds from the offering for general corporate purposes, including to finance future capital expenditures.
A written prospectus and prospectus supplement relating to the offering may be obtained by sending a request to: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, email: prospectus-eq_fi@jpmchase.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. Forward-looking statements in this release relate to, among other things, the offering and the use of proceeds thereof.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Actual results may vary significantly from those indicated in the forward-looking statements. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC, and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
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SOURCE Bill Barrett Corporation
Article Date
12/6/2017Bill Barrett Corporation Announces Debt Exchange Transaction and Consent Solicitation
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
DENVER, Dec. 5, 2017 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) announced today that it has agreed to a privately negotiated exchange with certain holders (the "Exchanging Holders") of the Company's 7.0% Senior Notes due 2022 (the "7.0% Notes") pursuant to which the Exchanging Holders have agreed to exchange $50 million aggregate principal amount of the 7.0% Notes for a number of newly issued shares of the Company's common stock, plus cash in respect of accrued and unpaid interest (the "Debt Exchange"). The number of shares exchanged will be calculated based on the volume-weighted average price of trading on December 6, 2017 and the value of the bonds will be at 102% of par. Closing of the Debt Exchange is subject to certain conditions, and is expected to occur after the supplemental indentures (the "Supplemental Indentures") effecting the Proposed Amendments (as defined below) to the indentures governing the Senior Notes are executed and become effective.
In addition, the Company expects to launch consent solicitations (the "Consent Solicitations") on or about December 7, 2017 pursuant to which it will seek consents from holders of the 7.0% Notes and holders of the Company's 8.75% Senior Notes due 2025 (together with the 7.0% Notes, the "Senior Notes") to amend each of the indentures governing the Senior Notes to, among other things, amend the defined term "Change of Control" in each of the indentures to provide that the Company's previously announced transaction with Fifth Creek Energy, LLC and transactions relating thereto will not constitute a Change of Control thereunder (collectively, such amendments, the "Proposed Amendments"). To become effective with respect to any series of Senior Notes, the Proposed Amendments must be approved by at least a majority of the then-outstanding aggregate principal amount of the Senior Notes governed by the applicable indenture (the "Requisite Consents").
The Company expects to pay a consent fee equal to $2.50 per $1,000 principal amount of Senior Notes for consents validly delivered and not validly revoked upon the execution and effectiveness of the applicable Supplemental Indenture.
Certain holders holding a majority of the outstanding aggregate principal amount of each series of Senior Notes have agreed to deliver consents in the Consent Solicitations with respect to all Senior Notes held thereby. As such, the Company expects that upon delivery of such consents, the consents necessary to achieve the Requisite Consents will be obtained.
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Actual results may vary significantly from those indicated in the forward-looking statements. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC, and other filings, including its Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
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SOURCE Bill Barrett Corporation
Article Date
12/5/2017Bill Barrett Corporation Announces Strategic Combination with Fifth Creek Energy; Significantly Increasing Inventory of Highly Economic XRL Drilling Locations
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
DENVER, Dec. 5, 2017 /PRNewswire/ -- Bill Barrett Corporation (the "Company" or "Bill Barrett") (NYSE: BBG) announced today that it has agreed to a strategic business combination with Fifth Creek Energy Company, LLC ("Fifth Creek"), a portfolio company of NGP, in a transaction valued at approximately $649 million. The transaction creates a premier exploitation and production company exclusively focused on oil-weighted rural areas in the Denver-Julesburg ("DJ") Basin. The combined company will possess significant size, scale, and balance sheet flexibility allowing it to economically develop a combined acreage position of approximately 151,100 net acres and an inventory of 2,865 highly-economic future drilling locations, nearly all of which are suitable for extended reach lateral ("XRL") development. The transaction is expected to close late in the first quarter or early in the second quarter of 2018, and is subject to customary conditions, including approval of the Company's stockholders.
Acquisition Highlights
Chief Executive Officer and President Scot Woodall commented, "We are extremely pleased to announce a strategic combination with Fifth Creek. We have been seeking opportunities to expand our core DJ Basin asset base with the right acquisition to ensure the best value creation opportunity for our stockholders. This presents us with a unique opportunity to add a large, undeveloped acreage position at an attractive cost with the potential for decades of high-return drilling locations located in a rural area that is highly complementary to our legacy position. The transaction creates a compelling long-term growth platform that will allow us to deliver strong company-wide margins as we maximize capital efficiency and concentrate on the highest return project areas. We expect to immediately begin employing our operational expertise on the acquired acreage as we implement enhanced completion and flowback techniques. The acquisition is credit enhancing as it significantly strengthens our balance sheet, and increases our ability to deliver higher future cash flow and EBITDAX generation. Fifth Creek has built a premier acreage position and with the support of our new partners, we look forward to developing this asset and building value for all stockholders."
Michael R. Starzer, Chief Executive Officer and Chairman of Fifth Creek, stated, "We are excited by the opportunity to partner with Scot and his team to create a premier company that is focused on oil-weighted rural areas of the DJ Basin. We believe the combined company's world class development inventory and exceptional operating talent will result in an excellent outcome for stockholders. At Hereford, Fifth Creek has been on the leading edge of applying modern completion technology to its wells and is proud to have achieved basin-leading results. We are pleased with the opportunity to partner with a company that has successfully managed its business through the downturn, consistently achieving its operating targets and outperforming expectations. I am confident that Scot and his team will do a terrific job of creating value for stockholders."
Scott A. Gieselman, NGP partner, commented, "The combination of Bill Barrett Corporation and Fifth Creek Energy creates a premier oil focused and rural DJ Basin company with unparalleled growth potential at strong returns. We are proud of our new partnership with the Bill Barrett team given their excellent track record and look forward to participating in the growth of the combined entity."
Transaction Details
Under the terms of the transaction, Bill Barrett and Fifth Creek will each become subsidiaries of a newly formed holding company ("New BBG"), which will become the publicly listed and traded holding company for the combined Bill Barrett and Fifth Creek. In the transaction, Bill Barrett's stockholders will exchange their Bill Barrett common stock for New BBG common stock on a 1-for-1 basis, and Fifth Creek's current sole owner will receive 100 million shares of the New BBG's common stock. Based on the Company's closing stock price as of December 4, 2017, the consideration being delivered to Fifth Creek's owner implies a total transaction value of approximately $649 million on an enterprise value basis, which includes the shares plus the assumption of up to $54 million of debt.
Concurrent with the transaction, the Company also announced that it has agreed to a privately negotiated exchange with a holder of the Company's 7.0% Senior Notes due 2022 (the "Notes"), in which the holder has agreed to exchange $50 million aggregate principal amount of the Notes for newly issued shares of the Company's common stock plus the cash payment of accrued and unpaid interest. The number of shares exchanged will be calculated based on the volume-weighted average price of trading on December 6, 2017 and the value of the bonds will be at 102% of par.
Holders of the Senior Notes that hold a majority of the outstanding aggregate principal amount of each series of Senior Notes have agreed to deliver consents pursuant to which the proposed transaction with Fifth Creek will not be considered a change of control for purposes of the Company's Senior Notes.
The Board of Directors of both companies have unanimously approved the terms of the agreement. The completion of the transaction is subject to approval of the Bill Barrett stockholders, any regulatory approvals and customary conditions. The transaction is expected to close late in the first quarter or early in the second quarter of 2018.
Pro Forma Position
The combined company will create a leading DJ Basin pure play company with an exclusively rural acreage position and significant weighting to oil and natural gas liquids. The combined company will possess two core and highly contiguous acreage positions with approximately 151,100 net acres located in the Hereford Field and Northeast ("NE") Wattenberg areas and a deep inventory of approximately 2,865 gross undeveloped locations (~95% XRL) that are prospective for multiple Niobrara benches and the Codell formation and confirmed with extensive seismic and petrophysical analysis and modelling. Assuming current strip pricing, these locations are expected to provide an attractive weighted average rate of return of approximately 65%. Average daily production for the combined assets was approximately 24 MBoe/d (81% liquids, 64% oil) in the third quarter of 2017 with combined proved reserves of 168 MMBoe (69% oil) as of December 31, 2016.
The combined company will greatly benefit from increased economies of scale and a low operating cost structure. The largely undeveloped nature of Fifth Creek's acreage position allows for the application of modern completion designs to enhance well returns. The Hereford Field has established well control as a result of 62 SRL delineation wells, including the historic "Jake well" that is credited with starting the horizontal Niobrara drilling boom in the DJ Basin. During 2017, seven wells were completed in the Hereford Field with modern completion designs and had an average initial thirty-day production rate of 1,052 Boe/d (84% oil), which are among the highest rate oil wells ever drilled in the DJ Basin. It is also anticipated that three drilling rigs will operate on the combined acreage position in 2018. The combined acreage has existing infrastructure in place to support planned development and benefits from having no firm oil marketing or pipeline commitments, resulting in current oil price differentials to West Texas Intermediate pricing of less than $2.50 per barrel. Approximately 150 gross wells will spud in 2018 with anticipated 2018 production of 11-12 MMBoe (~65% oil) and $500-$600 million of associated capital expenditures. This preliminary plan assumes full-year 2018 outlooks for each company and formal 2018 guidance is anticipated to be issued following the closing of the transaction.
The combined company will be well capitalized with a solid financial position and balance sheet flexibility with no debt maturities until 2022. Balance sheet strength is highlighted by a significant cash position, an undrawn credit facility, improving leverage metrics, and strong liquidity to fund the planned high-return development program.
Leadership and Corporate Governance
Scot Woodall will continue to serve as Chief Executive Officer and President of the combined company. The Board of Directors of the combined company will be comprised of eleven members, including the six members of Bill Barrett's current Board of Directors and five members that will be designated by Fifth Creek. Jim W. Mogg will continue to serve as Chairman of the Board.
Advisors
Tudor, Pickering, Holt & Co. acted as financial advisor to Bill Barrett and Wachtell, Lipton, Rosen & Katz acted as legal advisor to Bill Barrett.
Credit Suisse acted as financial advisor to Fifth Creek and Vinson & Elkins LLP acted as legal advisor to Fifth Creek.
Conference Call and Presentation
The Company plans to host a conference call on Wednesday, December 6, 2017 at 8:30 a.m. Eastern time (6:30 a.m. Mountain time) to discuss the transaction. A live webcast of the call will be available on the "Investor Relations" section of the Company's website at www.billbarrettcorp.com. To join by telephone, call (855) 760-8152 ((631) 485-4979 for international callers) with passcode 8682828. A replay of the conference call will be available shortly after the conclusion of the call at (855) 859-2056 ((404) 537-3406 international) with passcode 8682828. A slide presentation that will be referenced on the conference call will be available on the "Investor Relations" section of the Company's website prior to the start of the call.
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. Forward-looking statements in this release relate to, among other things, the closing and anticipated effects of the transaction with Fifth Creek, future production, capital expenditures and projects, synergies, drilling locations, well results, balance sheet attributes, liquidity, and other anticipated plans and aspects of the combined company.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Actual results may vary significantly from those indicated in the forward-looking statements. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC, and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. The transaction may not be completed in the timeframe expected or at all, and if completed may not provide the benefits the Company anticipates. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
ABOUT FIFTH CREEK ENERGY
Fifth Creek Energy Company, LLC is an independent oil and natural gas company based in Denver, Colorado and engaged in the acquisition, development and production of onshore oil and associated liquids-rich natural gas in North America.
ABOUT NGP
Founded in 1988, NGP is a premier private equity firm in the natural resources industry with approximately $17 billion of cumulative equity commitments organized to make strategic investments in the energy and natural resources sectors. For more information visit www.ngpenergycapital.com
IMPORTANT ADDITIONAL INFORMATION
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. In connection with the proposed transaction, the Company and Fifth Creek will cause New BBG to file with the SEC a registration statement on Form S-4, which will include a prospectus with respect to the shares of New BBG to be issued in the proposed transaction and a proxy statement of the Company with respect to the obtaining of stockholder approval for the transaction. The Company and New BBG also plan to file other documents with the SEC regarding the proposed merger. After the registration statement has been declared effective by the SEC, a definitive proxy statement/prospectus will be mailed to the stockholders of the Company. STOCKHOLDERS OF THE COMPANY ARE URGED TO READ THE REGISTRATION STATEMENT AND PROXY STATEMENT/PROSPECTUS (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND OTHER DOCUMENTS RELATING TO THE PROPOSED MERGER THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. Investors will be able to obtain free copies of the proxy statement/prospectus and other documents containing important information about New BBG, the Company and Fifth Creek, once such documents are filed with the SEC, through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by the Company will be available free of charge on the Company's internet website at www.billbarrettcorp.com under the tab "Investors" and then under the tab "SEC Filings" or by contacting the Company's Investor Relations Department at (303) 293-9100.
PARTICIPANTS IN THE SOLICITATION
New BBG, The Company, and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information about the directors and executive officers of the Company is set forth in the Company's public filings with the SEC, including its definitive proxy statement filed with the SEC on April 6, 2017. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials filed with the SEC. Free copies of these documents can be obtained as described in the preceding paragraph.
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SOURCE Bill Barrett Corporation
Article Date
12/5/2017Bill Barrett Corporation Announces Public Offering of Common Stock
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
DENVER, Dec. 5, 2017 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) announced today that it intends to offer for sale 21,000,000 shares of its common stock (the "common stock") in an underwritten public offering. J.P. Morgan will serve as sole bookrunner for the offering. The Company will grant the underwriters in the offering an option for 30 days to purchase up to an additional 3,150,000 shares of common stock to cover over-allotments, if any.
The common stock will be issued pursuant to a prospectus supplement and an accompanying prospectus filed as part of an effective shelf registration statement filed with the Securities and Exchange Commission on Form S-3.
The Company intends to use the net proceeds from the offering for general corporate purposes, including to finance future capital expenditures.
A written prospectus and prospectus supplement relating to each offering may be obtained by sending a request to: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, email: prospectus-eq_fi@jpmchase.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. Forward-looking statements in this release relate to, among other things, the planned offerings and the use of proceeds thereof.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Actual results may vary significantly from those indicated in the forward-looking statements. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC, and other filings, including the Company's Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
View original content with multimedia:http://www.prnewswire.com/news-releases/bill-barrett-corporation-announces-public-offering-of-common-stock-300567155.html
SOURCE Bill Barrett Corporation
Article Date
12/5/2017Bill Barrett Corporation Announces Uinta Basin Asset Sale
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
DENVER, Nov. 20, 2017 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) announced today that it has entered into an agreement with unaffiliated third parties to sell its remaining non-core assets located in the Uinta Basin for cash proceeds of approximately $110 million. The transaction is expected to close on or before December 31, 2017, and is subject to customary closing conditions and adjustments. The assets produced approximately 2,300 Boe/d (91% oil) during the third quarter of 2017 and had estimated proved reserves of 12 million barrels of oil equivalent (100% proved developed) as of December 31, 2016.
Chief Executive Officer and President Scot Woodall commented, "This sale transitions us into a pure-play Denver-Julesburg ("DJ") Basin company, further streamlines our operational cost structure and strengthens our balance sheet and liquidity. We have a top-tier oil position in the DJ Basin with our 2017 capital program underpinning a strong growth profile in 2018 as we expect to generate greater than 30% growth from our Northeast Wattenberg assets. We anticipate that our 2018 capital program will be fully funded as we exit 2017 with a significant cash position and an improved leverage ratio."
Tudor, Pickering, Holt & Co. advised the Company with respect to the Uinta Basin divestiture process.
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. Forward-looking statements in this release relate to, among other things, the closing and anticipated effects of, and proceeds from, the planned asset sale.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Actual results may vary significantly from those indicated in the forward-looking statements. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC, and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
View original content with multimedia:http://www.prnewswire.com/news-releases/bill-barrett-corporation-announces-uinta-basin-asset-sale-300559718.html
SOURCE Bill Barrett Corporation
Article Date
11/20/2017Bill Barrett Corporation Reports Third Quarter 2017 Financial and Operating Results Highlighted by Quarterly Production of 1.92 MMBoe and Increased 2017 Production Guidance Range of 6.9-7.1 MMBoe
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
DENVER, Oct. 31, 2017 /PRNewswire/ --
Bill Barrett Corporation (the "Company") (NYSE: BBG) today reported third quarter of 2017 financial and operating results and updated 2017 operating guidance, including higher production and lower LOE.
For the third quarter of 2017, the Company reported a net loss of $28.8 million, or $0.39 per diluted share. Adjusted net income for the third quarter of 2017 was a net loss of $5.9 million, or $0.08 per diluted share. EBITDAX for the third quarter of 2017 was $47.9 million. Adjusted net income (loss) and EBITDAX are non-GAAP (Generally Accepted Accounting Principles) measures. Please reference the reconciliations to GAAP financial statements at the end of this release.
Commenting on the quarterly results, Chief Executive Officer and President Scot Woodall stated, "We delivered another outstanding quarter of results that was highlighted by 26% sequential production growth, 33% sequential growth in oil volumes, tighter oil differentials, an 18% sequential decrease in LOE, and capital spending that was below guidance. As these results demonstrate, our execution is strong with early positive results from our enhanced completion program meeting or exceeding our base XRL type-curve. Current planned activity underpins a further increase in our production outlook and a corresponding decrease in LOE as outlined by our updated guidance. We now anticipate 2017 production growing over 20% relative to 2016 and expect to generate greater than 30% growth in 2018. This builds significant momentum as we head into 2018 with higher associated cash flow and EBITDAX generation. We recently initiated a marketed sales process to divest of our Uinta Oil Program assets and, if successful, anticipate a sale announcement prior to year-end. Proceeds will increase liquidity and help fund expected activity in 2018. We are in a good financial position with current liquidity consisting of a cash position in excess of $150 million and an undrawn credit facility that is supported by an underlying hedge position."
OPERATING AND FINANCIAL RESULTS
The following table summarizes certain operating and financial results for the third quarter of 2017 and 2016 and the second quarter of 2017:
|
Three Months Ended |
Three Months Ended | ||||||||||||||||
|
2017 |
2016 |
Change |
2017 |
Change | |||||||||||||
|
Combined production sales volumes (MBoe) |
1,920 |
1,566 |
23 |
% |
1,526 |
26 |
% | ||||||||||
|
Net cash provided by (used in) operating activities ($ millions) |
$ |
57.2 |
$ |
67.4 |
(15) |
% |
$ |
0.1 |
571 |
% | |||||||
|
Discretionary cash flow ($ millions) (1) |
$ |
34.8 |
$ |
36.5 |
(5) |
% |
$ |
21.6 |
61 |
% | |||||||
|
Combined realized prices with hedging (per Boe) |
$ |
38.78 |
$ |
45.06 |
(14) |
% |
$ |
37.42 |
4 |
% | |||||||
|
Net income (loss) ($ millions) |
$ |
(28.8) |
$ |
(26.2) |
(10) |
% |
$ |
(18.4) |
(56) |
% | |||||||
|
Per share, basic |
$ |
(0.39) |
$ |
(0.44) |
11 |
% |
$ |
(0.25) |
(56) |
% | |||||||
|
Per share, diluted |
$ |
(0.39) |
$ |
(0.44) |
11 |
% |
$ |
(0.25) |
(56) |
% | |||||||
|
Adjusted net income (loss) ($ millions) (1) |
$ |
(5.9) |
$ |
(6.2) |
5 |
% |
$ |
(12.9) |
55 |
% | |||||||
|
Per share, basic |
$ |
(0.08) |
$ |
(0.10) |
20 |
% |
$ |
(0.17) |
53 |
% | |||||||
|
Per share, diluted |
$ |
(0.08) |
$ |
(0.10) |
20 |
% |
$ |
(0.17) |
53 |
% | |||||||
|
Weighted average shares outstanding, basic (in thousands) |
74,886 |
58,852 |
27 |
% |
74,794 |
— |
% | ||||||||||
|
Weighted average shares outstanding, diluted (in thousands) |
74,886 |
58,852 |
27 |
% |
74,794 |
— |
% | ||||||||||
|
EBITDAX ($ millions) (1) |
$ |
47.9 |
$ |
49.8 |
(4) |
% |
$ |
36.7 |
31 |
% | |||||||
|
(1) |
Discretionary cash flow, adjusted net income (loss) and EBITDAX are non-GAAP (Generally Accepted Accounting Principles) measures. Please reference the reconciliations to GAAP financial statements at the end of this release. |
Oil, natural gas and natural gas liquids ("NGL") production totaled approximately 1.92 MMBoe in the third quarter of 2017. Third quarter production surpassed guidance of 1.75 MMBoe by 10% and represents a 23% increase compared to the third quarter of 2016 and a 26% increase compared to the second quarter of 2017.
Oil volumes totaled approximately 1.2 MMBbls in the third quarter, representing an 18% increase compared to the third quarter of 2016 and a 33% increase compared to the second quarter of 2017.
Higher production sales volumes were driven by an improvement in drilling and completion cycle times and positive results from the Company's enhanced completion program in the DJ Basin.
Third quarter production was comprised of approximately 63% oil, 20% natural gas and 17% NGLs.
|
Three Months Ended |
Three Months Ended | |||||||||||||
|
2017 |
2016 |
Change |
2017 |
Change | ||||||||||
|
Production Sales Data: |
||||||||||||||
|
Oil (MBbls) |
1,202 |
1,016 |
18 |
% |
902 |
33 |
% | |||||||
|
Natural gas (MMcf) |
2,274 |
1,734 |
31 |
% |
1,920 |
18 |
% | |||||||
|
NGLs (MBbls) |
339 |
261 |
30 |
% |
304 |
12 |
% | |||||||
|
Combined volumes (MBoe) |
1,920 |
1,566 |
23 |
% |
1,526 |
26 |
% | |||||||
|
Daily combined volumes (Boe/d) |
20,870 |
17,022 |
23 |
% |
16,769 |
24 |
% | |||||||
LOE averaged $3.08 per Boe in the third quarter of 2017 compared to $3.06 per Boe in the third quarter of 2016 and $3.61 per Boe in the second quarter of 2017. The 15% reduction in LOE compared to the second quarter of 2017 is attributable to increased operating efficiencies and higher production sales volumes.
Production tax expense averaged $2.80 per Boe in the third quarter of 2017 compared to $2.45 per Boe in the third quarter of 2016 and $2.25 per Boe in the second quarter of 2017. Higher production tax expense in the third quarter of 2017 was primarily attributable to higher average realized oil prices relative to the comparable quarters. Production taxes totaled 8% of pre-hedge revenues for the third quarter of 2017 compared to 7.6% of pre-hedge revenues for the third quarter of 2016.
Depreciation, depletion and amortization ("DD&A") averaged $22.52 per Boe in the third quarter of 2017 compared to $27.51 per Boe in the third quarter of 2016 and $25.78 per Boe in the second quarter of 2017. Lower DD&A on a per unit basis for the third quarter of 2017 was primarily the result of proved reserves added at lower costs.
|
Three Months Ended |
Three Months Ended | ||||||||||||||||
|
2017 |
2016 |
Change |
2017 |
Change | |||||||||||||
|
Average Costs (per Boe): |
|||||||||||||||||
|
Lease operating expenses |
$ |
3.08 |
$ |
3.06 |
1 |
% |
$ |
3.61 |
(15) |
% | |||||||
|
Gathering, transportation and processing expense |
0.32 |
0.30 |
7 |
% |
0.35 |
(9) |
% | ||||||||||
|
Production tax expenses |
2.80 |
2.45 |
14 |
% |
2.25 |
24 |
% | ||||||||||
|
Depreciation, depletion and amortization |
22.52 |
27.51 |
(18) |
% |
25.78 |
(13) |
% | ||||||||||
Debt and Liquidity
At September 30, 2017, the principal debt balance was $677.4 million, while cash and cash equivalents were $155.9 million, resulting in net debt (principal balance of debt outstanding less the cash and cash equivalents balance) of $521.5 million. Cash and cash equivalents were reduced subsequent to the end of the quarter as the Company made a regularly scheduled interest payment in October 2017 of approximately $14 million related to its Senior Notes due 2022.
The Company's semi-annual borrowing base review was completed in October 2017 with no changes to the terms or conditions of the $300 million credit facility. There are no borrowings outstanding and $274 million in available capacity after taking into account a $26 million letter of credit.
Capital Expenditures
Capital expenditures for the third quarter of 2017 totaled $56.8 million, which was 19% below the midpoint of the Company's guidance range of $65-$75 million. Lower than anticipated capital expenditures were primarily the result of improved drilling and completion efficiencies that have offset service cost increases. The Company operated two drilling rigs for the quarter and spud 26 extended reach lateral ("XRL") wells in the DJ Basin. Completion operations were conducted on 19 XRL wells.
OPERATIONAL HIGHLIGHTS
DJ Basin
The Company produced an average of 18,508 Boe/d in the third quarter of 2017, representing 28% sequential growth. Eleven XRL wells were placed on initial flowback during the third quarter and two drilling rigs are currently operating in the basin. The Company continues to see improving well results from its enhanced completion program that has evolved to include approximately 1,500 pounds of sand per lateral foot and frac stage spacing of approximately 120 feet. In addition, the Company incorporated modifications to its choke management program on recent drilling and spacing units ("DSU") that are anticipated to result in peak production being achieved earlier in the production cycle. Performance from the 2017 enhanced completion program continues to meet or exceed the Company's base XRL type-curve of 600 MBoe.
The following provides a synopsis of the current activity for the DSUs that are in the drilling and completion or initial flowback phase:
The Company continues to achieve drilling and completion efficiencies on its XRL well program that have resulted in a 28% average year-over-year improvement in 2017 cycle times leading to increased stages completed and pounds of sand pumped per day. This has been primarily achieved through a 37% improvement in the number of frac stages completed per day and a 27% improvement in the number of days required to drill out frac plugs.
Drilling and completion costs for XRL wells drilled during the first nine months of 2017 have averaged approximately $4.7 million per well, which includes the cost of incorporating higher proppant concentrations and tighter frac stage spacing.
Uinta Oil Program
Production sales volumes averaged 2,333 Boe/d (91% oil) during the third quarter of 2017. The oil price differential averaged $2.41 per barrel less than WTI as new marketing contracts became effective on May 1, 2017.
The Company has commenced a marketed sales process to divest of its Uinta Oil Program assets and, if successful, it is anticipated that a sale would be announced in the fourth quarter of 2017.
2017 OPERATING GUIDANCE
The Company is providing the following update to its 2017 operating guidance. See "Forward-Looking Statements" below.
COMMODITY HEDGES UPDATE
The following table summarizes our current hedge position as of October 30, 2017:
|
Oil (WTI) |
Natural Gas (NWPL) | |||||||||||
|
Period |
Volume |
Price |
Volume |
Price | ||||||||
|
4Q17 |
8,125 |
57.69 |
10,000 |
2.96 |
||||||||
|
1Q18 |
8,750 |
52.88 |
5,000 |
2.68 |
||||||||
|
2Q18 |
8,750 |
52.88 |
5,000 |
2.68 |
||||||||
|
3Q18 |
7,000 |
52.00 |
5,000 |
2.68 |
||||||||
|
4Q18 |
7,000 |
52.00 |
5,000 |
2.68 |
||||||||
|
1Q19 |
1,750 |
50.54 |
— |
— |
||||||||
|
2Q19 |
1,750 |
50.54 |
— |
— |
||||||||
|
3Q19 |
1,750 |
50.54 |
— |
— |
||||||||
|
4Q19 |
1,750 |
50.54 |
— |
— |
||||||||
Realized sales prices will reflect basis differentials from the index prices to the sales location.
UPCOMING EVENTS
Third Quarter Conference Call and Webcast
The Company plans to host a conference call on Wednesday, November 1, 2017, to discuss third quarter of 2017 results. The call is scheduled at 10:00 a.m. Eastern time (8:00 a.m. Mountain time). Please join the webcast conference call live or for replay via the Internet at www.billbarrettcorp.com, accessible from the home page. To join by telephone, call (855) 760-8152 ((631) 485-4979 international callers) with passcode 98924903. The webcast will remain on the Company's website for approximately 7 days and a replay of the call will be available through November 8, 2017 at (855) 859-2056 ((404) 537-3406 international) with passcode 98924903.
Investor Events
Members of the Company's management are currently scheduled to participate in the following investor events:
DISCLOSURE STATEMENTS
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. In particular, the Company is providing "2017 Operating Guidance," which contains projections for certain 2017 operational and financial metrics. Additional forward-looking statements in this release relate to, among other things, future capital expenditures, costs, projects and opportunities; and the planned disposition of our Uinta Basin properties.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Actual results may vary significantly from those indicated in the forward-looking statements. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC, and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. In particular, the planned disposition of Uinta Basin properties may not be completed in the timeframe expected, on terms favorable to us, or at all. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
|
BILL BARRETT CORPORATION | |||||||||||||||
|
Selected Operating Highlights | |||||||||||||||
|
(Unaudited) | |||||||||||||||
|
Three Months Ended |
Nine Months Ended | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
Production Data: |
|||||||||||||||
|
Oil (MBbls) |
1,202 |
1,016 |
2,929 |
2,925 |
|||||||||||
|
Natural gas (MMcf) |
2,274 |
1,734 |
6,084 |
5,298 |
|||||||||||
|
NGLs (MBbls) |
339 |
261 |
936 |
732 |
|||||||||||
|
Combined volumes (MBoe) |
1,920 |
1,566 |
4,879 |
4,540 |
|||||||||||
|
Daily combined volumes (Boe/d) |
20,870 |
17,022 |
17,872 |
16,569 |
|||||||||||
|
Average Sales Prices (before the effects of realized hedges): | |||||||||||||||
|
Oil (per Bbl) |
$ |
46.08 |
$ |
41.92 |
$ |
46.52 |
$ |
36.88 |
|||||||
|
Natural gas (per Mcf) |
2.37 |
2.29 |
2.48 |
1.81 |
|||||||||||
|
NGLs (per Bbl) |
18.93 |
13.65 |
18.40 |
12.05 |
|||||||||||
|
Combined (per Boe) |
34.99 |
32.02 |
34.54 |
27.82 |
|||||||||||
|
Average Realized Sales Prices (after the effects of realized hedges): | |||||||||||||||
|
Oil (per Bbl) |
$ |
51.86 |
$ |
61.30 |
$ |
52.18 |
$ |
62.74 |
|||||||
|
Natural gas (per Mcf) |
2.51 |
2.71 |
2.56 |
2.34 |
|||||||||||
|
NGLs (per Bbl) |
18.93 |
13.65 |
18.40 |
12.05 |
|||||||||||
|
Combined (per Boe) |
38.78 |
45.06 |
38.04 |
45.09 |
|||||||||||
|
Average Costs (per Boe): |
|||||||||||||||
|
Lease operating expenses |
$ |
3.08 |
$ |
3.06 |
$ |
3.54 |
$ |
4.87 |
|||||||
|
Gathering, transportation and processing expense |
0.32 |
0.30 |
0.34 |
0.41 |
|||||||||||
|
Production tax expenses |
2.80 |
2.45 |
1.87 |
1.55 |
|||||||||||
|
Depreciation, depletion and amortization |
22.52 |
27.51 |
24.81 |
27.64 |
|||||||||||
|
General and administrative expense (1) |
6.51 |
5.86 |
6.31 |
6.95 |
|||||||||||
|
(1) |
Includes long-term cash and equity incentive compensation of $1.40 per Boe and $1.37 per Boe for the three months ended September 30, 2017 and 2016, respectively, and $1.12 per Boe and $1.91 per Boe for the nine months ended September 30, 2017 and 2016, respectively. |
|
BILL BARRETT CORPORATION | |||||||
|
Consolidated Condensed Balance Sheets | |||||||
|
(Unaudited) | |||||||
|
As of |
As of | ||||||
|
2017 |
2016 | ||||||
|
(in thousands) | |||||||
|
Assets: |
|||||||
|
Cash and cash equivalents |
$ |
155,885 |
$ |
275,841 |
|||
|
Assets classified as held for sale |
145,553 |
— |
|||||
|
Other current assets (1) |
50,080 |
42,611 |
|||||
|
Property and equipment, net |
975,845 |
1,062,149 |
|||||
|
Other noncurrent assets (1) |
3,143 |
4,740 |
|||||
|
Total assets |
$ |
1,330,506 |
$ |
1,385,341 |
|||
|
Liabilities and Stockholders' Equity: |
|||||||
|
Liabilities associated with assets held for sale |
$ |
4,856 |
$ |
— |
|||
|
Other current liabilities |
121,511 |
85,018 |
|||||
|
Long-term debt, net of debt issuance costs |
668,744 |
711,808 |
|||||
|
Other long-term liabilities (1) |
20,381 |
16,972 |
|||||
|
Stockholders' equity |
515,014 |
571,543 |
|||||
|
Total liabilities and stockholders' equity |
$ |
1,330,506 |
$ |
1,385,341 |
|||
|
(1) |
At September 30, 2017, the estimated fair value of all of the Company's commodity derivative instruments was a net asset of $5.7 million, comprised of $5.8 million of current assets, $0.1 million of non-current assets and $0.2 million of non-current liabilities. This amount will fluctuate based on estimated future commodity prices and the current hedge position. |
|
BILL BARRETT CORPORATION | |||||||||||||||||
|
Consolidated Statements of Operations | |||||||||||||||||
|
(Unaudited) | |||||||||||||||||
|
Three Months Ended |
Nine Months Ended | ||||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||||
|
(in thousands, except per share amounts) | |||||||||||||||||
|
Operating Revenues: |
|||||||||||||||||
|
Oil, gas and NGL production |
$ |
67,175 |
$ |
50,133 |
$ |
168,541 |
$ |
126,279 | |||||||||
|
Other operating revenues |
690 |
348 |
926 |
920 | |||||||||||||
|
Total operating revenues |
67,865 |
50,481 |
169,467 |
127,199 | |||||||||||||
|
Operating Expenses: |
|||||||||||||||||
|
Lease operating |
5,919 |
4,795 |
17,287 |
22,101 | |||||||||||||
|
Gathering, transportation and processing |
620 |
472 |
1,644 |
1,871 | |||||||||||||
|
Production tax |
5,384 |
3,832 |
9,140 |
7,037 | |||||||||||||
|
Exploration |
18 |
16 |
48 |
64 | |||||||||||||
|
Impairment, dry hole costs and abandonment |
261 |
974 |
8,336 |
1,766 | |||||||||||||
|
(Gain) Loss on sale of properties |
— |
1,914 |
(92) |
1,206 | |||||||||||||
|
Depreciation, depletion and amortization |
41,732 |
43,083 |
119,409 |
125,491 | |||||||||||||
|
Unused commitments |
4,557 |
4,567 |
13,687 |
13,703 | |||||||||||||
|
General and administrative (1) |
12,496 |
9,178 |
30,788 |
31,535 | |||||||||||||
|
Other operating expenses, net |
(282) |
— |
(1,610) |
— | |||||||||||||
|
Total operating expenses |
70,705 |
68,831 |
198,637 |
204,774 | |||||||||||||
|
Operating Income (Loss) |
(2,840) |
(18,350) |
(29,170) |
(77,575) | |||||||||||||
|
Other Income and Expense: |
|||||||||||||||||
|
Interest and other income |
332 |
72 |
1,030 |
166 | |||||||||||||
|
Interest expense |
(13,926) |
(13,991) |
(44,014) |
(45,160) | |||||||||||||
|
Commodity derivative gain (loss) (2) |
(12,408) |
6,054 |
19,654 |
(7,258) | |||||||||||||
|
Gain (loss) on extinguishment of debt |
— |
29 |
(7,904) |
8,726 | |||||||||||||
|
Total other income and expense |
(26,002) |
(7,836) |
(31,234) |
(43,526) | |||||||||||||
|
Income (Loss) before Income Taxes |
(28,842) |
(26,186) |
(60,404) |
(121,101) | |||||||||||||
|
(Provision for) Benefit from Income Taxes |
— |
— |
— |
— | |||||||||||||
|
Net Income (Loss) |
$ |
(28,842) |
$ |
(26,186) |
$ |
(60,404) |
$ |
(121,101) | |||||||||
|
Net Income (Loss) per Common Share |
|||||||||||||||||
|
Basic |
$ |
(0.39) |
$ |
(0.44) |
$ |
(0.81) |
$ |
(2.28) | |||||||||
|
Diluted |
$ |
(0.39) |
$ |
(0.44) |
$ |
(0.81) |
$ |
(2.28) | |||||||||
|
Weighted Average Common Shares Outstanding |
|||||||||||||||||
|
Basic |
74,886 |
58,852 |
74,743 |
53,082 | |||||||||||||
|
Diluted |
74,886 |
58,852 |
74,743 |
53,082 | |||||||||||||
|
(1) |
Includes long-term cash and equity incentive compensation of $2.7 million and $2.1 million for the three months ended September 30, 2017 and 2016, respectively, and $5.5 million and $8.7 million for the nine months ended September 30, 2017 and 2016, respectively. | ||||||||||||||||
|
(2) |
The table below summarizes the realized and unrealized gains and losses the Company recognized related to its oil and natural gas derivative instruments for the periods indicated: | ||||||||||||||||
|
Three Months Ended |
Nine Months Ended | ||||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||||
|
(in thousands) | |||||||||||||||||
|
Included in commodity derivative gain (loss): |
|||||||||||||||||
|
Realized gain (loss) on derivatives (1) |
$ |
7,263 |
$ |
20,412 |
$ |
17,062 |
$ |
78,417 | |||||||||
|
Prior year unrealized (gain) loss transferred to realized (gain) loss (1) |
(1,036) |
(21,706) |
(2,114) |
(79,055) | |||||||||||||
|
Unrealized gain (loss) on derivatives (1) |
(18,635) |
7,348 |
4,706 |
(6,620) | |||||||||||||
|
Total commodity derivative gain (loss) |
$ |
(12,408) |
$ |
6,054 |
$ |
19,654 |
$ |
(7,258) | |||||||||
|
(1) |
Realized and unrealized gains and losses on commodity derivatives are presented herein as separate line items but are combined for a total commodity derivative gain (loss) in the Consolidated Statements of Operations. This separate presentation is a non-GAAP measure. Management believes the separate presentation of the realized and unrealized commodity derivative gains and losses is useful because the realized cash settlement portion provides a better understanding of the Company's hedge position. The Company also believes that this disclosure allows for a more accurate comparison to its peers. | ||||||||||||||||
|
BILL BARRETT CORPORATION | |||||||||||||||
|
Consolidated Statements of Cash Flows | |||||||||||||||
|
(Unaudited) | |||||||||||||||
|
Three Months Ended |
Nine Months Ended | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
(in thousands) | |||||||||||||||
|
Operating Activities: |
|||||||||||||||
|
Net income (loss) |
$ |
(28,842) |
$ |
(26,186) |
$ |
(60,404) |
$ |
(121,101) |
|||||||
|
Adjustments to reconcile to net cash provided by operations: |
|||||||||||||||
|
Depreciation, depletion and amortization |
41,732 |
43,083 |
119,409 |
125,491 |
|||||||||||
|
Impairment, dry hole costs and abandonment |
261 |
974 |
8,336 |
1,766 |
|||||||||||
|
Unrealized derivative (gain) loss |
19,672 |
14,358 |
(2,592) |
85,675 |
|||||||||||
|
Incentive compensation and other non-cash charges |
1,480 |
1,777 |
5,134 |
7,208 |
|||||||||||
|
Amortization of deferred financing costs |
510 |
573 |
1,665 |
2,075 |
|||||||||||
|
(Gain) loss on sale of properties |
— |
1,914 |
(92) |
1,206 |
|||||||||||
|
(Gain) loss on extinguishment of debt |
— |
(29) |
7,904 |
(8,726) |
|||||||||||
|
Change in operating assets and liabilities: |
|||||||||||||||
|
Accounts receivable |
(11,679) |
4,008 |
(9,252) |
13,552 |
|||||||||||
|
Prepayments and other assets |
397 |
(66) |
(980) |
(968) |
|||||||||||
|
Accounts payable, accrued and other liabilities |
25,656 |
22,846 |
20,071 |
18,903 |
|||||||||||
|
Amounts payable to oil and gas property owners |
3,698 |
493 |
6,371 |
(2,894) |
|||||||||||
|
Production taxes payable |
4,299 |
3,683 |
(187) |
(5,980) |
|||||||||||
|
Net cash provided by (used in) operating activities |
$ |
57,184 |
$ |
67,428 |
$ |
95,383 |
$ |
116,207 |
|||||||
|
Investing Activities: |
|||||||||||||||
|
Additions to oil and gas properties, including acquisitions |
(56,552) |
(7,024) |
(160,788) |
(93,704) |
|||||||||||
|
Additions of furniture, equipment and other |
(67) |
(193) |
(268) |
(1,184) |
|||||||||||
|
Proceeds from sale of properties and other investing activities |
(97) |
26,796 |
(712) |
25,571 |
|||||||||||
|
Net cash provided by (used in) investing activities |
$ |
(56,716) |
$ |
19,579 |
$ |
(161,768) |
$ |
(69,317) |
|||||||
|
Financing Activities: |
|||||||||||||||
|
Proceeds from debt |
— |
— |
275,000 |
— |
|||||||||||
|
Principal payments on debt |
(115) |
(111) |
(322,228) |
(329) |
|||||||||||
|
Proceeds from sale of common stock, net of offering costs |
— |
— |
(298) |
— |
|||||||||||
|
Deferred financing costs and other |
(33) |
(56) |
(6,045) |
(1,134) |
|||||||||||
|
Net cash provided by (used in) financing activities |
$ |
(148) |
$ |
(167) |
$ |
(53,571) |
$ |
(1,463) |
|||||||
|
Increase (Decrease) in Cash and Cash Equivalents |
320 |
86,840 |
(119,956) |
45,427 |
|||||||||||
|
Beginning Cash and Cash Equivalents |
155,565 |
87,423 |
275,841 |
128,836 |
|||||||||||
|
Ending Cash and Cash Equivalents |
$ |
155,885 |
$ |
174,263 |
$ |
155,885 |
$ |
174,263 |
|||||||
|
BILL BARRETT CORPORATION | |||||||||||||||
|
Reconciliation of Discretionary Cash Flow, Adjusted Net Income (Loss) and EBITDAX | |||||||||||||||
|
(Unaudited) | |||||||||||||||
|
Discretionary Cash Flow Reconciliation | |||||||||||||||
|
Three Months Ended |
Nine Months Ended | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
(in thousands) | |||||||||||||||
|
Net Cash Provided by (Used in) Operating Activities |
$ |
57,184 |
$ |
67,428 |
$ |
95,383 |
$ |
116,207 |
|||||||
|
Adjustments to reconcile to discretionary cash flow: |
|||||||||||||||
|
Exploration expense |
18 |
16 |
48 |
64 |
|||||||||||
|
Changes in working capital |
(22,371) |
(30,964) |
(16,023) |
(22,613) |
|||||||||||
|
Discretionary Cash Flow |
$ |
34,831 |
$ |
36,480 |
$ |
79,408 |
$ |
93,658 |
|||||||
|
Adjusted Net Income (Loss) Reconciliation | |||||||||||||||
|
Three Months Ended |
Nine Months Ended | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
(in thousands, except per share amounts) | |||||||||||||||
|
Net Income (Loss) |
$ |
(28,842) |
$ |
(26,186) |
$ |
(60,404) |
$ |
(121,101) |
|||||||
|
Provision for (Benefit from) income taxes |
— |
— |
— |
— |
|||||||||||
|
Income (Loss) before income taxes |
(28,842) |
(26,186) |
(60,404) |
(121,101) |
|||||||||||
|
Adjustments to net income (loss): |
|||||||||||||||
|
Unrealized derivative (gain) loss |
19,672 |
14,358 |
(2,592) |
85,675 |
|||||||||||
|
Impairment expense |
— |
— |
8,010 |
183 |
|||||||||||
|
(Gain) loss on sale of properties |
— |
1,914 |
(92) |
1,206 |
|||||||||||
|
(Gain) loss on extinguishment of debt |
— |
(29) |
7,904 |
(8,726) |
|||||||||||
|
One-time item: |
|||||||||||||||
|
(Income) expense related to properties sold |
(282) |
— |
(1,610) |
— |
|||||||||||
|
Adjusted Income (Loss) before income taxes |
(9,452) |
(9,943) |
(48,784) |
(42,763) |
|||||||||||
|
Adjusted (provision for) benefit from income taxes (1) |
3,549 |
3,791 |
18,460 |
16,164 |
|||||||||||
|
Adjusted Net Income (Loss) |
$ |
(5,903) |
$ |
(6,152) |
$ |
(30,324) |
$ |
(26,599) |
|||||||
|
Per share, diluted |
$ |
(0.08) |
$ |
(0.10) |
$ |
(0.41) |
$ |
(0.50) |
|||||||
|
(1) |
Adjusted (provision for) benefit from income taxes is calculated using the Company's current effective tax rate prior to applying the valuation allowance against deferred tax assets. |
|
EBITDAX Reconciliation | |||||||||||||||
|
Three Months Ended |
Nine Months Ended | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
(in thousands) | |||||||||||||||
|
Net Income (Loss) |
$ |
(28,842) |
$ |
(26,186) |
$ |
(60,404) |
$ |
(121,101) |
|||||||
|
Adjustments to reconcile to EBITDAX: |
|||||||||||||||
|
Depreciation, depletion and amortization |
41,732 |
43,083 |
119,409 |
125,491 |
|||||||||||
|
Impairment, dry hole and abandonment expense |
261 |
974 |
8,336 |
1,766 |
|||||||||||
|
Exploration expense |
18 |
16 |
48 |
64 |
|||||||||||
|
Unrealized derivative (gain) loss |
19,672 |
14,358 |
(2,592) |
85,675 |
|||||||||||
|
Incentive compensation and other non-cash charges |
1,480 |
1,777 |
5,134 |
7,208 |
|||||||||||
|
(Gain) loss on sale of properties |
— |
1,914 |
(92) |
1,206 |
|||||||||||
|
(Gain) loss on extinguishment of debt |
— |
(29) |
7,904 |
(8,726) |
|||||||||||
|
Interest and other income |
(332) |
(72) |
(1,030) |
(166) |
|||||||||||
|
Interest expense |
13,926 |
13,991 |
44,014 |
45,160 |
|||||||||||
|
Provision for (benefit from) income taxes |
— |
— |
— |
— |
|||||||||||
|
EBITDAX |
$ |
47,915 |
$ |
49,826 |
$ |
120,727 |
$ |
136,577 |
|||||||
|
Discretionary cash flow, adjusted net income (loss) and EBITDAX are non-GAAP measures. These measures are presented because management believes that they provide useful additional information to investors for analysis of the Company's ability to internally generate funds for exploration, development and acquisitions as well as adjusting net income (loss) for certain items to allow for a more consistent comparison from period to period. In addition, the Company believes that these measures are widely used by professional research analysts and others in the valuation, comparison and investment recommendations of companies in the oil and gas exploration and production industry, and that many investors use the published research of industry research analysts in making investment decisions. |
|
These measures should not be considered in isolation or as a substitute for net income, income from operations, net cash provided by operating activities or other income, profitability, cash flow or liquidity measures prepared in accordance with GAAP. The definition of these measures may vary among companies, and, therefore, the amounts presented may not be comparable to similarly titled measures of other companies. |
View original content with multimedia:http://www.prnewswire.com/news-releases/bill-barrett-corporation-reports-third-quarter-2017-financial-and-operating-results-highlighted-by-quarterly-production-of-192-mmboe-and-increased-2017-production-guidance-range-of-69-71-mmboe-300546755.html
SOURCE Bill Barrett Corporation
Article Date
10/31/2017Bill Barrett Corporation Provides Commodity Price and Derivatives Update
Source: PR Newswire
DENVER, Oct. 17, 2017 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) announced today that it is providing an update on certain third quarter of 2017 items, including commodity price and derivatives data.
For the third quarter of 2017, West Texas Intermediate ("WTI") oil prices averaged $48.20 per barrel, Northwest Pipeline ("NWPL") natural gas prices averaged $2.59 per MMBtu and NYMEX natural gas prices averaged $3.00 per MMBtu. The Company had derivative commodity swaps that settled in the third quarter of 2017 for 7,125 barrels of oil per day tied to WTI pricing at $58.77 per barrel, 10,000 MMBtu of natural gas per day tied to NWPL regional pricing at $2.96 per MMBtu and no hedges in place for NGLs.
Based on preliminary unaudited results, the Company expects to realize a cash commodity derivative gain of $7.3 million in the third quarter due to positive derivative positions. The Company expects its third quarter commodity price differentials to benchmark pricing – before commodity derivative gains and taking into account delivery location and quality adjustments – to approximate: WTI less $2.12 per barrel for oil and NWPL less $0.22 per thousand cubic feet ("Mcf") for natural gas. The Denver-Julesburg Basin oil price differential averaged WTI less $2.06 per barrel in the quarter. NGL prices averaged approximately 39% of the WTI price per barrel during the quarter.
The following table summarizes the Company's hedge position as of October 17, 2017:
|
Oil (WTI) |
Natural Gas (NWPL) | ||||
|
Period |
Volume Bbls/d |
Price $/Bbl |
Volume MMBtu/d |
Price $/MMBtu | |
|
|
8,125 |
57.69 |
10,000 |
2.96 | |
|
1Q18 |
8,000 |
52.87 |
5,000 |
2.68 | |
|
2Q18 |
8,000 |
52.87 |
5,000 |
2.68 | |
|
3Q18 |
6,000 |
51.94 |
5,000 |
2.68 | |
|
4Q18 |
6,000 |
51.94 |
5,000 |
2.68 | |
|
1Q19 |
1,500 |
50.38 |
|||
|
2Q19 |
1,500 |
50.38 |
|||
|
3Q19 |
1,500 |
50.38 |
|||
|
4Q19 |
1,500 |
50.38 |
|||
Realized sales prices will reflect basis differentials from the index prices to the sales location.
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. Forward-looking statements in this release relate to, among other things, preliminary estimates of third quarter commodity derivative gains and commodity price differentials and future financial performance and business expectations.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. Risks also include potential differences between expected reported results and actual reported results after the Company's financial statements and related reviews are finalized. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
View original content with multimedia:http://www.prnewswire.com/news-releases/bill-barrett-corporation-provides-commodity-price-and-derivatives-update-300538169.html
SOURCE Bill Barrett Corporation
Article Date
10/17/201710/10/2017 - Bill Barrett Corporation Announces Third Quarter 2017 Earnings Release and Conference Call
Bill Barrett Corporation Announces Third Quarter 2017 Earnings Release and Conference Call
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
DENVER, Oct. 10, 2017 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) announced today that the Company plans to issue its third quarter 2017 financial and operating results press release after the market close on Tuesday, October 31, 2017. The Company will host a conference call on Wednesday, November 1, 2017, to discuss the results. The call is scheduled at 10:00 a.m. Eastern time (8:00 a.m. Mountain time). Please join the webcast conference call live at www.billbarrettcorp.com, accessible from the Investor Relations page. To join by telephone, call 855-760-8152 (631-485-4979 international callers) with passcode 98924903. A replay of the call will be available through November 8, 2017, at 855-859-2056 (404-537-3406 international) with passcode 98924903.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
SOURCE Bill Barrett Corporation
Article Date
10/10/2017Bill Barrett Corporation Updates 2017 Operating Guidance; Increasing Production Guidance while Reducing Lease Operating Expense and Capital Expenditure Guidance
Source: PR Newswire
DENVER, Sept. 5, 2017 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) today announced an update to its 2017 operating guidance, including higher production and lower lease operating expense ("LOE") and capital expenditures.
Driven by a combination of early positive results from its enhanced completion program in the Denver-Julesburg ("DJ") Basin, strong results from a nine well recompletion program in the Uinta Oil Program and the expected timing of well completions during the second half of 2017, the Company is raising its 2017 production guidance range from 6.0-6.5 million barrels of oil equivalent ("MMBoe") to 6.4-6.6 MMBoe. This represents a 4% increase at the mid-point from previously released 2017 production guidance and a level that is approximately 12% higher at the mid-point than pro forma 2016 production sales volumes, excluding asset sales. Third quarter 2017 production sales volume guidance has been increased from a range of 1.55-1.65 MMBoe to approximately 1.75 MMBoe, representing an increase of approximately 9%.
The Company is delivering greater drilling and completion efficiencies with respect to its capital program that have partially offset forecasted service cost increases for 2017. As a result, it is now expected that capital expenditures will total $250-$270 million, down from an earlier estimate of $255-$285 million. The Company anticipates that 70-75 wells will be spud in 2017, which is unchanged from the previous forecast despite capital expenditure guidance being reduced by approximately 4% at the mid-point. Third quarter 2017 capital expenditures are expected to total $65-$75 million, which is unchanged from previous guidance. The Company is currently operating two drilling rigs in the DJ Basin and expects to continue to do so for the remainder of 2017. However, this plan is subject to change based on any material movement in crude prices.
The Company continues to build on operational efficiencies at the field level and as a result is decreasing its LOE guidance for 2017 from $27-$30 million to $24-$26 million, representing a decrease of 12% at the mid-point. The Company continues to pursue additional cost reducing synergies in an effort to further reduce LOE.
Commenting on the updated operating guidance, Chief Executive Officer and President Scot Woodall said, "We have done an excellent job of executing on our operational plan this year and the effort of our team is reflected in our updated guidance. We remain encouraged by the early results of our enhanced completions in the DJ Basin, which combined with faster drilling and completion cycle time allows us to deliver a higher growth profile. We are focused on the items within our control and exhibiting an increased level of operating efficiency to offset inflationary pressure, as evidenced by lower LOE and capital expenditure guidance. We maintain excellent operational flexibility with an anticipated level of planned activity that allows us to deliver a strong growth profile in 2018."
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. In particular, the Company is providing projections for certain 2017 operational and financial metrics. Additional forward-looking statements in this release relate to, among other things, future capital expenditures, costs, projects and opportunities.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Actual results may vary significantly from those indicated in the forward-looking statements. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC, and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
View original content with multimedia:http://www.prnewswire.com/news-releases/bill-barrett-corporation-updates-2017-operating-guidance-increasing-production-guidance-while-reducing-lease-operating-expense-and-capital-expenditure-guidance-300512980.html
SOURCE Bill Barrett Corporation
Article Date
9/5/2017Bill Barrett Corporation Reports Second Quarter 2017 Financial and Operating Results; Reiterates 2017 Operating Guidance
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
DENVER, Aug. 1, 2017 /PRNewswire/ --
Bill Barrett Corporation (the "Company") (NYSE: BBG) today reported second quarter of 2017 financial and operating results and reiterates 2017 operating guidance.
For the second quarter of 2017, the Company reported a net loss of $18.4 million, or $0.25 per diluted share. Adjusted net income for the second quarter of 2017 was a net loss of $12.9 million, or $0.17 per diluted share. EBITDAX for the second quarter of 2017 was $36.7 million. Adjusted net income (loss) and EBITDAX are non-GAAP (Generally Accepted Accounting Principles) measures. Please reference the reconciliations to GAAP financial statements at the end of this release.
Chief Executive Officer and President Scot Woodall commented, "We executed on our operational plan and posted very good results that translated into an across the board beat compared to sell-side consensus estimates. This was primarily achieved by higher production, higher oil price realizations, due to an improvement in differentials, and lower per unit LOE. We are seeing encouraging early results from DSUs that utilized higher sand concentration and tighter frac stage spacing. Our operations team continues to demonstrate drilling efficiencies as average drilling days for XRL wells in 2017 are approximately 18% lower compared to the average of 2016. Our pace of development is increasing with the previously announced addition of a second drilling rig in the DJ Basin. We also saw positive early performance from recompletions in the Uinta Oil Program during the quarter. We maintain operational control and flexibility with respect to our capital program, including the ability to adjust spending as warranted based on changes to the commodity price environment. Our liquidity consists of a cash position in excess of $150 million and an undrawn credit facility that is supported by our underlying hedge position. We also have no near-term debt maturities. As demonstrated by previous actions, we will be capital disciplined and financially responsible as we navigate the current commodity price environment."
OPERATING AND FINANCIAL RESULTS
The following table summarizes certain operating and financial results for the second quarters of 2017 and 2016 and the first quarter of 2017:
|
Three Months Ended |
Three Months Ended | ||||||||||||||||
|
2017 |
2016 |
Change |
2017 |
Change | |||||||||||||
|
Combined production sales volumes (MBoe) |
1,526 |
1,607 |
(5)% |
1,433 |
6 |
% | |||||||||||
|
Net cash provided by (used in) operating activities ($ millions) |
$ |
0.1 |
$ |
8.3 |
(99)% |
$ |
38.1 |
(100)% |
|||||||||
|
Discretionary cash flow ($ millions) (1) |
$ |
21.6 |
$ |
32.8 |
(34)% |
$ |
22.9 |
(6)% |
|||||||||
|
Combined realized prices with hedging (per Boe) |
$ |
37.42 |
$ |
44.84 |
(17)% |
$ |
37.71 |
(1)% |
|||||||||
|
Net income (loss) ($ millions) |
$ |
(18.4) |
$ |
(48.4) |
62 |
% |
$ |
(13.1) |
(40)% |
||||||||
|
Per share, basic |
$ |
(0.25) |
$ |
(0.93) |
73 |
% |
$ |
(0.18) |
(39)% |
||||||||
|
Per share, diluted |
$ |
(0.25) |
$ |
(0.93) |
73 |
% |
$ |
(0.18) |
(39)% |
||||||||
|
Adjusted net income (loss) ($ millions) (1) |
$ |
(12.9) |
$ |
(6.7) |
(93)% |
$ |
(11.6) |
(11)% |
|||||||||
|
Per share, basic |
$ |
(0.17) |
$ |
(0.13) |
(31)% |
$ |
(0.16) |
(6)% |
|||||||||
|
Per share, diluted |
$ |
(0.17) |
$ |
(0.13) |
(31)% |
$ |
(0.16) |
(6)% |
|||||||||
|
Weighted average shares outstanding, basic (in thousands) |
74,794 |
51,832 |
44 |
% |
74,544 |
— |
% | ||||||||||
|
Weighted average shares outstanding, diluted (in thousands) |
74,794 |
51,832 |
44 |
% |
74,544 |
— |
% | ||||||||||
|
EBITDAX ($ millions) (1) |
$ |
36.7 |
$ |
47.3 |
(22)% |
$ |
36.1 |
2 |
% | ||||||||
|
(1) |
Discretionary cash flow, adjusted net income (loss) and EBITDAX are non-GAAP (Generally Accepted Accounting Principles) measures. Please reference the reconciliations to GAAP financial statements at the end of this release. |
Oil, natural gas and natural gas liquids ("NGL") production totaled approximately 1.53 million barrels of oil equivalent ("MMBoe") in the second quarter of 2017, which was at the upper end of the guidance range of 1.45-1.55 MMBoe and represents a 6% increase in production sales volumes compared to the first quarter of 2017. Oil volumes increased 9% compared to the first quarter of 2017.
Second quarter production mix was consistent with guidance and comprised of approximately 59% oil, 21% natural gas and 20% NGLs.
|
Three Months Ended |
Three Months Ended | |||||||||||||
|
2017 |
2016 |
Change |
2017 |
Change | ||||||||||
|
Production Sales Data: |
||||||||||||||
|
Oil (MBbls) |
902 |
1,023 |
(12) |
% |
825 |
9 |
% | |||||||
|
Natural gas (MMcf) |
1,920 |
1,944 |
(1) |
% |
1,890 |
2 |
% | |||||||
|
NGLs (MBbls) |
304 |
260 |
17 |
% |
293 |
4 |
% | |||||||
|
Combined volumes (MBoe) |
1,526 |
1,607 |
(5) |
% |
1,433 |
6 |
% | |||||||
|
Daily combined volumes (Boe/d) |
16,769 |
17,659 |
(5) |
% |
15,922 |
5 |
% | |||||||
Cash operating costs (LOE, gathering, transportation and processing costs and production tax expense) averaged $6.21 per Boe in the second quarter of 2017, a 21% reduction compared to the second quarter of 2016, when cash operating costs averaged $7.85 per Boe.
LOE averaged $3.61 per Boe in the second quarter of 2017, a 32% reduction relative to the second quarter of 2016, when LOE averaged $5.28 per Boe. LOE in the DJ Basin averaged $3.06 per Boe in the second quarter of 2017 compared to $3.74 per Boe in the second quarter of 2016. The year-over-year reduction was a result of improved operational efficiencies, disposition of higher LOE wells in the Uinta Oil Program ("UOP") and lease operating cost reductions in both the DJ Basin and the UOP.
Higher production tax expense compared to the first quarter of 2017 was due to an annual adjustment of Colorado ad valorem tax based on actual assessments and on the related Colorado severance tax credit adjustment that was recorded in the first quarter.
|
Three Months Ended |
Three Months Ended | ||||||||||||||||
|
2017 |
2016 |
Change |
2017 |
Change | |||||||||||||
|
Average Costs (per Boe): |
|||||||||||||||||
|
Lease operating expenses |
$ |
3.61 |
$ |
5.28 |
(32) |
% |
$ |
4.09 |
(12) |
% | |||||||
|
Gathering, transportation and processing expense |
0.35 |
0.38 |
(8) |
% |
0.34 |
3 |
% | ||||||||||
|
Production tax expenses |
2.25 |
2.19 |
3 |
% |
0.22 |
923 |
% | ||||||||||
|
Depreciation, depletion and amortization |
25.78 |
27.05 |
(5) |
% |
26.76 |
(4) |
% | ||||||||||
Debt and Liquidity
At June 30, 2017, the principal debt balance was $677.6 million, while cash and cash equivalents were $155.6 million, resulting in net debt (principal balance of debt outstanding less the cash and cash equivalents balance) of $522.0 million.
The Company currently has $274 million in available borrowing capacity on its credit facility, after taking into account a $26 million letter of credit.
On April 28, 2017, the Company closed on an offering of $275 million in aggregate principal amount of 8.75% senior unsecured notes due 2025. Net proceeds from the offering, together with available cash on hand, was used to reduce long-term debt through the redemption of the outstanding 7.625% Senior Notes due 2019 and the outstanding 5% Convertible Senior Notes due 2028. The Company recognized a loss on extinguishment of debt of $7.9 million related to the redemption.
Capital Expenditures
Capital expenditures for the second quarter of 2017 totaled $58.5 million, which was below the Company's guidance range of $65-$75 million. The Company operated one drilling rig for the majority of the quarter and spud 8 extended reach lateral ("XRL") and 1 mid-reach lateral ("MRL") well. Completion operations were finalized on 4 XRL and 10 MRL wells in the DJ Basin and a 9 well recompletion program in the UOP. As previously outlined in the Company's 2017 capital budget discussion, a second drilling rig was added in the DJ Basin in June 2017.
OPERATIONAL HIGHLIGHTS
DJ Basin
The Company produced an average of 14,456 Boe/d in the second quarter of 2017. The Company placed 4 XRL and 10 MRL wells on initial flowback during the second quarter and is currently operating two drilling rigs.
The following provides a synopsis of the current activity for drilling and spacing units ("DSU") that are in the drilling and completion or the initial flowback phase:
Uinta Oil Program
Production sales volumes averaged 2,296 Boe/d (89% oil) during the second quarter of 2017 compared to the second quarter of 2016 average of 2,130 Boe/d. Second quarter of 2017 production sales volumes benefited from the completion of a 9 well recompletion program. The oil price differential averaged $3.60 per barrel less than WTI as new marketing contracts became effective on May 1, 2017.
2017 OPERATING GUIDANCE
The Company is providing the following update to its 2017 operating guidance. See "Forward-Looking Statements" below.
COMMODITY HEDGES UPDATE
The following table summarizes our 2017 and 2018 hedge position as of July 31, 2017:
|
Oil (WTI) |
Natural Gas (NWPL) | |||||||||||
|
Period |
Volume |
Price |
Volume |
Price | ||||||||
|
3Q17 |
7,125 |
58.77 |
10,000 |
2.96 | ||||||||
|
4Q17 |
7,125 |
58.77 |
10,000 |
2.96 | ||||||||
|
1Q18 |
6,750 |
53.20 |
— |
— | ||||||||
|
2Q18 |
6,750 |
53.20 |
— |
— | ||||||||
|
3Q18 |
4,750 |
52.24 |
— |
— | ||||||||
|
4Q18 |
4,750 |
52.24 |
— |
— | ||||||||
Realized sales prices will reflect basis differentials from the index prices to the sales location.
UPCOMING EVENTS
Second Quarter Conference Call and Webcast
The Company plans to host a conference call on Wednesday, August 2, 2017, to discuss the results and management's outlook. The call is scheduled at 10:00 a.m. Eastern time (8:00 a.m. Mountain time). Please join the webcast conference call live or for replay via the Internet at www.billbarrettcorp.com, accessible from the home page. To join by telephone, call (855) 760-8152 ((631) 485-4979 international callers) with passcode 53628131. The webcast will remain on the Company's website for approximately 7 days and a replay of the call will be available through August 9, 2017 at (855) 859-2056 ((404) 537-3406 international) with passcode 53628131.
Investor Events
Members of the Company's management are currently scheduled to participate in the following investor events:
DISCLOSURE STATEMENTS
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. In particular, the Company is providing "2017 Operating Guidance," which contains projections for certain 2017 operational and financial metrics. Additional forward-looking statements in this release relate to, among other things, future capital expenditures, costs, projects and opportunities.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Actual results may vary significantly from those indicated in the forward-looking statements. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC, and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
|
BILL BARRETT CORPORATION Selected Operating Highlights (Unaudited) | |||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
Production Data: |
|||||||||||||||
|
Oil (MBbls) |
902 |
1,023 |
1,727 |
1,909 |
|||||||||||
|
Natural gas (MMcf) |
1,920 |
1,944 |
3,810 |
3,564 |
|||||||||||
|
NGLs (MBbls) |
304 |
260 |
597 |
471 |
|||||||||||
|
Combined volumes (MBoe) |
1,526 |
1,607 |
2,959 |
2,974 |
|||||||||||
|
Daily combined volumes (Boe/d) |
16,769 |
17,659 |
16,348 |
16,341 |
|||||||||||
|
Average Sales Prices (before the effects of realized hedges): | |||||||||||||||
|
Oil (per Bbl) |
$ |
45.83 |
$ |
39.93 |
$ |
46.83 |
$ |
34.20 |
|||||||
|
Natural gas (per Mcf) |
2.43 |
1.50 |
2.54 |
1.57 |
|||||||||||
|
NGLs (per Bbl) |
16.20 |
12.55 |
18.09 |
11.15 |
|||||||||||
|
Combined (per Boe) |
33.38 |
29.26 |
34.25 |
25.60 |
|||||||||||
|
Average Realized Sales Prices (after the effects of realized hedges): | |||||||||||||||
|
Oil (per Bbl) |
$ |
52.39 |
$ |
63.34 |
$ |
52.40 |
$ |
63.50 |
|||||||
|
Natural gas (per Mcf) |
2.56 |
2.07 |
2.59 |
2.16 |
|||||||||||
|
NGLs (per Bbl) |
16.20 |
12.55 |
18.09 |
11.15 |
|||||||||||
|
Combined (per Boe) |
37.42 |
44.84 |
37.56 |
45.11 |
|||||||||||
|
Average Costs (per Boe): |
|||||||||||||||
|
Lease operating expenses |
$ |
3.61 |
$ |
5.28 |
$ |
3.84 |
$ |
5.82 |
|||||||
|
Gathering, transportation and processing expense |
0.35 |
0.38 |
0.35 |
0.47 |
|||||||||||
|
Production tax expenses |
2.25 |
2.19 |
1.27 |
1.08 |
|||||||||||
|
Depreciation, depletion and amortization |
25.78 |
27.05 |
26.25 |
28.81 |
|||||||||||
|
General and administrative expense (1) |
5.86 |
6.18 |
6.18 |
7.52 |
|||||||||||
|
(1) |
Includes long-term cash and equity incentive compensation of $1.10 per Boe and $1.61 per Boe for the three months ended June 30, 2017 and 2016, respectively, and $0.95 per Boe and $2.19 per Boe for the six months ended June 30, 2017 and 2016, respectively. |
|
BILL BARRETT CORPORATION Consolidated Condensed Balance Sheets (Unaudited) | |||||||
|
As of |
As of | ||||||
|
2017 |
2016 | ||||||
|
(in thousands) | |||||||
|
Assets: |
|||||||
|
Cash and cash equivalents |
$ |
155,565 |
$ |
275,841 |
|||
|
Other current assets (1) |
55,486 |
42,611 |
|||||
|
Property and equipment, net |
1,106,075 |
1,062,149 |
|||||
|
Other noncurrent assets (1) |
6,068 |
4,740 |
|||||
|
Total assets |
$ |
1,323,194 |
$ |
1,385,341 |
|||
|
Liabilities and Stockholders' Equity: |
|||||||
|
Current liabilities |
$ |
87,859 |
$ |
85,018 |
|||
|
Long-term debt, net of debt issuance costs |
668,545 |
711,808 |
|||||
|
Other long-term liabilities |
24,526 |
16,972 |
|||||
|
Stockholders' equity |
542,264 |
571,543 |
|||||
|
Total liabilities and stockholders' equity |
$ |
1,323,194 |
$ |
1,385,341 |
|||
|
(1) |
At June 30, 2017, the estimated fair value of all of the Company's commodity derivative instruments was a net asset of $25.4 million, comprised of $22.4 million of current assets and $3.0 million of non-current assets. This amount will fluctuate based on estimated future commodity prices and the current hedge position. |
|
BILL BARRETT CORPORATION Consolidated Statements of Operations (Unaudited) | |||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
(in thousands, except per share amounts) | |||||||||||||||
|
Operating Revenues: |
|||||||||||||||
|
Oil, gas and NGL production |
$ |
50,941 |
$ |
47,025 |
$ |
101,366 |
$ |
76,146 |
|||||||
|
Other operating revenues |
125 |
259 |
236 |
572 |
|||||||||||
|
Total operating revenues |
51,066 |
47,284 |
101,602 |
76,718 |
|||||||||||
|
Operating Expenses: |
|||||||||||||||
|
Lease operating |
5,506 |
8,479 |
11,368 |
17,306 |
|||||||||||
|
Gathering, transportation and processing |
535 |
611 |
1,024 |
1,399 |
|||||||||||
|
Production tax |
3,434 |
3,520 |
3,756 |
3,205 |
|||||||||||
|
Exploration |
3 |
21 |
30 |
48 |
|||||||||||
|
Impairment, dry hole costs and abandonment |
1 |
234 |
8,075 |
792 |
|||||||||||
|
(Gain) Loss on sale of properties |
— |
(708) |
(92) |
(708) |
|||||||||||
|
Depreciation, depletion and amortization |
39,337 |
40,392 |
77,677 |
82,408 |
|||||||||||
|
Unused commitments |
4,558 |
4,568 |
9,130 |
9,136 |
|||||||||||
|
General and administrative (1) |
8,943 |
9,937 |
18,292 |
22,357 |
|||||||||||
|
Other operating expenses, net |
(755) |
— |
(1,328) |
— |
|||||||||||
|
Total operating expenses |
61,562 |
67,054 |
127,932 |
135,943 |
|||||||||||
|
Operating Income (Loss) |
(10,496) |
(19,770) |
(26,330) |
(59,225) |
|||||||||||
|
Other Income and Expense: |
|||||||||||||||
|
Interest and other income |
492 |
57 |
698 |
94 |
|||||||||||
|
Interest expense |
(16,137) |
(15,423) |
(30,088) |
(31,169) |
|||||||||||
|
Commodity derivative gain (loss) (2) |
15,598 |
(21,980) |
32,062 |
(13,312) |
|||||||||||
|
Gain (loss) on extinguishment of debt |
(7,904) |
8,697 |
(7,904) |
8,697 |
|||||||||||
|
Total other income and expense |
(7,951) |
(28,649) |
(5,232) |
(35,690) |
|||||||||||
|
Income (Loss) before Income Taxes |
(18,447) |
(48,419) |
(31,562) |
(94,915) |
|||||||||||
|
(Provision for) Benefit from Income Taxes |
— |
— |
— |
— |
|||||||||||
|
Net Income (Loss) |
$ |
(18,447) |
$ |
(48,419) |
$ |
(31,562) |
$ |
(94,915) |
|||||||
|
Net Income (Loss) per Common Share |
|||||||||||||||
|
Basic |
$ |
(0.25) |
$ |
(0.93) |
$ |
(0.42) |
$ |
(1.89) |
|||||||
|
Diluted |
$ |
(0.25) |
$ |
(0.93) |
$ |
(0.42) |
$ |
(1.89) |
|||||||
|
Weighted Average Common Shares Outstanding |
|||||||||||||||
|
Basic |
74,794 |
51,832 |
74,670 |
50,165 |
|||||||||||
|
Diluted |
74,794 |
51,832 |
74,670 |
50,165 |
|||||||||||
|
(1) |
Includes long-term cash and equity incentive compensation of $1.7 million and $2.6 million for the three months ended June 30, 2017 and 2016, respectively, and $2.8 million and $6.5 million for the six months ended June 30, 2017 and 2016, respectively. |
|
(2) |
The table below summarizes the realized and unrealized gains and losses the Company recognized related to its oil and natural gas derivative instruments for the periods indicated: |
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
(in thousands) | |||||||||||||||
|
Included in commodity derivative gain (loss): |
|||||||||||||||
|
Realized gain (loss) on derivatives (1) |
$ |
6,167 |
$ |
25,043 |
$ |
9,799 |
$ |
58,005 |
|||||||
|
Prior year unrealized (gain) loss transferred to realized (gain) loss (1) |
(737) |
(27,863) |
(2,114) |
(57,349) |
|||||||||||
|
Unrealized gain (loss) on derivatives (1) |
10,168 |
(19,160) |
24,377 |
(13,968) |
|||||||||||
|
Total commodity derivative gain (loss) |
$ |
15,598 |
$ |
(21,980) |
$ |
32,062 |
$ |
(13,312) |
|||||||
|
(1) |
Realized and unrealized gains and losses on commodity derivatives are presented herein as separate line items but are combined for a total commodity derivative gain (loss) in the Consolidated Statements of Operations. This separate presentation is a non-GAAP measure. Management believes the separate presentation of the realized and unrealized commodity derivative gains and losses is useful because the realized cash settlement portion provides a better understanding of the Company's hedge position. The Company also believes that this disclosure allows for a more accurate comparison to its peers. |
|
BILL BARRETT CORPORATION Consolidated Statements of Cash Flows (Unaudited) | |||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
(in thousands) | |||||||||||||||
|
Operating Activities: |
|||||||||||||||
|
Net income (loss) |
$ |
(18,447) |
$ |
(48,419) |
$ |
(31,562) |
$ |
(94,915) |
|||||||
|
Adjustments to reconcile to net cash provided by operations: |
|||||||||||||||
|
Depreciation, depletion and amortization |
39,337 |
40,392 |
77,677 |
82,408 |
|||||||||||
|
Impairment, dry hole costs and abandonment |
1 |
234 |
8,075 |
792 |
|||||||||||
|
Unrealized derivative (gain) loss |
(9,432) |
47,023 |
(22,264) |
71,317 |
|||||||||||
|
Incentive compensation and other non-cash charges |
1,686 |
2,102 |
3,654 |
5,431 |
|||||||||||
|
Amortization of deferred financing costs |
597 |
863 |
1,155 |
1,502 |
|||||||||||
|
(Gain) loss on sale of properties |
— |
(708) |
(92) |
(708) |
|||||||||||
|
(Gain) loss on extinguishment of debt |
7,904 |
(8,697) |
7,904 |
(8,697) |
|||||||||||
|
Change in operating assets and liabilities: |
|||||||||||||||
|
Accounts receivable |
(1,160) |
(2,869) |
2,427 |
9,544 |
|||||||||||
|
Prepayments and other assets |
(330) |
(311) |
(1,377) |
(902) |
|||||||||||
|
Accounts payable, accrued and other liabilities |
(14,550) |
(16,196) |
(5,585) |
(3,943) |
|||||||||||
|
Amounts payable to oil and gas property owners |
1,583 |
649 |
2,673 |
(3,387) |
|||||||||||
|
Production taxes payable |
(7,088) |
(5,799) |
(4,486) |
(9,663) |
|||||||||||
|
Net cash provided by (used in) operating activities |
$ |
101 |
$ |
8,264 |
$ |
38,199 |
$ |
48,779 |
|||||||
|
Investing Activities: |
|||||||||||||||
|
Additions to oil and gas properties, including acquisitions |
(46,273) |
(25,419) |
(104,236) |
(86,680) |
|||||||||||
|
Additions of furniture, equipment and other |
(190) |
(209) |
(201) |
(991) |
|||||||||||
|
Proceeds from sale of properties and other investing activities |
(11,840) |
13 |
(615) |
(1,225) |
|||||||||||
|
Net cash provided by (used in) investing activities |
$ |
(58,303) |
$ |
(25,615) |
$ |
(105,052) |
$ |
(88,896) |
|||||||
|
Financing Activities: |
|||||||||||||||
|
Proceeds from debt |
275,000 |
— |
275,000 |
— |
|||||||||||
|
Principal payments on debt |
(322,001) |
(109) |
(322,113) |
(218) |
|||||||||||
|
Proceeds from sale of common stock, net of offering costs |
(74) |
— |
(298) |
— |
|||||||||||
|
Deferred financing costs and other |
(5,045) |
(680) |
(6,012) |
(1,078) |
|||||||||||
|
Net cash provided by (used in) financing activities |
$ |
(52,120) |
$ |
(789) |
$ |
(53,423) |
$ |
(1,296) |
|||||||
|
Increase (Decrease) in Cash and Cash Equivalents |
(110,322) |
(18,140) |
(120,276) |
(41,413) |
|||||||||||
|
Beginning Cash and Cash Equivalents |
265,887 |
105,563 |
275,841 |
128,836 |
|||||||||||
|
Ending Cash and Cash Equivalents |
$ |
155,565 |
$ |
87,423 |
$ |
155,565 |
$ |
87,423 |
|||||||
|
BILL BARRETT CORPORATION Reconciliation of Discretionary Cash Flow, Adjusted Net Income (Loss) and EBITDAX (Unaudited) | |||||||||||||||
|
Discretionary Cash Flow Reconciliation | |||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
(in thousands) | |||||||||||||||
|
Net Cash Provided by (Used in) Operating Activities |
$ |
101 |
$ |
8,264 |
$ |
38,199 |
$ |
48,779 |
|||||||
|
Adjustments to reconcile to discretionary cash flow: |
|||||||||||||||
|
Exploration expense |
3 |
21 |
30 |
48 |
|||||||||||
|
Changes in working capital |
21,545 |
24,526 |
6,348 |
8,351 |
|||||||||||
|
Discretionary Cash Flow |
$ |
21,649 |
$ |
32,811 |
$ |
44,577 |
$ |
57,178 |
|||||||
|
Adjusted Net Income (Loss) Reconciliation | |||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
(in thousands, except per share amounts) | |||||||||||||||
|
Net Income (Loss) |
$ |
(18,447) |
$ |
(48,419) |
$ |
(31,562) |
$ |
(94,915) |
|||||||
|
Provision for (Benefit from) income taxes |
— |
— |
— |
— |
|||||||||||
|
Income (Loss) before income taxes |
(18,447) |
(48,419) |
(31,562) |
(94,915) |
|||||||||||
|
Adjustments to net income (loss): |
|||||||||||||||
|
Unrealized derivative (gain) loss |
(9,432) |
47,023 |
(22,264) |
71,317 |
|||||||||||
|
Impairment expense |
— |
— |
8,010 |
183 |
|||||||||||
|
(Gain) loss on sale of properties |
— |
(708) |
(92) |
(708) |
|||||||||||
|
(Gain) loss on extinguishment of debt |
7,904 |
(8,697) |
7,904 |
(8,697) |
|||||||||||
|
One-time item: |
|||||||||||||||
|
(Income) expense related to properties sold |
(755) |
— |
(1,328) |
— |
|||||||||||
|
Adjusted Income (Loss) before income taxes |
(20,730) |
(10,801) |
(39,332) |
(32,820) |
|||||||||||
|
Adjusted (provision for) benefit from income taxes (1) |
7,869 |
4,061 |
14,911 |
12,373 |
|||||||||||
|
Adjusted Net Income (Loss) |
$ |
(12,861) |
$ |
(6,740) |
$ |
(24,421) |
$ |
(20,447) |
|||||||
|
Per share, diluted |
$ |
(0.17) |
$ |
(0.13) |
$ |
(0.33) |
$ |
(0.41) |
|||||||
|
(1) |
Adjusted (provision for) benefit from income taxes is calculated using the Company's current effective tax rate prior to applying the valuation allowance against deferred tax assets. |
|
EBITDAX Reconciliation | |||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
(in thousands) | |||||||||||||||
|
Net Income (Loss) |
$ |
(18,447) |
$ |
(48,419) |
$ |
(31,562) |
$ |
(94,915) |
|||||||
|
Adjustments to reconcile to EBITDAX: |
|||||||||||||||
|
Depreciation, depletion and amortization |
39,337 |
40,392 |
77,677 |
82,408 |
|||||||||||
|
Impairment, dry hole and abandonment expense |
1 |
234 |
8,075 |
792 |
|||||||||||
|
Exploration expense |
3 |
21 |
30 |
48 |
|||||||||||
|
Unrealized derivative (gain) loss |
(9,432) |
47,023 |
(22,264) |
71,317 |
|||||||||||
|
Incentive compensation and other non-cash charges |
1,686 |
2,102 |
3,654 |
5,431 |
|||||||||||
|
(Gain) loss on sale of properties |
— |
(708) |
(92) |
(708) |
|||||||||||
|
(Gain) loss on extinguishment of debt |
7,904 |
(8,697) |
7,904 |
(8,697) |
|||||||||||
|
Interest and other income |
(492) |
(57) |
(698) |
(94) |
|||||||||||
|
Interest expense |
16,137 |
15,423 |
30,088 |
31,169 |
|||||||||||
|
Provision for (benefit from) income taxes |
— |
— |
— |
— |
|||||||||||
|
EBITDAX |
$ |
36,697 |
$ |
47,314 |
$ |
72,812 |
$ |
86,751 |
|||||||
|
Discretionary cash flow, adjusted net income (loss) and EBITDAX are non-GAAP measures. These measures are presented because management believes that they provide useful additional information to investors for analysis of the Company's ability to internally generate funds for exploration, development and acquisitions as well as adjusting net income (loss) for certain items to allow for a more consistent comparison from period to period. In addition, the Company believes that these measures are widely used by professional research analysts and others in the valuation, comparison and investment recommendations of companies in the oil and gas exploration and production industry, and that many investors use the published research of industry research analysts in making investment decisions. |
|
These measures should not be considered in isolation or as a substitute for net income, income from operations, net cash provided by operating activities or other income, profitability, cash flow or liquidity measures prepared in accordance with GAAP. The definition of these measures may vary among companies, and, therefore, the amounts presented may not be comparable to similarly titled measures of other companies. |
View original content with multimedia:http://www.prnewswire.com/news-releases/bill-barrett-corporation-reports-second-quarter-2017-financial-and-operating-results-reiterates-2017-operating-guidance-300497724.html
SOURCE Bill Barrett Corporation
Article Date
8/1/2017Bill Barrett Corporation Provides Commodity Price and Derivatives Update
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
DENVER, July 19, 2017 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) announced today that it is providing an update on certain second quarter of 2017 items, including commodity price and derivatives data and the weighted average basic and diluted shares outstanding.
For the second quarter of 2017, West Texas Intermediate ("WTI") oil prices averaged $48.29 per barrel, Northwest Pipeline ("NWPL") natural gas prices averaged $2.67 per MMBtu and NYMEX natural gas prices averaged $3.19 per MMBtu. The Company had derivative commodity swaps that settled in the second quarter of 2017 for 6,625 barrels of oil per day tied to WTI pricing at $58.10 per barrel, 10,000 MMBtu of natural gas per day tied to NWPL regional pricing at $2.96 per MMBtu and no hedges in place for NGLs.
Based on preliminary unaudited results, the Company expects to realize a cash commodity derivative gain of $6.2 million in the second quarter due to positive derivative positions. The Company expects its second quarter commodity price differentials to benchmark pricing – before commodity derivative gains and taking into account delivery location and quality adjustments – to approximate: oil less $2.45 price per barrel versus WTI; and natural gas less $0.24 per thousand cubic feet ("Mcf") compared to NWPL. The Denver-Julesburg Basin oil price differential averaged oil less $2.16 per barrel in the quarter. NGL prices averaged approximately 34% of the WTI price per barrel during the quarter.
The following table summarizes the Company's hedge position for 2017 and 2018 as of July 19, 2017:
|
Oil (WTI) |
Natural Gas (NWPL) | ||||
|
Period |
Volume Bbls/d |
Price $/Bbl |
Volume MMBtu/d |
Price $/MMBtu | |
|
3Q17 |
7,125 |
58.77 |
10,000 |
2.96 | |
|
4Q17 |
7,125 |
58.77 |
10,000 |
2.96 | |
|
1Q18 |
6,750 |
53.20 |
|||
|
2Q18 |
6,750 |
53.20 |
|||
|
3Q18 |
4,500 |
52.35 |
|||
|
4Q18 |
4,500 |
52.35 |
|||
Realized sales prices will reflect basis differentials from the index prices to the sales location.
The Company estimates that the weighted average common basic and diluted shares for the second quarter will be approximately 74.8 million.
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. Forward-looking statements in this release relate to, among other things, preliminary estimates of second quarter commodity derivative gains, commodity price differentials and number of shares outstanding and future financial performance and business expectations.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. Risks also include potential differences between expected reported results and actual reported results after the Company's financial statements and related reviews are finalized. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
View original content with multimedia:http://www.prnewswire.com/news-releases/bill-barrett-corporation-provides-commodity-price-and-derivatives-update-300490824.html
SOURCE Bill Barrett Corporation
Article Date
7/19/20177/13/2017 - Bill Barrett Corporation Announces Second Quarter 2017 Earnings Release and Conference Call
Bill Barrett Corporation Announces Second Quarter 2017 Earnings Release and Conference Call
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
DENVER, July 13, 2017 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) announced today that the Company plans to issue its second quarter 2017 financial and operating results press release after the market close on Tuesday, August 1, 2017. The Company will host a conference call on Wednesday, August 2, 2017, to discuss the results. The call is scheduled at 10:00 a.m. Eastern time (8:00 a.m. Mountain time). Please join the webcast conference call live at www.billbarrettcorp.com, accessible from the Investor Relations page. To join by telephone, call 855-760-8152 (631-485-4979 international callers) with passcode 53628131. A replay of the call will be available through August 9, 2017, at 855-859-2056 (404-537-3406 international) with passcode 53628131.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
View original content with multimedia:http://www.prnewswire.com/news-releases/bill-barrett-corporation-announces-second-quarter-2017-earnings-release-and-conference-call-300488000.html
SOURCE Bill Barrett Corporation
Article Date
7/13/2017Bill Barrett Corporation Reports First Quarter 2017 Financial and Operating Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
DENVER, May 2, 2017 /PRNewswire/ --
Bill Barrett Corporation (the "Company") (NYSE: BBG) reports first quarter of 2017 financial and operating results.
For the first quarter of 2017, the Company reported a net loss of $13 million, or $0.18 per diluted share. Adjusted net income (non-GAAP) for the first quarter of 2017 was a net loss of $12 million, or $0.16 per diluted share. EBITDAX for the first quarter of 2017 was $36 million. Adjusted net income (loss) and EBITDAX are non-GAAP (Generally Accepted Accounting Principles) measures. Please reference the reconciliations to GAAP financial statements at the end of this release.
Chief Executive Officer and President Scot Woodall commented, "We're off to a good start in 2017 as we delivered production sales volumes at the upper end of our guidance range and we continue to demonstrate improvements in LOE and oil price realizations that are having a positive impact on operating margins. In the DJ Basin, we are implementing enhanced drilling and completion concepts, including higher sand concentration and tighter frac stage spacing that we anticipate will improve well performance and recovery going forward. We placed two DSUs on initial flowback during the first quarter and are on track to execute a 70-75 well program in the DJ Basin this year, including the addition of a second drilling rig during the second quarter that establishes a strong foundation of growth for 2018. We recently took advantage of changing oil market dynamics in Utah and negotiated a significant improvement in our Uinta Oil Program oil pricing contracts effective May 2017. This translates into improved well economics as we have recently initiated a recompletion program. Consistent with our strategy of maintaining balance sheet flexibility, we issued $275 million of senior notes, due 2025. The proceeds, plus cash on hand, will be used to redeem our existing $315 million of senior notes, due October 2019 and extends our nearest maturity to 2022. The reduction in debt and related extension of maturity positions us better financially for the future."
OPERATING AND FINANCIAL RESULTS
The following table summarizes certain operating and financial results for the first quarter of 2017 and 2016 and the fourth quarter of 2016:
|
Three Months Ended |
Three Months Ended | ||||||||||||||||
|
2017 |
2016 |
Change |
2016 |
Change | |||||||||||||
|
Combined production sales volumes (MBoe) |
1,433 |
1,367 |
5 |
% |
1,550 |
(8)% |
|||||||||||
|
Net cash provided by (used in) operating activities ($ millions) |
$ |
38.1 |
$ |
40.5 |
(6)% |
$ |
5.5 |
593 |
% | ||||||||
|
Discretionary cash flow ($ millions) (1) |
$ |
22.9 |
$ |
24.4 |
(6)% |
$ |
32.4 |
(29)% |
|||||||||
|
Combined realized prices with hedging (per Boe) |
$ |
37.71 |
$ |
45.42 |
(17)% |
$ |
44.65 |
(16)% |
|||||||||
|
Net income (loss) ($ millions) |
$ |
(13.1) |
$ |
(46.5) |
72 |
% |
$ |
(49.3) |
73 |
% | |||||||
|
Per share, basic |
$ |
(0.18) |
$ |
(0.96) |
81 |
% |
$ |
(0.79) |
77 |
% | |||||||
|
Per share, diluted |
$ |
(0.18) |
$ |
(0.96) |
81 |
% |
$ |
(0.79) |
77 |
% | |||||||
|
Adjusted net income (loss) ($ millions) (1) |
$ |
(11.6) |
$ |
(13.7) |
15 |
% |
$ |
(11.2) |
(4)% |
||||||||
|
Per share, basic |
$ |
(0.16) |
$ |
(0.28) |
43 |
% |
$ |
(0.18) |
11 |
% | |||||||
|
Per share, diluted |
$ |
(0.16) |
$ |
(0.28) |
43 |
% |
$ |
(0.18) |
11 |
% | |||||||
|
Weighted average shares outstanding, basic (in thousands) |
74,544 |
48,499 |
54 |
% |
62,241 |
20 |
% | ||||||||||
|
Weighted average shares outstanding, diluted (in thousands) |
74,544 |
48,499 |
54 |
% |
62,241 |
20 |
% | ||||||||||
|
EBITDAX ($ millions) (1) |
$ |
36.1 |
$ |
39.4 |
(8) |
% |
$ |
45.8 |
(21) |
% | |||||||
|
(1) |
Discretionary cash flow, adjusted net income (loss) and EBITDAX are non-GAAP (Generally Accepted Accounting Principles) measures. Please reference the reconciliations to GAAP financial statements at the end of this release. |
Oil, natural gas and natural gas liquids ("NGL") production totaled approximately 1.43 million barrels of oil equivalent ("MMBoe") in the first quarter of 2017. First quarter production was at the upper end of the guidance range of 1.35-1.45 MMBoe and represents a 12% increase in production sales volumes compared to the first quarter of 2016, excluding production associated with asset sales. Higher production sales volumes relative to the comparable 2016 period were primarily the result of production volumes associated with XRL wells that were placed on production during the first half of 2016, while the sequential decline is primarily due to natural declines, as no new wells were placed on production during the second half of 2016.
First quarter production was 58% oil, 22% natural gas and 20% NGLs. First quarter sales volumes had a higher natural gas component than previous quarters as a result of no new XRL wells being placed on production during the second half of 2016. The Company anticipates that the oil component of total production will increase as additional XRL wells are placed on production during 2017.
|
Three Months Ended |
Three Months Ended | |||||||||||||
|
2017 |
2016 |
Change |
2016 |
Change | ||||||||||
|
Production Sales Data: |
||||||||||||||
|
Oil (MBbls) |
825 |
886 |
(7) |
% |
960 |
(14) |
% | |||||||
|
Natural gas (MMcf) |
1,890 |
1,626 |
16 |
% |
1,866 |
1 |
% | |||||||
|
NGLs (MBbls) |
293 |
210 |
40 |
% |
279 |
5 |
% | |||||||
|
Combined volumes (MBoe) |
1,433 |
1,367 |
5 |
% |
1,550 |
(8) |
% | |||||||
|
Daily combined volumes (Boe/d) |
15,922 |
15,022 |
6 |
% |
16,848 |
(5) |
% | |||||||
Cash operating costs (lease operating expense ("LOE"), gathering, transportation and processing costs and production tax expense) averaged $4.65 per Boe in the first quarter of 2017, a 32% reduction compared to the first quarter of 2016, when cash operating costs averaged $6.81 per Boe.
LOE averaged $4.09 per Boe in the first quarter of 2017 compared to $6.46 per Boe in the first quarter of 2016. LOE in the DJ Basin averaged $3.47 per Boe in the first quarter of 2017 compared to $4.80 per Boe in the first quarter of 2016. The year-over-year reduction was a result of improved operational efficiencies, disposition of higher LOE wells in the Uinta Oil Program ("UOP") and lease operating cost reductions in both the DJ Basin and the UOP.
The decrease in production tax expense compared to the fourth quarter of 2016 is related to an annual adjustment of Colorado ad valorem tax based on actual assessments and of the related Colorado severance tax credit adjustment.
|
Three Months Ended |
Three Months Ended | ||||||||||||||||
|
2017 |
2016 |
Change |
2016 |
Change | |||||||||||||
|
Average Costs (per Boe): |
|||||||||||||||||
|
Lease operating expenses |
$ |
4.09 |
$ |
6.46 |
(37) |
% |
$ |
3.73 |
10 |
% | |||||||
|
Gathering, transportation and processing expense |
0.34 |
0.58 |
(41) |
% |
0.32 |
6 |
% | ||||||||||
|
Production tax expenses |
0.22 |
(0.23) |
196 |
% |
2.32 |
(91) |
% | ||||||||||
|
Depreciation, depletion and amortization |
26.76 |
30.74 |
(13) |
% |
29.76 |
(10) |
% | ||||||||||
Debt and Liquidity
At March 31, 2017, the principal debt balance was $718.5 million, while cash and cash equivalents were $265.9 million, resulting in net debt (principal balance of debt outstanding less the cash and cash equivalents balance) of $452.6 million. Cash and cash equivalents were reduced subsequent to the end of the quarter as the Company made regularly scheduled interest payments of approximately $26 million related to its Senior Notes due 2019 and 2022.
The Company is undergoing its semi-annual borrowing base review and expects that its current borrowing base of $300 million will remain unchanged upon completion of the review. The Company has $274 million in available borrowing capacity, after taking into account a $26 million letter of credit.
On April 28, 2017, the Company closed on an offering of $275 million in aggregate principal amount of 8.75% senior unsecured notes due 2025. Net proceeds from the offering, together with available cash on hand, will be used to reduce long-term debt through the redemption of the outstanding 7.625% Senior Notes due 2019 and and the outstanding 5% Convertible Senior Notes due 2028.
Capital Expenditures
Capital expenditures for the first quarter of 2017 totaled $59.2 million, which was below the Company's guidance range of $60-65 million. The Company operated one drilling rig during the quarter and spud 5 XRL and 9 mid-reach lateral ("MRL") wells. In addition, completion operations were finalized on 13 XRL wells. Capital expenditures for the first quarter consisted of $45.1 million for drilling and completions, $13.5 million for previously announced DJ Basin acreage acquisitions, and $0.6 million for infrastructure and corporate assets.
OPERATIONAL HIGHLIGHTS
DJ Basin
The Company produced an average of 14,187 Boe/d in the first quarter of 2017, which was 22% greater than the first quarter of 2016 average of 11,670 Boe/d. The Company achieved this growth despite a reduction in drilling activity for approximately two quarters in 2016 due to low oil prices. Drilling activity was resumed in September 2016 and two DSUs were placed on initial flowback during the first quarter. The Company is currently operating one drilling rig and plans to add a second rig during the second quarter of 2017.
The following provides a synopsis of the current DSU activity:
Pursuant to the Right-of-Way Leasing Act, the Company was issued a 2,882 acre federal lease under the Riverside Reservoir in the middle of its central and southern acreage area at a de minimis minimum bid purchase amount. The Company is engaged in forming a unit containing this acreage, which will provide up to 50 XRL drilling locations.
Uinta Oil Program
Production sales volumes averaged 1,711 Boe/d (94% oil) during the first quarter of 2017. The Company has begun a nine well recompletion program. The Company recently took advantage of changing market dynamics to negotiate new marketing contracts and expects that oil price differentials will average approximately $2.00 per barrel beginning May 1, 2017. The contracts are for a period of two years and compare favorably to an average oil price differential of $7.75 per barrel for 2016.
2017 OPERATING GUIDANCE
The Company is providing the following update to its 2017 operating guidance. See "Forward-Looking Statements" below.
COMMODITY HEDGES UPDATE
The following table summarizes the hedge position as of May 2, 2017:
|
Oil (WTI) |
Natural Gas (NWPL) | |||||||||||
|
Period |
Volume |
Price |
Volume |
Price | ||||||||
|
2Q17 |
6,625 |
58.10 |
10,000 |
2.96 | ||||||||
|
3Q17 |
7,125 |
58.77 |
10,000 |
2.96 | ||||||||
|
4Q17 |
7,125 |
58.77 |
10,000 |
2.96 | ||||||||
|
1Q18 |
4,250 |
54.64 |
— |
— | ||||||||
|
2Q18 |
4,250 |
54.64 |
— |
— | ||||||||
|
3Q18 |
2,000 |
54.34 |
— |
— | ||||||||
|
4Q18 |
2,000 |
54.34 |
— |
— | ||||||||
Realized sales prices will reflect basis differentials from the index prices to the sales location.
UPCOMING EVENTS
First Quarter Conference Call and Webcast
The Company plans to host a conference call on Wednesday, May 3, 2017, to discuss the results and management's outlook. The call is scheduled at 10:00 a.m. Eastern time (8:00 a.m. Mountain time). Please join the webcast conference call live or for replay via the Internet at www.billbarrettcorp.com, accessible from the home page. To join by telephone, call (855) 760-8152 ((631) 485-4979 international callers) with passcode 10337349. The webcast will remain on the Company's website for approximately 7 days and a replay of the call will be available through May 10, 2017 at (855) 859-2056 ((404) 537-3406 international) with passcode 10337349.
DISCLOSURE STATEMENTS
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. In particular, the Company is providing "2017 Operating Guidance," which contains projections for certain 2017 operational and financial metrics. Additional forward-looking statements in this release relate to, among other things, future capital expenditures, costs, projects and opportunities.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Actual results may vary significantly from those indicated in the forward-looking statements. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC, and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
|
BILL BARRETT CORPORATION | |||||||
|
Selected Operating Highlights | |||||||
|
(Unaudited) | |||||||
|
Three Months Ended | |||||||
|
2017 |
2016 | ||||||
|
Production Data: |
|||||||
|
Oil (MBbls) |
825 |
886 | |||||
|
Natural gas (MMcf) |
1,890 |
1,626 | |||||
|
NGLs (MBbls) |
293 |
210 | |||||
|
Combined volumes (MBoe) |
1,433 |
1,367 | |||||
|
Daily combined volumes (Boe/d) |
15,922 |
15,022 | |||||
|
Average Sales Prices (before the effects of realized hedges): | |||||||
|
Oil (per Bbl) |
$ |
47.92 |
$ |
27.60 | |||
|
Natural gas (per Mcf) |
2.66 |
1.66 | |||||
|
NGLs (per Bbl) |
20.04 |
9.43 | |||||
|
Combined (per Boe) |
35.18 |
21.30 | |||||
|
Average Realized Sales Prices (after the effects of realized hedges): | |||||||
|
Oil (per Bbl) |
$ |
52.41 |
$ |
63.69 | |||
|
Natural gas (per Mcf) |
2.62 |
2.26 | |||||
|
NGLs (per Bbl) |
20.04 |
9.43 | |||||
|
Combined (per Boe) |
37.71 |
45.42 | |||||
|
Average Costs (per Boe): |
|||||||
|
Lease operating expenses |
$ |
4.09 |
$ |
6.46 | |||
|
Gathering, transportation and processing expense |
0.34 |
0.58 | |||||
|
Production tax expenses |
0.22 |
(0.23) | |||||
|
Depreciation, depletion and amortization |
26.76 |
30.74 | |||||
|
General and administrative expense (1) |
6.52 |
9.09 | |||||
|
(1) |
Includes long-term cash and equity incentive compensation of $0.79 per Boe and $2.87 per Boe for the three months ended March 31, 2017 and 2016, respectively. |
|
BILL BARRETT CORPORATION | |||||||
|
Consolidated Condensed Balance Sheets | |||||||
|
(Unaudited) | |||||||
|
As of |
As of | ||||||
|
2017 |
2016 | ||||||
|
(in thousands) | |||||||
|
Assets: |
|||||||
|
Cash and cash equivalents |
$ |
265,887 |
$ |
275,841 | |||
|
Other current assets (1) |
45,679 |
42,611 | |||||
|
Property and equipment, net |
1,085,078 |
1,062,149 | |||||
|
Other noncurrent assets (1) |
5,100 |
4,740 | |||||
|
Total assets |
$ |
1,401,744 |
$ |
1,385,341 | |||
|
Liabilities and Stockholders' Equity: |
|||||||
|
Current liabilities |
$ |
106,410 |
$ |
85,018 | |||
|
Long-term debt, net of debt issuance costs |
711,491 |
711,808 | |||||
|
Other long-term liabilities |
24,622 |
16,972 | |||||
|
Stockholders' equity |
559,221 |
571,543 | |||||
|
Total liabilities and stockholders' equity |
$ |
1,401,744 |
$ |
1,385,341 | |||
|
(1) |
At March 31, 2017, the estimated fair value of all of the Company's commodity derivative instruments was a net asset of $16.0 million, comprised of $14.1 million of current assets and $1.9 million of non-current assets. This amount will fluctuate based on estimated future commodity prices and the current hedge position. |
|
BILL BARRETT CORPORATION | |||||||
|
Consolidated Statements of Operations | |||||||
|
(Unaudited) | |||||||
|
Three Months Ended | |||||||
|
2017 |
2016 | ||||||
|
(in thousands, except per share amounts) | |||||||
|
Operating Revenues: |
|||||||
|
Oil, gas and NGL production |
$ |
50,425 |
$ |
29,121 | |||
|
Other operating revenues |
111 |
313 | |||||
|
Total operating revenues |
50,536 |
29,434 | |||||
|
Operating Expenses: |
|||||||
|
Lease operating |
5,862 |
8,827 | |||||
|
Gathering, transportation and processing |
489 |
788 | |||||
|
Production tax |
322 |
(315) | |||||
|
Exploration |
27 |
27 | |||||
|
Impairment, dry hole costs and abandonment |
8,074 |
558 | |||||
|
(Gain) Loss on sale of properties |
(92) |
— | |||||
|
Depreciation, depletion and amortization |
38,340 |
42,016 | |||||
|
Unused commitments |
4,572 |
4,568 | |||||
|
General and administrative (1) |
9,349 |
12,420 | |||||
|
Other operating expenses, net |
(573) |
— | |||||
|
Total operating expenses |
66,370 |
68,889 | |||||
|
Operating Income (Loss) |
(15,834) |
(39,455) | |||||
|
Other Income and Expense: |
|||||||
|
Interest and other income |
206 |
37 | |||||
|
Interest expense |
(13,951) |
(15,746) | |||||
|
Commodity derivative gain (loss) (2) |
16,464 |
8,668 | |||||
|
Total other income and expense |
2,719 |
(7,041) | |||||
|
Income (Loss) before Income Taxes |
(13,115) |
(46,496) | |||||
|
(Provision for) Benefit from Income Taxes |
— |
— | |||||
|
Net Income (Loss) |
$ |
(13,115) |
$ |
(46,496) | |||
|
Net Income (Loss) per Common Share |
|||||||
|
Basic |
$ |
(0.18) |
$ |
(0.96) | |||
|
Diluted |
$ |
(0.18) |
$ |
(0.96) | |||
|
Weighted Average Common Shares Outstanding |
|||||||
|
Basic |
74,544 |
48,499 | |||||
|
Diluted |
74,544 |
48,499 | |||||
|
(1) |
Includes long-term cash and equity incentive compensation of $1.1 million and $3.9 million for the three months ended March 31, 2017 and 2016, respectively. |
|
(2) |
The table below summarizes the realized and unrealized gains and losses the Company recognized related to its oil and natural gas derivative instruments for the periods indicated: |
|
Three Months Ended | |||||||
|
2017 |
2016 | ||||||
|
(in thousands) | |||||||
|
Included in commodity derivative gain (loss): |
|||||||
|
Realized gain (loss) on derivatives (1) |
$ |
3,632 |
$ |
32,962 | |||
|
Prior year unrealized (gain) loss transferred to realized (gain) loss (1) |
(1,377) |
(29,486) | |||||
|
Unrealized gain (loss) on derivatives (1) |
14,209 |
5,192 | |||||
|
Total commodity derivative gain (loss) |
$ |
16,464 |
$ |
8,668 | |||
|
(1) |
Realized and unrealized gains and losses on commodity derivatives are presented herein as separate line items but are combined for a total commodity derivative gain (loss) in the Consolidated Statements of Operations. This separate presentation is a non-GAAP measure. Management believes the separate presentation of the realized and unrealized commodity derivative gains and losses is useful because the realized cash settlement portion provides a better understanding of the Company's hedge position. The Company also believes that this disclosure allows for a more accurate comparison to its peers. |
|
BILL BARRETT CORPORATION | |||||||
|
Consolidated Statements of Cash Flows | |||||||
|
(Unaudited) | |||||||
|
Three Months Ended | |||||||
|
2017 |
2016 | ||||||
|
(in thousands) | |||||||
|
Operating Activities: |
|||||||
|
Net income (loss) |
$ |
(13,115) |
$ |
(46,496) | |||
|
Adjustments to reconcile to net cash provided by operations: |
|||||||
|
Depreciation, depletion and amortization |
38,340 |
42,016 | |||||
|
Impairment, dry hole costs and abandonment |
8,074 |
558 | |||||
|
Unrealized derivative (gain) loss |
(12,832) |
24,294 | |||||
|
Incentive compensation and other non-cash charges |
1,968 |
3,329 | |||||
|
Amortization of deferred financing costs |
558 |
639 | |||||
|
(Gain) loss on sale of properties |
(92) |
— | |||||
|
Change in operating assets and liabilities: |
|||||||
|
Accounts receivable |
3,587 |
12,413 | |||||
|
Prepayments and other assets |
(1,047) |
(591) | |||||
|
Accounts payable, accrued and other liabilities |
8,965 |
12,253 | |||||
|
Amounts payable to oil and gas property owners |
1,090 |
(4,036) | |||||
|
Production taxes payable |
2,602 |
(3,864) | |||||
|
Net cash provided by (used in) operating activities |
$ |
38,098 |
$ |
40,515 | |||
|
Investing Activities: |
|||||||
|
Additions to oil and gas properties, including acquisitions |
(57,963) |
(61,261) | |||||
|
Additions of furniture, equipment and other |
(11) |
(782) | |||||
|
Proceeds from sale of properties and other investing activities |
11,225 |
(1,238) | |||||
|
Net cash provided by (used in) investing activities |
$ |
(46,749) |
$ |
(63,281) | |||
|
Financing Activities: |
|||||||
|
Principal payments on debt |
(112) |
(109) | |||||
|
Proceeds from sale of common stock, net of offering costs |
(224) |
— | |||||
|
Deferred financing costs and other |
(967) |
(398) | |||||
|
Net cash provided by (used in) financing activities |
$ |
(1,303) |
$ |
(507) | |||
|
Increase (Decrease) in Cash and Cash Equivalents |
(9,954) |
(23,273) | |||||
|
Beginning Cash and Cash Equivalents |
275,841 |
128,836 | |||||
|
Ending Cash and Cash Equivalents |
$ |
265,887 |
$ |
105,563 | |||
|
BILL BARRETT CORPORATION | |||||||
|
Reconciliation of Discretionary Cash Flow, Adjusted Net Income (Loss) and EBITDAX | |||||||
|
(Unaudited) | |||||||
|
Discretionary Cash Flow Reconciliation | |||||||
|
Three Months Ended | |||||||
|
2017 |
2016 | ||||||
|
(in thousands) | |||||||
|
Net Cash Provided by (Used in) Operating Activities |
$ |
38,098 |
$ |
40,515 | |||
|
Adjustments to reconcile to discretionary cash flow: |
|||||||
|
Exploration expense |
27 |
27 | |||||
|
Changes in working capital |
(15,197) |
(16,175) | |||||
|
Discretionary Cash Flow |
$ |
22,928 |
$ |
24,367 | |||
|
Adjusted Net Income (Loss) Reconciliation | |||||||
|
Three Months Ended | |||||||
|
2017 |
2016 | ||||||
|
(in thousands, except per share | |||||||
|
Net Income (Loss) |
$ |
(13,115) |
$ |
(46,496) | |||
|
Provision for (Benefit from) income taxes |
— |
— | |||||
|
Income (Loss) before income taxes |
(13,115) |
(46,496) | |||||
|
Adjustments to net income (loss): |
|||||||
|
Unrealized derivative (gain) loss |
(12,832) |
24,294 | |||||
|
Impairment expense |
8,010 |
183 | |||||
|
(Gain) loss on sale of properties |
(92) |
— | |||||
|
One-time item: |
|||||||
|
(Income) expense related to properties sold |
(573) |
— | |||||
|
Adjusted Income (Loss) before income taxes |
(18,602) |
(22,019) | |||||
|
Adjusted (provision for) benefit from income taxes (1) |
7,042 |
8,312 | |||||
|
Adjusted Net Income (Loss) |
$ |
(11,560) |
$ |
(13,707) | |||
|
Per share, diluted |
$ |
(0.16) |
$ |
(0.28) | |||
|
(1) |
Adjusted (provision for) benefit from income taxes is calculated using the Company's current effective tax rate prior to applying the valuation allowance against deferred tax assets. |
|
EBITDAX Reconciliation | |||||||
|
Three Months Ended | |||||||
|
2017 |
2016 | ||||||
|
(in thousands) | |||||||
|
Net Income (Loss) |
$ |
(13,115) |
$ |
(46,496) | |||
|
Adjustments to reconcile to EBITDAX: |
|||||||
|
Depreciation, depletion and amortization |
38,340 |
42,016 | |||||
|
Impairment, dry hole and abandonment expense |
8,074 |
558 | |||||
|
Exploration expense |
27 |
27 | |||||
|
Unrealized derivative (gain) loss |
(12,832) |
24,294 | |||||
|
Incentive compensation and other non-cash charges |
1,968 |
3,329 | |||||
|
(Gain) loss on sale of properties |
(92) |
— | |||||
|
Interest and other income |
(206) |
(37) | |||||
|
Interest expense |
13,951 |
15,746 | |||||
|
Provision for (benefit from) income taxes |
— |
— | |||||
|
EBITDAX |
$ |
36,115 |
$ |
39,437 | |||
|
Discretionary cash flow, adjusted net income (loss) and EBITDAX are non-GAAP measures. These measures are presented because management believes that they provide useful additional information to investors for analysis of the Company's ability to internally generate funds for exploration, development and acquisitions as well as adjusting net income (loss) for certain items to allow for a more consistent comparison from period to period. In addition, the Company believes that these measures are widely used by professional research analysts and others in the valuation, comparison and investment recommendations of companies in the oil and gas exploration and production industry, and that many investors use the published research of industry research analysts in making investment decisions. | |
|
These measures should not be considered in isolation or as a substitute for net income, income from operations, net cash provided by operating activities or other income, profitability, cash flow or liquidity measures prepared in accordance with GAAP. The definition of these measures may vary among companies, and, therefore, the amounts presented may not be comparable to similarly titled measures of other companies. |
SOURCE Bill Barrett Corporation
Article Date
5/2/2017Bill Barrett Corporation Announces Closing of Senior Notes Offering
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
DENVER, April 28, 2017 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE:BBG) today announced the closing of its previously announced offering of $275 million principal amount of 8.75% senior unsecured notes due 2025 (the "notes"). The Company intends to use the net proceeds from the offering, together with available cash on hand, to fund the redemption and repurchase of all of its outstanding 7.625% Senior Notes due 2019 and all of its outstanding 5% Convertible Senior Notes due 2028. The Company has issued notices of redemption in respect of such notes.
This press release is neither an offer to sell nor the solicitation of an offer to buy the notes or any other securities. The notes were offered in the United States only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States in reliance on Regulation S under the Securities Act. The notes have not been registered under the Securities Act and may not be offered or sold in the United States without registration or an applicable exemption from registration requirements.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Statements in this news release related to the Company's planned use of proceeds from the offering, and all other statements other than statements of historical fact, are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from the forward-looking statements. The Company urges you to carefully review and consider the cautionary statements made in this press release, the "Risk Factors" section of the Annual Report on Form 10-K for the year ended December 31, 2016, filed with the Securities and Exchange Commission ("SEC") on March 2, 2017, and other filings with the SEC for further information on risks and uncertainties that could affect the Company's business, financial condition and results of operations, which are incorporated by this reference as though fully set forth herein. The Company cautions you not to place undue reliance on forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update any forward-looking statements in order to reflect any event or circumstance occurring after the date of this release or currently unknown facts or conditions or the occurrence of unanticipated events. All forward looking statements are qualified in their entirety by this cautionary statement.
SOURCE Bill Barrett Corporation
Article Date
4/28/2017Bill Barrett Corporation Announces Pricing of Senior Notes Offering
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
DENVER, April 25, 2017 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE:BBG) today announced that it has priced an offering of $275 million aggregate principal amount of 8.75% senior unsecured notes due 2025 (the "notes"). The offering is expected to close on or about April 28, 2017, subject to customary closing conditions. The Company intends to use the net proceeds from the offering, together with available cash on hand, to fund the redemption and repurchase of all of its outstanding 7.625% Senior Notes due 2019 and all of its outstanding 5% Convertible Senior Notes due 2028.
This press release is neither an offer to sell nor the solicitation of an offer to buy the notes or any other securities. The notes will be offered in the United States only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States in reliance on Regulation S under the Securities Act. The notes have not been registered under the Securities Act and may not be offered or sold in the United States without registration or an applicable exemption from registration requirements.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Statements in this news release related to the Company's planned private offering of the notes, including the use of proceeds from the planned offering, and all other statements other than statements of historical fact, are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from the forward-looking statements. The Company urges you to carefully review and consider the cautionary statements made in this press release, the "Risk Factors" section of the Annual Report on Form 10-K for the year ended December 31, 2016, filed with the Securities and Exchange Commission ("SEC") on March 2, 2017, and other filings with the SEC for further information on risks and uncertainties that could affect the Company's business, financial condition and results of operations, which are incorporated by this reference as though fully set forth herein. The Company cautions you not to place undue reliance on forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update any forward-looking statements in order to reflect any event or circumstance occurring after the date of this release or currently unknown facts or conditions or the occurrence of unanticipated events. All forward-looking statements are qualified in their entirety by this cautionary statement.
SOURCE Bill Barrett Corporation
Article Date
4/25/2017Bill Barrett Corporation Announces Proposed Private Debt Offering
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
DENVER, April 24, 2017 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE:BBG) today announced that, subject to market conditions, the Company is planning a private offering of $275 million in aggregate principal amount of senior unsecured notes due 2025 (the "notes"). The Company intends to use the net proceeds from the offering, together with available cash on hand, to fund the redemption of all of its outstanding 7.625% Senior Notes due 2019 and all of its outstanding 5% Convertible Senior Notes due 2028.
This press release is neither an offer to sell nor the solicitation of an offer to buy the notes or any other securities. The notes will be offered in the United States only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States in reliance on Regulation S under the Securities Act. The notes have not been registered under the Securities Act and may not be offered or sold in the United States without registration or an applicable exemption from registration requirements.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation, headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Statements in this news release related to the Company's planned private offering of the notes, including the use of proceeds from the planned offering, and all other statements other than statements of historical fact, are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from the forward-looking statements. The Company urges you to carefully review and consider the cautionary statements made in this press release, the "Risk Factors" section of the Annual Report on Form 10-K for the year ended December 31, 2016, filed with the Securities and Exchange Commission ("SEC") on March 2, 2017, and other filings with the SEC for further information on risks and uncertainties that could affect the Company's business, financial condition and results of operations, which are incorporated by this reference as though fully set forth herein. The Company cautions you not to place undue reliance on forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update any forward-looking statements in order to reflect any event or circumstance occurring after the date of this release or currently unknown facts or conditions or the occurrence of unanticipated events. All forward looking statements are qualified in their entirety by this cautionary statement.
SOURCE Bill Barrett Corporation
Article Date
4/24/2017Bill Barrett Corporation Provides Commodity Price and Derivatives Update and Schedules First Quarter 2017 Financial Results Conference Call
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
DENVER, April 18, 2017 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) announced today that it is providing an update on certain first quarter of 2017 items, including commodity price and derivatives data and the weighted average basic and diluted shares outstanding. The Company also announced that it will host conference call on Wednesday, May 3, 2017, to discuss its first quarter of 2017 financial and operating results.
COMMODITY PRICE AND DERIVATIVES UPDATE
For the first quarter of 2017, West Texas Intermediate ("WTI") oil prices averaged $51.92 per barrel, Northwest Pipeline ("NWPL") natural gas prices averaged $2.99 per MMBtu and NYMEX natural gas prices averaged $3.32 per MMBtu. The Company had derivative commodity swaps in place for the first quarter of 2017 for 6,500 barrels of oil per day tied to WTI pricing at $58.20 per barrel, 10,000 MMBtu of natural gas per day tied to NWPL regional pricing at $2.96 per MMBtu and no hedges in place for NGLs.
Based on preliminary unaudited results, the Company expects to realize a cash commodity derivative gain of $3.6 million in the first quarter due to positive derivative positions. The Company expects its first quarter commodity price differentials to benchmark pricing – before commodity derivative gains and in relation to delivery location and quality adjustments – to approximate: oil less $4.00 price per barrel versus WTI; and natural gas less $0.33 per thousand cubic feet ("Mcf") compared to NWPL. The Denver-Julesburg Basin oil price differential averaged $2.78 per barrel, in addition the Company benefits from having no long-term oil marketing agreements. NGL prices averaged approximately 39% of the WTI price per barrel.
The following table summarizes the Company's hedge position for 2017 and 2018 as of April 18, 2017:
|
Oil (WTI) |
Natural Gas (NWPL) | ||||
|
Period |
Volume Bbls/d |
Price $/Bbl |
Volume MMBtu/d |
Price $/MMBtu | |
|
2Q17 3Q17 4Q17 |
6,625 |
58.10 58.77 58.77 |
10,000 |
2.96 2.96 2.96 | |
|
1Q18 |
4,250 |
54.64 |
|||
|
2Q18 |
4,250 |
54.64 |
|||
|
3Q18 |
2,000 |
54.34 |
|||
|
4Q18 |
2,000 |
54.34 |
|||
Realized sales prices will reflect basis differentials from the index prices to the sales location.
WEIGHTED AVERAGE SHARES OUTSTANDING
The Company estimates that the weighted average common basic and diluted shares for the first quarter will be approximately 74.5 million.
FIRST QUARTER 2017 EARNINGS CONFERENCE CALL
The Company plans to issue its first quarter 2017 financial and operating results press release after the market close on Tuesday, May 2, 2017. The Company will host a conference call on Wednesday, May 3, 2017, to discuss the results. The call is scheduled at 10:00 a.m. Eastern time (8:00 a.m. Mountain time). Please join the webcast conference call live at www.billbarrettcorp.com, accessible from the Investor Relations page. To join by telephone, call 855-760-8152 (631-485-4979 international callers) with passcode 10337349. A replay of the call will be available through May 10, 2017, at 855-859-2056 (404-537-3406 international) with passcode 10337349.
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. Forward-looking statements in this release relate to, among other things, first quarter commodity derivative gains, commodity price differentials, number of shares outstanding, future financial performance and business expectations.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. Risks also include potential differences between expected reported results and actual reported results after the Company's financial statements and related reviews are finalized. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
SOURCE Bill Barrett Corporation
Article Date
4/18/2017Bill Barrett Corporation Reports Fourth Quarter and Year-End 2016 Financial and Operating Results, Provides 2017 Operating Guidance and Establishes Initial 2018 Production Growth Outlook of 30%-50%
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
DENVER, March 2, 2017 /PRNewswire/ --
Bill Barrett Corporation (the "Company") (NYSE: BBG) today reported fourth quarter and full year 2016 financial and operating results, provided 2017 operating guidance and establishes initial 2018 production growth outlook.
For the fourth quarter of 2016, the Company reported a net loss of $49 million, or $0.79 per diluted share. Adjusted net income (non-GAAP) for the fourth quarter of 2016 was a net loss of $11 million, or $0.18 per diluted share. EBITDAX for the fourth quarter of 2016 was $46 million. For 2016, the Company reported a net loss of $170 million, or $3.08 per diluted share. Adjusted net income (non-GAAP) for 2016 was a net loss of $38 million, or $0.68 per diluted share. EBITDAX for 2016 was $182 million. Adjusted net income (loss) and EBITDAX are non-GAAP (Generally Accepted Accounting Principles) measures. Please reference the reconciliations to GAAP financial statements at the end of this release.
Chief Executive Officer and President Scot Woodall commented, "Despite a challenging year of lower oil prices, we did an excellent job of managing through the downturn and executing on our financial and operational goals. Focusing on the items within our control allowed us to report solid results for 2016, with the key drivers being production above our initial guidance expectations, capital spending coming in lower than anticipated, and LOE and G&A that were both significantly lower. We also meaningfully improved our DJ Basin oil price differentials, which helped us achieve best in class operating margins relative to our peers."
"Based on current well cost assumptions, our XRL drilling program generates attractive economic returns in the current commodity price environment. Accordingly, we are adding a second drilling rig to accelerate development and position us for increased production growth and stronger cash flows in the future. We are incorporating enhanced drilling and completion concepts that we believe will translate into improved well performance and recovery going forward. Our priority for this year is to maintain flexibility with respect to our balance sheet as we entered 2017 with $276 million of cash, an undrawn credit facility, and a strong underlying hedge position."
Mr. Woodall continued, "We plan to efficiently allocate capital to our asset portfolio, while managing our liquidity and financial flexibility. Our 2017 capital budget of $255-$285 million incorporates the addition of a drilling rig during the second quarter and will be funded with operating cash flow and cash on hand and we will maintain an undrawn credit facility. This will result in annual production growth of approximately 7% at the mid-point, pro forma for asset divestitures. The increased activity translates into very strong production growth for 2018 that is anticipated to be 30%-50% higher than 2017, with a greater increase in oil volumes."
OPERATING AND FINANCIAL RESULTS
Proved Reserves
Total estimated proved reserves at year-end 2016 were 54.9 MMBoe compared to 83.7 MMBoe at year-end 2015. Estimated proved reserves were 57% oil, 23% natural gas and 20% natural gas liquids ("NGLs") and were 66% developed compared to 48% developed at year-end 2015. The decrease in estimated proved reserves compared to year-end 2015 is primarily the result of negative commodity price-related and other revisions totaling 30.4 MMBoe, offset in part by extensions and discoveries of 9.7 MMBoe. The Company elected to take a conservative approach to proved undeveloped ("PUD") reserve bookings based on the reduced development activity level that was employed during 2016. Revisions include approximately 24.3 MMBoe that were removed from the PUD reserves category as they are not included in near-term development plans. Of the 24.3 MMBoe revision, 18.2 MMBoe in the DJ Basin was removed because they would "age out" according to the SEC's five-year development window, which is based on when the PUD was added. Other than the timing of development, these locations technically meet the SEC PUD definition and could be added if the Company's future development plan were to be accelerated. Additionally, 6.1 MMBoe of Uinta Oil Program ("UOP") reserves were removed due to the Company electing to not develop these locations in the current business plan. Had these locations not been removed, the Company and its third-party engineers estimate that year-end 2016 proved reserves would have increased 8% compared to 2015, pro forma for asset sales. It is anticipated that with a more active development program than was employed during 2016, the Company will add back additional PUD locations during 2017.
|
Changes in Proved Reserves (MMBoe) | ||
|
Proved reserves as of December 31, 2015 |
83.7 |
|
|
Extensions and discoveries |
9.7 |
|
|
Production |
(6.1) |
|
|
Sale of properties |
(2.0) |
|
|
Pricing revisions and other |
(30.4) |
|
|
Proved reserves as of December 31, 2016 |
54.9 |
|
2016 Production and Financial Results
Oil, natural gas and natural gas liquids production totaled 6.1 MMBoe for 2016 and was at the mid-point of the Company's guidance range of 6.0-6.2 MMBoe. Removing volumes associated with completed asset sales, production sales volumes totaled 5.8 MMBoe for 2016 and were approximately 11% higher compared to 2015.
Production sales volumes for the fourth quarter of 2016 totaled 1.6 MMBoe, an 8% decrease from the fourth quarter of 2015. Lower volumes were primarily the result of non-core asset divestitures completed during 2016 and the Company's decision to curtail drilling for a portion of 2016 in response to a low commodity price environment, which resulted in no new wells being placed on production during the second half of 2016. Adjusting for production sales volumes associated with asset sales, fourth quarter of 2016 production sales volumes were approximately 8% higher compared to the fourth quarter of 2015.
Production sales volumes for the fourth quarter of 2016 were weighted 62% oil, 20% natural gas and 18% NGLs. Fourth quarter sales volumes had a slightly higher natural gas and NGL component than previous quarters as a result of no new XRL wells being placed on production during the second half of 2016. This is primarily due to XRL wells having a higher percentage of oil production at the beginning of the production cycle.
|
Three Months Ended |
Twelve Months Ended | ||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||
|
Production Data: |
|||||||||||
|
Oil (MBbls) |
960 |
1,090 |
3,885 |
4,401 |
|||||||
|
Natural gas (MMcf) |
1,866 |
1,986 |
7,170 |
7,764 |
|||||||
|
NGLs (MBbls) |
279 |
264 |
1,010 |
898 |
|||||||
|
Combined volumes (MBoe) |
1,550 |
1,685 |
6,090 |
6,593 |
|||||||
|
Daily combined volumes (Boe/d) |
16,848 |
18,315 |
16,639 |
18,063 |
|||||||
Pre-hedge commodity prices for 2016 were lower compared to full-year 2015 as oil and natural gas prices declined significantly during early 2016. West Texas Intermediate ("WTI") oil prices averaged $43.32 per barrel in 2016 compared to $48.80 per barrel in 2015. NYMEX natural gas prices averaged $2.45 per MMBtu in 2016 as compared to $2.67 per MMBtu in 2015.
For the fourth quarter of 2016, WTI oil prices averaged $49.29 per barrel, NWPL natural gas prices averaged $2.72 per MMBtu and NYMEX natural gas prices averaged $2.99 per MMBtu. Fourth quarter of 2016 commodity price differentials to benchmark pricing were: oil less $4.53 price per barrel versus WTI; and natural gas less $0.25 per Mcf compared to NWPL. The DJ Basin oil price differential averaged $3.67 per barrel as the Company benefits from having no long-term oil marketing agreements. The NGL price averaged approximately 33% of the WTI price per barrel.
For the fourth quarter of 2016, the Company had derivative commodity swaps in place for 7,750 barrels of oil per day tied to WTI pricing at $72.57 per barrel, 5,000 MMBtu of natural gas per day tied to NWPL regional pricing at $4.10 per MMBtu and no hedges in place for NGLs.
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
Average Sales Prices (before the effects of realized hedges): | |||||||||||||||
|
Oil (per Bbl) |
$ |
44.76 |
$ |
35.57 |
$ |
38.83 |
$ |
40.06 |
|||||||
|
Natural gas (per Mcf) |
2.47 |
1.98 |
1.98 |
2.23 |
|||||||||||
|
NGLs (per Bbl) |
16.04 |
11.98 |
13.15 |
12.16 |
|||||||||||
|
Combined (per Boe) |
33.57 |
27.21 |
29.28 |
31.02 |
|||||||||||
|
Average Realized Sales Prices (after the effects of realized hedges): | |||||||||||||||
|
Oil (per Bbl) |
$ |
62.03 |
$ |
78.98 |
$ |
62.56 |
$ |
78.19 |
|||||||
|
Natural gas (per Mcf) |
2.80 |
3.72 |
2.46 |
3.75 |
|||||||||||
|
NGLs (per Bbl) |
16.04 |
11.98 |
13.15 |
12.16 |
|||||||||||
|
Combined (per Boe) |
44.65 |
57.36 |
44.98 |
58.27 |
|||||||||||
Cash operating costs (LOE, gathering, transportation and processing costs, and production tax expense) totaled $6.37 per Boe in the fourth quarter of 2016 as compared to $6.54 per Boe in the fourth quarter of 2015.
LOE was $3.73 per Boe in the fourth quarter of 2016 compared to $3.06 per Boe in the third quarter of 2016 and $4.70 per Boe in the fourth quarter of 2015. The sequential increase in LOE was anticipated due to greater seasonal operating costs that are typically experienced during colder months, while the year-over-year improvement was primarily a result of improved operational efficiencies and lease operating cost reductions in both the DJ Basin and the Uinta Oil Program ("UOP").
DJ Basin LOE improved to $2.96 per Boe in the fourth quarter of 2016 compared to $3.25 per Boe in the fourth quarter of 2015, and was $3.41 per Boe in 2016 compared to $4.64 per Boe in 2015.
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
Average Costs (per Boe): |
|||||||||||||||
|
Lease operating expenses |
$ |
3.73 |
$ |
4.70 |
$ |
4.58 |
$ |
6.48 |
|||||||
|
Gathering, transportation and processing expense |
0.32 |
0.55 |
0.39 |
0.53 |
|||||||||||
|
Production tax expenses |
2.32 |
1.29 |
1.75 |
1.85 |
|||||||||||
|
Depreciation, depletion and amortization |
29.76 |
27.06 |
28.18 |
31.14 |
|||||||||||
|
General and administrative expense |
6.86 |
8.82 |
6.92 |
8.17 |
|||||||||||
The following table summarizes certain operating and financial results for the fourth quarter of 2016 and 2015 and the years ended 2016 and 2015:
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
Combined production sales volumes (MBoe) |
1,550 |
1,685 |
6,090 |
6,593 |
|||||||||||
|
Net cash provided by (used in) operating activities ($ millions) |
$ |
5.5 |
$ |
27.8 |
$ |
121.7 |
$ |
193.7 |
|||||||
|
Discretionary cash flow ($ millions) (1) |
$ |
32.4 |
$ |
53.3 |
$ |
126.1 |
$ |
206.3 |
|||||||
|
Net income (loss) ($ millions) |
$ |
(49.3) |
$ |
(21.1) |
$ |
(170.4) |
$ |
(487.8) |
|||||||
|
Per share, basic |
$ |
(0.79) |
$ |
(0.45) |
$ |
(3.08) |
$ |
(10.10) |
|||||||
|
Per share, diluted |
$ |
(0.79) |
$ |
(0.45) |
$ |
(3.08) |
$ |
(10.10) |
|||||||
|
Adjusted net income (loss) ($ millions) (1) |
$ |
(11.2) |
$ |
3.4 |
$ |
(37.8) |
$ |
(9.4) |
|||||||
|
Per share, basic |
$ |
(0.18) |
$ |
0.07 |
$ |
(0.68) |
$ |
(0.20) |
|||||||
|
Per share, diluted |
$ |
(0.18) |
$ |
0.07 |
$ |
(0.68) |
$ |
(0.20) |
|||||||
|
Weighted average shares outstanding, basic (in thousands) |
62,241 |
48,373 |
55,384 |
48,303 |
|||||||||||
|
Weighted average shares outstanding, diluted (in thousands) |
62,241 |
48,373 |
55,384 |
48,303 |
|||||||||||
|
EBITDAX ($ millions) (1) |
$ |
45.8 |
$ |
68.3 |
$ |
182.4 |
$ |
266.2 |
|||||||
|
(1) |
Discretionary cash flow, adjusted net income (loss) and EBITDAX are non-GAAP (Generally Accepted Accounting Principles) measures. Please reference the reconciliations to GAAP financial statements at the end of this release. |
At December 31, 2016, the Company's $300 million revolving credit facility had zero drawn and $274.0 million in available capacity, after taking into account a $26.0 million letter of credit. The principal balance of long-term debt was $718.2 million and cash and cash equivalents were $275.8 million, resulting in net debt (principal balance of debt outstanding less the cash and cash equivalents balance) of $442.4 million. Cash and cash equivalents include approximately $110 million of net proceeds from the common stock offering completed in December 2016.
DJ Basin Acquisition
The Company recently closed a transaction to acquire approximately 13,000 net acres in the DJ Basin for $11.8 million. The acquired acreage extends southwest of the Company's current NE Wattenberg acreage position, including its six 1,280 acre "south of the river" DSUs currently under development. It is estimated that the acquired acreage contains approximately 80 operated XRL drilling locations and additional ownership in approximately 20 gross XRL locations, which are all prospective for the Niobrara "B", Niobrara "C" and Codell horizons.
In addition, the Company was the successful bidder on five lease parcels at the November 2016, Colorado state lease sale, comprising 830 acres, for bonus bids totaling approximately $1.5 million.
Capital Expenditures
Capital expenditures of $98.3 million for 2016 were 66% lower than 2015 and included drilling 15 net operated XRL wells in the DJ Basin. Capital expenditures included $86.3 million for drilling and completion operations, $5.6 million for leaseholds to expand development programs, and $6.4 million for infrastructure and corporate purposes.
Capital expenditures for the fourth quarter of 2016 totaled $28.8 million and included drilling 11 net operated XRL wells in the DJ Basin. Capital expenditures included $25.5 million for drilling and completion operations, $3.0 million for leaseholds, and $0.3 million for infrastructure and corporate assets.
|
Three Months Ended December 31, 2016 |
Twelve Months Ended December 31, 2016 | ||||||||||||||||
|
Average Net |
Operated |
Capital |
Average Net |
Operated |
Capital | ||||||||||||
|
Basin: |
|||||||||||||||||
|
Denver-Julesburg |
14,826 |
11 |
$ |
28.5 |
13,809 |
15 |
$ |
95.5 |
|||||||||
|
Uinta |
2,000 |
— |
0.3 |
2,792 |
— |
1.4 |
|||||||||||
|
Other |
22 |
— |
— |
38 |
— |
1.4 |
|||||||||||
|
Total |
16,848 |
11 |
$ |
28.8 |
16,639 |
15 |
$ |
98.3 |
|||||||||
OPERATIONAL HIGHLIGHTS
DJ Basin
In the fourth quarter of 2016, the Company produced an average of 14,826 Boe/d, which was a 15% increase from the fourth quarter of 2015 average of 12,864 Boe/d, excluding volumes associated with asset sales. DJ Basin oil volumes averaged 8,723 Bbls/d, which was an increase of 13% from the fourth quarter of 2015, excluding volumes associated with asset sales.
The Company resumed drilling operations during the third quarter of 2016 with the initial DSU being recently placed on initial flowback. Accordingly, the Company did not have any new wells on production during the fourth quarter of 2016. The Company is currently operating one drilling rig in NE Wattenberg and plans to add a rig to accelerate development during the second quarter of 2017.
The following provides a synopsis of the current DSU activity:
Uinta Oil Program
The Company produced an average of 2,000 Boe/d for the fourth quarter of 2016. There was no new drilling and completion activity in the UOP during the fourth quarter of 2016. Future operations consist of several planned recompletions during the second quarter of 2017.
2017 OPERATING GUIDANCE
The 2017 capital program is designed to maintain financial and operational flexibility, while accelerating development in NE Wattenberg. Accordingly, an additional drilling rig will be added during the second quarter of 2017. The capital program will primarily be focused on XRL well development in the DJ Basin with expenditures in the UOP consisting of planned well recompletions during the second quarter of 2017. Based on the forecasted timing of completions associated with the second drilling rig, the increased activity is expected to contribute minimally to 2017 production, but is expected to have a greater impact in 2018. It is expected that 2017 production levels will be approximately 7% higher than 2016 production at the mid-point of guidance, pro forma for previously completed asset sales, with 2018 corporate production anticipated to grow 30%-50%.
The Company enters 2017 well positioned having ample liquidity, a strong underlying hedge position with 60%-65% of its 2017 oil production currently hedged at an average of $58.47 per barrel of oil, nominal drilling commitments and no long-term drilling, completion or oil marketing contracts. As such, the Company retains the operational and financial flexibility to accelerate or decelerate development activity in response to any changes in economic conditions. The capital expenditure program is expected to be funded with operating cash flow and available cash on hand. The Company also expects to exit 2017 with a positive cash position and an undrawn credit facility.
The Company is providing the following guidance for its 2017 activities. See "Forward-Looking Statements" below.
COMMODITY HEDGES UPDATE
Generally, it is the Company's strategy to hedge 50%-70% of production on a forward 12-month to 18-month basis to reduce the risks associated with unpredictable future commodity prices, to provide certainty for a portion of its cash flow and to support its capital expenditure program.
For 2017, 6,846 barrels per day of oil is hedged at an average WTI price of $58.47 per barrel and 10,000 MMBtu/d of natural gas is hedged at an average NWPL price of $2.96 per MMBtu.
For 2018, 2,616 barrels per day of oil is hedged at an average WTI price of $55.00 per barrel and no natural gas hedges in place.
As of March 2, 2017, the Company had the following commodity hedge positions in place for 2017 and 2018:
|
Oil (WTI) |
Natural Gas (NWPL) | |||||||||||||
|
Period |
Volume |
Price |
Volume |
Price | ||||||||||
|
1Q17 |
6,500 |
$ |
58.20 |
10,000 |
$ |
2.96 |
||||||||
|
2Q17 |
6,625 |
58.10 |
10,000 |
2.96 |
||||||||||
|
3Q17 |
7,125 |
58.77 |
10,000 |
2.96 |
||||||||||
|
4Q17 |
7,125 |
58.77 |
10,000 |
2.96 |
||||||||||
|
1Q18 |
3,750 |
54.97 |
— |
— |
||||||||||
|
2Q18 |
3,750 |
54.97 |
— |
— |
||||||||||
|
3Q18 |
1,500 |
55.06 |
— |
— |
||||||||||
|
4Q18 |
1,500 |
55.06 |
— |
— |
||||||||||
Realized sales prices will reflect basis differentials from the index prices to the sales location.
UPCOMING EVENTS
Teleconference Call and Webcast
The Company plans to host a conference call on Friday, March 3, 2017, to discuss the results and other items presented in this press release. The call is scheduled at 10:00 a.m. Eastern time (8:00 a.m. Mountain time). Please join the webcast conference call live or for replay via the Internet at www.billbarrettcorp.com, accessible from the home page. To join by telephone, call 855-760-8152 (631-485-4979 international callers) with passcode 60765706. The webcast will remain on the Company's website for approximately 30 days and a replay of the call will be available through Friday, March 10, 2017 at 855-859-2056 (404-537-3406 international) with passcode 60765706.
For additional information, reference the Fourth Quarter and Full-Year 2016 Results presentation that will be available on the Investor Relations page of the Company's website prior to the start of the conference call.
Investor Events
Members of management are scheduled to participate in the following investor events:
Presentation materials for the conference will be posted to the Company's website at www.billbarrettcorp.com in the Investor Relations section.
DISCLOSURE STATEMENTS
Reserve Disclosure
The Company may from time to time provide internally generated estimates of its probable and possible reserves. These estimates conform to SPEE methodology, but are not prepared or reviewed by third party engineers. Unless otherwise indicated, probable and possible reserve estimates are determined using year-end pricing, as used in the calculation of proved reserves. Probable and possible reserves are subject to significantly greater risk of recovery than proved reserves.
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. In particular, the Company is providing "2017 Operating Guidance," which contains projections for certain 2017 operational and financial metrics, and an outlook for 2018 production. Additional forward-looking statements in this release relate to, among other things, future capital expenditures, projects, rates of return, costs, operational improvements and opportunities.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Actual results may vary significantly from those indicated in the forward-looking statements due to, among other things: oil, NGL and natural gas price volatility, including regional price differentials; changes in operational and capital plans; changes in capital costs, operating costs, availability and timing of build-out of third party facilities for gathering, processing, refining and transportation; delays or other impediments to drilling and completing wells arising from political or judicial developments at the local, state or federal level, including voter initiatives related to hydraulic fracturing; development drilling and testing results; the potential for production decline rates to be greater than expected; regulatory delays, including seasonal or other wildlife restrictions on federal lands; exploration risks such as drilling unsuccessful wells; higher than expected costs and expenses, including the availability and cost of services and materials, and our potential inability to achieve expected cost savings; unexpected future capital expenditures; economic and competitive conditions; debt and equity market conditions, including the availability and costs of financing to fund the Company's operations; the ability to obtain industry partners to jointly explore certain prospects, and the willingness and ability of those partners to meet capital obligations when requested; declines in the values of our oil and gas properties resulting in impairments; changes in estimates of proved reserves; compliance with environmental and other regulations, including new emission control requirements; derivative and hedging activities; risks associated with operating in one major geographic area; the success of the Company's risk management activities; unexpected obstacles to closing anticipated transactions or unfavorable purchase price adjustments; title to properties; litigation; and environmental liabilities. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC and for the year 2016 upon filing, and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website at www.billbarrettcorp.com.
|
BILL BARRETT CORPORATION | |||||||||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
Production Data: |
|||||||||||||||
|
Oil (MBbls) |
960 |
1,090 |
3,885 |
4,401 |
|||||||||||
|
Natural gas (MMcf) |
1,866 |
1,986 |
7,170 |
7,764 |
|||||||||||
|
NGLs (MBbls) |
279 |
264 |
1,010 |
898 |
|||||||||||
|
Combined volumes (MBoe) |
1,550 |
1,685 |
6,090 |
6,593 |
|||||||||||
|
Daily combined volumes (Boe/d) |
16,848 |
18,315 |
16,639 |
18,063 |
|||||||||||
|
Average Sales Prices (before the effects of realized hedges): | |||||||||||||||
|
Oil (per Bbl) |
$ |
44.76 |
$ |
35.57 |
$ |
38.83 |
$ |
40.06 |
|||||||
|
Natural gas (per Mcf) |
2.47 |
1.98 |
1.98 |
2.23 |
|||||||||||
|
NGLs (per Bbl) |
16.04 |
11.98 |
13.15 |
12.16 |
|||||||||||
|
Combined (per Boe) |
33.57 |
27.21 |
29.28 |
31.02 |
|||||||||||
|
Average Realized Sales Prices (after the effects of realized hedges): | |||||||||||||||
|
Oil (per Bbl) |
$ |
62.03 |
$ |
78.98 |
$ |
62.56 |
$ |
78.19 |
|||||||
|
Natural gas (per Mcf) |
2.80 |
3.72 |
2.46 |
3.75 |
|||||||||||
|
NGLs (per Bbl) |
16.04 |
11.98 |
13.15 |
12.16 |
|||||||||||
|
Combined (per Boe) |
44.65 |
57.36 |
44.98 |
58.27 |
|||||||||||
|
Average Costs (per Boe): |
|||||||||||||||
|
Lease operating expenses |
$ |
3.73 |
$ |
4.70 |
$ |
4.58 |
$ |
6.48 |
|||||||
|
Gathering, transportation and processing expense |
0.32 |
0.55 |
0.39 |
0.53 |
|||||||||||
|
Production tax expenses |
2.32 |
1.29 |
1.75 |
1.85 |
|||||||||||
|
Depreciation, depletion and amortization |
29.76 |
27.06 |
28.18 |
31.14 |
|||||||||||
|
General and administrative expense (1) |
6.86 |
8.82 |
6.92 |
8.17 |
|||||||||||
|
(1) |
Includes long-term cash and equity incentive compensation of $2.12 per Boe and $1.79 per Boe for the three months ended December 31, 2016 and 2015, respectively, and $1.96 per Boe and $1.64 per Boe for the twelve months ended December 31, 2016 and 2015, respectively. |
|
BILL BARRETT CORPORATION | |||||||
|
As of |
As of December 31, | ||||||
|
2016 |
2015 | ||||||
|
(in thousands) | |||||||
|
Assets: |
|||||||
|
Cash and cash equivalents |
$ |
275,841 |
$ |
128,836 |
|||
|
Other current assets (1) |
42,611 |
145,481 |
|||||
|
Property and equipment, net |
1,062,149 |
1,170,684 |
|||||
|
Other noncurrent assets |
4,740 |
61,519 |
|||||
|
Total assets |
$ |
1,385,341 |
$ |
1,506,520 |
|||
|
Liabilities and Stockholders' Equity: |
|||||||
|
Current liabilities (1) |
$ |
85,018 |
$ |
145,231 |
|||
|
Long-term debt, net of debt issuance costs |
711,808 |
794,652 |
|||||
|
Other long-term liabilities (1) |
16,972 |
17,221 |
|||||
|
Stockholders' equity |
571,543 |
549,416 |
|||||
|
Total liabilities and stockholders' equity |
$ |
1,385,341 |
$ |
1,506,520 |
|||
|
(1) |
At December 31, 2016, the estimated fair value of all of the Company's commodity derivative instruments was a net asset of $3.2 million, comprised of $8.4 million of current assets, $4.3 million of current liabilities and $0.9 million of noncurrent liabilities. This amount will fluctuate based on estimated future commodity prices and the current hedge position. |
|
BILL BARRETT CORPORATION | |||||||||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
(in thousands, except per share amounts) | |||||||||||||||
|
Operating Revenues: |
|||||||||||||||
|
Oil, gas and NGLs |
$ |
52,049 |
$ |
45,870 |
$ |
178,328 |
$ |
204,537 |
|||||||
|
Other operating revenues |
(429) |
691 |
491 |
3,355 |
|||||||||||
|
Total operating revenues |
51,620 |
46,561 |
178,819 |
207,892 |
|||||||||||
|
Operating Expenses: |
|||||||||||||||
|
Lease operating |
5,785 |
7,919 |
27,886 |
42,753 |
|||||||||||
|
Gathering, transportation and processing |
494 |
923 |
2,365 |
3,482 |
|||||||||||
|
Production tax |
3,601 |
2,177 |
10,638 |
12,197 |
|||||||||||
|
Exploration |
19 |
8 |
83 |
153 |
|||||||||||
|
Impairment, dry hole costs and abandonment |
2,483 |
314 |
4,249 |
575,310 |
|||||||||||
|
(Gain) loss on sale of properties |
(128) |
2,504 |
1,078 |
1,745 |
|||||||||||
|
Depreciation, depletion and amortization |
46,150 |
45,609 |
171,641 |
205,275 |
|||||||||||
|
Unused commitments |
4,569 |
5,936 |
18,272 |
19,099 |
|||||||||||
|
General and administrative (1) |
10,634 |
14,864 |
42,169 |
53,890 |
|||||||||||
|
Other operating expenses, net |
(316) |
— |
(316) |
— |
|||||||||||
|
Total operating expenses |
73,291 |
80,254 |
278,065 |
913,904 |
|||||||||||
|
Operating Income (Loss) |
(21,671) |
(33,693) |
(99,246) |
(706,012) |
|||||||||||
|
Other Income and Expense: |
|||||||||||||||
|
Interest and other income |
69 |
46 |
235 |
565 |
|||||||||||
|
Interest expense |
(14,213) |
(15,731) |
(59,373) |
(65,305) |
|||||||||||
|
Commodity derivative gain (loss) (2) |
(13,462) |
28,233 |
(20,720) |
104,147 |
|||||||||||
|
Gain (loss) on extinguishment of debt |
— |
— |
8,726 |
1,749 |
|||||||||||
|
Total other income and expense |
(27,606) |
12,548 |
(71,132) |
41,156 |
|||||||||||
|
Income (Loss) before Income Taxes |
(49,277) |
(21,145) |
(170,378) |
(664,856) |
|||||||||||
|
(Provision for) Benefit from Income Taxes |
— |
— |
— |
177,085 |
|||||||||||
|
Net Income (Loss) |
$ |
(49,277) |
$ |
(21,145) |
$ |
(170,378) |
$ |
(487,771) |
|||||||
|
Net Income (Loss) per Common Share |
|||||||||||||||
|
Basic |
$ |
(0.79) |
$ |
(0.45) |
$ |
(3.08) |
$ |
(10.10) |
|||||||
|
Diluted |
$ |
(0.79) |
$ |
(0.45) |
$ |
(3.08) |
$ |
(10.10) |
|||||||
|
Weighted Average Common Shares Outstanding |
|||||||||||||||
|
Basic |
62,241 |
48,373 |
55,384 |
48,303 |
|||||||||||
|
Diluted |
62,241 |
48,373 |
55,384 |
48,303 |
|||||||||||
|
(1) |
Includes long-term cash and equity incentive compensation of $3.3 million and $3.0 million for the three months ended December 31, 2016 and 2015, respectively, and $11.9 million and $10.8 million for the twelve months ended December 31, 2016 and 2015, respectively. |
|
(2) |
The table below summarizes the realized and unrealized gains and losses the Company recognized related to its oil and natural gas derivative instruments for the periods indicated: |
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
(in thousands) | |||||||||||||||
|
Included in commodity derivative gain (loss): |
|||||||||||||||
|
Realized gain (loss) on derivatives |
$ |
17,181 |
$ |
50,818 |
$ |
95,598 |
$ |
179,652 |
|||||||
|
Reversal of prior year unrealized gain transferred to realized gain |
(20,754) |
(46,681) |
(99,809) |
(145,226) |
|||||||||||
|
Unrealized gain (loss) on derivatives |
(9,889) |
24,096 |
(16,509) |
69,721 |
|||||||||||
|
Total commodity derivative gain (loss) |
$ |
(13,462) |
$ |
28,233 |
$ |
(20,720) |
$ |
104,147 |
|||||||
|
BILL BARRETT CORPORATION | |||||||||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
(in thousands) | |||||||||||||||
|
Operating Activities: |
|||||||||||||||
|
Net income (loss) |
$ |
(49,277) |
$ |
(21,145) |
$ |
(170,378) |
$ |
(487,771) |
|||||||
|
Adjustments to reconcile to net cash provided by operations: | |||||||||||||||
|
Depreciation, depletion and amortization |
46,150 |
45,609 |
171,641 |
205,275 |
|||||||||||
|
Impairment, dry hole costs and abandonment expense |
2,483 |
314 |
4,249 |
575,310 |
|||||||||||
|
Unrealized derivative (gain) loss |
30,643 |
22,585 |
116,318 |
75,505 |
|||||||||||
|
Deferred income tax benefit |
— |
— |
— |
(176,797) |
|||||||||||
|
Incentive compensation and other non-cash charges |
1,774 |
2,759 |
8,982 |
10,040 |
|||||||||||
|
Amortization of debt discounts and deferred financing costs |
759 |
641 |
2,834 |
4,624 |
|||||||||||
|
(Gain) loss on sale of properties |
(128) |
2,504 |
1,078 |
1,745 |
|||||||||||
|
(Gain) loss on extinguishment of debt |
— |
— |
(8,726) |
(1,749) |
|||||||||||
|
Change in operating assets and liabilities: |
|||||||||||||||
|
Accounts receivable |
(2,928) |
601 |
10,624 |
20,995 |
|||||||||||
|
Prepayments and other assets |
1,318 |
572 |
350 |
311 |
|||||||||||
|
Accounts payable, accrued and other liabilities |
(21,796) |
(23,145) |
(2,893) |
(18,798) |
|||||||||||
|
Amounts payable to oil and gas property owners |
(6,571) |
(2,680) |
(9,465) |
(3,530) |
|||||||||||
|
Production taxes payable |
3,102 |
(838) |
(2,878) |
(11,482) |
|||||||||||
|
Net cash provided by (used in) operating activities |
$ |
5,529 |
$ |
27,777 |
$ |
121,736 |
$ |
193,678 |
|||||||
|
Investing Activities: |
|||||||||||||||
|
Additions to oil and gas properties, including acquisitions |
(13,166) |
(68,475) |
(106,870) |
(324,534) |
|||||||||||
|
Additions of furniture, equipment and other |
(11) |
(187) |
(1,195) |
(1,223) |
|||||||||||
|
Proceeds from sale of properties and other investing activities |
(644) |
56,505 |
24,927 |
123,122 |
|||||||||||
|
Proceeds from the sale of short-term investments |
— |
20,000 |
— |
115,000 |
|||||||||||
|
Cash paid for short-term investments |
— |
— |
— |
(114,883) |
|||||||||||
|
Net cash provided by (used in) investing activities |
$ |
(13,821) |
$ |
7,843 |
$ |
(83,138) |
$ |
(202,518) |
|||||||
|
Financing Activities: |
|||||||||||||||
|
Principal payments on debt |
(111) |
(108) |
(440) |
(25,191) |
|||||||||||
|
Deferred financing costs and other |
(21) |
488 |
(1,156) |
(3,037) |
|||||||||||
|
Proceeds from sale of common stock |
110,002 |
— |
110,003 |
— |
|||||||||||
|
Net cash provided by (used in) financing activities |
$ |
109,870 |
$ |
380 |
$ |
108,407 |
$ |
(28,228) |
|||||||
|
Increase (Decrease) in Cash and Cash Equivalents |
101,578 |
36,000 |
147,005 |
(37,068) |
|||||||||||
|
Beginning Cash and Cash Equivalents |
174,263 |
92,836 |
128,836 |
165,904 |
|||||||||||
|
Ending Cash and Cash Equivalents |
$ |
275,841 |
$ |
128,836 |
$ |
275,841 |
$ |
128,836 |
|||||||
|
BILL BARRETT CORPORATION | |||||||||||||||
|
Discretionary Cash Flow Reconciliation | |||||||||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
(in thousands) | |||||||||||||||
|
Net Cash Provided by (Used in) Operating Activities |
$ |
5,529 |
$ |
27,777 |
$ |
121,736 |
$ |
193,678 |
|||||||
|
Adjustments to reconcile to discretionary cash flow: |
|||||||||||||||
|
Exploration expense |
19 |
8 |
83 |
153 |
|||||||||||
|
Changes in working capital |
26,875 |
25,490 |
4,262 |
12,504 |
|||||||||||
|
Discretionary Cash Flow |
$ |
32,423 |
$ |
53,275 |
$ |
126,081 |
$ |
206,335 |
|||||||
|
Adjusted Net Income (Loss) Reconciliation | |||||||||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
(in thousands, except per share amounts) | |||||||||||||||
|
Net Income (Loss) |
$ |
(49,277) |
$ |
(21,145) |
$ |
(170,378) |
$ |
(487,771) |
|||||||
|
Provision for (Benefit from) income taxes |
— |
— |
— |
(177,085) |
|||||||||||
|
Income (Loss) before Income Taxes |
(49,277) |
(21,145) |
(170,378) |
(664,856) |
|||||||||||
|
Adjustments to Net Income (Loss): |
|||||||||||||||
|
Unrealized derivative (gain) loss |
30,643 |
22,585 |
116,318 |
75,505 |
|||||||||||
|
Impairment expense |
— |
72 |
183 |
572,438 |
|||||||||||
|
(Gain) loss on sale of properties |
(128) |
2,504 |
1,078 |
1,745 |
|||||||||||
|
(Gain) loss on extinguishment of debt |
— |
— |
(8,726) |
(1,749) |
|||||||||||
|
One-time items: |
|||||||||||||||
|
CO2 unused commitment |
— |
1,429 |
— |
1,429 |
|||||||||||
|
West Tavaputs NGL processing true-up |
— |
(268) |
— |
(1,273) |
|||||||||||
|
Expenses relating to amending credit facility |
— |
— |
— |
1,617 |
|||||||||||
|
(Income) expense related to properties sold |
576 |
— |
576 |
— |
|||||||||||
|
Adjusted Income (Loss) before Income Taxes |
(18,186) |
5,177 |
(60,949) |
(15,144) |
|||||||||||
|
Adjusted (provision for) benefit from income taxes (1) |
7,003 |
(1,804) |
23,167 |
5,714 |
|||||||||||
|
Adjusted Net Income (Loss) |
$ |
(11,183) |
$ |
3,373 |
$ |
(37,782) |
$ |
(9,430) |
|||||||
|
Per share, diluted |
$ |
(0.18) |
$ |
0.07 |
$ |
(0.68) |
$ |
(0.20) |
|||||||
|
(1) |
Adjusted (provision for) benefit from income taxes is calculated using the Company's current effective tax rate prior to applying the valuation allowance against deferred tax assets. |
|
EBITDAX Reconciliation | |||||||||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
(in thousands) | |||||||||||||||
|
Net Income (Loss) |
$ |
(49,277) |
$ |
(21,145) |
$ |
(170,378) |
$ |
(487,771) |
|||||||
|
Adjustments to reconcile to EBITDAX: |
|||||||||||||||
|
Depreciation, depletion and amortization |
46,150 |
45,609 |
171,641 |
205,275 |
|||||||||||
|
Impairment, dry hole and abandonment expense |
2,483 |
314 |
4,249 |
575,310 |
|||||||||||
|
Exploration expense |
19 |
8 |
83 |
153 |
|||||||||||
|
Unrealized derivative (gain) loss |
30,643 |
22,585 |
116,318 |
75,505 |
|||||||||||
|
Incentive compensation and other non-cash charges |
1,774 |
2,759 |
8,982 |
10,040 |
|||||||||||
|
(Gain) loss on sale of properties |
(128) |
2,504 |
1,078 |
1,745 |
|||||||||||
|
(Gain) loss on extinguishment of debt |
— |
— |
(8,726) |
(1,749) |
|||||||||||
|
Interest and other income |
(69) |
(46) |
(235) |
(565) |
|||||||||||
|
Interest expense |
14,213 |
15,731 |
59,373 |
65,305 |
|||||||||||
|
Provision for (benefit from) income taxes |
— |
— |
— |
(177,085) |
|||||||||||
|
EBITDAX |
$ |
45,808 |
$ |
68,319 |
$ |
182,385 |
$ |
266,163 |
|||||||
|
Discretionary cash flow and adjusted net income (loss) are non-GAAP measures. These measures are presented because management believes that they provide useful additional information to investors for analysis of the Company's ability to internally generate funds for exploration, development and acquisitions as well as adjusting net income (loss) for certain items to allow for a more consistent comparison from period to period. In addition, the Company believes that these measures are widely used by professional research analysts and others in the valuation, comparison and investment recommendations of companies in the oil and gas exploration and production industry, and that many investors use the published research of industry research analysts in making investment decisions. |
|
These measures should not be considered in isolation or as a substitute for net income, income from operations, net cash provided by operating activities or other income, profitability, cash flow or liquidity measures prepared in accordance with GAAP. The definition of these measures may vary among companies, and, therefore, the amounts presented may not be comparable to similarly titled measures of other companies. |
SOURCE Bill Barrett Corporation
Article Date
3/2/20171/30/2017 - Bill Barrett Corporation Provides Fourth Quarter 2016 Commodity Price and Derivatives Update
Bill Barrett Corporation Provides Fourth Quarter 2016 Commodity Price and Derivatives Update
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
DENVER, Jan. 30, 2017 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) announced today that it is providing an update on certain fourth quarter of 2016 items, including commodity price and derivatives data and the weighted average basic and diluted shares outstanding for the fourth quarter of 2016.
For the fourth quarter of 2016, West Texas Intermediate ("WTI") oil prices averaged $49.29 per barrel, Northwest Pipeline ("NWPL") natural gas prices averaged $2.72 per MMBtu and NYMEX natural gas prices averaged $2.99 per MMBtu. The Company had derivative commodity swaps in place for the fourth quarter of 2016 for 7,750 barrels of oil per day tied to WTI pricing at $72.57 per barrel, 5,000 MMBtu of natural gas per day tied to NWPL regional pricing at $4.10 per MMBtu and no hedges in place for NGLs.
Based on preliminary unaudited results, the Company expects to realize a cash commodity derivative gain of $17.2 million in the fourth quarter due to positive derivative positions. The Company expects its fourth quarter commodity price differentials to benchmark pricing – before commodity derivative gains and in relation to delivery location and quality adjustments – to approximate: oil less $4.53 price per barrel versus WTI; and natural gas less $0.25 per thousand cubic feet ("Mcf") compared to NWPL. The Denver-Julesburg Basin oil price differential averaged $3.67 per barrel as the Company benefitted from having no long-term oil marketing agreements. NGL prices averaged approximately 33% of the WTI price per barrel.
The following table summarizes the Company's hedge position for 2017 and 2018 as of January 30, 2017:
|
Oil (WTI) |
Natural Gas (NWPL) | ||||
|
Period |
Volume Bbls/d |
Price $/Bbl |
Volume MMBtu/d |
Price $/MMBtu | |
|
1Q17 |
6,500 |
58.20 |
10,000 |
2.96 | |
|
2Q17 |
6,625 |
58.10 |
10,000 |
2.96 | |
|
3Q17 |
6,125 |
59.36 |
10,000 |
2.96 | |
|
4Q17 |
6,125 |
59.36 |
10,000 |
2.96 | |
|
1Q18 |
2,000 |
54.79 |
|||
|
2Q18 |
2,000 |
54.79 |
|||
|
3Q18 |
750 |
54.83 |
|||
|
4Q18 |
750 |
54.83 |
|||
Realized sales prices will reflect basis differentials from the index prices to the sales location.
The Company estimates that the weighted average common basic and diluted shares for the fourth quarter will be approximately 62.2 million.
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. Forward-looking statements in this release relate to, among other things, fourth quarter commodity derivative gains, commodity price differentials, number of shares outstanding, future financial performance and business expectations.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. Risks also include potential differences between expected reported results and actual reported results after the Company's financial statements and related reviews are finalized. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
SOURCE Bill Barrett Corporation
Article Date
1/30/2017Bill Barrett Corporation Schedules Fourth Quarter and Year-End 2016 Financial Results Release Date and Conference Call
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
DENVER, Jan. 25, 2017 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) announced today that its fourth quarter and year-end 2016 financial and operating results press release will be issued after the market close on Thursday, March 2, 2017. The Company plans to host a conference call on Friday, March 3, 2017, to discuss the results. The call is scheduled at 10:00 a.m. Eastern time (8:00 a.m. Mountain time). Please join the webcast conference call live at www.billbarrettcorp.com, accessible from the Investor Relations page. To join by telephone, call 855-760-8152 (631-485-4979 international callers) with passcode 60765706. A replay of the call will be available through March 10, 2017, at 855-859-2056 (404-537-3406 international) with passcode 60765706.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
SOURCE Bill Barrett Corporation
Article Date
1/25/201712/12/2016 - Bill Barrett Corporation Announces Closing of Common Stock Offering and Exercise of Option
Bill Barrett Corporation Announces Closing of Common Stock Offering and Exercise of Option
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
DENVER, Dec. 12, 2016 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) today announced the closing of its previously announced underwritten public offering of 15,525,000 shares of its common stock (the "common stock"), which includes the full exercise by the underwriters of their option to purchase 2,025,000 shares of common stock to cover over-allotments. Net proceeds from the sale of common stock, including as a result of the option exercise, after deducting fees and estimated expenses, were approximately $109.7 million.
The Company intends to use the net proceeds from the offering for general corporate purposes, which may include development, deleveraging, or future acquisitions.
The offering was made by means of a prospectus supplement and accompanying prospectus, copies of which may be obtained by sending a request to: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, email: prospectus-eq_fi@jpmchase.com.
J.P. Morgan acted as sole book running manager, and Deutsche Bank Securities and Scotia Howard Weil acted as co-managers, for the common stock offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation, headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Statements in this news release related to the Company's public offering of common stock, including the use of proceeds from the offering, and all other statements other than statements of historical fact, are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from the forward-looking statements. The Company urges you to carefully review and consider the cautionary statements made in this press release, the registration statement, the "Risk Factors" section of the Annual Report on Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission ("SEC") on March 2, 2016, and other filings with the SEC for further information on risks and uncertainties that could affect the Company's business, financial condition and results of operations, which are incorporated by this reference as though fully set forth herein. The Company cautions you not to place undue reliance on forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update any forward-looking statements in order to reflect any event or circumstance occurring after the date of this release or currently unknown facts or conditions or the occurrence of unanticipated events. All forward looking statements are qualified in their entirety by this cautionary statement.
SOURCE Bill Barrett Corporation
Article Date
12/12/2016Bill Barrett Corporation Announces Pricing of Upsized Common Stock Offering
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
DENVER, Dec. 6, 2016 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE:BBG) today announced that it priced an upsized underwritten public offering of 13,500,000 shares of its common stock (the "common stock") for total gross proceeds (before underwriters' compensation and estimated expenses) of approximately $99.9 million. The Company intends to use the net proceeds from the offering for general corporate purposes, which may include development, deleveraging, or future acquisitions. The Company has granted the underwriters in the common stock offering an option for 30 days to purchase up to an additional 2,025,000 shares of common stock to cover over-allotments, if any.
The common stock will be issued pursuant to a prospectus supplement and an accompanying prospectus filed as part of an effective shelf registration statement filed with the Securities and Exchange Commission on Form S-3. The offering is expected to close on or around December 12, 2016, subject to customary closing conditions.
J.P. Morgan is serving as sole book runner for the common stock offering. A written prospectus and prospectus supplement relating to the offering may be obtained by sending a request to: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, email: prospectus-eq_fi@jpmchase.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation, headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Statements in this news release related to the Company's public offering of common stock, including the use of proceeds from the offering, and all other statements other than statements of historical fact, are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from the forward-looking statements. The Company urges you to carefully review and consider the cautionary statements made in this press release, the registration statement, the "Risk Factors" section of the Annual Report on Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission ("SEC") on March 2, 2016, and other filings with the SEC for further information on risks and uncertainties that could affect the Company's business, financial condition and results of operations, which are incorporated by this reference as though fully set forth herein. The Company cautions you not to place undue reliance on forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update any forward-looking statements in order to reflect any event or circumstance occurring after the date of this release or currently unknown facts or conditions or the occurrence of unanticipated events. All forward looking statements are qualified in their entirety by this cautionary statement.
Logo - http://photos.prnewswire.com/prnh/20150317/182406LOGO
SOURCE Bill Barrett Corporation
Article Date
12/7/2016Bill Barrett Corporation Announces Public Offering of Common Stock
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
DENVER, Dec. 6, 2016 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE:BBG) today announced that it has commenced an underwritten public offering of 11,500,000 shares of its common stock. The Company intends to use the net proceeds from the offering for general corporate purposes, which may include development, deleveraging, or future acquisitions. The Company will grant the underwriters in the common stock offering an option for 30 days to purchase up to an additional 1,725,000 shares of common stock to cover over-allotments, if any.
The common stock will be issued pursuant to a prospectus supplement and an accompanying prospectus filed as part of an effective shelf registration statement filed with the Securities and Exchange Commission on Form S-3.
J.P. Morgan will serve as sole book running manager for the common stock offering. A written prospectus and prospectus supplement relating to the offering may be obtained by sending a request to: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, email: prospectus-eq_fi@jpmchase.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation, headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Statements in this news release related to the Company's public offering of common stock, including the use of proceeds from the offering, and all other statements other than statements of historical fact, are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from the forward-looking statements. The Company urges you to carefully review and consider the cautionary statements made in this press release, the registration statement, the "Risk Factors" section of the Annual Report on Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission ("SEC") on March 2, 2016, and other filings with the SEC for further information on risks and uncertainties that could affect the Company's business, financial condition and results of operations, which are incorporated by this reference as though fully set forth herein. The Company cautions you not to place undue reliance on forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update any forward-looking statements in order to reflect any event or circumstance occurring after the date of this release or currently unknown facts or conditions or the occurrence of unanticipated events. All forward looking statements are qualified in their entirety by this cautionary statement.
Logo - http://photos.prnewswire.com/prnh/20150317/182406LOGO
SOURCE Bill Barrett Corporation
Article Date
12/6/2016Bill Barrett Corporation Reports Third Quarter 2016 Financial and Operating Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
DENVER, Nov. 3, 2016 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) reports third quarter of 2016 financial and operating results, including these highlights:
Chief Executive Officer and President Scot Woodall commented, "Our team has done an excellent job of maintaining positive financial and operational momentum in a challenging environment, which translated into solid results for the third quarter. Production sales volumes were near the upper end of guidance and EBITDA was better than expected as DJ Basin oil price differentials improved and we are seeing continued improvement in costs across the spectrum. Our XRL development program resumed in September and we have spud six wells with plans to spud up to 15 gross XRL wells by the end of the year. This results in an increasing production profile as the wells begin contributing to production during 2017. We are seeing consistent results across our acreage and our operations team has incorporated several new concepts that we believe will translate into improved well performance. The XRL drilling program generates attractive economic returns in the current commodity price environment and we are pursuing further capital efficiency measures designed to improve well costs and enhance economic returns. We continue to efficiently invest our capital and expect cash flow to be in excess of capital expenditures based on current internal projections. Our liquidity remains strong with a significant cash position, an undrawn credit facility and a solid hedge position."
OPERATING AND FINANCIAL RESULTS
The following table summarizes certain operating and financial results for the third quarter of 2016 and 2015 and the second quarter of 2016:
|
Three Months Ended September 30, |
Three Months Ended June 30, | ||||||||||||||||
|
2016 |
2015 |
Change |
2016 |
Change | |||||||||||||
|
Combined production sales volumes (MBoe) |
1,566 |
1,699 |
(8) |
% |
1,607 |
(3) |
% | ||||||||||
|
Net cash provided by (used in) operating activities ($ millions) |
$ |
67.4 |
$ |
74.8 |
(10) |
% |
$ |
8.3 |
712 |
% | |||||||
|
Discretionary cash flow ($ millions) (1) |
$ |
36.5 |
$ |
53.5 |
(32) |
% |
$ |
32.8 |
11 |
% | |||||||
|
Combined realized prices with hedging (per Boe) |
$ |
45.06 |
$ |
55.77 |
(19) |
% |
$ |
44.84 |
— |
% | |||||||
|
Net income (loss) ($ millions) |
$ |
(26.2) |
$ |
(410.3) |
94 |
% |
$ |
(48.4) |
46 |
% | |||||||
|
Per share, basic |
$ |
(0.44) |
$ |
(8.49) |
95 |
% |
$ |
(0.93) |
53 |
% | |||||||
|
Per share, diluted |
$ |
(0.44) |
$ |
(8.49) |
95 |
% |
$ |
(0.93) |
53 |
% | |||||||
|
Adjusted net income (loss) ($ millions) (1) |
$ |
(6.2) |
$ |
(4.4) |
(41) |
% |
$ |
(6.7) |
7 |
% | |||||||
|
Per share, basic |
$ |
(0.10) |
$ |
(0.09) |
(11) |
% |
$ |
(0.13) |
23 |
% | |||||||
|
Per share, diluted |
$ |
(0.10) |
$ |
(0.09) |
(11) |
% |
$ |
(0.13) |
23 |
% | |||||||
|
Weighted average shares outstanding, basic (in thousands) |
58,852 |
48,340 |
22 |
% |
51,832 |
14 |
% | ||||||||||
|
Weighted average shares outstanding, diluted (in thousands) |
58,852 |
48,340 |
22 |
% |
51,832 |
14 |
% | ||||||||||
|
EBITDAX ($ millions) (1) |
$ |
49.8 |
$ |
68.3 |
(27) |
% |
$ |
47.3 |
5 |
% | |||||||
|
(1) |
Discretionary cash flow, adjusted net income (loss) and EBITDAX are non-GAAP (Generally Accepted Accounting Principles) measures. Please reference the reconciliations to GAAP financial statements at the end of this release. |
Oil, natural gas and natural gas liquids ("NGL") production totaled approximately 1.6 million barrels of oil equivalent ("MMBoe") in the third quarter of 2016 and was at the upper end of the guidance range of 1.5-1.6 MMBoe. Lower production sales volumes relative to the comparable 2015 period were primarily the result of non-core asset sales in the DJ Basin and Uinta Basin that were completed during 2015 and 2016.
Third quarter of 2016 production was 65% oil, 18% natural gas and 17% NGLs, which is consistent with guidance.
|
Three Months Ended September 30, |
Three Months Ended June 30, | |||||||||||||
|
2016 |
2015 |
Change |
2016 |
Change | ||||||||||
|
Production Sales Data: |
||||||||||||||
|
Oil (MBbls) |
1,016 |
1,066 |
(5) |
% |
1,023 |
(1) |
% | |||||||
|
Natural gas (MMcf) |
1,734 |
2,214 |
(22) |
% |
1,944 |
(11) |
% | |||||||
|
NGLs (MBbls) |
261 |
264 |
(1) |
% |
260 |
— |
% | |||||||
|
Combined volumes (MBoe) |
1,566 |
1,699 |
(8) |
% |
1,607 |
(3) |
% | |||||||
|
Daily combined volumes (Boe/d) |
17,022 |
18,467 |
(8) |
% |
17,659 |
(4) |
% | |||||||
Cash operating costs (lease operating expense ("LOE"), gathering, transportation and processing costs and production tax expense) averaged $5.81 per Boe in the third quarter of 2016, down 26% compared to the second quarter of 2016, when average cash operating costs were $7.85 per Boe.
LOE averaged $3.06 per Boe in the third quarter of 2016, a 42% improvement to the second quarter of 2016 and 46% lower than the third quarter of 2015. LOE for the DJ Basin averaged $2.45 per Boe in the third quarter of 2016 compared to $3.74 per Boe in the second quarter of 2016 and $3.96 per Boe in the third quarter of 2015. The reduction in total LOE was primarily a result of an improvement in operating efficiencies, the DJ Basin becoming a greater component of corporate operations, and the sale of Uinta Basin properties that had a higher operating cost component. LOE per Boe is anticipated to be higher in the fourth quarter of 2016 relative to the third quarter due to greater seasonal operating costs that are typically experienced during colder months.
Production taxes are expected to approximate 8% of pre-hedge revenue for the fourth quarter of 2016.
|
Three Months Ended September 30, |
Three Months Ended June 30, | ||||||||||||||||
|
2016 |
2015 |
Change |
2016 |
Change | |||||||||||||
|
Average Costs (per Boe): |
|||||||||||||||||
|
Lease operating expenses |
$ |
3.06 |
$ |
5.67 |
(46) |
% |
$ |
5.28 |
(42) |
% | |||||||
|
Gathering, transportation and processing expense |
0.30 |
0.40 |
(25) |
% |
0.38 |
(21) |
% | ||||||||||
|
Production tax expenses |
2.45 |
2.16 |
13 |
% |
2.19 |
12 |
% | ||||||||||
|
Depreciation, depletion and amortization |
27.51 |
32.22 |
(15) |
% |
27.05 |
2 |
% | ||||||||||
Debt and Liquidity
At September 30, 2016, the principal debt balance was $718.8 million, while cash and cash equivalents were $174.3 million, resulting in net debt (principal balance of debt outstanding less the cash and cash equivalents balance) of $544.5 million. Cash and cash equivalents were reduced subsequent to the end of the quarter as the Company made regularly scheduled interest payments of approximately $26 million related to its Senior Notes due 2019 and 2022.
The Company's semi-annual borrowing base review was completed in October 2016 with the lenders setting a borrowing base of $300 million, a 10% reduction due to the sale of non-core assets and the effect of a lower derivative position. There were no changes to the terms or conditions of the credit facility and there are no borrowings outstanding. The revolving credit facility has $274 million in available capacity, after taking into account a $26 million letter of credit.
Uinta Basin Asset Sale
The Company closed the sale of certain non-core assets located in the Uinta Basin on July 14, 2016, for net cash proceeds of approximately $30 million. The proceeds from the sale were used for general corporate purposes and to enhance the Company's liquidity position.
Capital Expenditures
Capital expenditures ("capex") for the third quarter of 2016 totaled $8.1 million as the Company did not operate a drilling rig for much of the quarter and no wells were completed. The DJ Basin XRL drilling program resumed during September and 3 XRL wells spud prior to the end of the quarter. Capex for the third quarter consisted of $4.6 million for drilling, $1.4 million for leaseholds, and $2.1 million for infrastructure and corporate assets.
|
Three Months Ended September 30, 2016 |
Nine Months Ended September 30, 2016 | ||||||||||||||||||
|
Average Net Daily Production (Boe/d) |
Wells Spud Net |
Capital Expenditures ($ millions) |
Average Net Daily Production (Boe/d) |
Wells Spud Net |
Capital Expenditures ($ millions) | ||||||||||||||
|
Basin: |
|||||||||||||||||||
|
Denver-Julesburg |
14,543 |
3 |
$ |
7.7 |
13,467 |
7 |
$ |
67.0 |
|||||||||||
|
Uinta |
2,457 |
— |
0.1 |
3,058 |
— |
1.1 |
|||||||||||||
|
Other |
22 |
— |
0.3 |
44 |
— |
1.4 |
|||||||||||||
|
Total |
17,022 |
3 |
$ |
8.1 |
16,569 |
7 |
$ |
69.5 |
|||||||||||
OPERATIONAL HIGHLIGHTS
DJ Basin
Uinta Oil Program
Production sales volumes averaged 2,457 Boe/d (83% oil) during the third quarter of 2016. The Company expects to have minimal activity related to the Uinta Basin for the remainder of 2016.
2016 OPERATING GUIDANCE
The Company is providing the following update to its 2016 operating guidance. See "Forward-Looking Statements" below.
COMMODITY HEDGES UPDATE
Generally, it is the Company's strategy to hedge 50%-70% of production on a forward 12-month to 18-month basis to reduce the risks associated with unpredictable future commodity prices to provide certainty for a portion of its cash flow and to support its capital expenditure program.
The following table summarizes the hedge position as of November 3, 2016:
|
Oil (WTI) |
Natural Gas (NWPL) | |||||||||||
|
Period |
Volume Bbls/d |
Price $/Bbl |
Volume MMBtu/d |
Price $/MMBtu | ||||||||
|
4Q16 |
7,750 |
72.57 |
5,000 |
4.10 |
||||||||
|
1Q17 |
5,750 |
59.17 |
10,000 |
2.96 |
||||||||
|
2Q17 |
5,875 |
59.04 |
10,000 |
2.96 |
||||||||
|
3Q17 |
3,375 |
63.14 |
10,000 |
2.96 |
||||||||
|
4Q17 |
3,375 |
63.14 |
10,000 |
2.96 |
||||||||
|
1Q18 |
750 |
52.58 |
||||||||||
|
2Q18 |
750 |
52.58 |
||||||||||
|
3Q18 |
500 |
53.88 |
||||||||||
|
4Q18 |
500 |
53.88 |
||||||||||
Realized sales prices will reflect basis differentials from the index prices to the sales location.
UPCOMING EVENTS
Third Quarter Conference Call and Webcast
The Company plans to host a conference call on Friday, November 4, 2016, to discuss the results and management's outlook for the future. The call is scheduled at 10:00 a.m. Eastern time (8:00 a.m. Mountain time). Please join the webcast conference call live or for replay via the Internet at www.billbarrettcorp.com, accessible from the home page. To join by telephone, call (855) 760-8152 ((631) 485-4979 international callers) with passcode 1407243. The webcast will remain on the Company's website for approximately 7 days and a replay of the call will be available through November 11, 2016 at (855) 859-2056 ((404) 537-3406 international) with passcode 1407243.
DISCLOSURE STATEMENTS
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. In particular, the Company is providing "2016 Operating Guidance," which contains projections for certain 2016 operational and financial metrics. Additional forward-looking statements in this release relate to, among other things, future capital expenditures, costs, projects and opportunities.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Actual results may vary significantly from those indicated in the forward-looking statements. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC, and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
|
BILL BARRETT CORPORATION | |||||||||||||||
|
Selected Operating Highlights | |||||||||||||||
|
(Unaudited) | |||||||||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
Production Data: |
|||||||||||||||
|
Oil (MBbls) |
1,016 |
1,066 |
2,925 |
3,311 |
|||||||||||
|
Natural gas (MMcf) |
1,734 |
2,214 |
5,298 |
5,772 |
|||||||||||
|
NGLs (MBbls) |
261 |
264 |
732 |
635 |
|||||||||||
|
Combined volumes (MBoe) |
1,566 |
1,699 |
4,540 |
4,908 |
|||||||||||
|
Daily combined volumes (Boe/d) |
17,022 |
18,467 |
16,569 |
17,978 |
|||||||||||
|
Average Sales Prices (before the effects of realized hedges): | |||||||||||||||
|
Oil (per Bbl) |
$ |
41.92 |
$ |
38.71 |
$ |
36.88 |
$ |
41.54 |
|||||||
|
Natural gas (per Mcf) |
2.29 |
2.08 |
1.81 |
2.31 |
|||||||||||
|
NGLs (per Bbl) |
13.65 |
11.17 |
12.05 |
12.24 |
|||||||||||
|
Combined (per Boe) |
32.02 |
28.73 |
27.82 |
32.33 |
|||||||||||
|
Average Realized Sales Prices (after the effects of realized hedges): | |||||||||||||||
|
Oil (per Bbl) |
$ |
61.30 |
$ |
79.15 |
$ |
62.74 |
$ |
77.93 |
|||||||
|
Natural gas (per Mcf) |
2.71 |
3.36 |
2.34 |
3.76 |
|||||||||||
|
NGLs (per Bbl) |
13.65 |
11.17 |
12.05 |
12.24 |
|||||||||||
|
Combined (per Boe) |
45.06 |
55.77 |
45.09 |
58.58 |
|||||||||||
|
Average Costs (per Boe): |
|||||||||||||||
|
Lease operating expenses |
$ |
3.06 |
$ |
5.67 |
$ |
4.87 |
$ |
7.10 |
|||||||
|
Gathering, transportation and processing expense |
0.30 |
0.40 |
0.41 |
0.52 |
|||||||||||
|
Production tax expenses |
2.45 |
2.16 |
1.55 |
2.04 |
|||||||||||
|
Depreciation, depletion and amortization |
27.51 |
32.22 |
27.64 |
32.53 |
|||||||||||
|
General and administrative expense (1) |
5.86 |
6.49 |
6.95 |
7.95 |
|||||||||||
|
(1) |
Includes long-term cash and equity incentive compensation of $1.37 per Boe and $1.18 per Boe for the three months ended September 30, 2016 and 2015, respectively, and $1.91 per Boe and $1.59 per Boe for the nine months ended September 30, 2016 and 2015, respectively. |
|
BILL BARRETT CORPORATION | |||||||
|
Consolidated Condensed Balance Sheets | |||||||
|
(Unaudited) | |||||||
|
As of September 30, |
As of December 31, | ||||||
|
2016 |
2015 | ||||||
|
(in thousands) | |||||||
|
Assets: |
|||||||
|
Cash and cash equivalents |
$ |
174,263 |
$ |
128,836 |
|||
|
Other current assets (1) |
62,597 |
145,481 |
|||||
|
Property and equipment, net |
1,081,066 |
1,170,684 |
|||||
|
Other noncurrent assets (1) |
17,627 |
61,519 |
|||||
|
Total assets |
$ |
1,335,553 |
$ |
1,506,520 |
|||
|
Liabilities and Stockholders' Equity: |
|||||||
|
Current liabilities |
$ |
99,782 |
$ |
145,231 |
|||
|
Long-term debt, net of debt issuance costs |
711,544 |
794,652 |
|||||
|
Other long-term liabilities (1) |
15,048 |
17,221 |
|||||
|
Stockholders' equity |
509,179 |
549,416 |
|||||
|
Total liabilities and stockholders' equity |
$ |
1,335,553 |
$ |
1,506,520 |
|||
|
(1) |
At September 30, 2016, the estimated fair value of all of the Company's commodity derivative instruments was a net asset of $33.8 million, comprised of $30.7 million of current assets, $3.3 million of non-current assets and $0.3 million of non-current liabilities. This amount will fluctuate based on estimated future commodity prices and the current hedge position. |
|
BILL BARRETT CORPORATION | |||||||||||||||
|
Consolidated Statements of Operations | |||||||||||||||
|
(Unaudited) | |||||||||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
(in thousands, except per share amounts) | |||||||||||||||
|
Operating and Other Revenues: |
|||||||||||||||
|
Oil, gas and NGLs |
$ |
50,133 |
$ |
48,799 |
$ |
126,279 |
$ |
158,667 |
|||||||
|
Other |
348 |
880 |
920 |
2,664 |
|||||||||||
|
Total operating and other revenues |
50,481 |
49,679 |
127,199 |
161,331 |
|||||||||||
|
Operating Expenses: |
|||||||||||||||
|
Lease operating |
4,795 |
9,638 |
22,101 |
34,834 |
|||||||||||
|
Gathering, transportation and processing |
472 |
684 |
1,871 |
2,559 |
|||||||||||
|
Production tax |
3,832 |
3,670 |
7,037 |
10,020 |
|||||||||||
|
Exploration |
16 |
20 |
64 |
145 |
|||||||||||
|
Impairment, dry hole costs and abandonment |
974 |
572,651 |
1,766 |
574,996 |
|||||||||||
|
(Gain) Loss on divestitures |
1,914 |
(77) |
1,206 |
(759) |
|||||||||||
|
Depreciation, depletion and amortization |
43,083 |
54,738 |
125,491 |
159,666 |
|||||||||||
|
Unused commitments |
4,567 |
4,388 |
13,703 |
13,163 |
|||||||||||
|
General and administrative (1) |
9,178 |
11,025 |
31,535 |
39,026 |
|||||||||||
|
Total operating expenses |
68,831 |
656,737 |
204,774 |
833,650 |
|||||||||||
|
Operating Income (Loss) |
(18,350) |
(607,058) |
(77,575) |
(672,319) |
|||||||||||
|
Other Income and Expense: |
|||||||||||||||
|
Interest and other income |
72 |
100 |
166 |
519 |
|||||||||||
|
Interest expense |
(13,991) |
(15,754) |
(45,160) |
(49,574) |
|||||||||||
|
Commodity derivative gain (loss) (2) |
6,054 |
69,133 |
(7,258) |
75,914 |
|||||||||||
|
Gain (loss) on extinguishment of debt |
29 |
— |
8,726 |
1,749 |
|||||||||||
|
Total other income and expense |
(7,836) |
53,479 |
(43,526) |
28,608 |
|||||||||||
|
Income (Loss) before Income Taxes |
(26,186) |
(553,579) |
(121,101) |
(643,711) |
|||||||||||
|
(Provision for) Benefit from Income Taxes |
— |
143,265 |
— |
177,085 |
|||||||||||
|
Net Income (Loss) |
$ |
(26,186) |
$ |
(410,314) |
$ |
(121,101) |
$ |
(466,626) |
|||||||
|
Net Income (Loss) per Common Share |
|||||||||||||||
|
Basic |
$ |
(0.44) |
$ |
(8.49) |
$ |
(2.28) |
$ |
(9.67) |
|||||||
|
Diluted |
$ |
(0.44) |
$ |
(8.49) |
$ |
(2.28) |
$ |
(9.67) |
|||||||
|
Weighted Average Common Shares Outstanding |
|||||||||||||||
|
Basic |
58,852 |
48,340 |
53,082 |
48,280 |
|||||||||||
|
Diluted |
58,852 |
48,340 |
53,082 |
48,280 |
|||||||||||
|
(1) |
Includes long-term cash and equity incentive compensation of $2.1 million and $2.0 million for the three months ended September 30, 2016 and 2015, respectively, and $8.7 million and $7.8 million for the nine months ended September 30, 2016 and 2015, respectively. |
|
(2) |
The table below summarizes the realized and unrealized gains and losses the Company recognized related to its oil and natural gas derivative instruments for the periods indicated: |
|
Three Months Ended September 30, |
Nine Months Ended September 30, | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
(in thousands) | |||||||||||||||
|
Included in commodity derivative gain (loss): |
|||||||||||||||
|
Realized gain (loss) on derivatives (1) |
$ |
20,412 |
$ |
45,936 |
$ |
78,417 |
$ |
128,834 |
|||||||
|
Prior year unrealized (gain) loss transferred to realized (gain) loss (1) |
(21,706) |
(34,374) |
(79,055) |
(113,342) |
|||||||||||
|
Unrealized gain (loss) on derivatives (1) |
7,348 |
57,571 |
(6,620) |
60,422 |
|||||||||||
|
Total commodity derivative gain (loss) |
$ |
6,054 |
$ |
69,133 |
$ |
(7,258) |
$ |
75,914 |
|||||||
|
(1) |
Realized and unrealized gains and losses on commodity derivatives are presented herein as separate line items but are combined for a total commodity derivative gain (loss) in the Consolidated Statements of Operations. This separate presentation is a non-GAAP measure. Management believes the separate presentation of the realized and unrealized commodity derivative gains and losses is useful because the realized cash settlement portion provides a better understanding of the Company's hedge position. The Company also believes that this disclosure allows for a more accurate comparison to its peers. |
|
BILL BARRETT CORPORATION | |||||||||||||||
|
Consolidated Statements of Cash Flows | |||||||||||||||
|
(Unaudited) | |||||||||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
(in thousands) | |||||||||||||||
|
Operating Activities: |
|||||||||||||||
|
Net income (loss) |
$ |
(26,186) |
$ |
(410,314) |
$ |
(121,101) |
$ |
(466,626) |
|||||||
|
Adjustments to reconcile to net cash provided by operations: |
|||||||||||||||
|
Depreciation, depletion and amortization |
43,083 |
54,738 |
125,491 |
159,666 |
|||||||||||
|
Impairment, dry hole costs and abandonment expense |
974 |
572,651 |
1,766 |
574,996 |
|||||||||||
|
Unrealized derivative (gain) loss |
14,358 |
(23,197) |
85,675 |
52,920 |
|||||||||||
|
Deferred income tax benefit |
— |
(142,977) |
— |
(176,797) |
|||||||||||
|
Incentive compensation and other non-cash charges |
1,777 |
2,068 |
7,208 |
7,281 |
|||||||||||
|
Amortization of deferred financing costs |
573 |
633 |
2,075 |
3,983 |
|||||||||||
|
(Gain) loss on sale of properties |
1,914 |
(77) |
1,206 |
(759) |
|||||||||||
|
(Gain) loss on extinguishment of debt |
(29) |
— |
(8,726) |
(1,749) |
|||||||||||
|
Change in operating assets and liabilities: |
|||||||||||||||
|
Accounts receivable |
4,008 |
3,285 |
13,552 |
20,394 |
|||||||||||
|
Prepayments and other assets |
(66) |
878 |
(968) |
(261) |
|||||||||||
|
Accounts payable, accrued and other liabilities |
22,846 |
18,025 |
18,903 |
4,347 |
|||||||||||
|
Amounts payable to oil and gas property owners |
493 |
(4,161) |
(2,894) |
(850) |
|||||||||||
|
Production taxes payable |
3,683 |
3,208 |
(5,980) |
(10,644) |
|||||||||||
|
Net cash provided by (used in) operating activities |
$ |
67,428 |
$ |
74,760 |
$ |
116,207 |
$ |
165,901 |
|||||||
|
Investing Activities: |
|||||||||||||||
|
Additions to oil and gas properties, including acquisitions |
(7,024) |
(61,936) |
(93,704) |
(256,059) |
|||||||||||
|
Additions of furniture, equipment and other |
(193) |
(158) |
(1,184) |
(1,036) |
|||||||||||
|
Proceeds from sale of properties and other investing activities |
26,796 |
99 |
25,571 |
66,617 |
|||||||||||
|
Proceeds from the sale of short-term investments |
— |
45,000 |
— |
95,000 |
|||||||||||
|
Cash paid for short-term investments |
— |
— |
— |
(114,883) |
|||||||||||
|
Net cash provided by (used in) investing activities |
$ |
19,579 |
$ |
(16,995) |
$ |
(69,317) |
$ |
(210,361) |
|||||||
|
Financing Activities: |
|||||||||||||||
|
Principal payments on debt |
(111) |
(107) |
(329) |
(25,083) |
|||||||||||
|
Deferred financing costs and other |
(56) |
(704) |
(1,134) |
(3,525) |
|||||||||||
|
Net cash provided by (used in) financing activities |
$ |
(167) |
$ |
(811) |
$ |
(1,463) |
$ |
(28,608) |
|||||||
|
Increase (Decrease) in Cash and Cash Equivalents |
86,840 |
56,954 |
45,427 |
(73,068) |
|||||||||||
|
Beginning Cash and Cash Equivalents |
87,423 |
35,882 |
128,836 |
165,904 |
|||||||||||
|
Ending Cash and Cash Equivalents |
$ |
174,263 |
$ |
92,836 |
$ |
174,263 |
$ |
92,836 |
|||||||
|
BILL BARRETT CORPORATION | |||||||||||||||
|
Reconciliation of Discretionary Cash Flow, Adjusted Net Income (Loss) and EBITDAX | |||||||||||||||
|
(Unaudited) | |||||||||||||||
|
Discretionary Cash Flow Reconciliation | |||||||||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
(in thousands) | |||||||||||||||
|
Net Cash Provided by (Used in) Operating Activities |
$ |
67,428 |
$ |
74,760 |
$ |
116,207 |
$ |
165,901 |
|||||||
|
Adjustments to reconcile to discretionary cash flow: |
|||||||||||||||
|
Exploration expense |
16 |
20 |
64 |
145 |
|||||||||||
|
Changes in working capital |
(30,964) |
(21,235) |
(22,613) |
(12,986) |
|||||||||||
|
Discretionary Cash Flow |
$ |
36,480 |
$ |
53,545 |
$ |
93,658 |
$ |
153,060 |
|||||||
|
Adjusted Net Income (Loss) Reconciliation | |||||||||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
(in thousands, except per share amounts) | |||||||||||||||
|
Net Income (Loss) |
$ |
(26,186) |
$ |
(410,314) |
$ |
(121,101) |
$ |
(466,626) |
|||||||
|
Provision for (Benefit from) income taxes |
— |
(143,265) |
— |
(177,085) |
|||||||||||
|
Income (Loss) before income taxes |
(26,186) |
(553,579) |
(121,101) |
(643,711) |
|||||||||||
|
Adjustments to net income (loss): |
|||||||||||||||
|
Unrealized derivative (gain) loss |
14,358 |
(23,197) |
85,675 |
52,920 |
|||||||||||
|
Impairment expense |
— |
571,863 |
183 |
572,366 |
|||||||||||
|
(Gain) loss on sale of properties |
1,914 |
(77) |
1,206 |
(759) |
|||||||||||
|
(Gain) loss on extinguishment of debt |
(29) |
— |
(8,726) |
(1,749) |
|||||||||||
|
One-time item: |
|||||||||||||||
|
West Tavaputs NGL processing true-up |
— |
— |
— |
(1,005) |
|||||||||||
|
Expenses relating to amending credit facility |
— |
— |
— |
1,617 |
|||||||||||
|
Adjusted Income (Loss) before income taxes |
(9,943) |
(4,990) |
(42,763) |
(20,321) |
|||||||||||
|
Adjusted (provision for) benefit from income taxes (1) |
3,791 |
632 |
16,164 |
2,536 |
|||||||||||
|
Adjusted Net Income (Loss) |
$ |
(6,152) |
$ |
(4,358) |
$ |
(26,599) |
$ |
(17,785) |
|||||||
|
Per share, diluted |
$ |
(0.10) |
$ |
(0.09) |
$ |
(0.50) |
$ |
(0.37) |
|||||||
|
(1) |
Adjusted (provision for) benefit from income taxes is calculated using the Company's current effective tax rate prior to applying the valuation allowance against deferred tax assets. |
|
EBITDAX Reconciliation | |||||||||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
(in thousands) | |||||||||||||||
|
Net Income (Loss) |
$ |
(26,186) |
$ |
(410,314) |
$ |
(121,101) |
$ |
(466,626) |
|||||||
|
Adjustments to reconcile to EBITDAX: |
|||||||||||||||
|
Depreciation, depletion and amortization |
43,083 |
54,738 |
125,491 |
159,666 |
|||||||||||
|
Impairment, dry hole and abandonment expense |
974 |
572,651 |
1,766 |
574,996 |
|||||||||||
|
Exploration expense |
16 |
20 |
64 |
145 |
|||||||||||
|
Unrealized derivative (gain) loss |
14,358 |
(23,197) |
85,675 |
52,920 |
|||||||||||
|
Incentive compensation and other non-cash charges |
1,777 |
2,068 |
7,208 |
7,281 |
|||||||||||
|
(Gain) loss on sale of properties |
1,914 |
(77) |
1,206 |
(759) |
|||||||||||
|
(Gain) loss on extinguishment of debt |
(29) |
— |
(8,726) |
(1,749) |
|||||||||||
|
Interest and other income |
(72) |
(100) |
(166) |
(519) |
|||||||||||
|
Interest expense |
13,991 |
15,754 |
45,160 |
49,574 |
|||||||||||
|
Provision for (Benefit from) Income Taxes |
— |
(143,265) |
— |
(177,085) |
|||||||||||
|
EBITDAX |
$ |
49,826 |
$ |
68,278 |
$ |
136,577 |
$ |
197,844 |
|||||||
|
Discretionary cash flow, adjusted net income (loss) and EBITDAX are non-GAAP measures. These measures are presented because management believes that they provide useful additional information to investors for analysis of the Company's ability to internally generate funds for exploration, development and acquisitions as well as adjusting net income (loss) for certain items to allow for a more consistent comparison from period to period. In addition, the Company believes that these measures are widely used by professional research analysts and others in the valuation, comparison and investment recommendations of companies in the oil and gas exploration and production industry, and that many investors use the published research of industry research analysts in making investment decisions. | |
|
These measures should not be considered in isolation or as a substitute for net income, income from operations, net cash provided by operating activities or other income, profitability, cash flow or liquidity measures prepared in accordance with GAAP. The definition of these measures may vary among companies, and, therefore, the amounts presented may not be comparable to similarly titled measures of other companies. |
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SOURCE Bill Barrett Corporation
Article Date
11/3/201610/18/2016 - Bill Barrett Corporation Provides Third Quarter 2016 Commodity Price and Derivatives Update
Bill Barrett Corporation Provides Third Quarter 2016 Commodity Price and Derivatives Update
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
DENVER, Oct. 18, 2016 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) announced today that it is providing an update on certain third quarter of 2016 items, including commodity price and derivatives data and the weighted average basic and diluted shares outstanding for the third quarter of 2016.
For the third quarter of 2016, West Texas Intermediate ("WTI") oil prices averaged $44.94 per barrel, Northwest Pipeline ("NWPL") natural gas prices averaged $2.51 per MMBtu and NYMEX natural gas prices averaged $2.75 per MMBtu. The Company had derivative commodity swaps in place for the third quarter of 2016 for 7,750 barrels of oil per day tied to WTI pricing at $72.57 per barrel, 5,000 MMBtu of natural gas per day tied to NWPL regional pricing at $4.10 per MMBtu and no hedges in place for NGLs.
Based on preliminary unaudited results, the Company expects to realize a cash commodity derivative gain of $20.4 million in the third quarter due to positive derivative positions. The Company expects its third quarter commodity price differentials to benchmark pricing – before commodity derivative gains and in relation to delivery location and quality adjustments – to approximate: oil less $3.02 price per barrel versus WTI; and natural gas less $0.29 per thousand cubic feet ("Mcf") compared to NWPL. The Denver-Julesburg ("DJ') Basin oil price differential averaged $2.21 per barrel as the Company continues to benefit from having no firm transportation agreements as local infrastructure expands. NGL prices averaged 30% of WTI price per barrel.
For the fourth quarter of 2016, approximately 7,750 barrels per day of oil is hedged at an average WTI price of $72.57 per barrel. The following table summarizes the Company's hedge position for the fourth quarter of 2016 and 2017 as of October 18, 2016:
|
Oil (WTI) |
Natural Gas (NWPL) | ||||
|
Period |
Volume Bbls/d |
Price $/Bbl |
Volume |
Price $/MMBtu | |
|
4Q16 |
7,750 |
72.57 |
5,000 |
4.10 | |
|
1Q17 |
5,250 |
59.73 |
10,000 |
2.96 | |
|
2Q17 |
5,375 |
59.57 |
10,000 |
2.96 | |
|
3Q17 |
3,375 |
63.14 |
10,000 |
2.96 | |
|
4Q17 |
3,375 |
63.14 |
10,000 |
2.96 | |
Realized sales prices will reflect basis differentials from the index prices to the sales location.
The Company estimates that the weighted average common basic and diluted shares for the third quarter will be approximately 58.9 million.
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. Forward-looking statements in this release relate to, among other things, third quarter commodity derivative gains, commodity price differentials, number of shares outstanding, future financial performance and business expectations.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. Risks also include potential differences between expected reported results and actual reported results after the Company's financial statements and related reviews are finalized. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
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SOURCE Bill Barrett Corporation
Article Date
10/18/201610/14/2016 - Bill Barrett Corporation Schedules Third Quarter 2016 Financial Results Release Date and Conference Call
Bill Barrett Corporation Schedules Third Quarter 2016 Financial Results Release Date and Conference Call
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
DENVER, Oct. 14, 2016 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) announced today its third quarter of 2016 financial and operating results press release will be issued after the market close on Thursday, November 3, 2016. The Company plans to host a conference call on Friday, November 4, 2016, to discuss the results. The call is scheduled at 10:00 a.m. Eastern time (8:00 a.m. Mountain time). Please join the webcast conference call live at www.billbarrettcorp.com, accessible from the Investor Relations page. To join by telephone, call 855-760-8152 (631-485-4979 international callers) with passcode 1407243. The webcast will remain on the Company's website for approximately 7 days and a replay of the call will be available through November 11, 2016, at 855-859-2056 (404-537-3406 international) with passcode 1407243.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
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SOURCE Bill Barrett Corporation
Article Date
10/14/2016Bill Barrett Corporation Resumes DJ Basin Development Program
Source: PR Newswire
DENVER, Aug. 15, 2016 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) announced today that it will resume its extended reach lateral ("XRL") development program in the Denver-Julesburg ("DJ") Basin during the third quarter of 2016. It is expected that up to 12 gross XRL wells will spud prior to the end of year and be placed on initial production in the first quarter of 2017. The Company projects that its 2016 capital expenditures will now be at the high end of its previously disclosed guidance range of $75-$100 million to account for the additional drilling activity.
Chief Executive Officer and President Scot Woodall commented, "We continue to have strong confidence in the underlying economics of our XRL development program. We believe that lower demonstrated well costs and operating expenses, combined with a narrowing DJ Basin oil price differential, will generate a competitive rate-of-return in the current commodity price environment. While the increased activity will not impact our 2016 production, it builds increasing operational momentum as we move in to 2017. We remain positioned to be cash flow positive this year even at the upper end of our capital expenditure guidance range, allowing us to preserve the strength of our liquidity position."
An updated corporate presentation containing information included within this press release will be posted to the Company's website prior to market open on Monday, August 15, 2016. The presentation can be found at www.billbarrettcorp.com under the "Investor Relations" section.
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. In particular, statements regarding expected capital expenditures and projects, costs, prices and differentials, production, cash flows, balance sheet attributes and rates of return are forward-looking statements. These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Actual results may vary significantly from those indicated in the forward-looking statements. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC, and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
Logo - http://photos.prnewswire.com/prnh/20150317/182406LOGO
SOURCE Bill Barrett Corporation
Article Date
8/15/2016Bill Barrett Corporation Reports Second Quarter 2016 Financial and Operating Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
DENVER, Aug. 4, 2016 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) reports second quarter of 2016 financial and operating results, including these highlights:
Chief Executive Officer and President Scot Woodall commented, "Executing on the items within our control is paying off as we reported very good second quarter results that were paced by production volumes that were 18% higher than the first quarter and capital expenditures and operating costs that were below expectations. We recognized a significant reduction in well costs during the first half of the year, allowing us to cut our capital expenditure outlook for the second time this year. We are raising the low end of our production outlook despite the loss of production associated with the sale of non-core Uinta Basin assets. We continue to benefit from having no firm marketing commitments for our oil volumes and achieved a 14% sequential improvement to the first quarter in the pricing of our DJ Basin barrels as regional infrastructure continues to improve. We have maintained positive momentum with respect to reducing costs as a result of increased operating efficiencies and expect per unit LOE to maintain a downward trend. Looking ahead to the remainder of the year, we are monitoring industry conditions to determine the appropriate time to resume drilling operations. Based on our current internal projections and pricing scenarios, we are positioned to be cash flow positive this year even at the high-end of our updated capital range. We remain financially well positioned with a cash position in excess of $100 million (pro forma for the Uinta Basin asset sale), an undrawn credit facility, and a solid hedge position that provides ample liquidity."
OPERATING AND FINANCIAL RESULTS
The following table summarizes the operating and financial results for the second quarter of 2016 and 2015 and the first quarter of 2016:
|
Three Months Ended |
Three Months Ended | ||||||||||||||||
|
2016 |
2015 |
Change |
2016 |
Change | |||||||||||||
|
Combined production sales volumes (MBoe) |
1,607 |
1,628 |
(1) |
% |
1,367 |
18 |
% | ||||||||||
|
Net cash provided by (used in) operating activities ($ millions) |
$ |
8.3 |
$ |
37.3 |
(78) |
% |
$ |
40.5 |
(80) |
% | |||||||
|
Discretionary cash flow ($ millions) (1) |
$ |
32.8 |
$ |
51.4 |
(36) |
% |
$ |
24.4 |
34 |
% | |||||||
|
Combined realized prices with hedging (per Boe) |
$ |
44.84 |
$ |
60.13 |
(25) |
% |
$ |
45.42 |
(1) |
% | |||||||
|
Net income (loss) ($ millions) |
$ |
(48.4) |
$ |
(44.6) |
(9) |
% |
$ |
(46.5) |
(4) |
% | |||||||
|
Per share, basic |
$ |
(0.93) |
$ |
(0.92) |
(1) |
% |
$ |
(0.96) |
3 |
% | |||||||
|
Per share, diluted |
$ |
(0.93) |
$ |
(0.92) |
(1) |
% |
$ |
(0.96) |
3 |
% | |||||||
|
Adjusted net income (loss) ($ millions) (1) |
$ |
(6.7) |
$ |
(4.0) |
(68) |
% |
$ |
(13.7) |
51 |
% | |||||||
|
Per share, basic |
$ |
(0.13) |
$ |
(0.08) |
(63) |
% |
$ |
(0.28) |
54 |
% | |||||||
|
Per share, diluted |
$ |
(0.13) |
$ |
(0.08) |
(63) |
% |
$ |
(0.28) |
54 |
% | |||||||
|
Weighted average shares outstanding, basic (in thousands) |
51,832 |
48,299 |
7 |
% |
48,499 |
7 |
% | ||||||||||
|
Weighted average shares outstanding, diluted (in thousands) |
51,832 |
48,299 |
7 |
% |
48,499 |
7 |
% | ||||||||||
|
EBITDAX ($ millions) (1) |
$ |
47.3 |
$ |
66.4 |
(29) |
% |
$ |
39.4 |
20 |
% | |||||||
|
(1) |
Discretionary cash flow, adjusted net income (loss) and EBITDAX are non-GAAP (Generally Accepted Accounting Principles) measures. Please reference the reconciliations to GAAP financial statements at the end of this release. |
Oil, natural gas and natural gas liquids ("NGL") production from the Denver-Julesburg ("DJ") Basin and Uinta Oil Program ("UOP") totaled 1.6 million barrels of oil equivalent ("MMBoe") in the second quarter of 2016, which was 18% higher on a sequential basis to the first quarter of 2016 and 14% higher than the Company's guidance of 1.4 MMBoe. Second quarter production exceeded guidance primarily due to initial production from a 16-well drilling and spacing unit ("DSU") located in Section 5-62-22 in NE Wattenberg that began producing earlier than forecast. Lower production sales volumes to the comparable 2015 period were primarily the result of non-core asset sales in the DJ Basin and UOP that were completed during 2015 and 2016.
Second quarter of 2016 production was 64% oil, 20% natural gas and 16% NGLs, which was consistent with guidance.
|
Three Months Ended |
Three Months Ended | |||||||||||||
|
2016 |
2015 |
Change |
2016 |
Change | ||||||||||
|
Production Sales Data: |
||||||||||||||
|
Oil (MBbls) |
1,023 |
1,120 |
(9) |
% |
886 |
15 |
% | |||||||
|
Natural gas (MMcf) |
1,944 |
1,800 |
8 |
% |
1,626 |
20 |
% | |||||||
|
NGLs (MBbls) |
260 |
208 |
25 |
% |
210 |
24 |
% | |||||||
|
Combined volumes (MBoe) |
1,607 |
1,628 |
(1) |
% |
1,367 |
18 |
% | |||||||
|
Daily combined volumes (Boe/d) |
17,659 |
17,890 |
(1) |
% |
15,022 |
18 |
% | |||||||
Cash operating costs (lease operating expense ("LOE"), gathering, transportation and processing costs and production tax expense) averaged $7.85 per Boe in the second quarter of 2016 compared to $6.81 per Boe in the first quarter of 2016. Lower per unit cash operating costs in the first quarter of 2016 were related to an annual adjustment of Colorado ad valorem tax based on actual assessments and of the related Colorado severance tax credit. Normalized production taxes are expected to approximate 8% of pre-hedge revenue for the remainder of 2016.
LOE averaged $5.28 per Boe in the second quarter of 2016, down 18% compared to the first quarter of 2016 and 25% lower than the second quarter of 2015. LOE for the DJ Basin averaged $3.74 per Boe in the second quarter of 2016 compared to $4.80 per Boe in the first quarter of 2016 and $5.84 per Boe in the second quarter of 2015. This was primarily a result of increased operating efficiencies and service cost reductions. Per unit LOE is expected to continue a downward trend following the Uinta Basin asset sale reflecting a higher LOE component associated with the properties.
|
Three Months Ended |
Three Months Ended | ||||||||||||||||
|
2016 |
2015 |
Change |
2016 |
Change | |||||||||||||
|
Average Costs (per Boe): |
|||||||||||||||||
|
Lease operating expenses |
$ |
5.28 |
$ |
7.01 |
(25) |
% |
$ |
6.46 |
(18) |
% | |||||||
|
Gathering, transportation and processing expense |
0.38 |
0.57 |
(33) |
% |
0.58 |
(34) |
% | ||||||||||
|
Production tax expenses |
2.19 |
2.34 |
(6) |
% |
(0.23) |
*NM |
|||||||||||
|
Depreciation, depletion and amortization |
27.05 |
32.36 |
(16) |
% |
30.74 |
(12) |
% | ||||||||||
|
* Not meaningful |
Uinta Basin Asset Sale
The Company announced on July 14, 2016, that it closed the sale of certain non-core assets located in the Uinta Basin for net cash proceeds of approximately $30 million, subject to customary post-closing adjustments. The proceeds from the sale will be used for general corporate purposes and to enhance the Company's liquidity position.
Debt and Liquidity
At June 30, 2016, the principal debt balance was $718.9 million, while cash and cash equivalents were $87.4 million, resulting in net debt (principal balance of debt outstanding less the cash and cash equivalents balance) of $631.5 million. Pro forma for the Uinta Basin asset sale, the Company maintains a cash position in excess of $100 million.
The Company announced on June 2, 2016, that it completed a privately negotiated exchange with a holder of the Company's 7.625% Senior Notes due 2019 (the "Notes"). As a result of this transaction, the principal amount of the Notes was reduced by $84.7 million or 21% and net debt by 12%. This transaction will also result in annual interest savings of approximately $6.5 million.
Capital Expenditures
The Company exhibited continued capital discipline during the second quarter of 2016 as capital expenditures ("capex") totaled $15.6 million, which was significantly below the Company's guidance range of $30-$35 million. This was primarily due to the most recent XRL well costs being executed approximately 15% below forecast drilling and completion cost of $4.75 million and the timing of infrastructure related spending and other non-drilling related capital.
Capex included completing 8 XRL wells that began initial flowback operations during the quarter and consisted of $13.9 million for drilling, $0.3 million for leaseholds, and $1.4 million for infrastructure and corporate assets. The Company did not spud any new wells and had minimal capital expenditures associated with the Uinta Basin.
|
Three Months Ended |
Six Months Ended | ||||||||||||||||||
|
Average |
Wells |
Capital |
Average |
Wells |
Capital | ||||||||||||||
|
Basin: |
|||||||||||||||||||
|
Denver-Julesburg |
14,176 |
— |
$ |
15.2 |
12,923 |
4 |
$ |
59.3 |
|||||||||||
|
Uinta |
3,385 |
— |
0.3 |
3,363 |
— |
1.0 |
|||||||||||||
|
Other |
98 |
— |
0.1 |
55 |
— |
1.1 |
|||||||||||||
|
Total |
17,659 |
— |
$ |
15.6 |
16,341 |
4 |
$ |
61.4 |
|||||||||||
|
(1) |
Includes operated and non-operated wells |
OPERATIONAL HIGHLIGHTS
DJ Basin
|
(1) |
Standard completion design includes ~9,500' lateral with plug-and-perf, 55-stage completion, and ~1,000 lbs of sand/lateral foot |
Uinta Oil Program
Given the outlook for commodity prices and a focus on its core DJ Basin assets, the Company has curtailed activity in the UOP and did not drill or complete any wells during the second quarter of 2016. Operations continue to be focused on improving operational efficiencies, and associated cost reductions have been realized as a result of lower lease operating costs.
2016 OPERATING GUIDANCE
The Company is providing the following update to its 2016 operating guidance. See "Forward-Looking Statements" below.
COMMODITY HEDGES UPDATE
Generally, it is the Company's strategy to hedge 50%-70% of production on a forward 12-month to 18-month basis to reduce the risks associated with unpredictable future commodity prices to provide certainty for a portion of its cash flow and to support its capital expenditure program.
The following table summarizes hedge positions as of August 4, 2016:
|
Oil (WTI) |
Natural Gas (NWPL) | |||||||||||
|
Period |
Volume |
Price |
Volume |
Price | ||||||||
|
3Q16 |
7,750 |
72.57 |
5,000 |
4.10 |
||||||||
|
4Q16 |
7,750 |
72.57 |
5,000 |
4.10 |
||||||||
|
1Q17 |
5,250 |
59.73 |
10,000 |
2.96 |
||||||||
|
2Q17 |
5,250 |
59.73 |
10,000 |
2.96 |
||||||||
|
3Q17 |
2,500 |
66.99 |
10,000 |
2.96 |
||||||||
|
4Q17 |
2,500 |
66.99 |
10,000 |
2.96 |
||||||||
Realized sales prices will reflect basis differentials from the index prices to the sales location.
UPCOMING EVENTS
Second Quarter Conference Call and Webcast
The Company plans to host a conference call on Friday, August 5, 2016, to discuss the results and management's outlook for the future. The call is scheduled at 10:00 a.m. Eastern time (8:00 a.m. Mountain time). Please join the webcast conference call live or for replay via the Internet at www.billbarrettcorp.com, accessible from the home page. To join by telephone, call (855) 760-8152 ((631) 485-4979 international callers) with passcode 48781208. The webcast will remain on the Company's website for approximately 30 days and a replay of the call will be available through August 12, 2016 at (855) 859-2056 ((404) 537-3406 international) with passcode 48781208.
Investor Events
Members of the Company's management will participate in the following investor events:
DISCLOSURE STATEMENTS
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, may be deemed to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. In particular, the Company is providing "2016 Operating Guidance," which contains projections for certain 2016 operational and financial metrics. Additional forward-looking statements in this release relate to, among other things, future capital expenditures, projects and opportunities.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Actual results may vary significantly from those indicated in the forward-looking statements. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC, and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
|
BILL BARRETT CORPORATION | ||||||||||||||||||||||||||
|
Selected Operating Highlights | ||||||||||||||||||||||||||
|
(Unaudited) | ||||||||||||||||||||||||||
|
Three Months Ended |
Six Months Ended | |||||||||||||||||||||||||
|
2016 |
2015 |
2016 |
2015 | |||||||||||||||||||||||
|
Production Data: |
||||||||||||||||||||||||||
|
Oil (MBbls) |
1,023 |
1,120 |
1,909 |
2,245 |
||||||||||||||||||||||
|
Natural gas (MMcf) |
1,944 |
1,800 |
3,564 |
3,558 |
||||||||||||||||||||||
|
NGLs (MBbls) |
260 |
208 |
471 |
371 |
||||||||||||||||||||||
|
Combined volumes (MBoe) |
1,607 |
1,628 |
2,974 |
3,209 |
||||||||||||||||||||||
|
Daily combined volumes (Boe/d) |
17,659 |
17,890 |
16,341 |
17,729 |
||||||||||||||||||||||
|
Average Sales Prices (before the effects of realized hedges): | ||||||||||||||||||||||||||
|
Oil (per Bbl) |
$ |
39.93 |
$ |
48.68 |
$ |
34.20 |
$ |
42.89 |
||||||||||||||||||
|
Natural gas (per Mcf) |
1.50 |
2.33 |
1.57 |
2.46 |
||||||||||||||||||||||
|
NGLs (per Bbl) |
12.55 |
12.76 |
11.15 |
13.00 |
||||||||||||||||||||||
|
Combined (per Boe) |
29.26 |
37.70 |
25.60 |
34.24 |
||||||||||||||||||||||
|
Average Realized Sales Prices (after the effects of realized hedges): | ||||||||||||||||||||||||||
|
Oil (per Bbl) |
$ |
63.34 |
$ |
78.44 |
$ |
63.50 |
$ |
77.35 |
||||||||||||||||||
|
Natural gas (per Mcf) |
2.07 |
4.10 |
2.16 |
4.01 |
||||||||||||||||||||||
|
NGLs (per Bbl) |
12.55 |
12.76 |
11.15 |
13.00 |
||||||||||||||||||||||
|
Combined (per Boe) |
44.84 |
60.13 |
45.11 |
60.07 |
||||||||||||||||||||||
|
Average Costs (per Boe): |
||||||||||||||||||||||||||
|
Lease operating expenses |
$ |
5.28 |
$ |
7.01 |
$ |
5.82 |
$ |
7.85 |
||||||||||||||||||
|
Gathering, transportation and processing expense |
0.38 |
0.57 |
0.47 |
0.58 |
||||||||||||||||||||||
|
Production tax expenses |
2.19 |
2.34 |
1.08 |
1.98 |
||||||||||||||||||||||
|
Depreciation, depletion and amortization |
27.05 |
32.36 |
28.81 |
32.70 |
||||||||||||||||||||||
|
General and administrative expense (1) |
6.18 |
9.01 |
7.52 |
8.73 |
||||||||||||||||||||||
|
(1) |
Includes long-term cash and equity incentive compensation of $1.61 and $1.70 for the three months ended June 30, |
|
BILL BARRETT CORPORATION | |||||||
|
Consolidated Condensed Balance Sheets | |||||||
|
(Unaudited) | |||||||
|
As of |
As of | ||||||
|
2016 |
2015 | ||||||
|
(in thousands) | |||||||
|
Assets: |
|||||||
|
Cash and cash equivalents |
$ |
87,423 |
$ |
128,836 |
|||
|
Assets classified as held for sale |
33,717 |
— |
|||||
|
Other current assets (1) |
78,503 |
145,481 |
|||||
|
Property and equipment, net |
1,116,793 |
1,170,684 |
|||||
|
Other noncurrent assets (1) |
26,159 |
61,519 |
|||||
|
Total assets |
$ |
1,342,595 |
$ |
1,506,520 |
|||
|
Liabilities and Stockholders' Equity: |
|||||||
|
Liabilities associated with assets held for sale |
$ |
4,785 |
$ |
— |
|||
|
Other current liabilities |
78,437 |
145,231 |
|||||
|
Long-term debt, net of debt issuance costs |
711,279 |
794,652 |
|||||
|
Other long-term liabilities (1) |
14,570 |
17,221 |
|||||
|
Stockholders' equity |
533,524 |
549,416 |
|||||
|
Total liabilities and stockholders' equity |
$ |
1,342,595 |
$ |
1,506,520 |
|||
|
(1) |
At June 30, 2016, the estimated fair value of all of the Company's commodity derivative instruments was a net asset of |
|
BILL BARRETT CORPORATION | |||||||||||||||
|
Consolidated Statements of Operations | |||||||||||||||
|
(Unaudited) | |||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
(in thousands, except per share amounts) | |||||||||||||||
|
Operating and Other Revenues: |
|||||||||||||||
|
Oil, gas and NGLs |
$ |
47,025 |
$ |
61,382 |
$ |
76,146 |
$ |
109,868 |
|||||||
|
Other |
259 |
1,236 |
572 |
1,784 |
|||||||||||
|
Total operating and other revenues |
47,284 |
62,618 |
76,718 |
111,652 |
|||||||||||
|
Operating Expenses: |
|||||||||||||||
|
Lease operating |
8,479 |
11,405 |
17,306 |
25,196 |
|||||||||||
|
Gathering, transportation and processing |
611 |
933 |
1,399 |
1,875 |
|||||||||||
|
Production tax |
3,520 |
3,816 |
3,205 |
6,350 |
|||||||||||
|
Exploration |
21 |
92 |
48 |
125 |
|||||||||||
|
Impairment, dry hole costs and abandonment |
234 |
1,090 |
792 |
2,345 |
|||||||||||
|
(Gain) Loss on divestitures |
(708) |
(644) |
(708) |
(682) |
|||||||||||
|
Depreciation, depletion and amortization |
40,392 |
52,674 |
82,408 |
104,928 |
|||||||||||
|
Unused commitments |
4,568 |
4,387 |
9,136 |
8,775 |
|||||||||||
|
General and administrative (1) |
9,937 |
14,672 |
22,357 |
28,001 |
|||||||||||
|
Total operating expenses |
67,054 |
88,425 |
135,943 |
176,913 |
|||||||||||
|
Operating Income (Loss) |
(19,770) |
(25,807) |
(59,225) |
(65,261) |
|||||||||||
|
Other Income and Expense: |
|||||||||||||||
|
Interest and other income |
57 |
144 |
94 |
419 |
|||||||||||
|
Interest expense |
(15,423) |
(17,390) |
(31,169) |
(33,820) |
|||||||||||
|
Commodity derivative gain (loss) (2) |
(21,980) |
(27,657) |
(13,312) |
6,781 |
|||||||||||
|
Gain (loss) on extinguishment of debt |
8,697 |
(818) |
8,697 |
1,749 |
|||||||||||
|
Total other income and expense |
(28,649) |
(45,721) |
(35,690) |
(24,871) |
|||||||||||
|
Income (Loss) before Income Taxes |
(48,419) |
(71,528) |
(94,915) |
(90,132) |
|||||||||||
|
(Provision for) Benefit from Income Taxes |
— |
26,947 |
— |
33,820 |
|||||||||||
|
Net Income (Loss) |
$ |
(48,419) |
$ |
(44,581) |
$ |
(94,915) |
$ |
(56,312) |
|||||||
|
Net Income (Loss) per Common Share |
|||||||||||||||
|
Basic |
$ |
(0.93) |
$ |
(0.92) |
$ |
(1.89) |
$ |
(1.17) |
|||||||
|
Diluted |
$ |
(0.93) |
$ |
(0.92) |
$ |
(1.89) |
$ |
(1.17) |
|||||||
|
Weighted Average Common Shares Outstanding |
|||||||||||||||
|
Basic |
51,832 |
48,299 |
50,165 |
48,249 |
|||||||||||
|
Diluted |
51,832 |
48,299 |
50,165 |
48,249 |
|||||||||||
|
(1) |
Includes long-term cash and equity incentive compensation of $2.6 million and $2.8 million for the three months |
|
(2) |
The table below summarizes the realized and unrealized gains and losses the Company recognized related to its oil |
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
(in thousands) | |||||||||||||||
|
Included in commodity derivative gain (loss): |
|||||||||||||||
|
Realized gain (loss) on derivatives (1) |
$ |
25,043 |
$ |
36,523 |
$ |
58,005 |
$ |
82,898 |
|||||||
|
Prior year unrealized (gain) loss transferred to realized (gain) loss (1) |
(27,863) |
(38,234) |
(57,349) |
(78,968) |
|||||||||||
|
Unrealized gain (loss) on derivatives (1) |
(19,160) |
(25,946) |
(13,968) |
2,851 |
|||||||||||
|
Total commodity derivative gain (loss) |
$ |
(21,980) |
$ |
(27,657) |
$ |
(13,312) |
$ |
6,781 |
|||||||
|
(1) |
Realized and unrealized gains and losses on commodity derivatives are presented herein as separate line |
|
BILL BARRETT CORPORATION | |||||||||||||||
|
Consolidated Statements of Cash Flows | |||||||||||||||
|
(Unaudited) | |||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
(in thousands) | |||||||||||||||
|
Operating Activities: |
|||||||||||||||
|
Net income (loss) |
$ |
(48,419) |
$ |
(44,581) |
$ |
(94,915) |
$ |
(56,312) |
|||||||
|
Adjustments to reconcile to net cash provided by operations: |
|||||||||||||||
|
Depreciation, depletion and amortization |
40,392 |
52,674 |
82,408 |
104,928 |
|||||||||||
|
Impairment, dry hole costs and abandonment expense |
234 |
1,090 |
792 |
2,345 |
|||||||||||
|
Unrealized derivative (gain) loss |
47,023 |
64,180 |
71,317 |
76,117 |
|||||||||||
|
Deferred income tax benefit |
— |
(26,947) |
— |
(33,820) |
|||||||||||
|
Incentive compensation and other non-cash charges |
2,102 |
2,470 |
5,431 |
5,213 |
|||||||||||
|
Amortization of deferred financing costs |
863 |
2,283 |
1,502 |
3,350 |
|||||||||||
|
(Gain) loss on sale of properties |
(708) |
(644) |
(708) |
(682) |
|||||||||||
|
(Gain) loss on extinguishment of debt |
(8,697) |
818 |
(8,697) |
(1,749) |
|||||||||||
|
Change in operating assets and liabilities: |
|||||||||||||||
|
Accounts receivable |
(2,869) |
8,045 |
9,544 |
17,109 |
|||||||||||
|
Prepayments and other assets |
(311) |
225 |
(902) |
(1,139) |
|||||||||||
|
Accounts payable, accrued and other liabilities |
(16,196) |
(12,017) |
(3,943) |
(13,678) |
|||||||||||
|
Amounts payable to oil and gas property owners |
649 |
(3,527) |
(3,387) |
3,311 |
|||||||||||
|
Production taxes payable |
(5,799) |
(6,753) |
(9,663) |
(13,852) |
|||||||||||
|
Net cash provided by (used in) operating activities |
$ |
8,264 |
$ |
37,316 |
$ |
48,779 |
$ |
91,141 |
|||||||
|
Investing Activities: |
|||||||||||||||
|
Additions to oil and gas properties, including acquisitions |
(25,419) |
(83,114) |
(86,680) |
(194,123) |
|||||||||||
|
Additions of furniture, equipment and other |
(209) |
(269) |
(991) |
(878) |
|||||||||||
|
Proceeds from sale of properties and other investing activities |
13 |
103 |
(1,225) |
66,518 |
|||||||||||
|
Proceeds from the sale of short-term investments |
— |
50,000 |
— |
50,000 |
|||||||||||
|
Cash paid for short-term investments |
— |
— |
— |
(114,883) |
|||||||||||
|
Net cash provided by (used in) investing activities |
$ |
(25,615) |
$ |
(33,280) |
$ |
(88,896) |
$ |
(193,366) |
|||||||
|
Financing Activities: |
|||||||||||||||
|
Principal payments on debt |
(109) |
(105) |
(218) |
(24,976) |
|||||||||||
|
Deferred financing costs and other |
(680) |
(1,821) |
(1,078) |
(2,821) |
|||||||||||
|
Net cash provided by (used in) financing activities |
$ |
(789) |
$ |
(1,926) |
$ |
(1,296) |
$ |
(27,797) |
|||||||
|
Increase (Decrease) in Cash and Cash Equivalents |
(18,140) |
2,110 |
(41,413) |
(130,022) |
|||||||||||
|
Beginning Cash and Cash Equivalents |
105,563 |
33,772 |
128,836 |
165,904 |
|||||||||||
|
Ending Cash and Cash Equivalents |
$ |
87,423 |
$ |
35,882 |
$ |
87,423 |
$ |
35,882 |
|||||||
|
BILL BARRETT CORPORATION | |||||||||||||||
|
Reconciliation of Discretionary Cash Flow, Adjusted Net Income (Loss) and EBITDAX | |||||||||||||||
|
(Unaudited) | |||||||||||||||
|
Discretionary Cash Flow Reconciliation | |||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
(in thousands, except per share amounts) | |||||||||||||||
|
Net Income (Loss) |
$ |
(48,419) |
$ |
(44,581) |
$ |
(94,915) |
$ |
(56,312) |
|||||||
|
Adjustments to reconcile to discretionary cash flow: |
|||||||||||||||
|
Depreciation, depletion and amortization |
40,392 |
52,674 |
82,408 |
104,928 |
|||||||||||
|
Impairment, dry hole and abandonment expense |
234 |
1,090 |
792 |
2,345 |
|||||||||||
|
Exploration expense |
21 |
92 |
48 |
125 |
|||||||||||
|
Unrealized derivative (gain) loss |
47,023 |
64,180 |
71,317 |
76,117 |
|||||||||||
|
Deferred income tax benefit |
— |
(26,947) |
— |
(33,820) |
|||||||||||
|
Incentive compensation and other non-cash charges |
2,102 |
2,470 |
5,431 |
5,213 |
|||||||||||
|
Amortization of deferred financing costs |
863 |
2,283 |
1,502 |
3,350 |
|||||||||||
|
(Gain) loss on sale of properties |
(708) |
(644) |
(708) |
(682) |
|||||||||||
|
(Gain) loss on extinguishment of debt |
(8,697) |
818 |
(8,697) |
(1,749) |
|||||||||||
|
Discretionary Cash Flow |
$ |
32,811 |
$ |
51,435 |
$ |
57,178 |
$ |
99,515 |
|||||||
|
Adjusted Net Income (Loss) Reconciliation | |||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
(in thousands, except per share amounts) | |||||||||||||||
|
Net Income (Loss) |
$ |
(48,419) |
$ |
(44,581) |
$ |
(94,915) |
$ |
(56,312) |
|||||||
|
(Provision for) Benefit from income taxes |
— |
26,947 |
— |
33,820 |
|||||||||||
|
Income (Loss) before income taxes |
(48,419) |
(71,528) |
(94,915) |
(90,132) |
|||||||||||
|
Adjustments to net income (loss): |
|||||||||||||||
|
Unrealized derivative (gain) loss |
47,023 |
64,180 |
71,317 |
76,117 |
|||||||||||
|
Impairment expense |
— |
445 |
183 |
503 |
|||||||||||
|
(Gain) loss on sale of properties |
(708) |
(644) |
(708) |
(682) |
|||||||||||
|
(Gain) loss on extinguishment of debt |
(8,697) |
818 |
(8,697) |
(1,749) |
|||||||||||
|
Adjusted Income (Loss) before income taxes |
(10,801) |
(6,729) |
(32,820) |
(15,943) |
|||||||||||
|
Adjusted (provision for) benefit from income taxes (1) |
4,061 |
2,703 |
12,373 |
6,008 |
|||||||||||
|
Adjusted Net Income (Loss) |
$ |
(6,740) |
$ |
(4,026) |
$ |
(20,447) |
$ |
(9,935) |
|||||||
|
Per share, diluted |
$ |
(0.13) |
$ |
(0.08) |
$ |
(0.41) |
$ |
(0.21) |
|||||||
|
(1) |
Adjusted (provision for) benefit from income taxes is calculated using the Company's current effective tax rate prior |
|
EBITDAX Reconciliation | |||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
(in thousands, except per share amounts) | |||||||||||||||
|
Net Income (Loss) |
$ |
(48,419) |
$ |
(44,581) |
$ |
(94,915) |
$ |
(56,312) |
|||||||
|
Adjustments to reconcile to EBITDAX: |
|||||||||||||||
|
Depreciation, depletion and amortization |
40,392 |
52,674 |
82,408 |
104,928 |
|||||||||||
|
Impairment, dry hole and abandonment expense |
234 |
1,090 |
792 |
2,345 |
|||||||||||
|
Exploration expense |
21 |
92 |
48 |
125 |
|||||||||||
|
Unrealized derivative (gain) loss |
47,023 |
64,180 |
71,317 |
76,117 |
I | ||||||||||
|
Incentive compensation and other non-cash charges |
2,102 |
2,470 |
5,431 |
5,213 |
|||||||||||
|
(Gain) loss on sale of properties |
(708) |
(644) |
(708) |
(682) |
|||||||||||
|
(Gain) loss on extinguishment of debt |
(8,697) |
818 |
(8,697) |
(1,749) |
|||||||||||
|
Interest and other income |
(57) |
(144) |
(94) |
(419) |
|||||||||||
|
Interest expense |
15,423 |
17,390 |
31,169 |
33,820 |
|||||||||||
|
(Provision for) Benefit from Income Taxes |
— |
(26,947) |
— |
(33,820) |
|||||||||||
|
EBITDAX |
$ |
47,314 |
$ |
66,398 |
$ |
86,751 |
$ |
129,566 |
|||||||
|
Discretionary cash flow, adjusted net income (loss) and EBITDAX are non-GAAP measures. These measures are presented | |||||||||||||||
|
These measures should not be considered in isolation or as a substitute for net income, income from operations, net cash |
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SOURCE Bill Barrett Corporation
Article Date
8/4/20167/19/2016 - Bill Barrett Corporation Provides Second Quarter 2016 Commodity Price and Derivatives Update
Bill Barrett Corporation Provides Second Quarter 2016 Commodity Price and Derivatives Update
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
DENVER, July 19, 2016 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) announced today that it is providing an update on certain second quarter of 2016 items, including commodity price and derivatives data and the weighted average basic and diluted shares outstanding for the second quarter of 2016 and common shares outstanding at June 30, 2016.
For the second quarter of 2016, West Texas Intermediate ("WTI") oil prices averaged $45.59 per barrel, Northwest Pipeline ("NWPL") natural gas prices averaged $1.66 per MMBtu and NYMEX natural gas prices averaged $1.95 per MMBtu. The Company had derivative commodity swaps in place for the second quarter of 2016 for 7,300 barrels of oil per day tied to WTI pricing at $81.65 per barrel, 5,000 MMBtu of natural gas per day tied to NWPL regional pricing at $4.10 per MMBtu and no hedges in place for NGLs.
Based on preliminary unaudited results, the Company expects to realize a cash commodity derivative gain of $25.0 million in the second quarter due to positive derivative positions. The Company expects its second quarter commodity price differentials to benchmark pricing before commodity derivative gains, related to delivery location and quality adjustments, to approximate: oil less $5.66 price per barrel versus WTI; and natural gas less $0.16 per thousand cubic feet ("Mcf") compared to NWPL. The DJ Basin oil price differential averaged $4.82 per barrel. The Company continues to realize lower oil price differentials as Denver-Julesburg and Uinta Basin infrastructure expands and local pricing improves. NGL prices averaged 28% of WTI price per barrel.
For the remainder of 2016, approximately 7,750 barrels per day of oil is hedged at an average WTI price of $72.57 per barrel. The following table summarizes the Company's hedge position as of July 19, 2016:
|
Oil (WTI) |
Natural Gas (NWPL) | ||||
|
Period |
Volume |
Price |
Volume |
Price | |
|
3Q16 |
7,750 |
72.57 |
5,000 |
4.10 | |
|
4Q16 |
7,750 |
72.57 |
5,000 |
4.10 | |
|
1Q17 |
5,250 |
59.73 |
10,000 |
2.96 | |
|
2Q17 |
5,250 |
59.73 |
10,000 |
2.96 | |
|
3Q17 |
2,500 |
66.99 |
10,000 |
2.96 | |
|
4Q17 |
2,500 |
66.99 |
10,000 |
2.96 | |
|
Realized sales prices will reflect basis differentials from the index prices to the sales location. |
Following the completion of the debt exchange announced on June 2, 2016, the Company expects to report that the weighted average common basic and diluted shares for the second quarter will be approximately 51.8 million and that as of June 30, 2016, the number of common shares outstanding was approximately 60.2 million.
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. Forward-looking statements in this release relate to, among other things, second quarter commodity derivative gains, commodity price differentials, number of shares outstanding future financial performance and business expectations.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. Risks also include potential differences between expected reported results and actual reported results after the Company's financial statements and related reviews are finalized. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
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SOURCE Bill Barrett Corporation
Article Date
7/19/2016Bill Barrett Corporation Announces Closing of Uinta Basin Non-Core Asset Divestiture
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
DENVER, July 14, 2016 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) announced today that it has closed the previously announced sale of non-core assets located in the Uinta Basin for net cash proceeds of approximately $30 million. This amount is subject to customary post-closing adjustments. The sale of the properties did not result in a reduction of the Company's borrowing base related to its revolving credit facility. The proceeds from this transaction will be used for general corporate purposes and to enhance the Company's liquidity position.
Wells Fargo Securities, LLC acted as the Company's advisor on this transaction.
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, may be deemed to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
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SOURCE Bill Barrett Corporation
Article Date
7/14/20167/11/2016 - Bill Barrett Corporation Schedules Second Quarter 2016 Financial Results Release Date and Conference Call
Bill Barrett Corporation Schedules Second Quarter 2016 Financial Results Release Date and Conference Call
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
DENVER, July 11, 2016 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) announced today its second quarter of 2016 financial and operating results press release will be issued after the market close on Thursday, August 4, 2016. The Company plans to host a conference call on Friday, August 5, 2016, to discuss the results. The call is scheduled at 10:00 a.m. Eastern time (8:00 a.m. Mountain time). Please join the webcast conference call live at www.billbarrettcorp.com, accessible from the Investor Relations page. To join by telephone, call 855-760-8152 (631-485-4979 international callers) with passcode 48781208. The webcast will remain on the Company's website for approximately 30 days and a replay of the call will be available through August 12, 2016, at 855-859-2056 (404-537-3406 international) with passcode 48781208.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
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SOURCE Bill Barrett Corporation
Article Date
7/11/2016Bill Barrett Corporation Announces Upcoming Investor Events
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
DENVER, June 3, 2016 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) announced today that management is scheduled to participate in the following investor events:
The Company plans to post an updated investor presentation before the market opens on June 6, 2016.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
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SOURCE Bill Barrett Corporation
Article Date
6/3/2016Bill Barrett Corporation Announces Debt Exchange
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
DENVER, June 2, 2016 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) announced today that it has agreed to a privately negotiated exchange with a holder of the Company's 7.625% Senior Notes due 2019 (the "Notes"). In the transaction, the holder has agreed to exchange approximately $84.7 million aggregate principal amount of the Notes for 10 million newly issued shares of the Company's common stock plus the cash payment of accrued and unpaid interest. As a result of this transaction, the Company reduced the principal amount of the nearest term Notes by 21% and net debt by 12% (as of March 31, 2016). Furthermore, the Company will realize annual interest savings of approximately $6.5 million.
Chief Executive Officer and President Scot Woodall stated, "We remain focused on opportunities to increase stakeholder value by improving our balance sheet, and this debt exchange represents another positive step in these ongoing efforts. The debt reduction at a discount to par and associated interest savings on our highest interest rate debt, combined with our previously announced strategic sale of non-core assets in the Uinta Basin for $30 million, further strengthens our balance sheet. Additionally, we have taken advantage of stronger oil prices to add hedges to protect future cash flows."
"Improvements to the balance sheet are underpinned by solid operational performance as we are seeing favorable results from our DJ Basin XRL development program. We are off to a good start to the second quarter as oil prices have moved higher, costs and differentials continue to improve, and production is trending above quarterly guidance. We remain financially well positioned with a meaningful cash position, an undrawn credit facility, and a strong hedge position that together provide ample liquidity to manage through this challenging environment."
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, may be deemed to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. Forward-looking statements in this release relate to, among other things, the closing and anticipated effects of, the exchange transaction and expected operational developments.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
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SOURCE Bill Barrett Corporation
Article Date
6/2/2016Bill Barrett Corporation Reports First Quarter 2016 Financial and Operating Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
DENVER, May 5, 2016 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) reports first quarter of 2016 financial and operating results, including these highlights:
Chief Executive Officer and President Scot Woodall commented, "Our team continues to execute and we posted another solid quarter of operational and financial results. The positive results were due in part to production coming in at the upper end of our guidance range, tightening oil differentials, and a 26% year-over-year decrease in per unit LOE. In addition, G&A expense declined 17% compared to the first quarter of 2015. We continue to maintain a capital disciplined approach as first quarter spending was 20% below the mid-point of our guidance range as we captured further XRL well cost savings. This gives us the confidence to lower our full-year 2016 capital expenditure guidance, while reaffirming our production guidance. The second quarter is off to a good start and we continue to be encouraged by the results of our XRL development program and the associated contribution to our increasing production profile this year. We are in the process of completing and placing on initial flowback the remainder of the wells that have been drilled. Our balance sheet remains strong as we ended the quarter with a cash position of $106 million, an undrawn credit facility, and a favorable hedge position which provides ample liquidity. The Uinta Basin non-core asset sale will further bolster our balance sheet by increasing our cash position."
OPERATING AND FINANCIAL RESULTS
Discretionary cash flow, adjusted net income (loss) and EBITDAX are non-GAAP (Generally Accepted Accounting Principles) measures. Please reference the reconciliations to GAAP financial statements at the end of this release.
Discretionary cash flow in the first quarter of 2016 was $24.4 million, or $0.50 per share, compared to $48.1 million, or $1.00 per share, in the first quarter of 2015. Discretionary cash flow in the first quarter of 2016 compared to 2015 was impacted by lower revenues due to a 14% decline in production volumes as a result of asset sales and a 17% decline in realized oil prices including hedges.
Adjusted net loss for the first quarter of 2016 was $13.7 million, or $0.28 per share, compared with adjusted net loss for the first quarter of 2015 of $5.9 million, or $0.12 per share. Adjusted net income (loss) removes the effect of unrealized derivative gains and losses and non-recurring charges such as impairment expenses, property sales and certain one-time items.
EBITDAX was $39.4 million for the first quarter of 2016 compared to $63.2 million for the first quarter of 2015. Lower EBITDAX is primarily a result of lower commodity prices and a decline in production volumes as a result of asset sales, as discussed above.
|
Three Months Ended March 31, | |||||||
|
2016 |
2015 | ||||||
|
Discretionary Cash Flow ($ millions) |
$ |
24.4 |
$ |
48.1 |
|||
|
Discretionary Cash Flow per share |
0.50 |
1.00 |
|||||
|
Adjusted Net Loss ($ millions) |
(13.7) |
(5.9) |
|||||
|
Adjusted Net Loss per share |
(0.28) |
(0.12) |
|||||
|
EBITDAX ($ millions) |
39.4 |
63.2 |
|||||
Oil, natural gas and natural gas liquids ("NGL") production from the Denver-Julesburg ("DJ") Basin and Uinta Oil Program ("UOP") totaled 1.4 million barrels of oil equivalent ("MMBoe") in the first quarter of 2016, which was at the high-end of the Company's guidance range of 1.3-1.4 MMBoe. Lower production sales volumes to the comparable 2015 period were primarily the result of non-core asset sales in the DJ Basin and UOP that were completed during 2015.
First quarter of 2016 production was 65% oil, 20% natural gas and 15% NGLs, which was consistent with guidance.
|
Three Months Ended March 31, |
Three Months Ended December 31, | |||||||||||||
|
2016 |
2015 |
Change |
2015 |
Change | ||||||||||
|
Production Sales Data: |
||||||||||||||
|
Oil (MBbls) |
886 |
1,125 |
(21)% |
1,090 |
(19)% |
|||||||||
|
Natural gas (MMcf) |
1,626 |
1,764 |
(8)% |
1,986 |
(18)% |
|||||||||
|
NGLs (MBbls) |
210 |
162 |
30% |
264 |
(20)% |
|||||||||
|
Combined volumes (MBoe) |
1,367 |
1,581 |
(14)% |
1,685 |
(19)% |
|||||||||
|
Daily combined volumes (Boe/d) |
15,022 |
17,567 |
(14)% |
18,315 |
(18)% |
|||||||||
Cash operating costs (lease operating expense ("LOE"), gathering, transportation and processing costs and production tax expense) were $6.81 per Boe in the first quarter of 2016 compared to $6.54 per Boe in the fourth quarter of 2015 and $10.92 per Boe in the first quarter of 2015. Higher cash operating costs on a per unit basis compared to the fourth quarter of 2015 were primarily a result of lower production sales volumes due to asset sales and higher seasonal operating costs during the first quarter of 2016. Cash operating costs were lower compared to the first quarter of 2015 primarily as a result of improved operational efficiencies and lease operating cost reductions in both the DJ Basin and the UOP.
The decrease in production tax expense in the first quarter of 2016 is related to an annual adjustment of Colorado ad valorem tax based on actual assessments and of the related Colorado severance tax credit adjustment based on the annual severance tax calculation. Normalized production taxes are expected to approximate 9% of pre-hedge revenue for the remainder of 2016.
|
Three Months Ended March 31, |
Three Months Ended December 31, | ||||||||||||||||
|
2016 |
2015 |
Change |
2015 |
Change | |||||||||||||
|
Average Costs (per Boe): |
|||||||||||||||||
|
Lease operating expenses |
$ |
6.46 |
$ |
8.72 |
(26)% |
$ |
4.70 |
37% |
|||||||||
|
Gathering, transportation and processing expense |
0.58 |
0.60 |
(3)% |
0.55 |
5% |
||||||||||||
|
Production tax expenses |
(0.23) |
1.60 |
(114)% |
1.29 |
(118)% |
||||||||||||
|
Depreciation, depletion and amortization |
30.74 |
33.05 |
(7)% |
27.06 |
14% |
||||||||||||
Uinta Basin Asset Sale
The Company announced on May 2, 2016, that it entered into an agreement with an unaffiliated third party to sell certain non-core assets located in the UOP for cash proceeds of approximately $30 million. The transaction is expected to close on or before June 30, 2016, and is subject to customary closing conditions. The assets produced approximately 1,000 Boe/d (63% oil) during the first quarter of 2016 and had estimated proved reserves of 2 MMBoe (87% proved developed) as of December 31, 2015. Based on the Company's internal estimates, the expected 2016 operating cash flow from the divested properties will be less than $2 million based on current strip pricing.
Debt and Liquidity
At March 31, 2016, the principal balance of long-term debt was $803.2 million and cash and cash equivalents were $105.6 million, resulting in net debt (principal balance of debt outstanding less the cash and cash equivalents balance) of $697.6 million.
The Company's semi-annual borrowing base review was completed in April 2016 with the bank group setting a borrowing base of $335 million, an 11% reduction from the previous borrowing base of $375 million. There were no changes to the terms or conditions of the credit facility and there are no borrowings outstanding. The revolving credit facility has $309 million in available capacity, after taking into account a $26 million letter of credit.
The next regularly scheduled borrowing base redetermination will occur on or about October 1, 2016.
Capital Expenditures
The Company exhibited continued capital discipline during the first quarter of 2016 as capital expenditures ("capex") totaled $45.8 million, which was 20% below the mid-point of the Company's guidance range of $55-$60 million. This was primarily due to recent XRL well costs being executed below forecast drilling and completion cost of $4.75 million.
Capex projects included spudding 4 XRL wells in the DJ Basin and completing 16 wells, including 15 XRL wells, which began initial flowback operations during the quarter. Capex included $42.4 million for drilling, $0.8 million for leaseholds, and $2.6 million for infrastructure and corporate assets. The Company did not spud any new wells in the UOP.
|
Three Months Ended March 31, 2016 | |||||||||
|
Average Net Daily Production (Boe/d) |
Wells Spud Net (1) |
Capital Expenditures ($ millions) | |||||||
|
Basin: |
|||||||||
|
Denver-Julesburg |
11,670 |
4 |
$ |
44.1 |
|||||
|
Uinta |
3,341 |
— |
0.7 |
||||||
|
Other |
11 |
— |
1.0 |
||||||
|
Total |
15,022 |
4 |
$ |
45.8 |
|||||
|
(1) |
Includes operated and non-operated wells |
OPERATIONAL HIGHLIGHTS
DJ Basin
Uinta Oil Program
Given the outlook for commodity prices and a focus on its core DJ Basin assets, the Company has significantly reduced activity in the UOP and did not drill or complete any wells during the first quarter of 2016. Operations continue to be focused on improving operational efficiencies, and associated cost reductions have been realized as a result of lower lease operating costs.
2016 OPERATING GUIDANCE
The Company is providing the following update to its 2016 operating guidance. In addition, the Company intends to update 2016 operating guidance upon closing of the UOP asset sale. See "Forward-Looking Statements" below.
COMMODITY HEDGES UPDATE
Generally, it is the Company's strategy to hedge 50%-70% of production on a forward 12-month to 18-month basis to reduce the risks associated with unpredictable future commodity prices to provide certainty for a portion of its cash flow and to support its capital expenditure program.
The following table summarizes hedge positions as of May 5, 2016:
|
Oil (WTI) |
Natural Gas (NWPL) | |||||||
|
Period |
Volume |
Price |
Volume |
Price | ||||
|
2Q16 |
7,300 |
81.65 |
5,000 |
4.10 | ||||
|
3Q16 |
7,250 |
74.27 |
5,000 |
4.10 | ||||
|
4Q16 |
7,250 |
74.27 |
5,000 |
4.10 | ||||
|
1Q17 |
3,250 |
65.40 |
— |
— | ||||
|
2Q17 |
3,250 |
65.40 |
— |
— | ||||
|
3Q17 |
1,500 |
78.16 |
— |
— | ||||
|
4Q17 |
1,500 |
78.16 |
— |
— | ||||
Realized sales prices will reflect basis differentials from the index prices to the sales location.
UPCOMING EVENTS
First Quarter Conference Call and Webcast
The Company plans to host a conference call on Friday, May 6, 2016, to discuss the results and management's outlook for the future. The call is scheduled at 10:00 a.m. Eastern time (8:00 a.m. Mountain time). Please join the webcast conference call live or for replay via the Internet at www.billbarrettcorp.com, accessible from the home page. To join by telephone, call (855) 760-8152 ((631) 485-4979 international callers) with passcode 90845487. The webcast will remain on the Company's website for approximately 30 days and a replay of the call will be available through May 13, 2016 at (855) 859-2056 ((404) 537-3406 international) with passcode 90845487.
DISCLOSURE STATEMENTS
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, may be deemed to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. In particular, the Company is providing "2016 Operating Guidance," which contains projections for certain 2016 operational and financial metrics. Additional forward-looking statements in this release relate to, among other things, the closing of, and proceeds from the planned asset sale and future capital expenditures, projects and opportunities.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Actual results may vary significantly from those indicated in the forward-looking statements. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC, and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
|
BILL BARRETT CORPORATION Selected Operating Highlights (Unaudited) | |||||||
|
Three Months Ended March 31, | |||||||
|
2016 |
2015 | ||||||
|
Production Data: |
|||||||
|
Oil (MBbls) |
886 |
1,125 |
|||||
|
Natural gas (MMcf) |
1,626 |
1,764 |
|||||
|
NGLs (MBbls) |
210 |
162 |
|||||
|
Combined volumes (MBoe) |
1,367 |
1,581 |
|||||
|
Daily combined volumes (Boe/d) |
15,022 |
17,567 |
|||||
|
Average Sales Prices (before the effects of realized hedges): | |||||||
|
Oil (per Bbl) |
$ |
27.60 |
$ |
37.12 |
|||
|
Natural gas (per Mcf) |
1.66 |
2.60 |
|||||
|
NGLs (per Bbl) |
9.43 |
13.31 |
|||||
|
Combined (per Boe) |
21.30 |
30.68 |
|||||
|
Average Realized Sales Prices (after the effects of realized hedges): | |||||||
|
Oil (per Bbl) |
$ |
63.69 |
$ |
76.28 |
|||
|
Natural gas (per Mcf) |
2.26 |
3.92 |
|||||
|
NGLs (per Bbl) |
9.43 |
13.31 |
|||||
|
Combined (per Boe) |
45.42 |
60.01 |
|||||
|
Average Costs (per Boe): |
|||||||
|
Lease operating expenses |
$ |
6.46 |
$ |
8.72 |
|||
|
Gathering, transportation and processing expense |
0.58 |
0.60 |
|||||
|
Production tax expenses |
(0.23) |
1.60 |
|||||
|
Depreciation, depletion and amortization |
30.74 |
33.05 |
|||||
|
General and administrative expense, excluding long-term incentive compensation expense (1) |
6.21 |
6.50 |
|||||
|
(1) |
This separate presentation is a non-GAAP measure. Management believes the separate presentation of the long-term incentive compensation component of general and administrative expense is useful because it provides a better understanding of current period general and administrative expenses. Management also believes that this disclosure may allow for a more accurate comparison to the Company's peers. |
|
BILL BARRETT CORPORATION Consolidated Condensed Balance Sheets (Unaudited) | |||||||
|
As of March 31, |
As of December 31, | ||||||
|
2016 |
2015 | ||||||
|
(in thousands) | |||||||
|
Assets: |
|||||||
|
Cash and cash equivalents |
$ |
105,563 |
$ |
128,836 |
|||
|
Assets classified as held for sale |
33,717 |
— |
|||||
|
Other current assets (1) |
114,083 |
145,481 |
|||||
|
Property and equipment, net |
1,141,629 |
1,170,684 |
|||||
|
Other noncurrent assets (1) |
49,218 |
61,519 |
|||||
|
Total assets |
$ |
1,444,210 |
$ |
1,506,520 |
|||
|
Liabilities and Stockholders' Equity: |
|||||||
|
Liabilities associated with assets held for sale |
$ |
4,785 |
$ |
— |
|||
|
Other current liabilities |
124,798 |
145,231 |
|||||
|
Long-term debt, net of debt issuance costs |
794,972 |
794,652 |
|||||
|
Other long-term liabilities |
13,678 |
17,221 |
|||||
|
Stockholders' equity |
505,977 |
549,416 |
|||||
|
Total liabilities and stockholders' equity |
$ |
1,444,210 |
$ |
1,506,520 |
|||
|
(1) |
At March 31, 2016, the estimated fair value of all of the Company's commodity derivative instruments was a net asset of $95.2 million, comprised of $80.4 million of current assets and $14.8 million of non-current assets. This amount will fluctuate based on estimated future commodity prices and the current hedge position. |
|
BILL BARRETT CORPORATION Consolidated Statements of Operations (Unaudited) | |||||||
|
Three Months Ended March 31, | |||||||
|
2016 |
2015 | ||||||
|
(in thousands, except per share amounts) | |||||||
|
Operating and Other Revenues: |
|||||||
|
Oil, gas and NGLs |
$ |
29,121 |
$ |
48,486 |
|||
|
Other |
313 |
548 |
|||||
|
Total operating and other revenues |
29,434 |
49,034 |
|||||
|
Operating Expenses: |
|||||||
|
Lease operating |
8,827 |
13,791 |
|||||
|
Gathering, transportation and processing |
788 |
942 |
|||||
|
Production tax |
(315) |
2,534 |
|||||
|
Exploration |
27 |
33 |
|||||
|
Impairment, dry hole costs and abandonment |
558 |
1,255 |
|||||
|
(Gain) Loss on divestitures |
— |
(38) |
|||||
|
Depreciation, depletion and amortization |
42,016 |
52,254 |
|||||
|
Unused commitments |
4,568 |
4,388 |
|||||
|
General and administrative (1) |
8,494 |
10,279 |
|||||
|
Long-term incentive compensation (1) |
3,926 |
3,050 |
|||||
|
Total operating expenses |
68,889 |
88,488 |
|||||
|
Operating Income (Loss) |
(39,455) |
(39,454) |
|||||
|
Other Income and Expense: |
|||||||
|
Interest and other income |
37 |
275 |
|||||
|
Interest expense |
(15,746) |
(16,430) |
|||||
|
Commodity derivative gain (loss) (2) |
8,668 |
34,438 |
|||||
|
Gain (loss) on extinguishment of debt |
— |
2,567 |
|||||
|
Total other income and expense |
(7,041) |
20,850 |
|||||
|
Income (Loss) before Income Taxes |
(46,496) |
(18,604) |
|||||
|
(Provision for) Benefit from Income Taxes |
— |
6,873 |
|||||
|
Net Income (Loss) |
$ |
(46,496) |
$ |
(11,731) |
|||
|
Net Income (Loss) per Common Share |
|||||||
|
Basic |
$ |
(0.96) |
$ |
(0.24) |
|||
|
Diluted |
$ |
(0.96) |
$ |
(0.24) |
|||
|
Weighted Average Common Shares Outstanding |
|||||||
|
Basic |
48,499 |
48,199 |
|||||
|
Diluted |
48,499 |
48,199 |
|||||
|
(1) |
This separate presentation is a non-GAAP measure. Management believes the separate presentation of the long-term incentive compensation component of general and administrative expense is useful because it provides a better understanding of current period general and administrative expenses. Management also believes that this disclosure may allow for a more accurate comparison to the Company's peers, which may have higher or lower stock-based/long-term incentive compensation expense. |
|
(2) |
The table below summarizes the realized and unrealized gains and losses the Company recognized related to its oil and natural gas derivative instruments for the periods indicated: |
|
Three Months Ended March 31, | |||||||
|
2016 |
2015 | ||||||
|
(in thousands) | |||||||
|
Included in commodity derivative gain (loss): |
|||||||
|
Realized gain (loss) on derivatives (a) |
$ |
32,962 |
$ |
46,375 |
|||
|
Prior year unrealized (gain) loss transferred to realized (gain) loss (a) |
(29,486) |
(40,734) |
|||||
|
Unrealized gain (loss) on derivatives (a) |
5,192 |
28,797 |
|||||
|
Total commodity derivative gain (loss) |
$ |
8,668 |
$ |
34,438 |
|||
|
(a) |
Realized and unrealized gains and losses on commodity derivatives are presented herein as separate line items but are combined for a total commodity derivative gain (loss) in the Consolidated Statements of Operations. This separate presentation is a non-GAAP measure. Management believes the separate presentation of the realized and unrealized commodity derivative gains and losses is useful because the realized cash settlement portion provides a better understanding of The Company's hedge position. The Company also believes that this disclosure allows for a more accurate comparison to its peers. |
|
BILL BARRETT CORPORATION Consolidated Statements of Cash Flows (Unaudited) | |||||||
|
Three Months Ended March 31, | |||||||
|
2016 |
2015 | ||||||
|
(in thousands) | |||||||
|
Operating Activities: |
|||||||
|
Net income (loss) |
$ |
(46,496) |
$ |
(11,731) |
|||
|
Adjustments to reconcile to net cash provided by operations: |
|||||||
|
Depreciation, depletion and amortization |
42,016 |
52,254 |
|||||
|
Impairment, dry hole costs and abandonment expense |
558 |
1,255 |
|||||
|
Unrealized derivative (gain) loss |
24,294 |
11,937 |
|||||
|
Deferred income tax benefit |
— |
(6,873) |
|||||
|
Incentive compensation and other non-cash charges |
3,329 |
2,743 |
|||||
|
Amortization of deferred financing costs |
639 |
1,067 |
|||||
|
(Gain) loss on sale of properties |
— |
(38) |
|||||
|
(Gain) loss on extinguishment of debt |
— |
(2,567) |
|||||
|
Change in operating assets and liabilities: |
|||||||
|
Accounts receivable |
12,413 |
9,064 |
|||||
|
Prepayments and other assets |
(591) |
(1,364) |
|||||
|
Accounts payable, accrued and other liabilities |
12,253 |
(1,661) |
|||||
|
Amounts payable to oil and gas property owners |
(4,036) |
6,838 |
|||||
|
Production taxes payable |
(3,864) |
(7,099) |
|||||
|
Net cash provided by (used in) operating activities |
$ |
40,515 |
$ |
53,825 |
|||
|
Investing Activities: |
|||||||
|
Additions to oil and gas properties, including acquisitions |
(61,261) |
(111,009) |
|||||
|
Additions of furniture, equipment and other |
(782) |
(609) |
|||||
|
Proceeds from sale of properties and other investing activities |
(1,238) |
66,415 |
|||||
|
Cash paid for short-term investments |
— |
(114,883) |
|||||
|
Net cash provided by (used in) investing activities |
$ |
(63,281) |
$ |
(160,086) |
|||
|
Financing Activities: |
|||||||
|
Principal payments on debt |
(109) |
(24,871) |
|||||
|
Deferred financing costs and other |
(398) |
(1,000) |
|||||
|
Net cash provided by (used in) financing activities |
$ |
(507) |
$ |
(25,871) |
|||
|
Increase (Decrease) in Cash and Cash Equivalents |
(23,273) |
(132,132) |
|||||
|
Beginning Cash and Cash Equivalents |
128,836 |
165,904 |
|||||
|
Ending Cash and Cash Equivalents |
$ |
105,563 |
$ |
33,772 |
|||
|
BILL BARRETT CORPORATION Reconciliation of Discretionary Cash Flow and Adjusted Net Income (Loss) (Unaudited) Discretionary Cash Flow Reconciliation | |||||||
|
Three Months Ended March 31, | |||||||
|
2016 |
2015 | ||||||
|
(in thousands, except per share amounts) | |||||||
|
Net Income (Loss) |
$ |
(46,496) |
$ |
(11,731) |
|||
|
Adjustments to reconcile to discretionary cash flow: |
|||||||
|
Depreciation, depletion and amortization |
42,016 |
52,254 |
|||||
|
Impairment, dry hole and abandonment expense |
558 |
1,255 |
|||||
|
Exploration expense |
27 |
33 |
|||||
|
Unrealized derivative (gain) loss |
24,294 |
11,937 |
|||||
|
Deferred income tax benefit |
— |
(6,873) |
|||||
|
Incentive compensation and other non-cash charges |
3,329 |
2,743 |
|||||
|
Amortization of deferred financing costs |
639 |
1,067 |
|||||
|
(Gain) loss on sale of properties |
— |
(38) |
|||||
|
(Gain) loss on extinguishment of debt |
— |
(2,567) |
|||||
|
Discretionary Cash Flow |
$ |
24,367 |
$ |
48,080 |
|||
|
Per share, diluted |
$ |
0.50 |
$ |
1.00 |
|||
|
Adjusted Net Income (Loss) Reconciliation | |||||||
|
Three Months Ended March 31, | |||||||
|
2016 |
2015 | ||||||
|
(in thousands, except per share amounts) | |||||||
|
Net Income (Loss) |
$ |
(46,496) |
$ |
(11,731) |
|||
|
(Provision for) Benefit from income taxes |
— |
6,873 |
|||||
|
Income (Loss) before income taxes |
(46,496) |
(18,604) |
|||||
|
Adjustments to net income (loss): |
|||||||
|
Unrealized derivative (gain) loss |
24,294 |
11,937 |
|||||
|
Impairment expense |
183 |
58 |
|||||
|
(Gain) loss on sale of properties |
— |
(38) |
|||||
|
(Gain) loss on extinguishment of debt |
— |
(2,567) |
|||||
|
Adjusted Income (Loss) before income taxes |
(22,019) |
(9,214) |
|||||
|
Adjusted (provision for) benefit from income taxes (1) |
8,312 |
3,305 |
|||||
|
Adjusted Net Income (Loss) |
$ |
(13,707) |
$ |
(5,909) |
|||
|
Per share, diluted |
$ |
(0.28) |
$ |
(0.12) |
|||
|
(1) |
Adjusted (provision for) benefit from income taxes is calculated using the Company's current effective tax rate prior to applying the valuation allowance against deferred tax assets. |
|
EBITDAX Reconciliation | |||||||
|
Three Months Ended March 31, | |||||||
|
2016 |
2015 | ||||||
|
(in thousands, except per share amounts) | |||||||
|
Net Income (Loss) |
$ |
(46,496) |
$ |
(11,731) |
|||
|
Adjustments to reconcile to EBITDAX: |
|||||||
|
Depreciation, depletion and amortization |
42,016 |
52,254 |
|||||
|
Impairment, dry hole and abandonment expense |
558 |
1,255 |
|||||
|
Exploration expense |
27 |
33 |
|||||
|
Unrealized derivative (gain) loss |
24,294 |
11,937 |
|||||
|
Incentive compensation and other non-cash charges |
3,329 |
2,743 |
|||||
|
(Gain) loss on sale of properties |
— |
(38) |
|||||
|
(Gain) loss on extinguishment of debt |
— |
(2,567) |
|||||
|
Interest and other income |
(37) |
(275) |
|||||
|
Interest expense |
15,746 |
16,430 |
|||||
|
(Provision for) Benefit from Income Taxes |
— |
(6,873) |
|||||
|
EBITDAX |
$ |
39,437 |
$ |
63,168 |
|||
Discretionary cash flow, adjusted net income (loss) and EBITDAX are non-GAAP measures. These measures are presented because management believes that they provide useful additional information to investors for analysis of the Company's ability to internally generate funds for exploration, development and acquisitions as well as adjusting net income (loss) for one-time or unusual items to allow for a more consistent comparison from period to period. In addition, the Company believes that these measures are widely used by professional research analysts and others in the valuation, comparison and investment recommendations of companies in the oil and gas exploration and production industry, and that many investors use the published research of industry research analysts in making investment decisions.
These measures should not be considered in isolation or as a substitute for net income, income from operations, net cash provided by operating activities or other income, profitability, cash flow or liquidity measures prepared in accordance with GAAP. Because discretionary cash flow, adjusted net income (loss) and EBITDAX exclude some, but not necessarily all, items that affect net income (loss) and may vary among companies, the amounts presented may not be comparable to similarly titled measures of other companies.
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SOURCE Bill Barrett Corporation
Article Date
5/5/2016Bill Barrett Corporation Announces Agreement to Divest Certain Uinta Basin Assets
Source: PR Newswire
DENVER, May 2, 2016 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) announced today that it has entered into an agreement with an unaffiliated third party to sell certain non-core assets located in the Uinta Basin for cash proceeds of approximately $30 million. The transaction is expected to close on or before June 30, 2016, and is subject to customary closing conditions. The assets produced approximately 1,000 Boe/d (63% oil) during the first quarter of 2016 and had estimated proved reserves of 2 million barrels of oil equivalent (87% proved developed) as of December 31, 2015. Based on the Company's internal estimates, the expected 2016 operating cash flow from the divested properties will be less than $2 million based on current strip pricing.
Chief Executive Officer and President Scot Woodall commented, "The sale of another portion of our non-core Uinta Basin assets at attractive sale metrics further streamlines our operational portfolio and improves operating metrics. Given the current outlook for commodity prices and a focus on our core DJ Basin assets, we had no development activity planned for this year. The divestiture will minimally impact our 2016 production and cash flow, while improving our operating cost structure due to the higher-cost nature of the properties. The proceeds from this transaction will be used to strengthen our balance sheet by adding to our cash position."
Wells Fargo Securities, LLC advised the Company with respect to the Uinta Basin divestiture process.
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, may be deemed to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. Forward-looking statements in this release relate to, among other things, the closing and anticipated effects of, and proceeds from, the planned asset sale.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
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SOURCE Bill Barrett Corporation
Article Date
5/2/2016Bill Barrett Corporation Updates Commodity Price and Derivative Information and Schedules First Quarter 2016 Financial Results Release Date and Conference Call
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
DENVER, April 18, 2016 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) announced today that it is providing an update on certain first quarter of 2016 commodity price data and has scheduled its first quarter of 2016 financial results release date and conference call.
Commodity Price and Derivative Information
For the first quarter of 2016, West Texas Intermediate ("WTI") oil prices averaged $33.45 per barrel, Northwest Pipeline ("NWPL") natural gas prices averaged $1.94 per MMBtu and NYMEX natural gas prices averaged $2.09 per MMBtu. The Company had derivative commodity swaps in place for the first quarter of 2016 for 7,300 barrels of oil per day tied to WTI pricing at $81.65 per barrel, 5,000 MMBtu of natural gas per day tied to NWPL regional pricing at $4.10 per MMBtu and no hedges in place for NGLs.
Based on preliminary unaudited results, the Company expects to realize a cash commodity derivative gain of $33.0 million in the first quarter due to positive derivative positions. The Company expects its first quarter commodity price differentials to benchmark pricing before commodity derivative gains, related to delivery location and quality adjustments, to approximate: oil less $5.85 price per barrel versus WTI; and natural gas less $0.28 per thousand cubic feet ("Mcf") compared to NWPL. The DJ Basin oil price differential averaged $5.61 per barrel. The Company continues to realize lower oil price differentials as Denver-Julesburg and Uinta Basin infrastructure expands and local pricing improves. NGL prices averaged 28% of WTI price per barrel.
For the remainder of 2016, approximately 7,267 barrels per day of oil is hedged at an average WTI price of $76.72 per barrel. The following table summarizes the Company's hedge position as of April 18, 2016:
|
Oil (WTI) |
Natural Gas (NWPL) | ||||
|
Period |
Volume Bbls/d |
Price $/Bbl |
Volume MMBtu/d |
Price $/MMBtu | |
|
2Q16 |
7,300 |
81.65 |
5,000 |
4.10 | |
|
3Q16 |
7,250 |
74.27 |
5,000 |
4.10 | |
|
4Q16 |
7,250 |
74.27 |
5,000 |
4.10 | |
|
1Q17 |
2,750 |
68.63 |
-- |
-- | |
|
2Q17 |
2,750 |
68.63 |
-- |
-- | |
|
3Q17 |
1,500 |
78.16 |
-- |
-- | |
|
4Q17 |
1,500 |
78.16 |
-- |
-- | |
Realized sales prices will reflect basis differentials from the index prices to the sales location.
Financial and Operating Results Conference Call and Webcast
The Company's first quarter of 2016 financial and operating results press release will be issued after the market close on Thursday, May 5, 2016. The Company plans to host a conference call on Friday, May 6, 2016, to discuss the results. The call is scheduled at 10:00 a.m. Eastern time (8:00 a.m. Mountain time). Please join the webcast conference call live or for replay via the Internet at www.billbarrettcorp.com, accessible from the Investor Relations page. To join by telephone, call 855-760-8152 (631-485-4979 international callers) with passcode 90845487. The webcast will remain on the Company's website for approximately 30 days and a replay of the call will be available through May 13, 2016, at 855-859-2056 (404-537-3406 international) with passcode 90845487.
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, may be deemed to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. Forward-looking statements in this release relate to, among other things, first quarter commodity derivative gains, future financial performance and business expectations.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
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SOURCE Bill Barrett Corporation
Article Date
4/18/2016Bill Barrett Corporation Announces Result of Borrowing Base Redetermination
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
DENVER, April 11, 2016 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) announced today that it has successfully completed the semi-annual borrowing base redetermination of its revolving credit facility ("Facility") maturing in April 2020. The bank group has set a borrowing base of $335 million, an 11% reduction from the previous borrowing base of $375 million. There were no changes to the terms or conditions of the Facility. The Facility has $335 million of commitments and there are currently no borrowings outstanding.
Chief Executive Officer and President Scot Woodall commented, "We are pleased with the results of our semi-annual borrowing base redetermination and the continued support of our lender group during this challenging environment. Maintaining a borrowing base near our previous commitment level demonstrates the strong economics of our properties and reserve additions. We remain financially well-positioned with an undrawn credit facility, over $100 million of cash on hand, and nearly two-thirds of our 2016 oil hedged at approximately $80 per barrel."
The next regularly scheduled borrowing base redetermination will occur on or about October 1, 2016.
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, may be deemed to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. Forward-looking statements in this release relate to, among other things, future financial performance and business expectations.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
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SOURCE Bill Barrett Corporation
Article Date
4/11/2016Bill Barrett Corporation Announces Upcoming Investor Event
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
DENVER, March 18, 2016 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) announced today that management is scheduled to present at the Scotia Howard Weil Energy Conference at 4:10 p.m. CT (3:10 p.m. MT) on Monday, March 21, 2016. Scot Woodall, Chief Executive Officer and President, will present on behalf of the Company. The presentation for this event will be available on the Company's website at www.billbarrettcorp.com under the "Investor Relations" section. The event will not be webcast and the presentation for this event will be posted prior to the market open on Monday, March 21, 2016.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
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SOURCE Bill Barrett Corporation
Article Date
3/18/2016Bill Barrett Corporation Reports Fourth Quarter and Year-End 2015 Financial and Operating Results and Provides 2016 Operating Guidance
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
DENVER, March 1, 2016 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) reported fourth quarter and year-end 2015 results and provides 2016 operating guidance, including these highlights:
Chief Executive Officer and President Scot Woodall commented, "This past year presented numerous challenges for the energy sector as oil prices fell to levels not witnessed in over a decade. We responded to these challenges and successfully executed on our operational objectives by focusing on the items within our control. We have taken a number of proactive steps to reset our operating cost and G&A structure and will realize tangible benefits during 2016, as evidenced by our cost guidance. Our priority for this year is to protect our balance sheet as we entered 2016 with a financial position consisting of $129 million of cash, an undrawn credit facility, and a strong 2016 hedge position."
Mr. Woodall continued, "In response to current commodity prices, we have set our 2016 capital budget at $100-$150 million. This level of spending allows us to sustain production at levels similar to 2015, pro forma for asset divestitures completed during 2015, while spending approximately 55% less capital than 2015 at the mid-point. Based on the uncertainty of an oil price recovery during 2016, we are making the decision to curtail drilling activity to preserve capital and will monitor industry conditions to determine the appropriate time to resume drilling. Accordingly, we recently released the sole rig we were operating. Although this results in the deferral of production during the second half of the year, we believe it is the appropriate action to take in this commodity price environment as it allows us to retain operational and financial flexibility."
OPERATING AND FINANCIAL RESULTS
Reserves
Total estimated proved reserves at year-end 2015 were 83.7 MMBoe compared to 122.3 MMBoe at year-end 2014. Estimated proved reserves were 66% oil, 20% natural gas and 14% natural gas liquids ("NGLs") and were 48% developed compared to 34% developed at year-end 2014. The decrease in estimated proved reserves compared to year-end 2014 is primarily the result of asset divestitures of 16.1 MMBoe and negative commodity price-related and other revisions of 24.4 MMBoe, offset in part by extensions and discoveries of 8.5 MMBoe. The decrease in proved reserves is also a result of the Company electing to take a conservative approach to adding proved undeveloped ("PUD") reserves due to the present commodity price environment. Only well locations that were in the process of being drilled at year-end 2015 were included and no new undrilled locations were added to the PUD reserve inventory. Negative price-related revisions were a result of a 47% decrease in the average WTI oil price and a 41% decrease in the average Henry Hub natural gas price used to calculate the 2015 proved reserves compared to 2014.
|
Changes in Proved Reserves (MMBoe) | ||
|
Proved reserves as of December 31, 2014 |
122.3 |
|
|
Extensions and discoveries |
8.5 |
|
|
Production |
(6.6) |
|
|
Sale of properties |
(16.1) |
|
|
Pricing revisions and other |
(24.4) |
|
|
Proved reserves as of December 31, 2015 |
83.7 |
|
2015 Production and Financial Results
Oil, natural gas and natural gas liquids production totaled 6.6 MMBoe in 2015, exceeding the Company's guidance range of 6.3-6.5 MMBoe. The outperformance was driven by new XRL well results and achieved despite a reduction in volumes associated with non-core asset sales in both the DJ Basin and Uinta Oil Program ("UOP") that were completed in the fourth quarter of 2015 and from UOP production declines that included approximately 1,000 Boe/d that was shut-in for economic reasons beginning in the second quarter of 2015.
Fourth quarter of 2015 production totaled 1.7 MMBoe, a 20% increase over the fourth quarter of 2014, and was 65% oil, 19% natural gas and 16% NGLs. Fourth quarter of 2015 production in the DJ Basin increased 55%, while UOP production was down 26% compared with the fourth quarter of 2014.
|
Three Months Ended |
Twelve Months Ended | ||||||||||
|
2015 |
2014 (1) |
2015 |
2014 (1) | ||||||||
|
Production Data: |
|||||||||||
|
Oil (MBbls) |
1,090 |
956 |
4,401 |
4,012 |
|||||||
|
Natural gas (MMcf) |
1,986 |
1,794 |
7,764 |
21,744 |
|||||||
|
NGLs (MBbls) |
264 |
146 |
898 |
1,476 |
|||||||
|
Combined volumes (MBoe) |
1,685 |
1,401 |
6,593 |
9,112 |
|||||||
|
Daily combined volumes (Boe/d) |
18,315 |
15,233 |
18,063 |
24,964 |
|||||||
|
(1) |
2014 data represents total company as previously reported for the period, including assets subsequently sold. |
Pre-hedge commodity prices for 2015 were down significantly compared to both the fourth quarter and full-year 2014 as oil and natural gas prices declined significantly throughout 2015. For the fourth quarter of 2015, the Company had derivative commodity swaps in place for 10,800 barrels of oil per day tied to WTI pricing at $89.81 per barrel, 20,000 MMBtu of natural gas per day tied to Northwest Pipeline ("NWPL") regional pricing at $4.13 per MMBtu and no hedges in place for NGLs.
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
2015 |
2014 (1) |
2015 |
2014 (1) | ||||||||||||
|
Average Sales Prices (before the effects of realized hedges): | |||||||||||||||
|
Oil (per Bbl) |
$ |
35.57 |
$ |
58.36 |
$ |
40.06 |
$ |
77.92 |
|||||||
|
Natural gas (per Mcf) |
1.98 |
4.16 |
2.23 |
4.78 |
|||||||||||
|
NGLs (per Bbl) |
11.98 |
20.16 |
12.16 |
31.55 |
|||||||||||
|
Combined (per Boe) |
27.21 |
47.26 |
31.02 |
50.82 |
|||||||||||
|
Average Realized Sales Prices (after the effects of realized hedges): | |||||||||||||||
|
Oil (per Bbl) |
$ |
78.98 |
$ |
79.47 |
$ |
78.19 |
$ |
79.51 |
|||||||
|
Natural gas (per Mcf) |
3.72 |
3.88 |
3.75 |
4.45 |
|||||||||||
|
NGLs (per Bbl) |
11.98 |
21.44 |
12.16 |
31.51 |
|||||||||||
|
Combined (per Boe) |
57.36 |
61.44 |
58.27 |
50.73 |
|||||||||||
|
(1) |
2014 data represents total company as previously reported for the period, including assets subsequently sold. |
Cash operating costs (LOE, gathering, transportation and processing costs, and production tax expense) totaled $6.54 per Boe in the fourth quarter of 2015, 21% lower on a sequential basis and 45% lower compared to the fourth quarter of 2014. LOE was $4.70 per Boe, 17% lower compared to the third quarter of 2015 and 45% lower on a year over year basis. This was primarily a result of improved operational efficiencies and lease operating cost reductions in both the DJ Basin and the UOP. LOE for the DJ Basin improved to an average of $3.25 per Boe in the fourth quarter of 2015 compared to $3.96 per Boe in the third quarter of 2015 and $5.56 per Boe in the fourth quarter of 2014. Production tax expense averaged 6.0% of pre-hedge revenue for the year ended December 31, 2015, compared with 6.8% of pre-hedge revenue for the year ended December 31, 2014.
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
2015 |
2014 (1) |
2015 |
2014 (1) | ||||||||||||
|
Average Costs (per Boe): |
|||||||||||||||
|
Lease operating expenses |
$ |
4.70 |
$ |
8.52 |
$ |
6.48 |
$ |
6.62 |
|||||||
|
Gathering, transportation and processing expense |
0.55 |
0.86 |
0.53 |
3.89 |
|||||||||||
|
Production tax expenses |
1.29 |
2.54 |
1.85 |
3.44 |
|||||||||||
|
Depreciation, depletion and amortization |
27.06 |
33.10 |
31.14 |
25.88 |
|||||||||||
|
General and administrative expense, excluding long-term incentive compensation expense (2) |
7.03 |
7.55 |
6.53 |
4.61 |
|||||||||||
|
(1) |
2014 data represents total company as previously reported for the period, including assets subsequently sold. |
|
(2) |
This separate presentation is a non-GAAP (Generally Accepted Accounting Principles) measure. Management believes the presentation of general and administrative expense excluding the long-term incentive compensation component of general and administrative expense is useful because it provides a better understanding of current period general and administrative expenses. Management also believes that this disclosure may allow for a more accurate comparison to the Company's peers, which may have higher or lower stock-based/long-term incentive compensation expense. |
Discretionary cash flow and adjusted net income (loss) are non-GAAP measures and are reconciled to net income (loss) in the schedule attached to this press release.
Discretionary cash flow for 2015 was $206.3 million, or $4.27 per share, compared to $231.6 million, or $4.78 per share, for 2014. Discretionary cash flow in the fourth quarter of 2015 was $53.3 million, or $1.10 per share, compared to $38.9 million, or $0.80 per share, in the fourth quarter of 2014.
Net income for 2015 was a loss of $487.8 million, or $(10.10) per diluted common share, compared with net income of $15.1 million, or $0.31 per diluted common share in 2014. Net income for 2015 and 2014 includes impairment charges of $572.4 million (pre-tax) and $40.2 million (pre-tax), respectively, as well as a derivative gain of $104.1 million (pre-tax) in 2015 and a derivative gain of $197.4 million (pre-tax) in 2014. Impairment charges in 2015 were primarily the result of a reduction of future net revenues compared to the carrying value of the UOP assets.
Net loss for the fourth quarter of 2015 was $21.1 million, or $(0.45) per share, compared with net income for the fourth quarter of 2014 of $89.1 million, or $1.84 per share. Adjusted net income (loss) (a non-GAAP measure, see the relevant reconciliation table below) was $3.4 million, or $0.07 per share, in the fourth quarter of 2015 compared with a loss of $11.3 million, or $(0.23) per share, in the fourth quarter of 2014. Adjusted net income (loss) removes the effect of unrealized derivative gains and losses and non-recurring charges such as impairment expenses, property sales and certain one-time items.
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
2015 |
2014 |
2015 |
2014 | ||||||||||||
|
Discretionary Cash Flow ($ millions) |
$ |
53.3 |
$ |
38.9 |
$ |
206.3 |
$ |
231.6 |
|||||||
|
Discretionary Cash Flow (per share) |
$ |
1.10 |
$ |
0.80 |
$ |
4.27 |
$ |
4.78 |
|||||||
|
Adjusted Net Income (Loss) ($ millions) |
$ |
3.4 |
$ |
(11.3) |
$ |
(9.4) |
$ |
(25.2) |
|||||||
|
Adjusted Net Income (Loss) (per share) |
$ |
0.07 |
$ |
(0.23) |
$ |
(0.20) |
$ |
(0.52) |
|||||||
At December 31, 2015, the Company's revolving credit facility had zero drawn and $349.0 million in available capacity, after taking into account a $26.0 million letter of credit. The principal balance of long-term debt was $803.8 million and cash and cash equivalents were $128.8 million, resulting in net debt (principal balance of debt outstanding less the cash and cash equivalents balance) of $675.0 million.
Capital Expenditures
Capital expenditures for 2015 of $287.4 million was 49% lower than 2014 and included drilling 43 gross/39.8 net wells in the DJ Basin, which were primarily XRL wells operated by the Company, and 15 gross/9.6 net operated wells drilled in the UOP. Capital expenditures included $264.3 million for drilling and completion operations, $7.7 million for leaseholds to expand development programs, and $15.4 million for infrastructure and corporate purposes.
Capital expenditures for the fourth quarter of 2015 of $44.8 million included 9 gross/8.0 net wells in the DJ Basin, which were primarily XRL wells operated by the Company, and 4 gross/2.1 net operated wells drilled in the UOP. Capital expenditures included $37.3 million for drilling and completion operations, $3.4 million for leaseholds, and $4.1 million for infrastructure and corporate assets.
|
Three Months Ended December 31, 2015 |
Twelve Months Ended December 31, 2015 | |||||||||||||||||
|
Average Net |
Wells Spud |
Capital |
Average Net |
Wells Spud |
Capital | |||||||||||||
|
Basin: |
||||||||||||||||||
|
Denver-Julesburg |
13,837 |
8 |
$ |
36.0 |
13,082 |
44 |
$ |
250.3 |
||||||||||
|
Uinta |
4,445 |
2 |
8.3 |
4,904 |
12 |
34.6 |
||||||||||||
|
Other |
33 |
— |
0.5 |
77 |
— |
2.5 |
||||||||||||
|
Total |
18,315 |
10 |
$ |
44.8 |
18,063 |
56 |
$ |
287.4 |
||||||||||
|
(1) |
Includes operated and non-operated wells and UOP wells that were drilled, but not completed |
OPERATIONAL HIGHLIGHTS
DJ Basin
Fourth quarter DJ Basin highlights include:
Uinta Oil Program
Drilling and completion activity in the UOP during the fourth quarter of 2015 included drilling 4 gross commitment wells. Operations continue to be focused on improving operational efficiencies, and associated cost reductions have been realized as a result of lower lease operating costs.
2016 OPERATING GUIDANCE
The 2016 capital program is designed to align capital expenditures with expected cash flow as certain drilling activity may be deferred to protect the Company's liquidity position. This will result in 2016 production levels being similar to or slightly higher than 2015 production, pro forma for asset sales, with planned spending approximately 55% lower than 2015 capital expenditures. The capital program will be focused on XRL well development in the DJ Basin with minimal planned expenditures in the UOP. The Company is well positioned for 2016 having ample liquidity, a strong hedge position with approximately 65% of its 2016 oil production hedged at $80.47 per barrel of oil, nominal drilling commitments and no long-term drilling, completion or oil marketing contracts. The Company intends to fund its capital expenditure program with cash flow from operations and from its available cash balance.
The Company is providing the following guidance for its 2016 activities. See "Forward-Looking Statements" below.
COMMODITY HEDGES UPDATE
For 2016, 6,772 barrels per day of oil is hedged at an average WTI price of $80.47 per barrel and 5,000 MMBtu/d of natural gas is hedged at an average NWPL price of $4.10 per MMBtu. The current value of the hedge position is approximately $136 million, as of February 26, 2016.
The following table summarizes hedge positions as of February 26, 2016:
|
Oil (WTI) |
Natural Gas (NWPL) | |||||||||||||
|
Period |
Volume |
Price |
Volume |
Price | ||||||||||
|
1Q16 |
7,300 |
$ |
81.65 |
5,000 |
$ |
4.10 |
||||||||
|
2Q16 |
7,300 |
81.65 |
5,000 |
4.10 |
||||||||||
|
3Q16 |
6,250 |
79.11 |
5,000 |
4.10 |
||||||||||
|
4Q16 |
6,250 |
79.11 |
5,000 |
4.10 |
||||||||||
|
1Q17 |
2,250 |
73.88 |
— |
— |
||||||||||
|
2Q17 |
2,250 |
73.88 |
— |
— |
||||||||||
|
3Q17 |
1,500 |
78.16 |
— |
— |
||||||||||
|
4Q17 |
1,500 |
78.16 |
— |
— |
||||||||||
Realized sales prices will reflect basis differentials from the index prices to the sales location.
UPCOMING EVENTS
Teleconference Call and Webcast
The Company plans to host a conference call on Wednesday, March 2, 2016, to discuss the results and other items presented in this press release. The call is scheduled at 10:00 a.m. Eastern time (8:00 a.m. Mountain time). Please join the webcast conference call live or for replay via the Internet at www.billbarrettcorp.com, accessible from the home page. To join by telephone, call 855-760-8152 (631-485-4979 international callers) with passcode 38878862. The webcast will remain on the Company's website for approximately 30 days and a replay of the call will be available through March 9, 2016 at 855-859-2056 (404-537-3406 international) with passcode 38878862.
DISCLOSURE STATEMENTS
Reserve Disclosure
The Company may from time to time provide internally generated estimates of its probable and possible reserves. These estimates conform to SPEE methodology but are not prepared or reviewed by third party engineers. Unless otherwise indicated, probable and possible reserve estimates are determined using year-end pricing, as used in the calculation of proved reserves. Probable and possible reserves are subject to significantly greater risk of recovery than proved reserves.
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, may be deemed to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. In particular, the Company is providing "2016 Operating Guidance," which contains projections for certain 2016 operational and financial metrics. Additional forward-looking statements in this release relate to, among other things, future capital expenditures, projects and opportunities.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Actual results may vary significantly from those indicated in the forward-looking statements due to, among other things: oil, NGL and natural gas price volatility, including regional price differentials; changes in operational and capital plans; changes in capital costs, operating costs, availability and timing of build-out of third party facilities for gathering, processing, refining and transportation; delays or other impediments to drilling and completing wells arising from political or judicial developments at the local, state or federal level, including voter initiatives related to hydraulic fracturing; development drilling and testing results; the potential for production decline rates to be greater than expected; regulatory delays, including seasonal or other wildlife restrictions on federal lands; exploration risks such as drilling unsuccessful wells; higher than expected costs and expenses, including the availability and cost of services and materials, and our potential inability to achieve expected cost savings; unexpected future capital expenditures; economic and competitive conditions; debt and equity market conditions, including the availability and costs of financing to fund the Company's operations; the ability to obtain industry partners to jointly explore certain prospects, and the willingness and ability of those partners to meet capital obligations when requested; declines in the values of our oil and gas properties resulting in impairments; changes in estimates of proved reserves; compliance with environmental and other regulations, including new emission control requirements; derivative and hedging activities; risks associated with operating in one major geographic area; the success of the Company's risk management activities; unexpected obstacles to closing anticipated transactions or unfavorable purchase price adjustments; title to properties; litigation; and environmental liabilities. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2014 filed with the SEC and for the year 2015 upon filing, and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website at www.billbarrettcorp.com.
|
BILL BARRETT CORPORATION Selected Operating Highlights (Unaudited) | |||||||||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
2015 |
2014 |
2015 |
2014 | ||||||||||||
|
Production Data: |
|||||||||||||||
|
Oil (MBbls) |
1,090 |
956 |
4,401 |
4,012 |
|||||||||||
|
Natural gas (MMcf) |
1,986 |
1,794 |
7,764 |
21,744 |
|||||||||||
|
NGLs (MBbls) |
264 |
146 |
898 |
1,476 |
|||||||||||
|
Combined volumes (MBoe) |
1,685 |
1,401 |
6,593 |
9,112 |
|||||||||||
|
Daily combined volumes (Boe/d) |
18,315 |
15,233 |
18,063 |
24,964 |
|||||||||||
|
Average Sales Prices (before the effects of realized hedges): | |||||||||||||||
|
Oil (per Bbl) |
$ |
35.57 |
$ |
58.36 |
$ |
40.06 |
$ |
77.92 |
|||||||
|
Natural gas (per Mcf) |
1.98 |
4.16 |
2.23 |
4.78 |
|||||||||||
|
NGLs (per Bbl) |
11.98 |
20.16 |
12.16 |
31.55 |
|||||||||||
|
Combined (per Boe) |
27.21 |
47.26 |
31.02 |
50.82 |
|||||||||||
|
Average Realized Sales Prices (after the effects of realized hedges): | |||||||||||||||
|
Oil (per Bbl) |
$ |
78.98 |
$ |
79.47 |
$ |
78.19 |
$ |
79.51 |
|||||||
|
Natural gas (per Mcf) |
3.72 |
3.88 |
3.75 |
4.45 |
|||||||||||
|
NGLs (per Bbl) |
11.98 |
21.44 |
12.16 |
31.51 |
|||||||||||
|
Combined (per Boe) |
57.36 |
61.44 |
58.27 |
50.73 |
|||||||||||
|
Average Costs (per Boe): |
|||||||||||||||
|
Lease operating expenses |
$ |
4.70 |
$ |
8.52 |
$ |
6.48 |
$ |
6.62 |
|||||||
|
Gathering, transportation and processing expense |
0.55 |
0.86 |
0.53 |
3.89 |
|||||||||||
|
Production tax expenses |
1.29 |
2.54 |
1.85 |
3.44 |
|||||||||||
|
Depreciation, depletion and amortization |
27.06 |
33.10 |
31.14 |
25.88 |
|||||||||||
|
General and administrative expense, excluding long-term incentive compensation expense (1) |
7.03 |
7.55 |
6.53 |
4.61 |
|||||||||||
|
(1) |
This separate presentation is a non-GAAP (Generally Accepted Accounting Principles) measure. Management believes the separate presentation of the long-term incentive compensation component of general and administrative expense is useful because it provides a better understanding of current period general and administrative expenses. Management also believes that this disclosure may allow for a more accurate comparison to the Company's peers, which may have higher or lower stock-based/long-term incentive compensation expense. |
|
BILL BARRETT CORPORATION Consolidated Condensed Balance Sheets (Unaudited) | |||||||
|
As of |
As of December 31, | ||||||
|
2015 |
2014 | ||||||
|
(in thousands) | |||||||
|
Assets: |
|||||||
|
Cash and cash equivalents |
$ |
128,836 |
$ |
165,904 |
|||
|
Other current assets (1) |
145,481 |
260,201 |
|||||
|
Property and equipment, net |
1,170,684 |
1,753,121 |
|||||
|
Other noncurrent assets (1) |
70,228 |
65,258 |
|||||
|
Total assets |
$ |
1,515,229 |
$ |
2,244,484 |
|||
|
Liabilities and Stockholders' Equity: |
|||||||
|
Current liabilities, other |
$ |
144,791 |
$ |
238,917 |
|||
|
Current liabilities, convertible senior notes |
— |
25,344 |
|||||
|
Capitalized lease obligation |
3,222 |
3,648 |
|||||
|
Senior notes |
800,579 |
800,000 |
|||||
|
Other long-term liabilities |
17,221 |
147,087 |
|||||
|
Stockholders' equity |
549,416 |
1,029,488 |
|||||
|
Total liabilities and stockholders' equity |
$ |
1,515,229 |
$ |
2,244,484 |
|||
|
(1) |
At December 31, 2015, the estimated fair value of all of the Company's commodity derivative instruments was a net asset of $119.5 million, comprised of $99.8 million of current assets and $19.7 million of non-current assets. This amount will fluctuate based on estimated future commodity prices and the current hedge position. |
|
BILL BARRETT CORPORATION Consolidated Statements of Operations (Unaudited) | |||||||||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
2015 |
2014 |
2015 |
2014 | ||||||||||||
|
(in thousands, except per share amounts) | |||||||||||||||
|
Operating and Other Revenues: |
|||||||||||||||
|
Oil, gas and NGLs (1) |
$ |
45,870 |
$ |
66,406 |
$ |
204,537 |
$ |
464,137 |
|||||||
|
Other |
691 |
496 |
3,355 |
8,154 |
|||||||||||
|
Total operating and other revenues |
46,561 |
66,902 |
207,892 |
472,291 |
|||||||||||
|
Operating Expenses: |
|||||||||||||||
|
Lease operating |
7,919 |
11,941 |
42,753 |
60,308 |
|||||||||||
|
Gathering, transportation and processing |
923 |
1,199 |
3,482 |
35,437 |
|||||||||||
|
Production tax |
2,177 |
3,563 |
12,197 |
31,333 |
|||||||||||
|
Exploration |
8 |
11 |
153 |
453 |
|||||||||||
|
Impairment, dry hole costs and abandonment |
314 |
14,268 |
575,310 |
46,881 |
|||||||||||
|
(Gain) Loss on divestitures |
2,504 |
3,511 |
1,745 |
100,407 |
|||||||||||
|
Depreciation, depletion and amortization |
45,609 |
46,379 |
205,275 |
235,805 |
|||||||||||
|
Unused commitments |
5,936 |
4,434 |
19,099 |
4,434 |
|||||||||||
|
General and administrative (2) |
11,850 |
10,573 |
43,050 |
41,981 |
|||||||||||
|
Long-term incentive compensation (2) |
3,014 |
1,749 |
10,840 |
11,380 |
|||||||||||
|
Total operating expenses |
80,254 |
97,628 |
913,904 |
568,419 |
|||||||||||
|
Operating Income (Loss) |
(33,693) |
(30,726) |
(706,012) |
(96,128) |
|||||||||||
|
Other Income and Expense: |
|||||||||||||||
|
Interest and other income |
46 |
303 |
565 |
1,294 |
|||||||||||
|
Interest expense |
(15,731) |
(16,338) |
(65,305) |
(69,623) |
|||||||||||
|
Commodity derivative gain (loss) (1) |
28,233 |
197,078 |
104,147 |
197,447 |
|||||||||||
|
Gain (loss) on extinguishment of debt |
— |
— |
1,749 |
— |
|||||||||||
|
Total other income and expense |
12,548 |
181,043 |
41,156 |
129,118 |
|||||||||||
|
Income (Loss) before Income Taxes |
(21,145) |
150,317 |
(664,856) |
32,990 |
|||||||||||
|
(Provision for) Benefit from Income Taxes |
— |
(61,252) |
177,085 |
(17,909) |
|||||||||||
|
Net Income (Loss) |
$ |
(21,145) |
$ |
89,065 |
$ |
(487,771) |
$ |
15,081 |
|||||||
|
Net Income (Loss) per Common Share |
|||||||||||||||
|
Basic |
$ |
(0.45) |
$ |
1.85 |
$ |
(10.10) |
$ |
0.31 |
|||||||
|
Diluted |
$ |
(0.45) |
$ |
1.84 |
$ |
(10.10) |
$ |
0.31 |
|||||||
|
Weighted Average Common Shares Outstanding |
|||||||||||||||
|
Basic |
48,373 |
48,093 |
48,303 |
48,011 |
|||||||||||
|
Diluted |
48,373 |
48,329 |
48,303 |
48,436 |
|||||||||||
|
(1) The table below summarizes the realized and unrealized gains and losses the Company recognized related to its oil and natural gas derivative instruments for the periods indicated: | |||||||||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
2015 |
2014 |
2015 |
2014 | ||||||||||||
|
(in thousands) | |||||||||||||||
|
Included in oil, gas and NGL production revenue: |
|||||||||||||||
|
Certain realized gains on hedges |
$ |
— |
$ |
181 |
$ |
— |
$ |
1,070 |
|||||||
|
Included in commodity derivative gain (loss): |
|||||||||||||||
|
Realized gain (loss) on derivatives not designated as cash flow hedges |
$ |
50,818 |
$ |
19,692 |
$ |
179,652 |
$ |
(1,888) |
|||||||
|
Prior period unrealized (gain) loss transferred to realized (gain) loss |
(46,681) |
(2,905) |
(145,226) |
6,706 |
|||||||||||
|
Unrealized gain (loss) on derivatives not designated as cash flow hedges |
24,096 |
180,291 |
69,721 |
192,629 |
|||||||||||
|
Total commodity derivative gain (loss) |
$ |
28,233 |
$ |
197,078 |
$ |
104,147 |
$ |
197,447 |
|||||||
|
(2) |
This separate presentation is a non-GAAP (Generally Accepted Accounting Principles) measure. Management believes the separate presentation of the long-term incentive compensation component of general and administrative expense is useful because it provides a better understanding of current period general and administrative expenses. Management also believes that this disclosure may allow for a more accurate comparison to the Company's peers, which may have higher or lower stock-based/long-term incentive compensation expense. |
|
BILL BARRETT CORPORATION Consolidated Statements of Cash Flows (Unaudited) | |||||||||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
2015 |
2014 |
2015 |
2014 | ||||||||||||
|
(in thousands) | |||||||||||||||
|
Operating Activities: |
|||||||||||||||
|
Net income (loss) |
$ |
(21,145) |
$ |
89,065 |
$ |
(487,771) |
$ |
15,081 |
|||||||
|
Adjustments to reconcile to net cash provided by operations: |
|||||||||||||||
|
Depreciation, depletion and amortization |
45,609 |
46,379 |
205,275 |
235,805 |
|||||||||||
|
Impairment, dry hole costs and abandonment expense |
314 |
14,268 |
575,310 |
46,881 |
|||||||||||
|
Unrealized derivative (gain) loss, non-cash flow hedges |
22,585 |
(177,386) |
75,505 |
(199,335) |
|||||||||||
|
Deferred income tax benefit |
— |
60,248 |
(176,797) |
16,644 |
|||||||||||
|
Incentive compensation and other non-cash charges |
2,759 |
1,701 |
10,040 |
11,352 |
|||||||||||
|
Amortization of debt discounts and deferred financing costs |
641 |
1,064 |
4,624 |
4,264 |
|||||||||||
|
(Gain) loss on sale of properties |
2,504 |
3,511 |
1,745 |
100,407 |
|||||||||||
|
(Gain) loss on extinguishment of debt |
— |
— |
(1,749) |
— |
|||||||||||
|
Change in operating assets and liabilities: |
|||||||||||||||
|
Accounts receivable |
601 |
23,138 |
20,995 |
32,163 |
|||||||||||
|
Prepayments and other assets |
572 |
729 |
311 |
1,643 |
|||||||||||
|
Accounts payable, accrued and other liabilities |
(23,145) |
(15,604) |
(18,798) |
5,119 |
|||||||||||
|
Amounts payable to oil and gas property owners |
(2,680) |
(9,068) |
(3,530) |
(7,132) |
|||||||||||
|
Production taxes payable |
(838) |
(7,630) |
(11,482) |
(1,175) |
|||||||||||
|
Net cash provided by (used in) operating activities |
$ |
27,777 |
$ |
30,415 |
$ |
193,678 |
$ |
261,717 |
|||||||
|
Investing Activities: |
|||||||||||||||
|
Additions to oil and gas properties, including acquisitions |
(68,475) |
(154,965) |
(324,534) |
(580,943) |
|||||||||||
|
Additions of furniture, equipment and other |
(187) |
(1,548) |
(1,223) |
(3,658) |
|||||||||||
|
Proceeds from sale of properties and other investing activities |
56,505 |
(2,451) |
123,122 |
555,296 |
|||||||||||
|
Proceeds from the sale of short-term investments |
20,000 |
— |
115,000 |
— |
|||||||||||
|
Cash paid for short-term investments |
— |
— |
(114,883) |
— |
|||||||||||
|
Net cash provided by (used in) investing activities |
$ |
7,843 |
$ |
(158,964) |
$ |
(202,518) |
$ |
(29,305) |
|||||||
|
Financing Activities: |
|||||||||||||||
|
Proceeds from debt |
— |
— |
— |
165,000 |
|||||||||||
|
Principal payments on debt |
(108) |
(104) |
(25,191) |
(283,546) |
|||||||||||
|
Deferred financing costs and other |
488 |
(221) |
(3,037) |
(2,683) |
|||||||||||
|
Proceeds from stock option exercises |
— |
— |
— |
126 |
|||||||||||
|
Net cash provided by (used in) financing activities |
$ |
380 |
$ |
(325) |
$ |
(28,228) |
$ |
(121,103) |
|||||||
|
Increase (Decrease) in Cash and Cash Equivalents |
36,000 |
(128,874) |
(37,068) |
111,309 |
|||||||||||
|
Beginning Cash and Cash Equivalents |
92,836 |
294,778 |
165,904 |
54,595 |
|||||||||||
|
Ending Cash and Cash Equivalents |
$ |
128,836 |
$ |
165,904 |
$ |
128,836 |
$ |
165,904 |
|||||||
|
BILL BARRETT CORPORATION Reconciliation of Discretionary Cash Flow, Adjusted Net Income (Loss) and Pre-tax PV10 (Unaudited) | |||||||||||||||
|
Discretionary Cash Flow Reconciliation | |||||||||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
2015 |
2014 |
2015 |
2014 | ||||||||||||
|
(in thousands, except per share amounts) | |||||||||||||||
|
Net Income (Loss) |
$ |
(21,145) |
$ |
89,065 |
$ |
(487,771) |
$ |
15,081 |
|||||||
|
Adjustments to reconcile to discretionary cash flow: |
|||||||||||||||
|
Depreciation, depletion and amortization |
45,609 |
46,379 |
205,275 |
235,805 |
|||||||||||
|
Impairment, dry hole and abandonment expense |
314 |
14,268 |
575,310 |
46,881 |
|||||||||||
|
Exploration expense |
8 |
11 |
153 |
453 |
|||||||||||
|
Unrealized derivative (gain) loss, non-cash flow hedges |
22,585 |
(177,386) |
75,505 |
(199,335) |
|||||||||||
|
Deferred income taxes |
— |
60,248 |
(176,797) |
16,644 |
|||||||||||
|
Stock compensation and other non-cash charges |
2,759 |
1,701 |
10,040 |
11,352 |
|||||||||||
|
Amortization of debt discounts and deferred financing costs |
641 |
1,064 |
4,624 |
4,264 |
|||||||||||
|
(Gain) loss on sale of properties |
2,504 |
3,511 |
1,745 |
100,407 |
|||||||||||
|
(Gain) loss on extinguishment of debt |
— |
— |
(1,749) |
— |
|||||||||||
|
Discretionary Cash Flow |
$ |
53,275 |
$ |
38,861 |
$ |
206,335 |
$ |
231,552 |
|||||||
|
Per share, diluted |
$ |
1.10 |
$ |
0.80 |
$ |
4.27 |
$ |
4.78 |
|||||||
|
Per Boe |
$ |
31.60 |
$ |
27.74 |
$ |
31.30 |
$ |
25.41 |
|||||||
|
Adjusted Net Income (Loss) Reconciliation | |||||||||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
2015 |
2014 |
2015 |
2014 | ||||||||||||
|
(in thousands, except per share amounts) | |||||||||||||||
|
Net Income (Loss) |
$ |
(21,145) |
$ |
89,065 |
$ |
(487,771) |
$ |
15,081 |
|||||||
|
(Provision for) Benefit from income taxes |
— |
(61,252) |
177,085 |
(17,909) |
|||||||||||
|
Income (Loss) before income taxes |
(21,145) |
150,317 |
(664,856) |
32,990 |
|||||||||||
|
Adjustments to net income (loss): |
|||||||||||||||
|
Unrealized derivative (gain) loss, non-cash flow hedges |
22,585 |
(177,386) |
75,505 |
(199,335) |
|||||||||||
|
Impairment expense |
72 |
12,062 |
572,438 |
40,183 |
|||||||||||
|
(Gain) loss on sale of properties |
2,504 |
3,511 |
1,745 |
100,407 |
|||||||||||
|
(Gain) loss on extinguishment of debt |
— |
— |
(1,749) |
— |
|||||||||||
|
One-time items: |
|||||||||||||||
|
CO2 unused commitment |
1,429 |
— |
1,429 |
— |
|||||||||||
|
West Tavaputs NGL processing true-up |
(268) |
— |
(1,273) |
(5,677) |
|||||||||||
|
Expenses (credit) relating to compressor station fire |
— |
— |
— |
(570) |
|||||||||||
|
Expenses relating to amending credit facility |
— |
— |
1,617 |
— |
|||||||||||
|
Adjusted Income (Loss) before income taxes |
5,177 |
(11,496) |
(15,144) |
(32,002) |
|||||||||||
|
(Provision for) Benefit from income taxes |
(1,804) |
237 |
5,714 |
6,787 |
|||||||||||
|
Adjusted Net Income (Loss) |
$ |
3,373 |
$ |
(11,259) |
$ |
(9,430) |
$ |
(25,215) |
|||||||
|
Per share, diluted |
$ |
0.07 |
$ |
(0.23) |
$ |
(0.20) |
$ |
(0.52) |
|||||||
|
Per Boe |
$ |
2.00 |
$ |
(8.04) |
$ |
(1.43) |
$ |
(2.77) |
|||||||
Discretionary cash flow and adjusted net income (loss) are non-GAAP measures. These measures are presented because management believes that they provide useful additional information to investors for analysis of the Company's ability to internally generate funds for exploration, development and acquisitions as well as adjusting net income (loss) for one-time or unusual items to allow for a more consistent comparison from period to period. In addition, the Company believes that these measures are widely used by professional research analysts and others in the valuation, comparison and investment recommendations of companies in the oil and gas exploration and production industry, and that many investors use the published research of industry research analysts in making investment decisions.
These measures should not be considered in isolation or as a substitute for net income, income from operations, net cash provided by operating activities or other income, profitability, cash flow or liquidity measures prepared in accordance with GAAP. Because discretionary cash flow and adjusted net income (loss) exclude some, but not necessarily all, items that affect net income (loss) and may vary among companies, the amounts presented may not be comparable to similarly titled measures of other companies.
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SOURCE Bill Barrett Corporation
Article Date
3/1/2016Bill Barrett Corporation Announces Senior Management Changes
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
DENVER, Feb. 23, 2016 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) today announced changes to its senior management as part of a broader workforce reorganization that aligns its employee base and general and administrative cost structure to expected operational activity levels.
As part of this reorganization, Robert W. Howard, Chief Financial Officer, will separate from the Company effective May 1, 2016. There have been no disagreements with the Board of Directors or with executive management, and the departure is not related to any issues regarding financial disclosure, accounting or legal matters.
Scot Woodall, Chief Executive Officer and President stated, "I would like to thank Bob for his immense contributions and dedicated service during his time with the Company. His leadership and guidance has been instrumental to our success and we wish him the best in his future endeavors."
Also as part of the reorganization, the Company announced the appointment of William M. Crawford to the position of Senior Vice President – Treasury and Finance. Mr. Crawford has served in various positions of increasing responsibility within the Company and will assume primary financial responsibilities following the departure of Mr. Howard. David R. Macosko, currently Senior Vice President – Accounting, will continue in his current role of Principal Accounting Officer. Messrs. Crawford and Macosko will report to Chief Executive Officer and President, Scot Woodall.
Mr. Woodall continued, "I am pleased that we have a talented group of professionals within the organization that can be called upon to assume greater roles. Each holds a tremendous amount of industry experience and has demonstrated the requisite skill set to ensure a seamless transition as we continue to navigate this challenging period of low oil prices."
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, may be deemed to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. Forward-looking statements in this release relate to, among other things, the management reorganization and its timing, and expected future cost structure.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2014 filed with the SEC and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
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SOURCE Bill Barrett Corporation
Article Date
2/23/2016Bill Barrett Corporation Provides Financial and Operational Update
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
DENVER, Jan. 26, 2016 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) today provided preliminary unaudited financial results for certain 2015 operating metrics and an operational summary, including an update on its extended reach lateral ("XRL") drilling program in the Northeast ("NE") Wattenberg area of the Denver-Julesburg ("DJ") Basin with highlights that included:
2015 Preliminary Unaudited Operating Results
Oil, natural gas and natural gas liquids production for full-year 2015 was 6.6 million barrels of oil equivalent ("MMBoe"), which exceeded the Company's previously announced guidance range of 6.3-6.5 MMBoe and was 16% above the mid-point of original guidance. This was achieved despite a reduction in volumes associated with non-core asset sales completed in the fourth quarter of 2015 in both the DJ Basin and Uinta Oil Program ("UOP") and production declines from the UOP that included approximately 1,000 Boe/d that was shut-in beginning in the second quarter of 2015 for economic reasons. Fourth quarter of 2015 production totaled 1.7 MMBoe and was 65% oil, 20% natural gas and 15% natural gas liquids ("NGLs"). Capital expenditures ("capex") for 2015 were $287 million, which is 9% below the low end of the Company's previously announced guidance range of $315-$325 million. This was primarily the result of achieving additional cost savings due to efficiencies, lower service industry costs and less spending on leasehold and well-infrastructure items than was forecast. Full-year capex for 2015 included 43 gross/ 39.8 net operated wells in the DJ Basin, which were primarily XRL wells, and 15 gross/ 9.6 net operated wells in the UOP.
The Company continues to maintain a strong liquidity position that is protected by an underlying hedge portfolio at attractive prices. At December 31, 2015, there was zero drawn on the Company's $375 million credit facility and $349 million in available capacity, after taking into account a $26 million letter of credit. The Company entered 2016 with a cash position of $129 million, resulting in total liquidity of approximately $478 million.
Chief Executive Officer and President Scot Woodall commented, "Although 2015 presented numerous challenges for our sector, I am pleased that we executed on the items within our control and exceeded our operating plan on multiple levels. This included production above the high end of guidance, capital spending below the low end of guidance and an improvement in operating margins. Our financial position remains strong as we exited 2015 with $129 million of cash, an undrawn credit facility, a strong hedge position and ample liquidity to withstand the current commodity price environment."
"We are currently analyzing several operating scenarios for 2016; however, we expect the capital plan to be more closely aligned with cash flow as we defer certain activity to protect our attractive liquidity position. We maintain significant operational flexibility with no long-term drilling or completion contracts and minimal well commitments in 2016. We plan to provide the details of our 2016 plan, as well as year-end 2015 reserves, in conjunction with our 2015 financial reporting in early-March."
XRL Well Program Update
In conjunction with transitioning development of the NE Wattenberg area to predominantly XRL wells during 2014, several drilling and completion concepts have been utilized in early field delineation, including wells completed with sliding sleeve and plug-and-perf technology and varying fracture stimulation stages and sand amounts. Since mid-2014, 52 XRL wells have been placed on production, including 40 XRL wells that were primarily completed utilizing the Company's standard completion practice of plug-and-perf technology and controlled flowback. Thirteen of the wells have a production history of greater than a year. Based on the Company's internal estimates and reviewed by third-party reserve engineers, the 13 XRL wells are averaging an expected ultimate recovery ("EUR") of approximately 750 thousand barrels of oil equivalent ("MBoe") calculated on a three-stream basis. Four of the wells were completed using plug-and-perf technology, 55 stages of fracture stimulation, approximately 1,000-1,250 pounds of sand per lateral foot and controlled flowback. These wells are averaging an EUR of 925 MBoe calculated on a three-stream basis.
Separately, 10 XRL wells that were completed within a single drilling and spacing unit have been on production for approximately seven months. These wells tested several concepts that included varying amounts of smaller proppant volumes and fracture stimulation stages and placing the laterals at closer spacing. The wells have exhibited a production profile that is distinct from the earlier wells. Although the wells produced hydrocarbons much earlier in the production profile, the calculated peak oil rate was approximately 45-50% of the rate of the 13 wells. While the calculated oil rates were lower than initial expectations, the Company believes this is primarily the result of the completion and flowback design that was utilized.
Mr. Woodall continued, "We are pleased with the early time results of our XRL drilling program as the significant geologic and reservoir data that we have gathered continues to support our geologic model across the entire NE Wattenberg position. More recently we have utilized slightly modified drilling and completion concepts as we determine the optimal drilling and completion techniques, while balancing the cost component to capture the best returns in the current commodity price environment. Although the production rates of the ten most recent wells were below our initial expectations, we believe it is a function of the drilling and completion techniques that were employed. This is supported by detailed analysis of the oil saturation, oil saturated pore volume, and net footage of resistivity that confirms the resource potential of the Niobrara formation across the NE Wattenberg position. In addition, we have significantly improved our capital efficiency over the past year and initiated cost reduction measures that resulted in tangible benefits and improvements in our corporate cost structure heading into 2016. Our operational team continues to meet the many challenges of operating in a low oil price environment and this is evident by a continuous improvement in drilling days and meaningfully lower well costs for our XRL drilling program."
An additional 17 XRL wells are currently in various stages of ramping up to a peak oil rate. This includes two four-well pads that have been on production for approximately five months and a ten well pad, which includes nine XRL wells, that has been on production for approximately two months.
The Company continues to show significant improvement in efficiency in the NE Wattenberg area as drilling days to rig release for XRL wells have been reduced to an average of approximately 8 days per well, including a best-in-class well that was drilled in approximately 6.5 days. The faster drilling times, coupled with associated cost reductions have lowered current XRL completed well costs to $4.75 million, which is a 42% improvement over wells drilled in the fourth quarter of 2014.
Fourth Quarter 2015 Commodity Price and Derivative Information
For the fourth quarter of 2015, West Texas Intermediate ("WTI") oil prices averaged $42.18 per barrel, Northwest Pipeline ("NWPL") natural gas prices averaged $2.23 per MMBtu and NYMEX natural gas prices averaged $2.27 per MMBtu. The Company had derivative commodity swaps in place for the fourth quarter of 2015 for 10,800 barrels of oil per day tied to WTI pricing at $89.81 per barrel, 20,000 MMBtu of natural gas per day tied to NWPL regional pricing at $4.13 per MMBtu and no hedges in place for NGLs. Based on preliminary unaudited results, the Company expects to realize a cash commodity derivative gain of $50.8 million in the fourth quarter due to positive derivative positions. The Company expects its fourth quarter commodity price differentials to benchmark pricing before commodity derivative gains, related to delivery location and quality adjustments, to approximate: oil less $6.61 price per barrel versus WTI; and natural gas less $0.25 per thousand cubic feet ("Mcf") compared to NWPL. The DJ Basin oil price differential averaged $6.42 per barrel. The Company continues to realize lower oil price differentials as Denver-Julesburg and Uinta Basin infrastructure expands and local pricing improves. NGL prices averaged 28% of WTI price per barrel.
For 2016, approximately 6,772 barrels per day of oil is hedged at an average WTI price of $80.47 per barrel. The current value of the hedge position is approximately $126 million.
The following table summarizes the Company's hedge positions as of January 22, 2016:
|
Oil (WTI) |
Natural Gas (NWPL) | ||||
|
Period |
Volume Bbls/d |
Price $/Bbl |
Volume MMBtu/d |
Price $/MMBtu | |
|
1Q16 |
7,300 |
81.65 |
5,000 |
4.10 | |
|
2Q16 |
7,300 |
81.65 |
5,000 |
4.10 | |
|
3Q16 |
6,250 |
79.11 |
5,000 |
4.10 | |
|
4Q16 |
6,250 |
79.11 |
5,000 |
4.10 -- | |
|
Realized sales prices will reflect basis differentials from the index prices to the sales location. |
Uinta Oil Program Update
As previously disclosed, a marketing process was initiated to divest of the Company's remaining assets in the UOP. This marketing process has concluded; however, discussions continue with several interested parties regarding the sale of the properties. Further updates will be provided as warranted.
Presentation
An updated corporate presentation will be posted to the Company's website prior to market open on Wednesday, January 27, 2016. The presentation can be found at www.billbarrettcorp.com under the "Investor Relations" section.
Fourth Quarter and Year-End 2015 Conference Call and Webcast
The Company's fourth quarter and year-end 2015 financial and operating results press release will be issued after the market close on Tuesday, March 1, 2016. The Company plans to host a conference call on Wednesday, March 2, 2016, to discuss the results and management's outlook for the future (not part of this earnings release). The call is scheduled at 10:00 a.m. Eastern time (8:00 a.m. Mountain time). Please join the webcast conference call live or for replay via the Internet at www.billbarrettcorp.com, accessible from the home page. To join by telephone, call 855-760-8152 (631-485-4979 international callers) with passcode 38878862. The webcast will remain on the Company's website for approximately 30 days and a replay of the call will be available through March 9, 2016 at 855-859-2056 (404-537-3406 international) with passcode 38878862.
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, may be deemed to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2014 filed with the SEC and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
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SOURCE Bill Barrett Corporation
Article Date
1/26/2016Projects & Assets
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