Bill Barrett Corp. Announces Net Debt and Production Results for the Second Quarter of 2014; Provides CapEx Guidance for Fiscal 2015
Sep 16 14
Bill Barrett Corp. announced net debt and production results for the second quarter of 2014. The company reduced net debt from approximately $1.1 billion to around $450 million pro forma at the end of second quarter.
The company reported approximately 1,500 barrels of oil equivalent per day of production based on second quarter of 2014.
The company is guiding to $525 million to $550 million of CapEx this year.
Bill Barrett Corporation Announces Acquisition of Additional Acreage in the Northeast Wattenberg; Revised Production and Capital Expenditure Guidance for the Year 2014 and Provides Production Guidance for the Third Quarter of 2014
Sep 16 14
Bill Barrett Corporation announced that it has signed purchase and sale agreements with several undisclosed purchasers for the sale of the majority of its Powder River Basin acreage and the company's remaining position in the Gibson Gulch natural gas program in the Piceance Basin. The transactions include an acreage exchange whereby Bill Barrett Corporation acquires 7,856 net acres and 390 barrels of oil equivalent per day (Boe/d) net production within the southern block of its operated Northeast Wattenberg area in exchange for acreage in the Powder River Basin. The total value of the transactions is $757 million and includes $568 million in cash proceeds (prior to customary closing adjustments), $69 million estimated value for assets acquired in an exchange, $36 million for the assumption by a purchaser of a lease financing obligation and $84 million in future commitments assumed by a purchaser for natural gas firm gathering and transportation obligations.
As a result of these transactions and based on expected closing dates, the company is revising its 2014 full-year operating guidance to include: Oil production growth of approximately 26%, 2014 over 2013. This reduces previous guidance to reflect sold production from each of the Powder River Basin and Gibson Gulch. Total production of 9.4 to 9.8 million barrels of oil equivalent (MMBoe). This reduces previous guidance by approximately 1.4 MMBoe, approximately 10% oil, as a result of production attributable to sold assets. It also narrows the previous guidance range toward the lower end of the range, primarily as a result of natural gas production year-to-date. 2014 exit rate production is expected to be approximately 21 MBoe/d. Capital expenditures of $525 to $550 million, narrowed to the upper end of previous estimates, primarily as a result of an increased well count in the Uinta Oil Program, due to faster drilling times, and the increased working interest acquired in the Northeast Wattenberg.
For the third quarter of 2014, the company reported total production is expected to range between 2.6 to 2.7 MMBoe.
Bill Barrett Corp. Presents at Deutsche Bank Energy Conference, Sep-17-2014
Aug 9 14
Bill Barrett Corp. Presents at Deutsche Bank Energy Conference, Sep-17-2014 . Venue: Boston Harbor Hotel at Rowes Wharf, 70 Rowes Wharf, Boston, MA 02110, United States. Speakers: Jennifer C. Martin, Vice President of Investor Relations, R. Scot Woodall, Chief Executive Officer, President and Director.
Bill Barrett Corp. Announces Unaudited Consolidated Earnings and Production Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Production and Capital Expenditure Guidance for the Full Year 2014
Jul 31 14
Bill Barrett Corp. announced unaudited consolidated earnings and production results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net loss in the second quarter of 2014 was $26.6 million, or $0.55 per diluted common share, compared with net
income of $14.3 million in the second quarter of 2013. The net loss reflected a $46.8 million commodity derivative loss and higher per unit depreciation, depletion and amortization expenses. Adjusted net loss was $8.6 million, or $0.18 per diluted common share, compared with a loss of $9.1 million, or $0.19 per diluted common share, in the second quarter of 2013. Total operating and other revenues of $145.0 million compared to $142.3 million, operating income of $26.4 million compared to $10.7 million, loss before income taxes of $37.8 million compared to income before income taxes of $22.9 million, net cash provided by operating activities of $52.2 million compared to $56.1 million, additions to oil and gas properties, including acquisitions of $135.4 million compared to $101.3 million and additions of furniture, equipment and other of $0.582 million compared to $0.742 million for the last year.
For the six months, the company reported net loss of $39.3 million, or $0.82 per diluted common share, compared with a net loss of $18.9
million, or $0.40 per diluted common share, in the first six months of 2013. adjusted net loss was $10.8 million, or $0.23 per diluted common share, compared with a loss of $21.3 million or $0.45 per diluted common share, in the first six months of 2013. Total operating and other revenues of $272.7 million compared to $280.6 million, operating income of $45.6 million compared to $12.5 million, loss before income taxes of $60.8 million compared to $29.7 million, net cash provided by operating activities of $127.4 million compared to $123.0 million, additions to oil and gas properties, including acquisitions of $264.3 million compared to $216.7 million and additions of furniture, equipment and other of $0.856 million compared to $1.2 million for the last year.
For the quarter, oil, natural gas and natural gas liquids (NGLs) production totaled 2.62 million barrels of oil equivalent (MMBoe) (or 15.7 billion cubic feet equivalent of natural gas, Bcfe) in the second quarter of 2014. Total production is down from 3.8 MMBoe in the second quarter of 2013, primarily due to the sale of a natural gas assets and production declines in the Gibson Gulch natural gas program. For the first half of 2014, production totaled 5.06 MMBoe and included 1.95 million barrels (MMBbls) of oil. Oil production averaged 11,281 barrels per day (Bbls/d), up 25% from the second quarter of 2013 and up 11% sequentially. Oil production increased to 39% of total production in the second quarter of 2014 compared with 22% in the second quarter of 2013, driving a 47% increase in discretionary cash flow (a non-GAAP measure, see Discretionary Cash Flow Reconciliation below) per barrel of oil equivalent (Boe) produced. The company achieved high year-over-year production growth from its two core oil programs, with DJ Basin production up 141% and East Bluebell production up 56% as the Company concentrates capital expenditures in these areas.
Fro the six months, the company reported oil production of 1,948 mbbls compared to 1,619 mbbls a year ago. Natural gas production was 13,116 mmcf compared to 28,976 mmcf a year ago. NGLs production was 922 mbbls compared to 1,127 mbbls a year ago. Combined volumes were 5,056 mboe compared to 7,575 mboe a year ago. Daily combined volumes were 27,934 boe/d compared to 41,851 boe/d a year ago.
The company updated guidance for the year 2013. The company expects capital expenditures of $500 million to $550 million, production of 11.0 million -12.2 million Boe, before the effect of the expected sale of Powder Deep assets and general and administrative expenses, before non-cash stock-based compensation costs, of $48 million - $52 million.