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