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02.03.2017 22:10
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Bill 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%
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PR Newswire
DENVER, March 2, 2017
DENVER, March 2, 2017 /PRNewswire/ --
- 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
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 Werbung Mehr Nachrichten zur Bill Barrett Aktie kostenlos abonnieren
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