Bill Barrett Corp.: Aspirations And Challenges In The DJ Basin
Richard Zeits • 17 Comments
Richard Zeits • 17 Comments
Yesterday, 5:35 PM
- ABCO, ABTL, ACAD, ACET, AHS, AHT, AIRM, AL, ALEX, AMBR, AMH, ANET, APLE, ASYS, ATHX, ATVI, ATW, BBG, BCEI, BIO, BIOS, BLDR, BOJA, CAA, CARA, CERN, CINR, CLNE, CLVS, CMLS, CPA, CTRL, CYBR, CZR, DATA, DCT, DEPO, DIOD, DK, DKL, DV, DWA, EBS, ECOM, ED, EFC, EGAN, EGL, EGN, EGY, ELON, ENDP, ENV, EOG, ERII, ESL, EVC, EVDY, EVHC, FCE.A, FEYE, FISV, FLR, FPRX, FTD, GBDC, GEOS, GERN, GPRO, GSAT, GST, GUID, GXP, HLF, HTGC, ICPT, IMMR, IMPV, INAP, JCOM, LADR, LOCO, MAIN, MCHX, MDR, MDRX, MDVN, MELI, MHK, MITT, MNTX, MRIN, MSI, MTD, MTZ, NBIX, NGVC, NSTG, NWSA, OLED, OMED, OUT, OVAS, PACD, PCTY, PEGA, PETX, PKI, PMT, POST, PRSS, PTCT, PTLA, QLGC, RPTP, RRMS, RWT, SAAS, SEM, SEMG, SNCR, SPPI, SPWR, SPXC, SQ, SSNC, SWIR, TCRD, TEAM, TRMR, TRUE, TRQ, TRUP, TSRO, TWOU, UBNT, UEPS, UNXL, WAGE, WAIR, WEB, WIFI, WING, XNPT, Y, YELP
Mon, May 2, 6:39 PM
- The Colorado Supreme Court ruled today that municipalities cannot bar fracking and the storage of fracking waste, striking down measures passed by the cities of Fort Collins and Longmont.
- A local ban "could ultimately lead to a patchwork of regulation that would inhibit the efficient development of oil and gas resources" if left in place, according to one of two rulings today.
- The decisions uphold lower court rulings and come amid a long-running battle over fracking across northeastern Colorado, which sits atop the Denver-Julesburg Basin.
- Among Colorado's top oil and gas operators: APC, NBL, ECA, WLL, BBG, BCEI, CRZO, PDCE, SYRG
Tue, Apr. 26, 2:47 PM
- Whiting Petroleum (WLL +3.1%), Bill Barrett (BBG +1.9%) and Oasis Petroleum (OAS +3.3%) are all downgraded to Hold from Buy at Cantor Fitzgerald on valuation, noting that much of the recent rally in E&P stocks is explained by short covering.
- WLL shares are up 217% since Feb. 25, so while maintaining a positive view on the company's prospects in the Williston and DJ basins with the potential for additional liquidity through non-core asset sales, Cantor feels valuation is now full.
- The firm says it has positive view on BBG’s liquidity and portfolio optionality but would not be surprised to see the company come to market with an equity follow-on after the rapid rise in shares, and sees limited upside in OAS after rising 123% since Feb. 11.
- The firm's respective stock price targets for WLL, BBG and OAS are $11, $7.50 and $9.
- Now read Whiting Petroleum valued at $7 to $12 based on $55 to $60 long-term oil
Tue, Apr. 19, 3:47 PM
- Bill Barrett (BBG +4.2%) is higher after saying it expects to pocket a $33M cash gain from positive positions on its commodity derivative swaps during Q1.
- BBG says it expects a gain of ~$5.85 on each barrel of benchmark WTI crude oil and ~$0.28 per 1,000 cf of natural gas.
- For the rest of 2016, BBG says it has 7,267 bbl/day of oil hedged at an average WTI price of $76.72/bbl compared with $81.65 during Q1 and the actual Q1 price for WTI oil averaging $33.45/bbl.
- Now read Bill Barrett sees 11% reduction to borrowing base
Mon, Apr. 11, 1:54 PM
- Bill Barrett (BBG +4.5%) is higher after reporting an 11% reduction to its borrowing base following the semi-annual borrowing base redetermination of its revolving credit facility, generally in-line with expectations.
- BBG says its bank group set a borrowing base of $335M vs. the previous $375M borrowing base, with no changes to the terms or conditions of the facility.
- BBG says it remains financially well-positioned with an undrawn credit facility, more than $100M in cash on hand, and nearly two-thirds of its 2016 oil hedged at ~$80/bbl.
Tue, Apr. 5, 5:37 PM
Thu, Mar. 3, 12:53 PM
Wed, Mar. 2, 3:44 PM
- Bill Barrett (BBG +30%) rallies after the oil and gas explorer reported a surprise Q4 profit, although its revenue fell short of analyst expectations.
- BBG says it will curtail drilling activity to preserve capital in light of the uncertainty around an oil price recovery in 2016.
- BBG says Q4 production totaled 1.7M boe, up 20% Y/Y, consisting of 65% oil, 19% natural gas and 16% natural gas liquids; the company expects to produce 1.3M-1.4M barrels during Q1, lower than the prior quarter largely due to the recent sale of non-core assets.
- Plans 2016 capex of $100M-$150M, ~55% below 2015 spending at the mid-point and representing a one-rig program for a portion of the year to drill up to 20 XRL wells in the Wattenberg field of the DJ Basin.
Wed, Mar. 2, 12:45 PM
Tue, Mar. 1, 4:22 PM
Mon, Feb. 29, 5:35 PM
Tue, Feb. 23, 6:23 PM
- Bill Barrett (NYSE:BBG) says CFO Robert Howard will leave the company effective May 1 as part of a broader reorganization.
- BBG says Howard's departure is not caused by any disagreement with the board or with management, and is not related to any issues regarding financial disclosure, accounting or legal matters.
- As part of the reorganization, William Crawford is named as Senior VP of Treasury and Finance.
Mon, Feb. 22, 12:44 PM
Tue, Feb. 9, 5:21 PM
- Standard & Poor's downgrades the junk ratings of 25 oil and gas companies on expectations of deteriorating credit quality due to low commodities prices and reduced production.
- The ratings firm, which also affirmed the ratings of an additional 20 speculative-grade E&P companies, says the ratings actions follow a revision of its price assumptions for crude oil and natural gas.
- Among companies receiving downgrades: AREX, BBG, BCEI, BBEP, CWEI, DNR, EPE, EVEP, GST, KOS, LGCY, MEMP, NOG, OAS, REN, SM, SGY, TPLM, UNT, WTI, WLL
- Last week, S&P cut the ratings of 10 U.S. oil and gas E&P companies, including investment-grade Chevron, and placed Exxon's AAA corporate rating on watch for a possible downgrade.
Dec. 24, 2015, 12:31 PM
Dec. 10, 2015, 11:34 AM
- Companies such as Chesapeake Energy (CHK +1.8%) pushed the SEC for an accounting change in 2009 that made it easier to claim reserves from wells that would not be drilled for years, but Bloomberg says the chickens will come home to roost in the next few months when billions of barrels of shale drillers’ reserves are wiped out.
- The rule requires the undrilled wells to be profitable and be drilled within five years, but now the time is up, and the companies must soon report 2015 figures - and prices are down, way down.
- Regulatory filings show CHK's inventory will be cut by 45%, Bill Barrett (BBG +4.1%) will lose as much as 40%, and Oasis Petroleum (OAS +5.8%) will loss 33%.
- "How are these reserves going to come back?” says a Guggenheim Securities analyst. “Because if you have to spend within cash flow, those reserves aren’t coming back. Not unless we get a spike in prices, or we return to levered growth.”
Bill Barrett Corp. operates as an oil and gas company, which engages in the exploration, development and production of natural gas and crude oil. It explores and develops oil and natural gas in the Rocky Mountain region of the United States. It holds interest in the Denver-Julesburg basin, the... More
Sector: Basic Materials
Industry: Oil & Gas Drilling & Exploration
Country: United States
Other News & PR