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Last $8.86 USD
Change Today -0.14 / -1.56%
Volume 1.2M
BBG On Other Exchanges
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As of 8:04 PM 05/22/15 All times are local (Market data is delayed by at least 15 minutes).

bill barrett corp (BBG) Key Developments

Bill Barrett Corp. Announces Unaudited Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2015; Provides Capital Expenditure and Production Guidance for Second Quarter and Full Year 2015; Announces Impairment Expenses for the First Quarter Ended March 31, 2015

Bill Barrett Corp. announced unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported total operating and other revenues of $49,034,000 compared to $127,688,000 a year ago. Operating loss was $39,454,000 compared to operating income of $19,217,000 a year ago. Net loss before income taxes was $18,604,000 compared to $22,994,000 a year ago. Net loss was $11,731,000 or $0.24 per basic and diluted share compared to $12,749,000 or $0.27 per basic and diluted share a year ago. Net cash provided by operating activities was $53,825,000 compared to $75,194,000 a year ago. Additions to oil and gas properties, including acquisitions were $111,009,000 compared to $128,938,000 a year ago. Additions of furniture, equipment and other were $609,000 compared to $274,000 a year ago. Adjusted net loss was $5,909,000 or $0.12 per diluted share compared to $2,213,000 or $0.05 per diluted share a year ago. Capital expenditures for the first quarter of 2015 were $114.3 million. Discretionary cash flow was $48.1 million or $1.00 per share compared to $55.3 million or $1.15 per share a year ago. Net debt was $654.4 million as on March 31, 2015. Capital expenditures included $108.1 million for drilling at development programs, $1.6 million for leaseholds, and $4.6 million for infrastructure and corporate assets. For the quarter, the company reported oil production of 1,125 mbbls compared to 922 mbbls a year ago. Natural gas production was 1,764 mmcf compared to 6,420 mmcf a year ago. NGLs production was 162 mbbls compared to 442 mbbls a year ago. Combined volumes were 1,581 mboe compared to 2,434 mboe a year ago. Daily combined volumes were 17,567 boe/d compared to 27,044 boe/d a year ago. First quarter of 2015 development drilling was in the East Bluebell area of the UOP. All wells drilled in the quarter were on 40 acre density. Operations are focused on cost efficiencies, and the Company is realizing significant reductions. Regional price realizations currently reflect a posted deduct of approximately $8.75 off WTI, which was significantly improved during the first quarter from approximately $18.75 early in the quarter. In 2015, the company anticipates participating in approximately 80 to 85 gross/100 net development wells of which approximately 39 gross or 29 net to be operated by the company. Production is expected to be in the range of 59 MM Boe to 6.3 MMBoe, at the mid-point from 5.5-5.9 MMBoe. Production is expected to be approximately 70% oil, 20% natural gas and 10% NGLs. For the year 2015, the company said that capital expenditures are anticipated to be at the higher end of $240 million to $280 million guidance range, to reflect an additional 10 net wells to be drilled in 2015 compared to original plans. The company expects production tax rate to be approximately 8% of pre-head revenue. In the second quarter of 2015, the company's capital expenditures are expected to be approximately $80 million to $90 million and total production to be approximately 1.5 MMBoe. For the first quarter, the company reported impairment expense of $58,000 against $1,038,000 last year.

Bill Barrett Corp. to Report Q1, 2015 Results on May 08, 2015

Bill Barrett Corp. announced that they will report Q1, 2015 results at 9:00 AM, Eastern Standard Time on May 08, 2015

Bill Barrett Corp., Q1 2015 Earnings Call, May 08, 2015

Bill Barrett Corp., Q1 2015 Earnings Call, May 08, 2015

Bill Barrett Corporation Enters into Third Amendment to the Third Amended and Restated Credit Agreement

On April 9, 2015, Bill Barrett Corporation entered into a Third Amendment to the Third Amended and Restated Credit Agreement dated March 16, 2010, among the company, as the borrower, certain subsidiaries of the company party thereto, each of the lenders and agents party thereto and JPMorgan Chase Bank, N.A., as administrative agent for the lenders (the Third Amendment). The Third Amendment has an effective date of April 9, 2015. The Third Amendment, among other things: amended the definition of Total Debt in the credit agreement to provide that, with respect to each period of four fiscal quarters ending on or before December 31, 2016, if there are no loans outstanding under the credit agreement on the date of determination, Total Debt shall be offset by the aggregate amount of unrestricted cash and cash equivalents in excess of $10,000,000 included in cash and cash equivalents accounts that would be listed on the consolidated balance sheet of the company and its consolidated subsidiaries; amended the definition of Maturity Date in the credit agreement to mean the earliest of (a) April 9, 2020 or (b) the date 181 days prior to the maturity of certain unsecured senior or senior subordinated debt of the company in existence as of the date of the Third Amendment or that may be incurred by the company as of a future date, or any permitted refinancing debt in respect thereof; amended the definition of LC Commitment in the credit agreement to reduce the LC Commitment amount to $50,000,000, provided that the company may elect to increase the LC Commitment by up to $50,000,000; and updated various anti-corruption laws, tax, defaulting lender and swap agreement provisions of the credit agreement to conform to current market standards and changes in the law. As of April 9, 2015, the company had no amounts outstanding under the credit agreement, and the company is currently in compliance with all financial covenants required by the credit agreement. Certain of the lenders under the credit agreement or their affiliates have provided and may continue to provide banking, financial, or other services to the company and its affiliates. They have received, and may in the future receive, customary fees and commissions for their services.

Bill Barrett Corp., Annual General Meeting, May 12, 2015

Bill Barrett Corp., Annual General Meeting, May 12, 2015., at 08:00 US Mountain Standard Time. Location: 1099 18th Street, Suite 2300. Agenda: To elect the eight directors; to consider and vote upon a proposal to approve an advisory (non-binding) resolution regarding the compensation of named executive officers; to consider and vote upon a proposal to ratify the appointment of Deloitte & Touche LLP as its independent registered public accounting firm for the year ending December 31, 2015; and to transact such other business as may properly come before the meeting or any adjournment or postponement of the meeting.

 

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BBG

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Valuation BBG Industry Range
Price/Earnings 26.7x
Price/Sales 1.1x
Price/Book 0.4x
Price/Cash Flow 1.5x
TEV/Sales NM Not Meaningful
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