|By PR Newswire||
|January 4, 2013 08:00 AM EST||
DENVER, Jan. 4, 2013 /PRNewswire/ -- Bill Barrett Corporation (NYSE: BBG) announced today certain guidance metrics for its 2013 operating plan that demonstrate a significant reduction in capital expenditures compared with 2012 and drive continued growth in oil production. Key components of the 2013 plan are a capital expenditure range of $475 to $525 million and a production range of 83 to 87 billion cubic feet equivalent ("Bcfe"), which is expected to be nearly 30% oil. The plan is expected to generate approximately 55% growth in oil production in 2013 versus 2012 (adjusting for the impact of lower oil production from the Piceance Basin following the sale of a working interest in the property that closed in the fourth quarter of 2012.) The Company stands committed to not increasing its total debt outstanding.
This operating plan includes drilling approximately 150 gross operated wells with four active rigs for the full-year in the Uinta Oil Program, two active rigs for the full-year in the DJ Program and at least five low-risk development wells in the Powder River Basin Deep Oil Project.
Chairman, Chief Executive Officer and President Fred Barrett comments, "The past two years, our capital plans have concentrated on building exposure to two core oil development programs that provide our portfolio a better commodity balance and improved flexibility to drive growth from the highest return commodities. We have two high-quality oil programs and can now turn our focus to developing the excellent assets and inventory that we have established. Our 2013 plan reduces capital expenditures by more than $400 million from 2012 and will be focused on development drilling in the Uinta Oil Program and DJ Basin Oil Program."
Mr. Barrett further commented in regards to the financial plan, "We are implementing a prudent capital expenditure program focused on realizing value from our core oil development assets, and we are dedicated to managing our debt levels. The Company intends to fund its reduced capital expenditure program through discretionary cash flow (see note below), the proceeds from our recently closed non-core asset sale that remain after paying off the credit facility, and further asset sales."
The production range of 83 to 87 Bcfe discussed above is based on two stream reporting of wellhead volumes of natural gas and oil/condensate production consistent with past reporting practices. Effective January 1, 2013, the Company intends to report its production volumes on a three stream basis, which separately reports natural gas liquids ("NGLs") extracted from the natural gas stream and sold as a separate product. Based on three stream reporting, the production range is estimated at 86 to 90 Bcfe. NGLs are expected to be 6% of total production volumes.
The Company is continuing to refine its operating plan for 2013. On a preliminary basis, the Company estimates that total lease operating expenses and general and administrative expenses for 2013 will be comparable to 2012.
The Company will provide additional information regarding its 2013 production and per unit lease operating expenses, gathering, transportation and processing costs and general and administrative expense estimates, as well as year-end 2012 reserves, when formal guidance is announced during the week of January 21, 2013.
This press release contains forward-looking statements, including statements regarding 2013 capital expenditures and production. These forward-looking statements are based on management's judgment at the time of issuing this press release and include certain risks and uncertainties. Please refer to the Company's Annual Report on Form 10-K for the year-ended December 31, 2011 filed with the SEC, and other filings including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, for a list of certain risk factors that may affect forward-looking statements.
NON-GAAP MEASURES – DISCRETIONARY CASH FLOW
Management believes that discretionary cash flow is a useful measure of the Company's funds generated to support its capital expenditure program. This measure is widely used by professional research analysts and others in the oil and gas exploration and production industry. Historical discretionary cash flow generated by the Company is reconciled to net income each quarter in the Company's quarterly press releases providing results from operations.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, explores for and 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.
SOURCE Bill Barrett Corporation
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
Oct. 20, 2016 03:00 PM EDT Reads: 5,850
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
Oct. 20, 2016 02:15 PM EDT Reads: 9,553
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
Oct. 20, 2016 02:15 PM EDT Reads: 2,600
Virgil consists of an open-source encryption library, which implements Cryptographic Message Syntax (CMS) and Elliptic Curve Integrated Encryption Scheme (ECIES) (including RSA schema), a Key Management API, and a cloud-based Key Management Service (Virgil Keys). The Virgil Keys Service consists of a public key service and a private key escrow service.
Oct. 20, 2016 02:15 PM EDT Reads: 829
@ThingsExpo has been named the Top 5 Most Influential Internet of Things Brand by Onalytica in the ‘The Internet of Things Landscape 2015: Top 100 Individuals and Brands.' Onalytica analyzed Twitter conversations around the #IoT debate to uncover the most influential brands and individuals driving the conversation. Onalytica captured data from 56,224 users. The PageRank based methodology they use to extract influencers on a particular topic (tweets mentioning #InternetofThings or #IoT in this ...
Oct. 20, 2016 01:45 PM EDT Reads: 7,826
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the...
Oct. 20, 2016 01:45 PM EDT Reads: 10,908
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, will discuss the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docke...
Oct. 20, 2016 01:45 PM EDT Reads: 2,120
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Oct. 20, 2016 01:30 PM EDT Reads: 5,043
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Oct. 20, 2016 01:30 PM EDT Reads: 673
In the next five to ten years, millions, if not billions of things will become smarter. This smartness goes beyond connected things in our homes like the fridge, thermostat and fancy lighting, and into heavily regulated industries including aerospace, pharmaceutical/medical devices and energy. “Smartness” will embed itself within individual products that are part of our daily lives. We will engage with smart products - learning from them, informing them, and communicating with them. Smart produc...
Oct. 20, 2016 01:15 PM EDT Reads: 1,378
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
Oct. 20, 2016 01:00 PM EDT Reads: 6,737
SYS-CON Events announced today that Coalfire will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Coalfire is the trusted leader in cybersecurity risk management and compliance services. Coalfire integrates advisory and technical assessments and recommendations to the corporate directors, executives, boards, and IT organizations for global brands and organizations in the technology, cloud, health...
Oct. 20, 2016 12:30 PM EDT Reads: 1,425
Cloud based infrastructure deployment is becoming more and more appealing to customers, from Fortune 500 companies to SMEs due to its pay-as-you-go model. Enterprise storage vendors are able to reach out to these customers by integrating in cloud based deployments; this needs adaptability and interoperability of the products confirming to cloud standards such as OpenStack, CloudStack, or Azure. As compared to off the shelf commodity storage, enterprise storages by its reliability, high-availabil...
Oct. 20, 2016 12:00 PM EDT Reads: 835
SYS-CON Events announced today that MathFreeOn will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MathFreeOn is Software as a Service (SaaS) used in Engineering and Math education. Write scripts and solve math problems online. MathFreeOn provides online courses for beginners or amateurs who have difficulties in writing scripts. In accordance with various mathematical topics, there are more tha...
Oct. 20, 2016 12:00 PM EDT Reads: 818
In the next forty months – just over three years – businesses will undergo extraordinary changes. The exponential growth of digitization and machine learning will see a step function change in how businesses create value, satisfy customers, and outperform their competition. In the next forty months companies will take the actions that will see them get to the next level of the game called Capitalism. Or they won’t – game over. The winners of today and tomorrow think differently, follow different...
Oct. 20, 2016 10:45 AM EDT Reads: 703
We all know the latest numbers: Gartner, Inc. forecasts that 6.4 billion connected things will be in use worldwide in 2016, up 30 percent from last year, and will reach 20.8 billion by 2020. We're rapidly approaching a data production of 40 zettabytes a day – more than we can every physically store, and exabytes and yottabytes are just around the corner. For many that’s a good sign, as data has been proven to equal money – IF it’s ingested, integrated, and analyzed fast enough. Without real-tim...
Oct. 20, 2016 10:00 AM EDT Reads: 3,842
SYS-CON Events announced today that Numerex Corp, a leading provider of managed enterprise solutions enabling the Internet of Things (IoT), will exhibit at the 19th International Cloud Expo | @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Numerex Corp. (NASDAQ:NMRX) is a leading provider of managed enterprise solutions enabling the Internet of Things (IoT). The Company's solutions produce new revenue streams or create operating...
Oct. 20, 2016 08:15 AM EDT Reads: 2,596
SYS-CON Events announced today that Transparent Cloud Computing (T-Cloud) Consortium will exhibit at the 19th International Cloud Expo®, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The Transparent Cloud Computing Consortium (T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data proces...
Oct. 20, 2016 08:15 AM EDT Reads: 1,201
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it ...
Oct. 20, 2016 08:15 AM EDT Reads: 3,391
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and ...
Oct. 20, 2016 07:30 AM EDT Reads: 1,277