Key Developments: Bill Barrett Corp (BBG.N)
22.65USD
1 Aug 2013
$0.23 (+1.03%)
$22.42
$22.69
$23.42
$22.64
444,828
208,850
$26.98
$15.50
Latest Key Developments (Source: Significant Developments)
Bill Barrett Corp Announces R. Scot Woodall As Chief Executive Officer And President
Bill Barrett Corp announced that effective April 16, 2013, Mr. R. Scot Woodall was named Chief Executive Officer and President. Mr. Woodall also was named to the Company's Board of Directors. He had served as Chief Executive Officer on an interim basis since January 2013. Full Article
Bill Barrett Corp Comments On FY 2013 Production Guidance
Bill Barrett Corp announced production guidance for fiscal 2013 and projects 50%-55% growth in oil production compared with fiscal 2012 and estimates approximately 6%-8% of production will be NGLs under three-stream reporting. NGL production declines from fiscal 2012 are due to the partial sale of Gibson Gulch and assumes the Company rejects ethane for the full year. Lower projected production in fiscal 2013 compared to fiscal 2012 is due to the sale of natural gas assets and ceasing drilling at the Company's natural gas programs. Full Article
Bill Barrett Corp Announces Senior Management Changes
Bill Barrett Corp announced that its Board of Directors has appointed R. Scot Woodall , Chief Operating Officer, as interim Chief Executive Officer following Fred Barrett 's decision to step down as Chairman of the Board, Chief Executive Officer, President and a director of the Company, effective immediately. Jim W. Mogg , lead independent director, has been elected as non-executive Chairman of the Board, effectively immediately. Full Article
Bill Barrett Corp Issues FY 2013 Production Guidance
Bill Barrett Corp announced that for fiscal 2013, it expects continued growth in oil production. The Company expects 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 fiscal 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.) Full Article
Vanguard Natural Resources LLC Announces Closing Of Natural Gas And Liquids Properties In Colorado From Bill Barrett Corporation
Vanguard Natural Resources LLC announced that on December 31, 2012 it consummated the previously announced acquisition of natural gas and liquids assets from Bill Barrett Corporation for an adjusted purchase price of $328.8 million. The effective date of the acquisition is October 1, 2012. The Company funded this acquisition with borrowings under existing reserve-based credit facility. Full Article
Bill Barrett Corp Closes Sale Of Natural Gas Assets And Provides Brief Update On Activity At West Tavaputs
Bill Barrett Corp announced that on December 31, 2012 it closed on its previously announced sale of natural gas assets to an affiliate of Vanguard Natural Resources, LLC. The sale included all its Wind River Basin natural gas producing properties, the Powder River Basin coal bed methane assets and a working interest in its Gibson Gulch-Piceance Basin development property. The total value of the transaction of $335 million was preliminarily adjusted to the October 1, 2012 effective date and for other customary closing adjustments providing net proceeds to the Company of $329 million, which includes a $33.5 million deposit received in November 2012. Proceeds from the transaction have been applied to pay off the $250 million balance on the Company's revolving credit facility as of year-end 2012. The remaining proceeds will be applied to the Company's 2013 development capital. The Company's borrowing base on its revolving credit facility was reduced by $75 million to $825 million based on preliminary year-end 2012 reserves, which exclude the properties sold to Vanguard. Full Article
Vanguard Natural Resources LLC To Acquire Natural Gas And Liquids Assets In Colorado And Wyoming From Bill Barrett Corporation
Vanguard Natural Resources LLC announced it has entered into a definitive agreement to acquire natural gas and liquids assets in the Piceance Basin in Colorado and the Powder River and Wind River Basins in Wyoming for a purchase price of $335 million from Bill Barrett Corporation. The effective date of the acquisition is October 1, 2012 and the Company anticipates closing this acquisition on or before December 31, 2012. Full Article
Bill Barrett Corp Reaffirms FY 2012 Production Guidance
Bill Barrett Corp announced that for fiscal 2012, it expects oil and natural gas production of 118 Bcfe to 122 Bcfe, up 10% to 14% from fiscal 2011. Full Article
Bill Barrett Corp Raises Low End Of Prior FY 2012 Production Guidance
Bill Barrett Corp announced that for fiscal 2012, it expects oil and natural gas production of 118 Bcfe to 122 Bcfe, up 10% to 14% from fiscal 2011, narrowed from 116 Bcfe to 122 Bcfe. Full Article
Bill Barrett Corp Announces Pricing Of Offering Of $400 Million Of Senior Notes
Bill Barrett Corp announced that it has priced its $400 million aggregate principal amount of 7% Senior Notes due 2022. The notes were sold to the public at par. The notes will be unsecured obligations of the Company and will be effectively subordinated to the Company's existing and future secured indebtedness to the extent of the value of the assets securing that indebtedness. Initially, all of the Company's subsidiaries will guarantee the notes. Interest on the notes is payable April 15 and October 15 of each year. The first interest payment will be payable on October 15, 2012, and will consist of interest from March 12, 2012 to that date. The notes will mature on October 15, 2022. The offering is expected to close on March 12, 2012. The Company intends to use the net proceeds from the offering to repay borrowings under its revolving credit facility and for general corporate purposes, including to repay the entire $172.5 million aggregate principal amount of its 5% Convertible Senior Notes due 2028 that the Company assumes will be put to the Company on March 20, 2012 pursuant to the terms of the indenture governing the 5% Convertible Senior Notes due 2028. J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Deutsche Bank Securities Inc., Wells Fargo Securities, LLC and BMO Capital Markets Corp. were the joint book-running managers for the offering. Full Article

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