Bill Barrett Corporation Updates Commodity Price and Derivative Information and Schedules First Quarter 2016 Financial Results Release Date and Conference Call

DENVER, April 18, 2016 /PRNewswire/ -- Bill Barrett Corporation (the "Company") BBG announced today that it is providing an update on certain first quarter of 2016 commodity price data and has scheduled its first quarter of 2016 financial results release date and conference call.

Commodity Price and Derivative Information

For the first quarter of 2016, West Texas Intermediate ("WTI") oil prices averaged $33.45 per barrel, Northwest Pipeline ("NWPL") natural gas prices averaged $1.94 per MMBtu and NYMEX natural gas prices averaged $2.09 per MMBtu. The Company had derivative commodity swaps in place for the first quarter of 2016 for 7,300 barrels of oil per day tied to WTI pricing at $81.65 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.

Based on preliminary unaudited results, the Company expects to realize a cash commodity derivative gain of $33.0 million in the first quarter due to positive derivative positions. The Company expects its first quarter commodity price differentials to benchmark pricing before commodity derivative gains, related to delivery location and quality adjustments, to approximate: oil less $5.85 price per barrel versus WTI; and natural gas less $0.28 per thousand cubic feet ("Mcf") compared to NWPL. The DJ Basin oil price differential averaged $5.61 per barrel. The Company continues to realize lower oil price differentials as Denver-Julesburg and Uinta Basin infrastructure expands and local pricing improves. NGL prices averaged 28% of WTI price per barrel.

For the remainder of 2016, approximately 7,267 barrels per day of oil is hedged at an average WTI price of $76.72 per barrel. The following table summarizes the Company's hedge position as of April 18, 2016:

Realized sales prices will reflect basis differentials from the index prices to the sales location.

Financial and Operating Results Conference Call and Webcast

The Company's first quarter of 2016 financial and operating results press release will be issued after the market close on Thursday, May 5, 2016. The Company plans to host a conference call on Friday, May 6, 2016, to discuss the results. The call is scheduled at 10:00 a.m. Eastern time (8:00 a.m. Mountain time). Please join the webcast conference call live or for replay via the Internet at www.billbarrettcorp.com, accessible from the Investor Relations page. To join by telephone, call 855-760-8152 (631-485-4979 international callers) with passcode 90845487. The webcast will remain on the Company's website for approximately 30 days and a replay of the call will be available through May 13, 2016, at 855-859-2056 (404-537-3406 international) with passcode 90845487.

Forward-Looking Statements

All statements in this press release, other than statements of historical fact, may be deemed to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. Forward-looking statements in this release relate to, among other things, first quarter commodity derivative gains, future financial performance and business expectations.        

These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances. 

ABOUT BILL BARRETT CORPORATION

Bill Barrett Corporation BBG, headquartered in Denver, Colorado, 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.

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SOURCE Bill Barrett Corporation