The 52-week price range is $2.19-$11.72 and the company has a market capitalization of $291.18 billion. Analysts covering the shares maintain a consensus Buy rating, according to Zacks Investment Research. One analyst has rated the stock with a sell rating, 7 has assigned a hold rating, 0 says it’s a buy, and 6 have assigned a strong buy rating to the company.
Bill Barrett Corporation (BBG) on March 1, 2016 reported fourth quarter and year-end 2015 results and provides 2016 operating guidance, including these highlights:
- 2015 production sales volumes of 6.6 million barrels of oil equivalent (“MMBoe”), exceeded high-end of guidance and was 16% above the mid-point of original guidance
- Denver-Julesburg (“DJ”) Basin production for the fourth quarter of 2015 increased 55% year-over-year
- 2015 lease operating expense (“LOE”) of $43 million, 7% below the mid-point of guidance and 10% below the mid-point of original guidance
- Fourth quarter LOE of $4.70 per Boe, represents a 17% sequential decrease
- 2015 capital expenditures of $287 million, 10% below the mid-point of guidance
- Exhibited cost discipline as current extended reach lateral (“XRL”) well costs of $4.75 million are approximately 42% lower compared to wells drilled in the fourth quarter of 2014
- Entered 2016 with $129 million of cash and an undrawn credit facility of $375 million
- 2016 operating plan has projected capital expenditures of $100-$150 million, approximately 55% below 2015 levels, with total production of 5.8-6.2 MMBoe
Chief Executive Officer and President Scot Woodall commented, “This past year presented numerous challenges for the energy sector as oil prices fell to levels not witnessed in over a decade. We responded to these challenges and successfully executed on our operational objectives by focusing on the items within our control. We have taken a number of proactive steps to reset our operating cost and G&A structure and will realize tangible benefits during 2016, as evidenced by our cost guidance. Our priority for this year is to protect our balance sheet as we entered 2016 with a financial position consisting of $129 million of cash, an undrawn credit facility, and a strong 2016 hedge position.”
Mr. Woodall continued, “In response to current commodity prices, we have set our 2016 capital budget at $100-$150 million. This level of spending allows us to sustain production at levels similar to 2015, pro forma for asset divestitures completed during 2015, while spending approximately 55% less capital than 2015 at the mid-point. Based on the uncertainty of an oil price recovery during 2016, we are making the decision to curtail drilling activity to preserve capital and will monitor industry conditions to determine the appropriate time to resume drilling. Accordingly, we recently released the sole rig we were operating. Although this results in the deferral of production during the second half of the year, we believe it is the appropriate action to take in this commodity price environment as it allows us to retain operational and financial flexibility.”
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