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January 2, 2013
17:31 EDTBBGBill Barrett closes sale of nat gas assets, updates activity at West Tavaputs
Bill Barrett announced that on December 31, 2012 it closed on its previously announced sale of natural gas assets to an affiliate of Vanguard Natural Resources. 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 $335M was preliminarily adjusted to the October 1, 2012 effective date and for other customary closing adjustments providing net proceeds to the company of $329M, which includes a $33.5M deposit received in November 2012. Proceeds from the transaction have been applied to pay off the $250M 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 $75M to $825M based on preliminary year-end 2012 reserves, which exclude the properties sold to Vanguard. Unrelated to the closing, the company updates the status of repairs at its West Tavaputs natural gas development program following a previously announced fire at the Dry Canyon compressor station. Current net production from the area is approximately 78M cubic feet of natural gas equivalent per day, which is approximately 90% of the pre-fire rate. A bypass pipeline to redirect natural gas to the Interplanetary compressor station was completed and put in service on December 13, 2012. The company expects to complete pipeline repairs to direct additional production to its Sage Brush compressor station, expected to be ready in late January following further testing, which will modestly increase production from the current rate.
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September 17, 2014
10:00 EDTBBGOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AB InBev (BUD) upgraded to Hold from Sell at Societe Generale... Baker Hughes (BHI) upgraded to Outperform from Sector Perform at Howard Weil... Bank of the Ozarks (OZRK) upgraded to Buy from Hold at BB&T... Bill Barrett (BBG) upgraded to Buy from Neutral at Mizuho... Cepheid (CPHD) upgraded to Buy from Hold at Cantor... Cigna (CI) upgraded to Positive from Neutral at Susquehanna... Extra Space Storage (EXR) upgraded to Buy from Hold at Jefferies... GNC Holdings (GNC) upgraded to Outperform from Neutral at Wedbush... MB Financial (MBFI) upgraded at DA Davidson... Mondelez (MDLZ) upgraded to Buy from Hold at Societe Generale... Radian Group (RDN) upgraded to Buy from Neutral at Compass Point... Skullcandy (SKUL) assumed with a Overweight from Neutral at Piper Jaffray... Under Armour (UA) upgraded to Overweight from Neutral at Piper Jaffray.
05:59 EDTBBGBill Barrett upgraded to Buy from Neutral at Mizuho
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September 16, 2014
07:37 EDTBBGBill Barrett cuts FY14 oil production to 26%, total production to 9.4-9.8 MMBoe
This reduces previous guidance by approximately 1.4 MMBoe, approximately 10% oil, as a result of production attributable to sold assets. It also narrows the previous guidance range toward the lower end of the range, primarily as a result of natural gas production year-to-date. Third quarter of 2014 total production is expected to range between 2.6-2.7 MMBoe. 2014 exit rate production is expected to be approximately 21 MBoe/d. Capital expenditures of $525-$550 million, narrowed to the upper end of previous estimates, primarily as a result of an increased well count in the Uinta Oil Program, due to faster drilling times, and the increased working interest acquired in the Northeast Wattenberg. Lease operating expenses of $58-$62 million. The Company was on track to the mid-point of previous guidance and the adjustment reflects only these asset sales. The run-rate in the fourth quarter of 2014 is expected to approximate $6.50 per Boe, reflecting the higher proportion of oil in the production mix. Gathering, transportation and processing expenses of $36-$37 million. This reflects a significantly reduced fourth quarter run-rate of $1-$2 million total for the quarter. Certain obligations associated with firm natural gas gathering and transportation agreements are expected to be written-off in the third quarter of 2014. The Company may record non-cash charges in the third quarter of 2014 associated with certain of these transactions, including the write-offs of the company's Ruby Pipeline and other firm transportation agreements for an estimated $128M, subject to final review of financial reporting requirements and estimated losses on property sales totaling approximately $100M. The company expects that the transactions will not incur a material current tax liability.
07:35 EDTBBGBill Barrett announces $757M divestiture of Power River, Piceance properties
Bill Barrett announced that it has signed purchase and sale agreements with several undisclosed purchasers for the sale of the majority of its Powder River Basin acreage and the company's remaining position in the Gibson Gulch natural gas program in the Piceance Basin. The transactions include an acreage exchange whereby Bill Barrett Corporation acquires 7,856 net acres and 390 barrels of oil equivalent per day net production within the southern block of its operated Northeast Wattenberg area in exchange for acreage in the Powder River Basin. The total value of the transactions is $757M and includes $568M in cash proceeds, $69M estimated value for assets acquired in an exchange, $36M for the assumption by a purchaser of a lease financing obligation and $84M in future commitments assumed by a purchaser for natural gas firm gathering and transportation obligations. The company expects to reduce its debt to $450M from $1.1B, pro forma as of June 30, 2014. It also anticipates that 2014 exit rate production will have a commodity mix that is more than 70% oil. The asset sales include 46,510 net acres in the Powder River Basin with net production that averaged 1,479 Boe/d in the second quarter of 2014 and proved reserves of 4.2 MMBoe at year-end 2013, and 12,000 net acres in the Piceance Basin with net production that averaged 80 million cubic feet natural gas equivalent per day in the second quarter of 2014 and proved reserves of 438 billion cubic feet natural gas equivalent at year-end 2013. These assets provided 33% of field level cash flow in the second quarter of 2014. The Company plans to sell its remaining Powder River Basin position, which includes 17,649 net acres and 170 Boe/d of production, based on the second quarter of 2014 results.
07:22 EDTBBGVanguard sees Bill Barrett deal 'immediately accretive' to cash flow at closing
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07:17 EDTBBGVanguard Natural acquires natural gas, oil, NGLs for $525M from Bill Barrett
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