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Bill Barrett Corporation has a market cap of $1.13 billion; its shares were traded at around $22.91 with a P/E ratio of 24.9 and P/S ratio of 1.5. Bill Barrett Corporation had an annual average earning growth of 25.5% over the past 10 years.
Highlight of Business Operations:Production Revenues and Volumes. Production revenues decreased to $180.0 million for the three months ended September 30, 2012 from $206.6 million for the three months ended September 30, 2011. This decrease is due to a 22% decrease in oil and natural gas prices on a per Mcfe basis, including the effects of cash flow hedges, partially offset by a 12% increase in production volumes. The decrease in average prices decreased production revenues by approximately $45.4 million, while the net increase in production added approximately $18.8 million of production revenues.
Hedging Activities. During the three months ended September 30, 2012, approximately 69% of our oil volumes, 67% of our natural gas volumes (excluding basis only swaps, which were equivalent to 7% of our natural gas volumes), and 17% of our NGL related volumes were subject to financial hedges, which resulted in an increase in oil revenues of $4.3 million and an increase in natural gas revenues of $28.3 million after settlements for all commodity derivatives, including basis only and NGL swaps. During the three months ended September 30, 2011, approximately 66% of our oil volumes, 72% of our natural gas volumes (excluding basis only swaps, which were equivalent to 7% of our natural gas volumes), and 57% of our NGL related volumes were subject to financial hedges, which resulted in an increase in oil revenues of $1.2 million and an increase in gas revenues of $15.6 million after settlements
Production Revenues and Volumes. Production revenues decreased to $516.6 million for the nine months ended September 30, 2012 from $573.1 million for the nine months ended September 30, 2011. This decrease was due to a 22% decrease in oil and natural gas prices on a per Mcfe basis, including the effects of cash flow hedges, partially offset by a 15% increase in production volumes. The decrease in average prices decreased production revenues by approximately $123.9 million, while the net increase in production added approximately $67.4 million of production revenues.
Hedging Activities. During the nine months ended September 30, 2012, approximately 77% of our oil volumes, 66% of our natural gas volumes (excluding basis only swaps, which were equivalent to 7% of our natural gas volumes), and 22% of our NGL related volumes were subject to financial hedges, which resulted in an increase in oil revenues of $7.4 million and an increase in natural gas revenues of $94.2 million after settlements for all commodity derivatives, including basis only and NGL swaps. During the nine months ended September 30, 2011, approximately 67% of our oil volumes, 67% of our natural gas volumes (excluding basis only swaps, which were equivalent to 8% of our natural gas volumes), and 55% of our NGL related volumes were subject to financial hedges, which resulted in a decrease in oil revenues of $2.0 million and an increase in gas revenues of $52.5 million after settlements for all commodity derivatives, including basis only and NGL swaps. We may not always be able to generate increases in income due to the expiration of hedges entered into at higher prices, and our ability to enter into new hedges at those prices has decreased as natural gas prices have fallen since entering into those hedges.
Production Tax Expense. Total production taxes decreased to $21.2 million for the nine months ended September 30, 2012 from $29.3 million for the nine months ended September 30, 2011. Production taxes are primarily based on the wellhead values of production, which exclude gains and losses associated with hedging activities. Production tax expense decreased during the nine months ended September 30, 2012 primarily due to a 10.1% decrease in wellhead values of production, excluding hedging activities. Production taxes as a percentage of oil and natural gas sales before hedging adjustments were 4.7% for the nine months ended September 30, 2012, which included a reduction of 1.0% related to nonrecurring items associated with the Utah, Colorado and Wyoming production tax calculations. Production taxes as a percentage of oil and natural gas sales before hedging adjustments were 5.9% for the nine months ended September 30, 2011, which included a reduction of 0.3% related to the nonrecurring items associated with the Utah, Colorado and Wyoming annual severance tax calculations.
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