Bill Barrett Corporation (NYSE: BBG - News) today reported full year operating results for 2006 that were highlighted by:
* Production growth of 32% to 52.1 Bcfe
* Proved reserve growth of 26% to 428 Bcfe
* Proved, probable, and possible resources of 2 Tcfe
* Record discretionary cash flow (1) of $239 million; $5.39 per diluted
share
* Record net income of $62 million; $1.40 diluted EPS
* Organic Finding and Development Costs (2) of $2.44 per Mcfe
As previously announced, oil and gas production for 2006 was 52.1 Bcfe compared to 39.4 Bcfe in 2005. Including hedging effect, the Company's average realized sales price for oil and gas production in 2006 was $6.60 per Mcfe compared to an average realized sales price in 2005 of $7.21 per Mcfe. In the fourth quarter of 2006, production was 14.2 Bcfe, a 13% increase over the prior quarter and a 15% increase over the year earlier period. For the fourth quarter of 2006, realized prices were $6.21 per Mcfe compared to $8.89 per Mcfe in the fourth quarter of 2005. Proved reserves at December 31, 2006 were 428 Bcfe compared to 341 Bcfe at year end 2005, while probable and possible resources increased to 1.6 Tcfe at year end 2006 from 1.1 Tcfe at year end 2005.
For 2006, discretionary cash flow (1), a non-GAAP measure defined below, was $239 million, a 23% increase over 2005. Discretionary cash flow (1) for the fourth quarter of 2006 was $62 million, a $19 million decrease from the comparable period in 2005. On a per diluted share basis, discretionary cash flow (1) was $5.39 for the year ended 2006, a 20% increase over the previous year.
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