Bill Barrett CFO says company committed to keeping debt flat for year

By Lisa Kerner

Charlotte, N.C., June 25 - Bill Barrett Corp. chief financial officer Bob Howard said the company's balance sheet "continues to be in good shape."

"We have an $825 million credit facility that had $774 million of availability at the end of the first quarter," said Howard during a presentation at the Global Hunter Securities 100 energy conference on Tuesday.

"We do have a commitment this year dedicated to not increase our debt balance at the end of the year compared to the beginning of the year over a full year of operations," he said.

Howard also commented on Barrett's hedging program, done exclusively with its credit lenders, that helps to provide price predictability, reduce volatility in operations and support cash flow to fund capital expenditures.

"We layer in hedges with a target of being 50% to 70% hedged over the next 12 to 18 months on an ongoing, forward-rolling basis," Howard said.

Part of the Denver-based energy company's strategy also includes driving and keeping its debt-to-EBITDAX to less than 2.5 times. It was in line with peers at 2.6 times as of March 31, according to the presentation.

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