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EXHIBIT 99.1
On June 29, 2000, the Registrant issued the following press release:
"FOR IMMEDIATE RELEASE Contact: Robert W. Howard
---------------------- Larry C. Busnardo
(303) 572-3900
BARRETT RESOURCES PROVIDES UPDATE ON GAS MARKETING POSITIONS
DENVER, CO, JUNE 29, 2000 -- Barrett Resources Corporation reported today that
it has revised estimates of the financial effects of commitments to sell gas at
fixed prices. After a thorough review and reconciliation of its trading
activities and records prompted by the significant increase and volatility in
natural gas prices, the Company revised these estimates to include obligations
under open positions to supply 22 bcf of natural gas production in 2000 at fixed
natural gas prices averaging $2.55 per mmbtu, 12.5 bcf in each of 2001 and 2002
averaging $2.43 per mmbtu and an aggregate of 22 bcf in declining annual levels
in subsequent years at between $2.40 and $2.47. These commitments will be
covered by Barrett's equity gas production and are in addition to previously
disclosed hedges on 23.1 bcf of gas production in 2000. The Company currently
estimates 2000 production to be 116 bcf of natural gas equivalent.
Peter Dea, CEO, explained, "Our production estimates remain on target, and our
gas sales are very profitable at these prices. Approximately 60 percent of the
Company's production in 2000 (and 70 percent in 2001) will be sold at then
current market prices. Accounting for these positions at an average 2000 NYMEX
price of $3.40 per MMBTU, the Company anticipates 2000 cash flow of $5.20 to
$5.50 per share."
Frank Keller, CFO, commented, "These option positions are included in the gas
marketing activities that have been recorded in the financial statements on a
mark-to-market basis. Mark-to-market financial reporting requires that gas
purchase and sales positions be adjusted to market prices at the end of each
quarter. Based upon the substantial increase in natural gas prices over the
last three months, we estimate second quarter mark-to-market accounting
treatment will cause a non-cash expense of $25 to $31 million, net of tax."
Mr. Dea continued, "We have been experiencing exceptional volatility and price
upside for the past several months. These positions moved against the Company
in a short period of time. In late 1999 we retained Arthur Andersen to select a
natural gas risk management system capable of complex monitoring and quick
reconciliation. This new, upgraded natural gas risk management system that
Arthur Andersen began implementing in March 2000 will be operational in the
third quarter of 2000. Considering the tremendous volatility in natural gas
prices, financial trading activity will be virtually eliminated unless it is
required to manage our current positions and requires my approval. Our gas
marketing effort maximizes the value of our equity gas by selling into the most
favorable markets and profiting from Barrett owned transportation and storage
positions."
Mr. Dea concluded, "We continue to be excited with the success of our overall
exploration and production program. According to recent reports, we are among
the most active drillers in the U.S. Our high quality and long-term expandable
asset base provides sustainable future production growth
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and reserve additions at low finding and development costs. Several exciting new
exploration plays complement our large development programs in the Powder River
Basin Coal Bed Methane play and Piceance Basin. We remain on target to reach our
drilling, capital expenditure and production goals for 2000."
The Company's management will be holding a teleconference call on Friday, June
30, at 8:30 am Eastern Daylight Time to review the matters discussed in this
release. If you would like to participate, conference call information is as
follows: dial-in number: (913) 981-5508 confirmation number: 774322. Please
dial-in five to ten minutes before the start of the call. A replay of the call
will be available for one week following the call starting at 12:00 p.m. Replay
information is as follows: dial-in number: (719) 457-0820 passcode: 774322.
Investors will also have the opportunity to listen to the conference call over
the Internet through Investor Broadcast Network's Vcall website, located at
www.vcall.com. To listen to the live call, please go to the web site at least
fifteen minutes prior to the start of the call to register, download, and
install any necessary audio software. A replay of the call will be available
for 90 days following the call.
Barrett Resources is a Denver-based independent natural gas and oil exploration
and production company that is also involved in gas gathering, marketing and
trading activities. Barrett's properties are focused primarily in the Rocky
Mountain region of Colorado, Wyoming and Utah. The Company also has producing
properties in the Mid-Continent and Gulf of Mexico regions. For additional
information about Barrett Resources, please visit our Web site at www.brr.com.
FORWARD-LOOKING STATEMENTS
This press release may contain projections and other forward-looking statements
within the meaning of Section 21E of the Securities Exchange Act of 1934, as
amended. Any such projections or statements reflect the Company's current views
with respect to future events and financial performance. No assurances can be
given, however, that these events will occur or that such projections will be
achieved and actual results could differ materially from those projected. A
discussion of important factors that could cause actual results to differ
materially from those projected is included in the Company's periodic reports
filed with the Securities and Exchange Commission.
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