Bill Barrett (BBG) 8-K Bill Barrett Corporation to Present at The Eleventh Oil & Gas Conference

1099

1099

18th

18th

th

Street,

Street,

Suite

Suite

2300

2300

Denver,

Denver,

Colorado

Colorado

80202

80202

303.293.9100,

303.293.9100,

fax

fax

303.291.0420

303.291.0420

www.billbarrettcorp.com

www.billbarrettcorp.com

NYSE:

NYSE:

BBG

BBG

Operational Update

Operational Update

Fred Barrett, Chairman and Chief Executive Officer

Fred Barrett, Chairman and Chief Executive Officer

August 2006

August 2006

EXHIBIT 99.2

Except

for

the

historical

information

contained

herein,

the

matters

discussed

in

this

presentation

are

forward-

looking

statements.

These

forward-looking

statements

reflect

our

current

views

with

respect

to

future

events,

based

on

what

we

believe

are

reasonable

assumptions.

These

statements,

however,

are

subject

to

risks

and

uncertainties

that

could

cause

actual

results

to

differ

materially

including,

among

other

things,

exploration

results,

market

conditions,

oil

and

gas

price

levels

and

volatility,

the

availability

and

cost

of

services,

drilling

rigs,

transportation,

processing,

the

ability

to

obtain

industry

partners

to

jointly

explore

certain

prospects,

uncertainties

inherent

in

oil

and

gas

production

operations

and

estimating

reserves,

unexpected

future

capital

expenditures,

competition,

the

success

of

our

risk

management

activities,

governmental

regulations

and

other

factors

discussed

in

our

Form

10-K

for

the

year

ended

December

31,

2005

filed

with

the

Securities

and

Exchange

Commission

(SEC).

We

refer

you

to

the

“Cautionary

Note

Regarding

Forward-Looking

Statements”

and

“Risk

Factors”

sections

of

that

filing.

The

United

States

Securities

and

Exchange

Commission

(SEC)

permits

oil

and

gas

companies,

in

their

filings

with

the

SEC,

to

disclose

only

proved

reserves

that

a

company

has

demonstrated

by

actual

production

or

conclusive

formation

tests

to

be

economically

and

legally

producible

under

existing

economic

and

operation

conditions. Bill

Barrett

Corporation

may

use

certain

terms

in

this

presentation

and

other

communications

relating

to

reserves

and

production

that

the

SEC’s

guidelines

strictly

prohibit

the

Company

from

including

in

filings

with

the

SEC.

It

is

recommended

that

U.S.

investors

closely

consider

the

Company’s

disclosures

in

Bill

Barrett

Corporation’s

Form

10-K

for

the

year

ended

December

31,

2005

filed

with

the

SEC.

This

document

is

available

through

the

SEC

by

calling

1-800-SEC-0330

(U.S.)

and

on

the

SEC

website

at

www.sec.gov.

Forward-Looking Statements

Forward-Looking Statements

3

Rockies focused exploration and production company

Growth via the drill bit

Corporate Strategic Profile

Corporate Strategic Profile

Over 400 years combined management staff experience

Extensive lower risk development inventory

Track record of solid production and reserve growth

Visibility

Focus on high-impact, high-return exploration plays

Track record of exploration discoveries

Exposure to a large number of quality plays

Heavily weighted towards unconventional plays

First movers and leaders in new creative ideas

Apply leading-edge technology

Operational efficiencies in drilling and completion

Leader in 3-D seismic application and technology

Strong balance sheet poised for growth

4

Extensive Development Inventory

Extensive Development Inventory

Denver, CO

Powder River

Basin

Piceance

Basin

Williston Basin

Wind River

Basin

CBM

Gibson Gulch

Nameless/

Indian Hills/

Harding

Uinta Basin

Hill

Creek

Waltman Arch

W. Tavaputs

Target/Red Bank

Gas Prone Area

Oil Prone Area

Development Project

•

341 Bcfe proved reserves

(YE ’05)

•

1.1 Tcfe 3P reserves

•

Approximately 2,700 unrisked

locations

(YE

’05)

•

Eight year drilling inventory

•

Potential infill and future

development upside:

600-800 Bcfe

5

Substantial Exploration Upside

Substantial Exploration Upside

Lake

Canyon

Talon

Tri-State

Red Bank Extension

Mondak

Denver, CO

Big Horn

Basin

Powder River

Basin

Green

River

Basin

Piceance

Basin

Paradox

Basin

Williston Basin

DJ Basin

Wind River

Basin

Uinta

Basin

Target/Red Bank

Tumbleweed

Yellowjacket

Hook/

Woodside

W. Tavaputs

Hebron

Indian Hills West

Grand River

Big Horn

Circus

Waltman Arch

Cave Gulch-Bullfrog

Cooper

Wallace Creek

Pine Ridge

2005 Discovery and/or

Established Production

Planned Exploration Drilling

•

26 exploration projects

•

Over 8 Tcf

of unrisked

exploration upside

•

Nearly 1.5 million net

undeveloped acres

(June 2006)

Hingeline

6

Track Record of Exploration Discoveries

Track Record of Exploration Discoveries

Uinta

W. Tavaputs shallow (2002-2005)

W. Tavaputs deep (2005)

Lake Canyon shallow (2005)

Lake Canyon deep (2006)

Wind River

Bullfrog deep Muddy (2005)

Bullfrog deep Lakota (2006)

Stone Cabin (2003)

Williston

Ratcliffe horizontal (2003-2006)

Bakken horizontal (2005)

Denver-Julesburg

Tri-State Prairie Star (2005)

Wells

Wells

88%

88%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

25%

25%

60%

60%

100%

100%

100%

100%

Success Rate*

Success Rate*

32

32

1

1

2

2

1

1

1

1

1

1

4

4

5

5

2

2

7

7

* Established production

* Established production

7

Converting Geologic Concept to Value

Converting Geologic Concept to Value

In the Rocky Mountain Region

In the Rocky Mountain Region

Discovery

Delineate

Optimize

DEVELOPMENT

(Multi-year)

Harvest

Mode

Concept

Acreage

Seismic

Drill

Powder River Basin

Piceance

Wind River

W. Tavaputs Shallow

Williston Target

EXPLORATION

PHASE

(2-3+

YEARS)

Joint

Exploration

W. Tavaputs Deep

Lake Canyon Program

Tri-State

X

X

3Q

3Q -

4Q

3Q

Williston Red Bank Ext

Wind River Cooper Deep

Circus

1Q ‘07

Yellow Jacket

4Q

Big Horn

1Q '07

Hook/Woodside

Three Projects*

Multiple Projects*

X

X

X

X

*Areas not named for competitive reasons

8

Southern Exploration District

Southern Exploration District

9

San Arroyo

381 Bcfe

Monument Butte

289 Bcfe

Natural Butte

2 Tcfe

Altamont/Bluebell

3.1 Tcfe

Drunkards

Wash

278 Bcfe

West Tavaputs

Lake Canyon

Price, UT

Hill Creek

Tumbleweed

Cedar Camp

Roosevelt, UT

SCALE

1 Township

= 36 sq mi

3C, 3-D Seismic Survey

Hook/Woodside

Uinta Basin

Uinta Basin

•

$105

million

2006

capex

(47+

wells,

1

recompletion)

•

39

MMcfe/d

net

production,

Q2

2006

•

299,507

net

undeveloped

acres

(June

2006)

•

83

Bcfe

YE

’05

proved

reserves

BBC Acreage

Oil Field

Gas Field

UTAH

Uinta

Basin

10

Scale: 640 ac = 1 Mile

(with 40 ac grid)

Questar interconnect

Compressor site

Eight winter drilling

locations

Prickly

Pear

Area

Shallow

3-D

Four-way

Closure

West Tavaputs

West Tavaputs

Company

Maker:

From

Exploration

Success

to

Full

Field

Development

0

10

20

30

40

Jun-

02

Dec-

02

Jun-

03

Dec-

03

Jun-

04

Dec-

04

Jun-

05

Dec-

05

Jun-

06*

W. Tavaputs Net Production

(All Depths)

•

$90

million

2006

capex

(24

wells)

•

Conventional structural type trap

•

52 mi. 2-D, 83 sq. mi. 3-D seismic

•

32,626

net

undeveloped

acres

(June

2006)

•

100% working interest

•

74.5 Bcfe YE ’05 proved reserves

BBC Acreage

Seismic Option Acreage

Gas Well (Wasatch, North

Horn, Price River)

2006 Shallow Location

Potential 160-acre Location

Existing Pipeline

Proposed Pipeline

Peter’s

Point

Area

Shallow -

Wasatch/North Horn/Price River

* curtailed production

11

Deep West Tavaputs

Deep West Tavaputs

Deep -

Upper Cretaceous Dakota/Jurassic Entrada, Triassic Navajo

Ultra-Deep

–

Weber/Mississippian (Test in 2007)

Questar interconnect

Compressor

site

Deep show well

(1967)

Peters Point 6-7

Deep Discovery

IP

11.4

MMcfe/d

(gross)

(10/05)

100% WI, TD 15,349’-directional

Dakota, Entrada and Navajo

Area of

Jurassic 3-D

Four-way

Closure

Getty deep show well (1980)

Tested: Dakota 315 Mcf

Entrada 1,800 Mcf

Area

of Dakota

Potential

Prickly

Pear

Area

Peter’s

Point

Area

4-12

Drilling

7-12

location

Scale: 640 ac = 1 Mile

(with 40 ac grid)

BBC acreage

Seismic option acreage

Gas well (Wasatch, North

Horn, Price River)

2006 deep location

2007 deep location

Potential 160-acre location

Existing pipeline

Proposed pipeline

•

$20 million 2006 capex

•

Conventional structural type trap

•

52 mi. 2-D, 83 sq. mi. 3-D seismic

•

32,626

net

undeveloped

acres

(June

2006)

•

100% working interest

12

Lake Canyon / Brundage Canyon Exploration Project

Lake Canyon / Brundage Canyon Exploration Project

Green River and Wasatch Discoveries

Green River and Wasatch Discoveries

•

Operate all wells below Green River formation

•

229,581

gross,

158,659

net

acres

(June

2006)

•

56.25-

75% working interest (deep),

18.75-

25% working interest (Green River, shallow)

•

$15 million 2006 capex (4 deep wells, 6+ shallow wells)

•

Potential pay zones:  Green River 4,000’-6,000’,

Wasatch, Price River, Lower Mesaverde and

Emery 8,000 –

13,000’

Altamont/Bluebell

Duchesne

50 sq mi

3C, 3-D seismic

survey

in processing

2 Green River formation

(shallow) discoveries

IPs: 98 to 163 Boe/d

18.75% WI

SCALE

1

Township

= 36 sq mi

#1 DLB

Wasatch discovery

TD 14,325’, 75% WI

315 Bopd test rate

(5/06)

BBC Acreage

BBC Acreage

Earned deep rights

75% WI

Mesaverde penetration

Oil producer

2006 deep location

2006 shallow location

Pipeline

Fault

13

Scale:

640 ac

= 1 Mile

(with 10 ac

grid)

Silt

Processing

3-Component 3-D Seismic

Piceance Basin -

Piceance Basin -

Gibson Gulch

Gibson Gulch

Mesaverde Formation

Mesaverde Formation

•

25-100% working interest, 80% avg.

•

14,377

net

undeveloped

acres

(June

2006)

•

115 Bcfe YE ‘05 proved reserves

•

2 active rigs

•

$130 million 2006 capex (61 wells)

•

735 locations on 20-acre well density,

10-acre spacing approved and will be evaluated

•

Unconventional basin-centered tight gas sand

Non-BBC Gas Well

BBC Acreage

BBC Gas Well

2006 Location

-5

5

15

25

35

45

Sep-04

Dec-04

Mar-05

Jun-05

Sep-05

Dec-05

Jun-06

Net Production

COLORADO

Piceance

Basin

14

Tri-State –

Tri-State –

Niobrara Discovery

Niobrara Discovery

Denver-Julesburg Basin

Denver-Julesburg Basin

-Julesburg Basin

Julesburg Basin

Goodland

Burlington

K S

C O

SCALE

1 Township

= 36 sq mi

St. Francis

Prairie Star field

WY

CO

KS

NE

DJ

Basin

Tri-State

Project

•

430,143

gross,

204,129

net

undeveloped

acres

(June

2006)

•

50% working interest

•

$7 million 2006 capex (26 wells, vertical & horizontal)

•

Potential pay zones: Niobrara ±

2,500’

gas

Permian/Pennsylvanian  ±

5,500’

oil

•

1,502 miles 2-D seismic; 24 sq. miles Prairie Star 3-D

•

62 sq. miles 3-D seismic completed in 2006,

currently in processing

Celia

2,613 MBbls

Pennsylvanian

Goodland

EUR: 13 Bcfe

Niobrara

Cahoj

8,878 MBbls

Pennsylvanian

Beecher Island

EUR: 130 Bcfe

Niobrara

Bonny

EUR: 79 Bcfe

Niobrara

Republican

EUR: 87 Bcfe

Niobrara

Cherry

Creek EUR:

15 Bcfe

Niobrara

Bird City 3-D

3-D

surveys

Big Timber 3-D

Orlando 3-D

Prairie Star Niobrara

discovery

7 wells

IP 450 Mcfe/d (gross)

(Feb 2006)

15

Potential

High Graded

Shale Gas Area

SCALE

1 Township

= 36 sq mi

Yellow Jacket Shale Gas Prospect

Yellow Jacket Shale Gas Prospect

Paradox Basin, Colorado

Paradox Basin, Colorado

UT

CO

Paradox

Basin

•

105,175

net

undeveloped

acres

(June

2006)

•

100% working interest, subject to joint exploration

•

2 exploratory wells Q4 2006 to Q1 2007

•

Potential pay zone: Gothic Shale, 5,500’-7,500’;

-

Estimated shale thickness: 100-150’

16

Northern Exploration District

Northern Exploration District

17

SCALE

640 ac =

1 Sq Mile

Cave Gulch 1-29

Recompletion

Muddy IP (6/05):

19 MMcfe/d (gross)

70% WI

EUR:  28 Bcfe

Frontier pay behind pipe

Cave Gulch

Field

Waltman

Field

Cooper

Reservoir

Field

Cave Gulch –

Bullfrog –

Cooper Reservoir Fields

Waltman Arch, Wind River Basin, Wyoming

•

28,246 gross, 23,245 net

undeveloped

acres

(June

2006)

•

50-100% working interest

•

$13 million 2006 capex

(2 wells, 2 recompletions)

•

71 Bcfe YE ’05 proved reserves

•

Potential pay zones:

Shallow: Lance, Ft. Union

Deep: Frontier, Muddy, Lakota

WYOMING

Wind River Basin

BBC Acreage

2006 Location

Potential Future Deep Location

Historical Deep Producers

Deep Gas Show Well

Deep Structural Axes

Gas Productive Area

0

5

10

15

20

25

30

35

40

Jun-02

Dec-02

Jun-03

Dec-03

Jun-04

Dec-04

Jun-05

Dec-05

Jun-06

Cooper and Cave Gulch Net Production

Multi-pay “Deep”

Multi-pay “Deep”

Program

Program

2005 Muddy

Discovery

Bullfrog 33-19

TD ~19,450’,

Lakota IP 4 MMcfe/d

93% WI

Muddy/Frontier

pay behind pipe

2006 Lakota

Discovery

Drilling

Cooper Deep 1

Frontier/Muddy/

Lakota test  

50% WI

Bullfrog 14-18

19,400’

Test

Muddy IP (7/05):

20 MMcfe/d (gross)

94% WI

Lakota/Frontier

pay behind pipe

18

•

Acquired CH4 Energy (May 2006)

•

Agreement to divest northern

properties in Q3‘06

•

129,372 total net acres (June 2006)

agreed to divest 17,000 net acres

•

$30 MM 2006 capex

(269 primarily Big George wells)

•

25 Bcfe YE ‘05 proved reserves

11 Bcfe added with CH4 acquisition,

7 Bcfe agreed to be divested

•

5 active rigs

Powder River Basin -

Powder River Basin -

Coal Bed Methane

Coal Bed Methane

Wyoming

Wyoming

Cat

Creek

Cat

Creek

Amos

Draw

Amos

Draw

Deadhorse

Deadhorse

Willow

Creek

Willow

Creek

Porcupine

Porcupine

Palmtree

Palmtree

BIG

BIG

GEORGE

GEORGE

PLAY

PLAY

Gillette, WY

SCALE

1 Township

= 36 sq mi

Tuit

Tuit

BBC Acreage

CH4 Acreage Acquisition

Gas Producing Area

Dewatering

Pumpkin

Creek

Pumpkin

Creek

Hartzog

Draw

Hartzog

Draw

0

5

10

15

20

25

Jun-03

Dec-03

Jun-04

Dec-04

Jun-05

Dec-05

Jun-06

NET PRODUCTION

Pine Tree

Pine Tree

Acreage to be divested

19

Denver, CO

Powder River

Basin

Green

River

Basin

Uinta Basin

Piceance

Basin

Paradox Basin

Williston Basin

DJ Basin

Wind River Basin

San Juan

Basin

Rocky Mountain Basin-Centered Gas

Rocky Mountain Basin-Centered Gas

Basin Centered Gas

Gas Prone Area

Oil Prone Area

Big Horn

Basin

20

Big Horn Basin –

Big Horn Basin –

Basin-Centered Gas Project

Basin-Centered Gas Project

WYOMING

Big Horn

Basin

BBC Acreage

Gas Field

Oil Field

Outcrop

Structural Axes

SCALE

1 Township

= 36 sq mi

Area of

Basin-Centered

Gas Play

Potential

Planned

3-D seismic

2006

Sellers Draw #1

(1976), TD 23,081

Muddy EUR: 3.4 Bcfe

2006 Mesaverde recompletion

•

Large undrilled region

•

Unconventional basin-centered tight

gas sandstone and conventional

structural type traps

•

123,007 net undeveloped acres

(August 2006)

•

50-100% working interest,

subject to joint exploration

•

Potential pay zones:  Lance 8,000’-

14,500’, Meeteetse 9,500’-16,000’,

Mesaverde 10,000’-17,500’

•

Muddy 18,000’

–

19,000’

Red

Point

21

Rocky Mountain Overthrust Projects

Rocky Mountain Overthrust Projects

Gas Prone Area

Oil Prone Area

Wolverine Discovery

Covenant Field

Denver, CO

Powder

River

Basin

Green

River

Basin

Uinta

Basin

Piceance

Basin

Paradox

Basin

Williston Basin

DJ Basin

Wind River

Basin

San Juan

Basin

Big Horn

Basin

Hingeline

17,346 Net

Undeveloped Acres

Circus

108,090 Net

Undeveloped Acres

Canadian Overthrust

EUR: 20+ Tcfe

Wyoming

Overthrust

EUR: 10+ Tcfe

22

Montana Overthrust -

Montana Overthrust -

Circus Project

Circus Project

MONATANA

Mapped Area

Scale in Miles

0

6

BBC Acreage

Dry with Oil Show

Dry with Gas Show

Thrust Fault

Structural Axes

•

108,090 net undeveloped acres

(August 2006)

•

50% working interest

•

Two exploratory tests in late 2006

or early 2007

•

Numerous large anticlinal

features and faults

•

64 sq. mi. 3-D seismic in processing;

currently acquiring additional

115 sq. mi.

•

Potential pay zones: 

Cretaceous 2,200’-7,000’,

Mississippian 8,000’-11,000’

Devonian 9,000’-11,500’

115 sq. mi. 3-D

(currently acquiring)

64 sq. mi. 3-D

(in processing)

23

Williston Basin

Williston Basin

Horizontal Technology Play

Horizontal Technology Play

•

Predominantly Fee Lands

•

Oil Component

•

$30 MM 2006 Capex

(14+ wells)

•

1200 Boe/d Net Production

(June 2006)

•

150,558 Net Undeveloped Acres

(June 2006)

•

32 Bcfe YE ’05 Proved Reserves

BBC Acreage

Oil Field

Gas Field

SD

MT

Williston

Basin

Mapped

Area

ND

Grand River

Red River “B”

Play

Exploratory

Grand River

Red River “B”

Play

Exploratory

Scale in Miles

0

30

Indian Hills

Madison Play

Exploratory

Target-Red Bank

Madison Play

Development

Red Bank Extension

Madison Play

Exploratory

Lyco

Sale

$421 MM

Lyco

Sale

$421 MM

Redwater

Bakken Play

Exploratory

Mondak

Bakken Play

Development

Hebron

Bakken

Play

Exploratory

24

Production

Production

Q2 2006 Production by Basin

Q2 2006 Production by Basin

(MMcfe/d)

(MMcfe/d)

Williston

Williston

7

7

Piceance

Piceance

38

38

Powder

Powder

River

River

21

21

Uinta

Uinta

39

39

Wind River

Wind River

29

29

Production

Production

(MMcfe/d)

(MMcfe/d)

Q4

Q4

2005

2005

24

24

69

69

134

134

Q4

Q4

2004

2004

Q4

Q4

2002

2002

Q4

Q4

2003

2003

Q1

Q1

2002

2002

24

24

89

89

Record of Growth

Record of Growth

Q2

Q2

2006

2006

134

134

25

Increased Net Income and Cash Flow

Increased Net Income and Cash Flow

Record of Growth

Record of Growth

Cash Flow from Operations

Cash Flow from Operations

(millions)

(millions)

Q4

Q4

2002

2002

Q4

Q4

2004

2004

Q4

Q4

2005

2005

$2

$2

$21

$21

$74

$74

Q4

Q4

2003

2003

$12

$12

$64

$64

Q2

Q2

2006

2006

2002

2002

2003

2003

2004

2004

2005

2005

$24

$24

-

-

$5

$5

-

-

$4

$4

-

-

$5

$5

Net Income

Net Income

(millions)

(millions)

$30

$30

H1 2006

H1 2006

26

Investment In Our Asset Base

Investment In Our Asset Base

2002

2003

2004

2005

2006E

Capital Expenditures

Capital Expenditures

(millions)

(millions)

$135

$135

$31

$31

$45

$45

$152

$152

$138

$138

$209

$209

$334

$334

Acquisitions

Acquisitions

Base Capex

Base Capex

2006 Net Capex

2006 Net Capex

$350 million*

$350 million*

Piceance

Piceance

37%

37%

Uinta

Uinta

31%

31%

Wind

Wind

River

River

10%

10%

Other

Other

22%

22%

Record of Growth

Record of Growth

Exploration

Exploration

9%

9%

Development

Development

71%

71%

Other 1%

Other 1%

Facilities

Facilities

7%

7%

Acreage 9%

Acreage 9%

G&G 3%

G&G 3%

<$350

<$350

$50*

$50*

* excludes $80 million acquisition price for CH4, and estimated

* excludes $80 million acquisition price for CH4, and estimated

proceeds of $60 million from joint exploration programs

proceeds of $60 million from joint exploration programs

*net of planned divestiture

*net of planned divestiture

27

Mar

Mar

2002

2002

Dec

Dec

2002

2002

Dec

Dec

2003

2003

Dec

Dec

2004

2004

Dec

Dec

2005

2005

1,210

1,210

959

959

667

667

160

160

46

46

Net Undeveloped Acres

Net Undeveloped Acres

(thousands)

(thousands)

Record Of Growth

Record Of Growth

Investment In Our Asset Base

Investment In Our Asset Base

Mar

Mar

2002

2002

Dec

Dec

2002

2002

Dec

Dec

2003

2003

Dec

Dec

2004

2004

292

292

130

130

58

58

204

204

Net Proved Reserves

Net Proved Reserves

(Bcfe)

(Bcfe)

341

341

Dec

Dec

2005

2005

1.475 million net undeveloped acres, June 2006

1.475 million net undeveloped acres, June 2006

1.475 million net undeveloped acres, June 2006

28

Summary

Summary

Positioned for long-term Rockies reserve and production growth

Positioned for long-term Rockies reserve and production growth

26 exploration plays

26 exploration plays

1.475 million net undeveloped acres (June 2006)

1.475 million net undeveloped acres (June 2006)

8 year development drilling inventory (2,700+ locations)

8 year development drilling inventory (2,700+ locations)

Experienced management team

Experienced management team

50%

50%

compounded

compounded

annual

annual

growth

growth

in

in

production

production

(2002

(2002

–

–

Q2

Q2

2006)

2006)

60%

60%

compounded

compounded

annual

annual

growth

growth

in

in

reserves

reserves

(2002

(2002

-

-

2005)

2005)

Proven track record in exploration discoveries

Proven track record in exploration discoveries

81% exploration success in 2005 (17 out of 21 wells)

81% exploration success in 2005 (17 out of 21 wells)

Two new exploration discoveries in 2006

Two new exploration discoveries in 2006

Lake Canyon, Bullfrog deep, W. Tavaputs, Tri-State

Lake Canyon, Bullfrog deep, W. Tavaputs, Tri-State