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IPAA OGIS NEW YORK – Energen Corp.

Energen Corp. · Apr 21, 2015 · 32 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. IPAA OGIS NEW YORK – Energen Corp. – slide 1
    IPAA OGIS New York April 21-22, 2015
  2. IPAA OGIS NEW YORK – Energen Corp. – slide 2
    HighqualitydomesticassetbaseinPermian andSanJuanbasins Wolfcamp developmentand appraisal/explorationprogramsunderwayin PermianBasin ExploringMancosformationoilpotentialin SanJuanBasinin2015…
  3. IPAA OGIS NEW YORK – Energen Corp. – slide 3
    PROVED RESERVES AT YE14 (MBOE) NYSE:EGN SharesOutstanding: 73.0MM MarketCap(04.17.15): 5.1B CO YE2014Debt: 1.0B YE2015eDebt: 1.0B 2 Farmington YE2014Debt/EBITDAX: 1.2x YE2015eDebt/EBITDAX: 1.6x NM Birmingham PV10PretaxatYE2014:…
  4. IPAA OGIS NEW YORK – Energen Corp. – slide 4
    CAPITALINVESTMENT: 1.0 B MidlandBasin: 665MM DelawareBasin: 187MM Midland Basin SanJuan/Other: 73MM 58operatedrigs(2Hand1Vrunyear) CBP/Other: 12MM 97gross(89net)wells,operated NetCarry: 63MM ADDITIONAL,SIGNIFICANTCOSTCUTS…
  5. IPAA OGIS NEW YORK – Energen Corp. – slide 5
    2011 (mmboe) 2012 11.6 2013 2014 2015eMidpoint 7.4 7.5 5.8 5.1 5.0 4.8 4.8 4.7 4.4 4.1 3.5 3.5 2.9 2.3 2.0 1.6 1.7 1.7 1.8 2.1 0.6 1.2 1.4 MidlandBasin DelawareBasin CentralBasinPlatform SanJuanBasin/Other*…
  6. IPAA OGIS NEW YORK – Energen Corp. – slide 6
    ESTIMATED 5-YEAR CAGR: 23% SEQUENTIAL GROWTH IN 2015 (mmboe) (mmboe) 21.9 6.0 5.9 3.7 5.4 0.5 0.5 19.1 4.9 0.5 3.4 4.6 15.9 0.3 0.4 2.6 12.9 1.8 14.0 9.5 11.8 5.4 5.5 7.9 1.4 4.9 10.3 4.6 1.1 4.2 8.7 6.3 5.1 3.9 4.2…
  7. IPAA OGIS NEW YORK – Energen Corp. – slide 7
    P2, P3, CONTINGENT AT YE14 PROVED RESERVES AT YE14 (mmboe) 2,967 mmboe 1-Year Drillbit F&D of 14/BOE 373 346 348 343 73 303 54 56 63 CBP 2% SanJuan 41 Basin 258 17% 30 Delaware 130 103 155 181 Basin 165 78 Midland 48%…
  8. IPAA OGIS NEW YORK – Energen Corp. – slide 8
    57%ofCY15eproductionmidpoint(excluding1Q15SanJuandivestiture)hedged CY15ecashcost(exdivestiture):22.75/barrel CY15enetincomebreakeven(exdivestiture):49.50/barrel CY15 CY15 Pricing Assumptions Hedged Hedge%at Average…
  9. IPAA OGIS NEW YORK – Energen Corp. – slide 9
    2015 Development Program Dawson Bordon Jones Holton 101H 68gross(64net)wellstobedrilled Jones Holton 201H Smith SN 4837 101H 57gross:lateralsof6,700and Jones Holton 401H 7,500;GlasscockandMartin Wilbanks SN 1615 101H counties Howard…
  10. IPAA OGIS NEW YORK – Energen Corp. – slide 10
    REFLECT EFFICIENCIES PLUS DRILLING AND SERVICE COST REDUCTIONS MIDLANDBASINDEVELOPMENTWELLS(MM) Current EOYTarget OriginalBudget South North South North Wolfcamp A(7,500'lateral) 6.1 6.3 5.9 6.1 Wolfcamp B(7,500'lateral) 6.3 6.5 6.0…
  11. IPAA OGIS NEW YORK – Energen Corp. – slide 11
    GLASSCOCK COUNTY WOLFCAMP A/B TYPE CURVE NORMALIZED TO 7,000 (UNRISKED) 1,000 NormalizedGrossProductionRate(boepd) 100 EURsforWolfcamp A/Bdevelopment wellsinGlasscockCo.,MidlandBasin 850MBOEfor7,500lateral…
  12. IPAA OGIS NEW YORK – Energen Corp. – slide 12
    WOLFCAMP A/B WELL RESULTS COMPARED TO NORMALIZED 7,000 TYPE CURVE 10,000 NormalizedGrossProductionRate(boepd) 1,000 100 Productionnormalizedfor7,000 lateralandoperationaldowntime Day0=PeakDay 10 0 30 60 90 120 150…
  13. IPAA OGIS NEW YORK – Energen Corp. – slide 13
    2,127 POTENTIAL WOLFCAMP/CLINE LOCATIONS Martin Co. Glasscock Co. 8,010 UpperSpraberry 6,113 PotentialWells* 8,523 LowerSpraberry 6,619 4,400 6,700 7,500 9,328 Dean 7,525 9,550 Wolfcamp A 7,698 350 155 159 (66,333netacres) 9,879…
  14. IPAA OGIS NEW YORK – Energen Corp. – slide 14
    2015 Drilling Program New Mexico Texas Wolfcamp Focusonretainingleases Winkler Loving 36.8MMtoextend certainleases Winchester 5710 1H Drill6gross(6net)Tier1 University 2821 1H wellsand2gross(2net) Tier2wells Langley 236 1H…
  15. IPAA OGIS NEW YORK – Energen Corp. – slide 15
    REFLECT EFFICIENCIES PLUS DRILLING AND SERVICE COST REDUCTIONS DELAWAREBASINEXPLORATORYWELLS(MM) Paddrilling SingleWell Current OriginalBudget Development PadTarget WellTarget Wolfcamp A&B(4,500'West) 8.3 8.1 7.5 Wolfcamp…
  16. IPAA OGIS NEW YORK – Energen Corp. – slide 16
    2,898 POTENTIAL WOLFCAMP LOCATIONS, TIERS 1 & 2 7,500 Delaware MountainGroup BoneSpring PotentialWells* NetAcres 10,500 869 113,297 703 110,266 Wolfcamp A 612 100,197 714 100,197 11,900 Wolfcamp B Pennsylvanian Wolfcamp…
  17. IPAA OGIS NEW YORK – Energen Corp. – slide 17
    91,053netacres 565potentialnetlocations, unrisked (engineeredlocations) 1,320footspacing DryGasPhase Colorado 4,400laterallengths New Mexico CouldcompetewithbestPermian Basinreturns Farmington Saleofmajorityofnaturalgas…
  18. IPAA OGIS NEW YORK – Energen Corp. – slide 18
    REFLECT EFFICIENCIES PLUS DRILLING AND SERVICE COST REDUCTIONS SANJUANBASINEXPLORATORYWELLS(MM) Current OriginalBudget Mancos(4,500'SouthCentral) 5.1 6.5 Mancos(4,500'EastandWest) 5.5 NOTES:…
  19. IPAA OGIS NEW YORK – Energen Corp. – slide 19
    PureplayE&Pcompany OilandNGLfocus SuccessfulWolfcamp development programinMidlandBasin Large,unrisked drillinginventory Wolfcamp andClineshales inPermian MancosoilformationinSanJuan AdditionalpotentialinSpraberry…
  20. IPAA OGIS NEW YORK – Energen Corp. – slide 20
    POTENTIAL BY COUNTY (unrisked, 660-foot spacing, 4,400/6,700/7,500 lateral lengths, engineered locations) Wolfcamp A Wolfcamp B Wolfcamp C Cline Net Net Net Net NetAcres NetAcres NetAcres NetAcres Locations Locations Locations…
  21. IPAA OGIS NEW YORK – Energen Corp. – slide 21
    POTENTIAL BY TIER & COUNTY (unrisked, 880-foot spacing, 4,400 lateral lengths, engineered locations) Wolfcamp A Wolfcamp B Wolfcamp BC Wolfcamp C Net Net Net Net NetAcres NetAcres NetAcres NetAcres Locations Locations Locations…
  22. IPAA OGIS NEW YORK – Energen Corp. – slide 22
    POTENTIAL BY COUNTY (unrisked, 1,320-foot spacing, 4,400 lateral lengths, engineered locations) Mancos Formation NetLocations NetAcres Southwest 125 20,154 South Central 53 8,609 Southeast/Jicarilla 387 62,290 Total 565 91,053 23
  23. IPAA OGIS NEW YORK – Energen Corp. – slide 23
    Peak 24-Hour IP Peak 30-day Average Completed Frac Well County Zone Lateral Stages Oil NGL Gas Oil NGL Gas Length Boepd Boepd (Bopd) (Bpd) (Mcfd) (Bopd) (Bpd) (Mcfd) Lavaca38101H Glasscock A 4,132 17 861 519 192 898 699 417 159…
  24. IPAA OGIS NEW YORK – Energen Corp. – slide 24
    Com- Peak 24-Hour IP Peak 30-day Average pleted Frac Well County Zone Lateral Stages Oil NGL Gas Oil NGL Gas Boepd Boepd Length (Bopd) (Bpd) (Mcfd) (Bopd) (Bpd) (Mcfd) JonesHolton 101H Martin WCA 6,675 27 1,171 842 190 836 843 630…
  25. IPAA OGIS NEW YORK – Energen Corp. – slide 25
    CY14Results:27gross(26net)wells Averagepeak24hourIPrate: 975boepd (75%oil) Averagepeak30dayavg.rate: 821boepd (75%oil) 4Q14Results:12gross(12net)wells Averagepeak24hourIPrate: 977boepd (77%oil) Averagepeak30dayavg.rate: 914boepd…
  26. IPAA OGIS NEW YORK – Energen Corp. – slide 26
    Peak 24-Hour IP Peak 30-day Average Completed Frac Well County Zone Lateral Stages Oil NGL Gas Oil NGL Gas Length Boepd Boepd (Bopd) (Bpd) (Mcfd) (Bopd) (Bpd) (Mcfd) University28211H Winkler A 4,121 16 969 720 137 672 653 482 94…
  27. IPAA OGIS NEW YORK – Energen Corp. – slide 27
    Peak 24-Hour IP Peak 30-day Average Completed Frac Well County Zone Lateral Stages Oil NGL Gas Oil NGL Gas Length Boepd Boepd (Bopd) (Bpd) (Mcfd) (Bopd) (Bpd) (Mcfd) University16171H Ward B 4,808 20 1,896 1,483 214 1,191 1,081 797…
  28. IPAA OGIS NEW YORK – Energen Corp. – slide 28
    Peak 24-Hour IP Peak 20-day Average Completed Frac Well Area Lateral Stages Oil NGL Gas Oil NGL Gas Length Boepd Boepd (Bopd) (Bpd) (Mcfd) (Bopd) (Bpd) (Mcfd) South Chaco230809A145H 4,500 14 1,155 717 225 1,275 752 466 147 829…
  29. IPAA OGIS NEW YORK – Energen Corp. – slide 29
    County WC A WC B WC C Spraberry Notes Glasscock 1 2 1 1 3w/10,000laterals Martin 2 0 0 4 Midland 1 1 0 1 Howard 0 0 0 1 TOTALMIDLAND 4 3 1 7 County WC A WC B WC BC WC C Notes Tier1 1 5 0 0 Tier 2 1 1 0 0 1w/7,500lateral TOTAL…
  30. IPAA OGIS NEW YORK – Energen Corp. – slide 30
    Expenses (Pro Forma, Continuing Operations) * 1Q15e CY15e Lease operatingexpenses(perBOE) 11.7012.50 10.1511.25 Production&advaloremtaxes(%ofrevenues,excluding hedges) 10.3% 8.9% DD&Aexpense(perBOE) 24.6526.15 23.5025.75…
  31. IPAA OGIS NEW YORK – Energen Corp. – slide 31
    PDP DECLINE RATES (CAGR) OVER TIME; BASED ON CY14 PDP RESERVES (PRO FORMA SAN JUAN DIVESTITURE) 21.0 18.0 15.5 16.0 13.0 12.0 10.0 12.5 9.5 10.0 10.0 9.5 8.5 8.7 5Year 10Year 20Year DelawareBasin MidlandBasin…
  32. IPAA OGIS NEW YORK – Energen Corp. – slide 32
    JulieS.Ryland VicePresident InvestorRelations 2053268421 jrylandenergen.com www.energen.com 33

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