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Tuohy Brothers 5th Annual Energy Conference – Energen Corp.

Energen Corp. · Aug 12, 2014 · 26 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. Tuohy Brothers 5th Annual Energy Conference – Energen Corp. – slide 1
    Wolfcamp Cline Wolfberry 3rd Bone Spring Lower Spraberry Exploring & Developing the Midland and Delaware Basins New Mancos Oil Play Emerging in San Juan Basin Tuohy Brothers 5th Annual Energy Conference August 12, 2014
  2. Tuohy Brothers 5th Annual Energy Conference – Energen Corp. – slide 2
    ENERGEN: A PURE OIL & GAS E&P COMPANY Sale of Alagasco to The Laclede Group on target to close in early September 2014 Transaction valued at 1.6 B cash of 1.28 MM and debt assumption of approximately 320,000 After-tax cash proceeds…
  3. Tuohy Brothers 5th Annual Energy Conference – Energen Corp. – slide 3
    ENERGEN INVESTMENT HIGHLIGHTS Domestic asset base with Permian Basin focus Emerging oil play in San Juan Basin could supplement Permian potential 2.4 billion BOE of 3P and Contingent Resources in Wolfcamp and Cline shales in Permian…
  4. Tuohy Brothers 5th Annual Energy Conference – Energen Corp. – slide 4
    ENERGEN PROFILE NYSE: EGN Shares Outstanding (08.01.14) 73.2 MM 3P Reserves/ Contingent Resources Market Cap (08.06.14) 5.7 B at YE2013 YE2013 E&P Debt 1.7 B YE2014e Debt 1.1 B PV10 Pre-tax (12.31.13) 4.8 B PV10 After-tax (12.31.13) 4.0 B…
  5. Tuohy Brothers 5th Annual Energy Conference – Energen Corp. – slide 5
    DOUBLE-DIGIT OIL/NGL PRODUCTION GROWTH (MMBOE) (MMBOE) 10.0 9.6 2011 2012 2013 2014e Midpoint 9.1 25.4 8.3 23.3 4.1 7.6* 21.2 3.2 2.6 17.5 5.6 5.1 5.0 4.8 15.6 2.2 4.7 14.8 11.6 4.4 1.9 10.4 3.9 1.8 8.7 3.5 6.3 2.9 4.7…
  6. Tuohy Brothers 5th Annual Energy Conference – Energen Corp. – slide 6
    3P/CONTINGENT RESOURCES = 3.3 BILLION BOE Proved Reserves by Product 3P Reserves/Contingent Resources by Area (MMBOE) 343 346 348 303 54 56 63 18% 258 41 4% 44% 30 130 103 155 165 78 34% 160 150 159 135 120 Delaware 2009…
  7. Tuohy Brothers 5th Annual Energy Conference – Energen Corp. – slide 7
    2014 CAPITAL, DRILLING/DEVELOPMENT PLANS Capital Investment: 1.4 B Midland Basin Midland Basin: 870 MM Wolfcamp/Cline Wolfberry Facilities/Other Delaware Basin: 415 MM 665 MM 125 MM 80 MM 76 net wells 50 net wells Central Basin: 43…
  8. Tuohy Brothers 5th Annual Energy Conference – Energen Corp. – slide 8
    2014 GUIDANCE (rev. 7.30.14) E&P After-Tax Cash Flows Exploration & Production (MM) Assumed prices unhedged volumes for ROY: 833- 855 4.50 gas 95 oil 92 NGL 795 CY14 Est. E&P expenses/BOE*: 699 Base LOE/M&T: 10.25 - 10.50 630 622 Ad…
  9. Tuohy Brothers 5th Annual Energy Conference – Energen Corp. – slide 9
    PRODUCTION OUTLOOK 2014 Production by Quarter PDP Decline Rates Over Time (MMBOE) (based on YE13 PDP reserves) 6.9 6.3 5-Year 10-Year 20-Year 6.0 6.1 (8.0) 2.1 (9.3) (8.7) 2.0 (9.2) 2.1 2.1 (10.6) (10.7) (11.8) (13.4) 4.8…
  10. Tuohy Brothers 5th Annual Energy Conference – Energen Corp. – slide 10
    HEDGES MINIMIZE PRICE RISK 77% of 2014e ROY production hedged 2H14 Sensitivities to Prices CY14e cash cost (continuing operations): 19.40/barrel CY14e net income break-even (continuing ops): OIL 41.00/barrel 555,000 for every 1…
  11. Tuohy Brothers 5th Annual Energy Conference – Energen Corp. – slide 11
    Legacy Assets Eastern Major Acquisitions, 2009-12 Shelf Permian NEW MEXICO Lea Yoakum Cline Play TEXAS Northwest Shelf Midland Basin Overview Eddy Wolfberry Play Borden Gaines Total net acres: 300,000 Dawson Delaware…
  12. Tuohy Brothers 5th Annual Energy Conference – Energen Corp. – slide 12
    MIDLAND BASIN WOLFCAMP, CLINE POTENTIAL 2,475 Potential Wolfcamp/Cline Locations* Potential Wells* Net 4,400 6,700 7,500 Acres Martin Co. Glasscock Co. 8,010 Upper Spraberry 6,113 8,523 Lower Spraberry 6,619 9,328 Dean 7,525…
  13. Tuohy Brothers 5th Annual Energy Conference – Energen Corp. – slide 13
    Scurry MIDLAND BASIN Wolfcamp Play: Blue Outline Gaines Borden Dawson Howard 2014 EXPLORATORY PROGRAM Martin Mitchell Andrews Wolfcamp 17 gross (16 net) wells Cline Play: Red Outline 4 disclosed; 4…
  14. Tuohy Brothers 5th Annual Energy Conference – Energen Corp. – slide 14
    Dawson Borden Howard MIDLAND BASIN Martin Mitchell RESULTS 2014 Smith SN 48-37 101H (A Bench) Peak 24-hour IP: 955 boepd (84% oil) Peak 30-day Avg: 868 boepd (84% oil) Completed lateral length: 6,930 Glasscock Sterling…
  15. Tuohy Brothers 5th Annual Energy Conference – Energen Corp. – slide 15
    DELAWARE WOLFCAMP POTENTIAL Top of Delaware Mtn. Group 3,115 Potential 7,550 Locations* 8,450 Potential Net 9,1 00 Avalon Wells* Acres 9,600 10,600 1,270 106,000 1,165 102,600 11,900 Wolfcamp A 680 56,200 Wolfcamp B…
  16. Tuohy Brothers 5th Annual Energy Conference – Energen Corp. – slide 16
    New Mexico 3rd Bone Spring Area Red Outline DELAWARE BASIN Texas Loving Winkler WOLFCAMP Winchester 57-10 1H 2014 exploratory program: University 28-21 1H 15 gross (14 net) wells Langley 2-36 1H Benton 3-12 1H 2 disclosed; 4…
  17. Tuohy Brothers 5th Annual Energy Conference – Energen Corp. – slide 17
    DELAWARE BASIN WOLFCAMP RESULTS 2014 University 16-17 1H (B Bench) Loving Winkler Peak 24-hour IP: 1,896 boepd (78% oil) Peak 30-day Avg: 1,081 boepd (74% oil) Completed lat. length: 4,808 Winchester 57-10 1H University 28-21 1H…
  18. Tuohy Brothers 5th Annual Energy Conference – Energen Corp. – slide 18
    SAN JUAN BASIN OIL POTENTIAL MANCOS OIL PLAY Dry Gas Phase 75,000 net acres 4 gross (2 net) wells in 2014 Colorado 50% non-operated New Mexico South-central SJB First results very encouraging Likely to run rig in 2015 Wet Gas…
  19. Tuohy Brothers 5th Annual Energy Conference – Energen Corp. – slide 19
    REASONS TO INVEST IN EGN Pure-play E&P company Permian Basin focus Substantial unrisked drilling inventory in Wolfcamp/Cline shale in Midland and Delaware basins Mancos oil potential in San Juan Basin Additional potential in…
  20. Tuohy Brothers 5th Annual Energy Conference – Energen Corp. – slide 20
    MIDLAND BASIN WOLFCAMP, CLINE POTENTIAL By County Wolfcamp A Wolfcamp B Wolfcamp C Cline Net Net Net Net Locations Net Acres Locations Net Acres Locations Net Acres Locations Net Acres Glasscock 242 23,700 237 25,000 238 24,700 283…
  21. Tuohy Brothers 5th Annual Energy Conference – Energen Corp. – slide 21
    MIDLAND BASIN WOLFCAMP RESULTS, 2013-14 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) Lavaca 38 101H…
  22. Tuohy Brothers 5th Annual Energy Conference – Energen Corp. – slide 22
    DELAWARE WOLFCAMP POTENTIAL By County Wolfcamp A Wolfcamp B Wolfcamp C Net Net Acres Net Net Acres Net Net Acres Locations Locations Locations Loving 138 11,400 143 11,400 136 10,800 Ward 321 26,700 284 26,000 56 4,900 Winkler 264…
  23. Tuohy Brothers 5th Annual Energy Conference – Energen Corp. – slide 23
    DELAWARE BASIN WOLFCAMP RESULTS, 2013 PROGRAM 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) University 28-21…
  24. Tuohy Brothers 5th Annual Energy Conference – Energen Corp. – slide 24
    DELAWARE BASIN WOLFCAMP RESULTS, 2014 PROGRAM 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) University 16-17…
  25. Tuohy Brothers 5th Annual Energy Conference – Energen Corp. – slide 25
    EXPLORATORY LOCATIONS 2014 PROGRAM (GROSS WELLS) Lower County WC-A WC-B WC-C TBD Cline Spraberry Ward 1 2 0 1 Note: 2 w/ 7,500 lat Winkler 1 0 0 0 Reeves 3 4 2 1 TOTAL DELAWARE 5 6 2 2 Glasscock 2 2 4 1 0 Note: 3 w/ 10,000 lat…
  26. Tuohy Brothers 5th Annual Energy Conference – Energen Corp. – slide 26
    FOR MORE INFORMATION Julie S. Ryland Vice President Investor Relations 205-326-8421 jrylandenergen.com www.energen.com 27

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