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Howard Weil 40th Annual Energy Conference – Energen Corp.

Energen Corp. · Mar 27, 2012 · 20 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. Howard Weil 40th Annual Energy Conference – Energen Corp. – slide 1
    Permian Basin Oil & Liquids Focus Howard Weil Conference March 27-28, 2012
  2. Howard Weil 40th Annual Energy Conference – Energen Corp. – slide 2
    Todays Energen Top 20 independent producer of domestic oil, NGL & natural gas 3P reserves: 900 MMBOE Permian Basin/liquids focus Financial strength and capacity to drill & develop Permian assets Hedging program that supports…
  3. Howard Weil 40th Annual Energy Conference – Energen Corp. – slide 3
    Onshore domestic driller Top 20 Independent San Juan Basin: 130 Producer* MMBOE (38%) CO 343 MMBOE of Farmington Black Warrior Basin: proved reserves at 23 MMBOE (7%) YE2011 591 MMBOE of Midland Birmingham unproved reserves…
  4. Howard Weil 40th Annual Energy Conference – Energen Corp. – slide 4
    YE Proved Reserves Up 13% Proved Reserves Mix Proved Reserves by Basin 400 343 400 343 350 303 303 350 54 30 300 258 258 41 300 34 250 30 MMBOE 250 34 129 MMBOE 130 103 200 78 200 136 150 132 150 100 184 150…
  5. Howard Weil 40th Annual Energy Conference – Energen Corp. – slide 5
    2012 E&P Capital, Drilling Plans Wolfberry Play Record Capital Investment 7-8 rigs (existing properties): 890 MM 170 net wells Est. production: 4.2 MMBOE 95% in Permian Basin Delaware Basin Trends 4% 16% 5-7 rigs 46% 39 net…
  6. Howard Weil 40th Annual Energy Conference – Energen Corp. – slide 6
    Liquids Focus Drives Growth Production (MMBOE) 30.0 25.0-27.0 11.0 10.0 9.6 9.9 24.0 25.0 3.2 9.0 20.5 2.8 18.8 8.0 52% 20.0 2.2 7.0 1.9 10.3 8.5 6.0 6.3 4.9 5.0 15.0 5.1 5.0 4.2 4.0 3.0 2.8 10.0 3.0 2.3 2.1 2.0 11.8…
  7. Howard Weil 40th Annual Energy Conference – Energen Corp. – slide 7
    Preliminary 2013 E&P Plans Capital investment : 855 MM More than 85% in Permian Basin Wolfberry 7-8 rigs 170 net wells 3-Year Growth CAGR Aggregate Delaware Basin Oil 25-27% 96-106% 5 rigs 31 net wells NGL 16-23% 58-84% Total…
  8. Howard Weil 40th Annual Energy Conference – Energen Corp. – slide 8
    Pre-acquisition Producing Properties Recently Acquired Properties PERMIAN 2012 Acquisition OVERVIEW Eastern Shelf yoakum 6 major acquisitions Northwest Shelf lea Midland Basin 2009-11 eddy dawson borden gaines 65.8 MM…
  9. Howard Weil 40th Annual Energy Conference – Energen Corp. – slide 9
    Midland Basin Strata NW SE Upper Lower Platform Carbonates Platform detrital carbonates Limestones Sandy siltstones Shale siltstones Shale 9
  10. Howard Weil 40th Annual Energy Conference – Energen Corp. – slide 10
    Midland Basin WOLFBERRY PLAY Gaines Dawson Borden Multi-stage fracs (6-8) Completion interval: 7,500-10,500 Andrews Martin Howard EUR: 155 MBOE Est. reserves/well (net risked): 100 MBOE 2012 drill & complete cost: 2.3 MM Midland…
  11. Howard Weil 40th Annual Energy Conference – Energen Corp. – slide 11
    7,550 Top of Bone Spring Delaware Basin Strata Upper Avalon Shale 7,875 Avalon Carbonate Lower Avalon Shale 8,050 1st Bone Spring Western Shelf Central Basin Platform Carbonate 8,450 1st Bone Spring Sands W E 8,900 2nd Bone…
  12. Howard Weil 40th Annual Energy Conference – Energen Corp. – slide 12
    Delaware Basin 20 net 3rd Bone 3RD BONE SPRING SANDS ERC acreage Spring wells completed in 2011 NM Multi-stage fracs (8-10) TX EUR: 400-450 MBOE LOVING Est. rsrvs/well (net risked): 250-300 MBOE WINKLER 2012 drill & complete…
  13. Howard Weil 40th Annual Energy Conference – Energen Corp. – slide 13
    Exploration Option Acreage BHP Billiton buys 50% undivided interest in 3 wells - 18 MM After initiating horizontal completions on 2 wells, BHP will own 50% undivided interest in 4,829 net acres BHP will carry Energen in…
  14. Howard Weil 40th Annual Energy Conference – Energen Corp. – slide 14
    Long-term Optionality NIOBRARA SHALE Niobrara Shale Gas HBP La Plata Durango Archuleta Gas phase 58,500 net Williams undeveloped acres Black Hills (EGN 20% WI) 854 Bcfe of possible Farmington reserves Niobrara Shale Oil…
  15. Howard Weil 40th Annual Energy Conference – Energen Corp. – slide 15
    After-tax Cash Flows ASSUMPTIONS Production: 24 MMBOE 900 764- 793 63% hedged 800 697 696 17% total growth 700 33% liquids growth 576 600 Unhedged price MM 500 assumptions: 3.00 gas, 95 oil, 1.11 NGL 400 Est.…
  16. Howard Weil 40th Annual Energy Conference – Energen Corp. – slide 16
    HEDGING MINIMIZES PRICE RISK 2012 63% of 2012(e) production hedged Hedged Estimated Hedge NYMEXe Volumes Production % Price 2012(e) cash costs: 15/BOE Oil 6.9 MMBO 8.5 MMBO 82% 88.13 2012 (e) net income break-even: NGL 58.5 MMgal…
  17. Howard Weil 40th Annual Energy Conference – Energen Corp. – slide 17
    UTILITY OPERATIONS Single-state utility 425,000 customers Birmingham Allowed ROE: 13.15-13.65% Forward-looking test year Temperature adjustment Montgomery RY ROE(%) 2007 2008 2009 2010 2011 Allowed 13.15 - 13.65 Earned 13.3 13.1…
  18. Howard Weil 40th Annual Energy Conference – Energen Corp. – slide 18
    30 YEARS OF DIVIDEND GROWTH 2012 dividend raised 3.7% Annual Dividend Rate 0.80 Alagasco funds dividend at utility payout 65% 0.60 0.54 0.56 ERC may make small 0.46 0.48 0.50 0.52 payout contribution 0.40 0.20 0.00…
  19. Howard Weil 40th Annual Energy Conference – Energen Corp. – slide 19
    ENERGEN: IN SUMMARY Liquids-focused Significant Hedges Strong Cash Flows Excellent Fundamentals Proven Track Record 19
  20. Howard Weil 40th Annual Energy Conference – Energen Corp. – slide 20
    FOR MORE INFORMATION Julie S. Ryland Vice President Investor Relations 205-326-8421 jrylandenergen.com www.energen.com 22

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