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Sterne Agee Boston and NYC Presentation – Energen Corp.

Energen Corp. · Nov 18, 2013 · 25 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. Sterne Agee Boston and NYC Presentation – Energen Corp. – slide 1
    3rd Bone Spring Wolfberry Wolfcamp Cline Drilling the Permian Basin Sterne Agee/Boston-NYC November 18-20, 2013
  2. Sterne Agee Boston and NYC Presentation – Energen Corp. – slide 2
    Energen Investment Highlights Domestic asset base Large resource potential in Midland and Delaware basins Strong results from 2013 Wolfcamp exploratory wells Transitioning from vertical Wolfberry program to horizontal Wolfcamp progam…
  3. Sterne Agee Boston and NYC Presentation – Energen Corp. – slide 3
    Energen Profile NYSE: EGN Shares Outstanding (11.01.13) 72.7 MM 3P Reserves by Area Market Cap (11.6.13) 5.5 B CO at YE12 (continuing 2013e Total Debt 1.9 B San Juan Basin: operations) Enterprise Value (11.6.13) 7.4 B 339 MMBOE (47%)…
  4. Sterne Agee Boston and NYC Presentation – Energen Corp. – slide 4
    Double-Digit Liquids Production Growth Oil & NGL production expected to Wolfberry, 3rd Bone Spring drive nearly double from 2010 to 2013 2013 production growth 10.0 9.6 9.1 (MMBOE) (MMBOE) 23.6 2011 21.2 3.3 2012 2.6 2013e…
  5. Sterne Agee Boston and NYC Presentation – Energen Corp. – slide 5
    2013e E&P Capital, Drilling Plans Capital Investment: 1,080 MM Midland Basin: 500 MM Midland Basin Wolfberry Wolfcamp Delaware Basin: 470 MM 126 net wells 7 net wells Central Basin: 85 MM San Juan /Other: 25 MM Central Basin San…
  6. Sterne Agee Boston and NYC Presentation – Energen Corp. – slide 6
    Energen After-Tax Cash Flows 889- 904 In addition, approximately 150 million in 802 net proceeds from sale of Black Warrior 740 737 Basin assets has been used to reduce short-term debt. 788- 699 803 630 622 110 115 103…
  7. Sterne Agee Boston and NYC Presentation – Energen Corp. – slide 7
    2013 Guidance Exploration & Production Sensitivity to Commodity Prices Assumed prices unhedged volumes: For Remainder of Year 4.00 gas 90 oil 86 NGL OIL Est. E&P expenses/BOE (continuing operations): 175,000 for every 1 change from…
  8. Sterne Agee Boston and NYC Presentation – Energen Corp. – slide 8
    Hedges Minimize Price Risk 4Q13e 78% of 4Q13e production hedged Hedge % Hedged (based on estimated Average CY2013e cash cost (continuing operations): Volumes production midpoint from Price* 20.00/barrel continuing operations)…
  9. Sterne Agee Boston and NYC Presentation – Energen Corp. – slide 9
    3P Reserves Total 735 MMBOE (Adjusted) Proved Reserves by Product 3P Reserves by Area YE12 (Excludes Black Warrior Basin and N. LA/E. TX assets) 346 Delaware Basin 6% 343 303 54 56 Midland Basin 26% 258 41 Central Basin 21% 30…
  10. Sterne Agee Boston and NYC Presentation – Energen Corp. – slide 10
    Eastern Permian Legacy Assets Major Acquisitions, 2009-12 Shelf Overview NEW MEXICO Lea Yoakum Cline Play TEXAS Northwest Shelf Midland Basin Eddy Total net acres: 300,000 Wolfberry Play Borden Delaware Basin Gaines…
  11. Sterne Agee Boston and NYC Presentation – Energen Corp. – slide 11
    Vertical Wolfberry: Rust Outline Midland Basin Dawson Scurry Gaines Borden WOLFBERRY (VERTICAL) Andrews Howard Slick water stimulations Mitchell Martin Northern wells drilled to Mississippian Atoka Barnett Mississippi…
  12. Sterne Agee Boston and NYC Presentation – Energen Corp. – slide 12
    Average Wolfberry Type Curve 160 90,000 EUR: 190 MBOE 140 80,000 Working Interest: 100% 70,000 120 Cumulative Production (BOE) Net Revenue Interest: 75% 60,000 Drill & complete cost: 100 BOE/day 2.5 MM 50,000 80…
  13. Sterne Agee Boston and NYC Presentation – Energen Corp. – slide 13
    Vertical Wolfberry: Rust Outline Scurry Gaines Dawson Borden Cline Play: Red Outline Midland Basin WOLFCAMP HORIZONTAL Approximately 70,000 net acres Howard Mitchell Martin Approximately 2,000 potential locations (80-acre…
  14. Sterne Agee Boston and NYC Presentation – Energen Corp. – slide 14
    Vertical Wolfberry: Rust Outline Scurry Gaines Dawson Borden Cline Play: Red Outline Midland Basin Howard Mitchell Martin Andrews Llano 8-8A 101H 3-Stream Results Peak 24-hour IP: 784 boepd (69% oil) Peak 30-day Avg: 683…
  15. Sterne Agee Boston and NYC Presentation – Energen Corp. – slide 15
    Midland Basin Wolfcamp, Cline Potential Potential Net 3,090 Potential Locations* Wells* Acres 7,700 Wolfcamp A 870 70,000 8,050 Wolfcamp B 800 64,000 8,600 Wolfcamp C 335 27,000 9,050 9,450 Cline 1,085 87,000 9,800…
  16. Sterne Agee Boston and NYC Presentation – Energen Corp. – slide 16
    3rd Bone Spring Type Curve 700 350 EUR: 475 MBOE Working interest: 100% 600 300 Net Revenue Interest: 75% Cumulative Production (MBOE) 500 250 Drill & complete: 6.9 MM BOE/day 400 200 Post-plant product mix: 66% oil/18%…
  17. Sterne Agee Boston and NYC Presentation – Energen Corp. – slide 17
    Wolfcamp Play Delaware Basin Rust Outline 3rd BONE SPRING within red outline Approximately 30,000 net acres New Mexico Approximately 5,700 net undeveloped acres Texas Approximately 36 remaining locations (160-acre spacing)…
  18. Sterne Agee Boston and NYC Presentation – Energen Corp. – slide 18
    Delaware Basin Wolfcamp Results 3Q13 Benton 3-12 1H Peak 24-hour IP (3 stream): 1,462 boepd (56% oil) Peak 20-day Avg (3 stream): Loving Winkler 1,163 boepd (54% oil) Lateral length: 4,700 Stimulation: Slick water University…
  19. Sterne Agee Boston and NYC Presentation – Energen Corp. – slide 19
    Delaware Wolfcamp Potential 7,550 Top of Delaware Mtn. Group 3,371 Potential Locations* 8,450 9,1 00 Avalon Potential Net Wells* Acres 9,600 10,600 1,427 114,000 1,364 109,000 11,900 Wolfcamp A 580 46,300 Wolfcamp B…
  20. Sterne Agee Boston and NYC Presentation – Energen Corp. – slide 20
    Oil Price ROR Impact 100% Bone Spring Wolfberry 90% 80% 80% 70% 66% 60% 50% 50% 40% 39% 40% 31% 30% 24% 19% 20% 10% 0% 80/Bbl; 90/Bbl; 100/Bbl; 110/Bbl; 4/MMBtu 4/MMBtu 4/MMBtu 4/MMBtu 21
  21. Sterne Agee Boston and NYC Presentation – Energen Corp. – slide 21
    San Juan Basin: Long-term Optionality Niobrara Shale Dry Gas Phase HBP Colorado Oil phase New Mexico 72,900 net undeveloped acres Wet gas phase Wet Gas Phase Farmington 8,550 net undeveloped acres Gas phase 58,300 net…
  22. Sterne Agee Boston and NYC Presentation – Energen Corp. – slide 22
    31 Years of Dividend Growth 2013 dividend raised 3.6% Annual Dividend Rate Alagasco funds dividend at utility payout 65% ERC may make small payout contribution 0.58 0.56 0.52 0.54 0.50 0.48 2008 2009 2010 2011 2012…
  23. Sterne Agee Boston and NYC Presentation – Energen Corp. – slide 23
    Reasons to Invest in EGN Focused on Permian Basin Growth Substantial Potential Drilling Inventory Double-digit Permian Growth Target Significant Hedge Position Strong Cash Flows 24
  24. Sterne Agee Boston and NYC Presentation – Energen Corp. – slide 24
    Wolfcamp Potential by County Midland Basin* Wolfcamp A Wolfcamp B Wolfcamp C Locations Net Acres Locations Net Acres Locations Net Acres Glasscock 347 27,727 296 23,657 291 23,271 Howard 84 6,722 84 6,722 Martin 227 18,198 227 18,188…
  25. Sterne Agee Boston and NYC Presentation – Energen Corp. – slide 25
    For More Information Julie S. Ryland Vice President Investor Relations 205-326-8421 jrylandenergen.com www.energen.com 27

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