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UBS Houston Energy Symposium – Energen Corp.

Energen Corp. · Sep 19, 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. UBS Houston Energy Symposium – Energen Corp. – slide 1
    3rd Bone Spring Wolfberry Wolfcamp Cline Drilling the Permian Basin UBS Houston Energy Symposium September 19, 2013
  2. UBS Houston Energy Symposium – Energen Corp. – slide 2
    Energen Investment Highlights Domestic asset base High exposure to oil and NGL from 3P reserves Large resource potential in Midland and Delaware basins Permian Basin exploration Wolfcamp lf (h (horizontal) l) Cline (horizontal)…
  3. UBS Houston Energy Symposium – Energen Corp. – slide 3
    Energen Profile NYSE: EGN Shares Outstanding (6.30.13) 72.2 MM 3P Reserves at YE12 Market Cap (9.5.13) 4.9 B CO by Area (excluding Adjusted EBITDA (NonGAAP) 801.8 MM San Juan Basin: BWB assets) 2013e Total Debt 1.8 B 339 MMBOE (46%)…
  4. UBS Houston Energy Symposium – Energen Corp. – slide 4
    Double-Digit Double Digit Liquids Production Growth Liquids production expected to Wolfberry, 3rd Bone Spring drive double from 2010 to 2013 2013 production growth 9.9 9.6 9 9 9.3 (MMBOE) (MMBOE) 24.5 22.0 2011 3.5 2012 2.6…
  5. UBS Houston Energy Symposium – Energen Corp. – slide 5
    2013e E&P Capital, Drilling Plans Capital Investment: 1,000 MM Midland Basin Midland Basin Permian Development : 775 MM Wolfberry Wolfcamp Permian Exploration: 195 MM 124 net wells 9 net wells San Juan /Other: 30 MM 9% 3%…
  6. UBS Houston Energy Symposium – Energen Corp. – slide 6
    Energen After-Tax After Tax Cash Flows 907 937 30 802 760 740 E&P estimated development capital of 805 MM 805 MM approximates 2013e after i t 2013 ft 786 tax cash flows from all operations 568 592 669 Approximately 160…
  7. UBS Houston Energy Symposium – Energen Corp. – slide 7
    2013 Guidance Exploration & Production Sensitivity to Commodity Prices Assumed prices unhedged volumes: OIL 4.00 gas 90 oil 86 NGL 400,000 for every 1 change from 90/barrel Est. E&P expenses/BOE: p / NGL LOE: 11.45 11.65 450,000…
  8. UBS Houston Energy Symposium – Energen Corp. – slide 8
    Hedges Minimize Price Risk 2H2013e 73% of 2H2013e production hedged Hedge % CY2013e cash cost (continuing operations): Hedged (based on estimated Average 19.00/barrel Volumes production midpoint from Price* continuing operations)…
  9. UBS Houston Energy Symposium – Energen Corp. – slide 9
    3P Reserves Total 735 MMBOE (Adjusted) Proved Reserves by Product 3P Reserves by Area YE12 ((Excludes Black Warrior Basin assets)) ((Excludes Black Warrior Basin assets)) Delaware Basin 330 320 6% 26% 56 277 54 Midland Basin…
  10. UBS Houston Energy Symposium – Energen Corp. – slide 10
    Eastern Permian Legacy Assets Major Acquisitions, 200912 Shelf Overview EXICO Lea Yoakum Cline Play NEW MEX TEXASS Northwest Shelf Midland Basin Eddy Total net acres: 300,000 Wolfberry Play Borden Delaware Basin…
  11. UBS Houston Energy Symposium – 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. UBS Houston Energy Symposium – Energen Corp. – slide 12
    Average Wolfberry Type Curve 160 90,000 EUR: 190 MBOE 140 80 000 80,000 Working Interest: 100% 70,000 120 n (BOE) Net Revenue Interest: 75% 60,000 Drill & complete cost: 100 Cumulative Production BOE/day 2.5 MM…
  13. UBS Houston Energy Symposium – Energen Corp. – slide 13
    Vertical Wolfberry: Rust Outline Scurry Gaines Dawson Borden Cline Play: y Red Outline Midland Basin WOLFCAMP HORIZONTAL 70,000 net acres Howard Mitchell Martin 2,005 potential locations (80acre spacing) Andrews 9 net…
  14. UBS Houston Energy Symposium – Energen Corp. – slide 14
    Midland Basin Wolfcamp, Cline Potential Potential Net 3,090 Potential Locations* Wells* Acres 7,700 Wolfcamp A 870 70,000 8,050 Wolfcamp pB 800 64 000 64,000 8,600 Wolfcamp C 335 27,000 9,050 9,450 9,450 Cli Cline…
  15. UBS Houston Energy Symposium – Energen Corp. – slide 15
    3rd Bone Spring Type Curve 700 350 EUR: 475 MBOE Working interest: 100% 600 300 Net Revenue Interest: 75% BOE) 500 250 p Drill & complete: ve Production (MB 6.9 MM BOE/day 400 200 Postplant product mix: 66%…
  16. UBS Houston Energy Symposium – Energen Corp. – slide 16
    Wolfcamp Play Delaware Basin Rust Outline 3rd BONE SPRING 30,000 net acres New Mexico 7,500 net undeveloped acres Texas 46 potential locations (160acre spacing) Winkler Loving 2Q13 2stream Results Avg. Peak 24Hr. IP (10 net): g…
  17. UBS Houston Energy Symposium – Energen Corp. – slide 17
    Delaware Basin Wolfcamp Results University 2821 1H Peak 24hour IP (3 stream): 969 boepd (74% oil) Peak 30day Avg (3 stream): 653 boepd (74% oil) Loving Winkler Lateral length: 4,200 Stimulation: Slick water University 3917 1H…
  18. UBS Houston Energy Symposium – Energen Corp. – slide 18
    Delaware Wolfcamp Potential Top of Delaware Mtn. Group 7,550 3,371 Potential Locations* Locations 8,450 9,1 00 Avalon Potential Net Wells* Acres 9 600 9,600 10,600 1,427 114,127 1,364 109,114 11,900 Wolfcamp A 580…
  19. UBS Houston Energy Symposium – Energen Corp. – slide 19
    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 20
  20. UBS Houston Energy Symposium – Energen Corp. – slide 20
    San Juan Basin: Long-term Long term Optionality Niobrara Shale Niobrara Shale D G Ph 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…
  21. UBS Houston Energy Symposium – Energen Corp. – slide 21
    31 Years of Dividend Growth 2013 dividend raised 3 6% 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 0.54 0.50 0.48…
  22. UBS Houston Energy Symposium – Energen Corp. – slide 22
    Reasons to Invest in EGN Liquids Focus q Substantial Potential Drilling Inventory Doubledigit Liquids Growth Significant Hedge Position Significant Hedge Position Strong Cash Flows 23
  23. UBS Houston Energy Symposium – Energen Corp. – slide 23
    Adjusted EBITDA Reconciliation to GAAP ENERGEN (MM) Year Ended 12/31/12 Net income (GAAP) 253 6 253.6 Interest expense 65.6 Income tax expense 143.8 Depreciation, p , depletion p and amortization 419.6 EBITDA (NonGAAP)…
  24. UBS Houston Energy Symposium – 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. UBS Houston Energy Symposium – Energen Corp. – slide 25
    For More Information Julie S. Ryland Vice President Investor Relations 2053268421 j l d jrylandenergen.com www.energen.com 27

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