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The AGA Financial Forum – Energen Corp.

Energen Corp. · May 15, 2011 · 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. The AGA Financial Forum – Energen Corp. – slide 1
    Focusing on Oil & Liquids May 15-16, 2011 American Gas Association Financial Forum
  2. The AGA Financial Forum – Energen Corp. – slide 2
    Energen is a top 25 independent producer of domestic natural gas, oil, & natural gas liquids with more than 691 MMBOE (4.1 Tcfe) of proved and unproved reserves 2
  3. The AGA Financial Forum – Energen Corp. – slide 3
    Excellent balance sheet 800.00 ATCF (MM) Significant ATCF 699 673 683 700.00 1.0 billion syndicated 576 600.00 credit facility 500.00 Oil/NGLs comprise 47% 400.00 of 2010 proved reserves 300.00 Hedging strategy 200.00…
  4. The AGA Financial Forum – Energen Corp. – slide 4
    (MM) 900 783 777 800 48 700 409 559 554 573 600 452 465 500 432 19 400 710 191 300 413 332 200 225 100 20 16 36 25 0 8 2008 9 2009 10 2010 11e2011e ATCF Exploratory Capital Development Capital Acquisitions (Energen…
  5. The AGA Financial Forum – Energen Corp. – slide 5
    EPS diluted 2011 Assumptions 6.00 5.00 4.28 4.47 YTD results 4.04* 3.35- 3.73 3.75 67% of est. production hedged 4.00 3.57 for remainder of year 3.00 9% production growth 2.00 Unhedged price assumptions: 4.25 gas, 80 oil,…
  6. The AGA Financial Forum – Energen Corp. – slide 6
    69% of 2011(e) production hedged 2011(e) cash costs: 15.30/BOE Total NGL: 86.6 MMgal 49% Hedged 0.90/gal 72% Hedged 6.16/Mcf Total Oil: 6.4MMBbl Total Gas: 72.5 Bcf 72% Hedged 79.69/bbl 2012: 3.9 MMBbl at 83.57, 40.5 Bcf at…
  7. The AGA Financial Forum – Energen Corp. – slide 7
    (Average prices for remainder of year) 2011e Gas Oil NGL Assumed Price (unhedged) 4.25/Mcf 80/Bbl 0.83/Gal Every 0.10 Every 1 Every 0.01 Net Income Impact 575,000 945,000 180,000 EPS (diluted) Impact 0.8 1.3 0.3 Based on recent…
  8. The AGA Financial Forum – Energen Corp. – slide 8
    303 MMBOE of San Juan Basin: proved reserves 815 Bcfe (45%) 388 MMBOE of CO unproved reserves Black Warrior Basin: 154 Bcf (8%) 2011e production Farmington mix: 59% gas NM Birmingham 41% oil/NGL Arcadia Midland AL Major…
  9. The AGA Financial Forum – Energen Corp. – slide 9
    By Basin (mmboe) By Commodity (mmboe) 350.0 303 350.0 303 300.0 264 258 8 300.0 264 258 26 41 10 8 29 250.0 26 250.0 30 36 103 133 62 200.0 200.0 78 72 92 150.0 150.0 100.0 100.0 173 159 145 131 136 150 50.0 50.0 0.0 0.0…
  10. The AGA Financial Forum – Energen Corp. – slide 10
    Oil/NGL comprise 41% of 25.0 Production (MMBOE) estimated production in 2011. 20.5 18.8 18.6 20.0 17.1 2.1 Based on pace of drilling and 1.8 1.8 1.7 41% 6.4 risking incorporated into 15.0 4.1 4.7 5.2 acquisition models,…
  11. The AGA Financial Forum – Energen Corp. – slide 11
    Bone Spring/Avalon Seller: SandRidge Energy 40,000 net acres - Avalon 21,300 net acres - Bone Spring 110 MM + closing adj. Future cost to develop Bone Spring potential: 465 MM Wolfberry Private sellers 19,060 net acres 260 MM +…
  12. The AGA Financial Forum – Energen Corp. – slide 12
    Avalon ERC ERC Completed BS 2011 3rd Bone Spring Area of NEW MEXICO 4-well avg. production: Vertical depth: 11,000 11,300 Interest 300 BOED; 600 Mcfd Multi-stage fracs (8-10) TEXAS Loving EUR: 400 500 MBOE Well cost: 7.5 Million…
  13. The AGA Financial Forum – Energen Corp. – slide 13
    Wolfberry Gaines Dawson Borden Completion interval: 7,500 10,500 Vertical wells Multi-stage fracs (6-8) Andrews Martin Howard Midland EUR: 125 175MBOE Well cost: 1.9 Million Ector Midland Glasscock Sterling Rigs in 2011: 7…
  14. The AGA Financial Forum – Energen Corp. – slide 14
    Gross Net Average PERMIAN BASIN Average Average Risked Rsrvs/ Average Cost/Well Cost/Well Rsrvs/Well Well Cost/BOE (000) (000) (MBOE) (MBOE) Wolfberry wells (156*) 1,950 155 1,950 100 19.50 Water flood (prod/inj) (125) 635 56 535…
  15. The AGA Financial Forum – Energen Corp. – slide 15
    Mancos/Niobrara Shale Gas Marcellus Shale 55,500 acres* 200,000 acres Mancos/Niobrara Shale Oil 54,000 acres* Lewis Shale 55,500 acres* Haynesville Shale 12,000 acres* Net Undeveloped Acres * Held By Production Own Mineral…
  16. The AGA Financial Forum – Energen Corp. – slide 16
    Net Undeveloped Lewis Shale Durango Niobrara Shale Gas Acres La Plata Archuleta Lewis Shale: 55,500 Niobrara Shale Farmington Gas: 55,500 Niobrara Shale Rio Arriba San Juan Oil: 54,000 Niobrara Shale Oil Sandoval…
  17. The AGA Financial Forum – Energen Corp. – slide 17
    OHIO Haynesville wells completed by others Haynesville Wells drilled by others LOUISIANA TEXAS PENN. W. VIRGINIA MD Webster Garrett Mineral Shreveport Tucker Areas of Major Marcellus Activity Bienville Area of Major…
  18. The AGA Financial Forum – Energen Corp. – slide 18
    Complementary business Excellent rate of return Primary source of dividend 18
  19. The AGA Financial Forum – Energen Corp. – slide 19
    Single-state utility More than 437,000 customers Progressive regulation Birmingham RSE through rate-year 2015 Allowed ROE: 13.15%-13.65% Forward-looking test year Montgomery Temperature adjustment RY ROE(%) 2005 2006 2007 2008…
  20. The AGA Financial Forum – Energen Corp. – slide 20
    2011 dividend raised 3.8% 0.80 Annual Dividend Rate Alagasco funds dividend at 0.60 0.54 0.52 0.50 0.48 0.46 0.44 utility payout over 65% 0.40 ERC may make small 0.20 payout contribution 0.00 2006 2007 2008 2009 2010…
  21. The AGA Financial Forum – Energen Corp. – slide 21
    Liquids-focused Significant Hedges Strong Cash Flows Excellent Fundamentals Proven Track Record 21
  22. The AGA Financial Forum – Energen Corp. – slide 22
    Julie S. Ryland Vice President Investor Relations 205-326-8421 jrylandenergen.com www.energen.com 22
  23. The AGA Financial Forum – Energen Corp. – slide 23
    Years Ended 12/31 ( in millions) 2010 2011e Net cash provided by operating activities (GAAP) 669 709 736 Changes in assets/liabilities & other adjustments (4) 40 40 After-tax cash flows (Non-GAAP) 673 669 696 Less: AGC cash flows from…
  24. The AGA Financial Forum – Energen Corp. – slide 24
    2010 ( in millions, except per share data) Net income (GAAP) 4.04 Non-cash leasehold write-off 0.34 Net income (Non-GAAP) 4.38 The U.S. Securities and Exchange Commission (SEC) requires public companies to reconcile Non- GAAP…
  25. The AGA Financial Forum – Energen Corp. – slide 25
    Focusing on Oil & Liquids May 15-16, 2011 American Gas Association Financial Forum

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