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Howard Weils 41st Annual Energy Conference – Energen Corp.

Energen Corp. · Mar 18, 2013 · 24 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 Weils 41st Annual Energy Conference – Energen Corp. – slide 1
    3rd Bone Spring Wolfbone Wolfcamp Wolfberry Cline Drilling the Permian Basin Howard Weil 41st Annual Energy Conference New Orleans, March 17-19, 2013
  2. Howard Weils 41st Annual Energy Conference – Energen Corp. – slide 2
    Energen Investment Highlights Domestic asset base High exposure to oil and NGL from 3P reserves Substantial resource potential Permian Basin development focus Wolfberry (vertical) 3rd Bone Spring (horizontal) Permian Basin…
  3. Howard Weils 41st Annual Energy Conference – Energen Corp. – slide 3
    Energen Profile* 3P Reserves by NYSE: EGN CO Areas of Operation Shares Outstanding 72.2 MM Market Cap (3/14/13) 3.5 B San Juan Basin: Adjusted EBITDA (Non-GAAP) 845.3 MM 339 MMBOE (45%) Farmington Total Debt 1.8 B Enterprise Value 5.3 B…
  4. Howard Weils 41st Annual Energy Conference – Energen Corp. – slide 4
    Double-Digit Liquids Production Growth Liquids production Wolfberry, 3rd Bone expected to double Spring driving 9.9 2011 9.6 from 2010 to 2013 26.1 production growth 9.0 2012 24.1 3.4 2013e 2.6 20.5 18.8 2.2 1.9 8.8 10.6 5.6…
  5. Howard Weils 41st Annual Energy Conference – Energen Corp. – slide 5
    2013e E&P Capital, Drilling Plans Capital Investment: 900 MM Midland Basin 5.6 MMBOE Permian Development : 745 MM Wolfberry Wolfcamp Permian Exploration: 130 MM 9-10 rigs 1 rig San Juan /Other: 25 MM 167 net wells 6 net wells 9% 3%…
  6. Howard Weils 41st Annual Energy Conference – Energen Corp. – slide 6
    Energen After-Tax Cash Flows 917- 946 760 802 740 822- E&P capital investment of 900 MM 851 699 approximates 2013e after-tax cash flows 630 641 110 119 103 95 2010 2011 2012 2013e Utility E&P E&P Range (MM) 7
  7. Howard Weils 41st Annual Energy Conference – Energen Corp. – slide 7
    2013 Guidance Exploration & Production Sensitivity to Commodity Prices Assumed prices unhedged volumes: OIL 3.50 gas 90 oil 89 NGL 750,000 for every 1 change from 90/barrel NYMEX Est. E&P expenses/BOE: LOE: 10.25 NGL Prod. Taxes…
  8. Howard Weils 41st Annual Energy Conference – Energen Corp. – slide 8
    Hedges Minimize Price Risk 2013 70% of 2013e production hedged Hedged Estimated Hedge Average 2013e cash cost: 17/barrel Volumes Production % (est.) Price* 2013e net income break-even: 36/barrel Oil 8.9 MMBO 10.6 MMBO 84% 90.95 NGL…
  9. Howard Weils 41st Annual Energy Conference – Energen Corp. – slide 9
    3P Reserves Total 753 MMBOE Proved Reserves Mix 3P Reserves By Area 346 Delaware Basin 343 303 56 26% 6% 54 Midland Basin 20% 258 41 Central Basin 155 30 130 3% 103 78 Other 45% San Juan Basin 159 160 150 135 Resource…
  10. Howard Weils 41st Annual Energy Conference – 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. Howard Weils 41st Annual Energy Conference – Energen Corp. – slide 11
    Scurry Vertical Wolfberry: Rust Outline Gaines Gaines Dawson Dawson Borden Borden Scurry Midland Basin Andrews WOLFBERRY (VERTICAL) Martin Martin Howard Howard Mitchell Mitchell 65,000 net acres 34,000 net undeveloped acres…
  12. Howard Weils 41st Annual Energy Conference – Energen Corp. – slide 12
    Wolfberry Type Curve 120 70,000 EUR: 165 MBOE Working Interest: 90% 100 60,000 Net Revenue Interest: 70% Cumulative Production (BOE) 50,000 80 Drill & complete cost: 2.3 MM BOE/day 40,000 Post-plant product mix: 60 60%…
  13. Howard Weils 41st Annual Energy Conference – Energen Corp. – slide 13
    Wolfberry Producing Zones Martin Co. Glasscock Co. 8,010 Upper Spraberry 6,113 8,523 Lower Spraberry Wichita-Albany 6,619 9,328 Dean 7,525 9,550 7,698 Upper Wolfcamp 9,879 8,095 10,115 Middle Wolfcamp 10,451 Lower Wolfcamp…
  14. Howard Weils 41st Annual Energy Conference – Energen Corp. – slide 14
    Vertical Wolfberry: Rust Outline Scurry Laredo Cline Wells Gaines 34 wells at YE12 Dawson 2 Best 30-day avg. rates: Borden Cline Play: Red Outline Midland Basin 812 BOEPD (77% oil) WOLFCAMP HORIZONTAL Howard Mitchell 64,000…
  15. Howard Weils 41st Annual Energy Conference – Energen Corp. – slide 15
    Midland Basin Wolfcamp, Cline Potential Potential Net 1,280 Potential Locations* Wells* Acres 7,700 Upper Wolfcamp 365 60,000 8,050 Middle Wolfcamp 250 40,000 8,600 Lower Wolfcamp 170 27,000 9,050 9,450 Cline 495 80,000…
  16. Howard Weils 41st Annual Energy Conference – Energen Corp. – slide 16
    Delaware Basin Strata Top of Delaware Mtn. Group 7,550 8,450 9,1 00 Avalon 9,600 10,600 11,900 Upper Wolfcamp Middle Wolfcamp Lower Wolfcamp Top of Pennsylvanian 17
  17. Howard Weils 41st Annual Energy Conference – Energen Corp. – slide 17
    Wolfcamp Play Delaware Basin Rust Outline Black Mamba 1-57 1H 3rd Bone Spring 2,257 BOEPD (69% oil) 3rd Bone Spring Focus Area Red Outline 3rd BONE SPRING (FOCUS AREA) BHP Completing Well 30,000 net acres Energen 50%…
  18. Howard Weils 41st Annual Energy Conference – Energen Corp. – slide 18
    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%…
  19. Howard Weils 41st Annual Energy Conference – Energen Corp. – slide 19
    Oil Price ROR Impact 100% Bone Spring Wolfberry 90% 80% 80% 70% 66% 60% 50% 50% 40% 40% 36% 28% 30% 23% 20% 17% 10% 0% 80/Bbl; 90/Bbl; 100/Bbl; 110/Bbl; 4/MMBtu 4/MMBtu 4/MMBtu 4/MMBtu 20
  20. Howard Weils 41st Annual Energy Conference – Energen Corp. – slide 20
    San Juan Basin: Long-term Optionality Niobrara Shale Niobrara Shale Gas HBP Red Willow Gas phase Encana 58,500 net undeveloped Bayless WPX (2 wells) acres 6 Bcf EURs Oil phase Farmington Merrion-Bill Barrett 81,466 net…
  21. Howard Weils 41st Annual Energy Conference – Energen Corp. – slide 21
    31 Years of Dividend Growth 2013 dividend raised 3.6% Annual Dividend Rate Alagasco funds dividend at utility payout 65% 0.58 0.56 ERC may make small payout 0.52 0.54 0.50 0.48 contribution 2008 2009 2010 2011 2012 2013…
  22. Howard Weils 41st Annual Energy Conference – Energen Corp. – slide 22
    Reasons to Invest in EGN Liquids Focus Double-digit Liquids Growth Significant Hedge Position Strong Cash Flows Substantial Potential Drilling Inventory Undervalued Permian Player Natural Gas Optionality 24
  23. Howard Weils 41st Annual Energy Conference – Energen Corp. – slide 23
    Adjusted EBITDA Reconciliation to GAAP ENERGEN (MM) Year Ended 12/31/12 Net income (GAAP) 253.6 Interest expense 65.6 Income tax expense 143.8 Depreciation, depletion and amortization 419.6 EBITDA (Non-GAAP) 882.5 Adjustment for…
  24. Howard Weils 41st Annual Energy Conference – Energen Corp. – slide 24
    For More Information Julie S. Ryland Vice President Investor Relations 205-326-8421 jrylandenergen.com www.energen.com 27

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