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Dahlman Rose EP Conference – Energen Corp.

Energen Corp. · Dec 4, 2012 · 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. Dahlman Rose EP Conference – Energen Corp. – slide 1
    Permian Basin Oil & Liquids Focus Dahlman Rose E&P Conference December 4, 2012
  2. Dahlman Rose EP Conference – Energen Corp. – slide 2
    Todays Energen Top 25 independent producer of domestic oil, NGL & natural gas* 3P reserves: 941 MMBOE Permian Basin/liquids focus Financial strength and capacity to drill & develop Permian assets Hedging program that…
  3. Dahlman Rose EP Conference – Energen Corp. – slide 3
    Areas of Operation Top 25 Independent San Juan Basin: Producer* 130 MMBOE (38%) 343 MMBOE of CO Farmington proved reserves Black Warrior Basin: 23 MMBOE (7%) 598 MMBOE of unproved reserves Midland Birmingham Major presence in…
  4. Dahlman Rose EP Conference – Energen Corp. – slide 4
    2012e E&P Capital, Drilling Plans Record Capital Investment (existing Midland Basin properties): 1.2 B 8-10 rigs 167 net wells Acquisitions, UPLH: 0.1 B Est. production: 3.7 MMBOE 13% 4% 6% 42% Delaware Basin 5-7 rigs 46 net…
  5. Dahlman Rose EP Conference – Energen Corp. – slide 5
    2013e E&P Capital, Drilling Plans Capital Investment: 900 MM Midland Basin Permian Development : 745 MM 10 rigs Permian Exploration: 130 MM 173 net wells Est. production: 5.9 MMBOE San Juan /Other: 25 MM 9% 3% Delaware Basin 5-6…
  6. Dahlman Rose EP Conference – Energen Corp. – slide 6
    Wolfberry, Bone Spring Drive Growth 11.0 2011 10.0 9.6 9.8 2012e 9.0 8.5 2013e 8.0 7.0 5.9 MMBOE 6.0 4.9 5.0 4.7 4.5 5.0 4.0 3.7 3.1 3.0 2.9 2.9 3.0 2.3 2.0 0.6 1.0 0.0 Wolfberry Bone Spring Central San…
  7. Dahlman Rose EP Conference – Energen Corp. – slide 7
    Liquids Focus Drives Growth Production (MMBOE) 30.0 26.5 24.5 25.0 3.5 20.5 2.8 3-Year Growth 18.8 54% CAGR Aggregate 20.0 2.2 1.9 10.8 Oil 28% 112% 9.0 15.0 5.1 6.3 NGL 23% 84% Total Liquids 27% 104% 10.0 Natural Gas 1% 4%…
  8. Dahlman Rose EP Conference – Energen Corp. – slide 8
    YE11 3P Reserves Record 941 MMBOE Proved Reserves Mix P2, P3 Reserves by Basin 400 343 700 598 591 350 303 54 600 300 258 41 500 250 30 MMBOE 130 MMBOE 103 315 378 368 400 200 78 150 300 190 100 200 150 159…
  9. Dahlman Rose EP Conference – Energen Corp. – slide 9
    Legacy Assets Properties Acquired 2009-2011 PERMIAN OVERVIEW Total net acres: 275,000 7 major acquisitions 2009-12 68 MM Wolfberry acquisition in Feb. 2012 Midland Basin Wolfberry (V) Wolfcamp shale (H) Cline (H) Delaware…
  10. Dahlman Rose EP Conference – Energen Corp. – slide 10
    Vertical Wolfberry: Midland Basin Rust Outline Scurry Dawson Borden Gaines WOLFBERRY PLAY 60,000 net acres Mitchell 32,000 net undeveloped acres Howard Andrews 800 potential locations (40-acre spacing) Martin 665 potential…
  11. Dahlman Rose EP Conference – Energen Corp. – slide 11
    ERC Wolfberry Producing Zones Martin Co. Glasscock Co. 75 Miles 8,010 6,113 Upper Spraberry 8,523 6,619 Lower Spraberry Wichita-Albany 9,328 Dean 7,525 9,550 7,698 Upper Wolfcamp 9,879 8,095 10,115 Middle Wolfcamp 10,451…
  12. Dahlman Rose EP Conference – Energen Corp. – slide 12
    Vertical Wolfberry Type Curve 2012 PROGRAM 120 80,000 EUR: 155 MBOE 70,000 NRI: 75% 100 60,000 Drill & complete cost: Cumulative Production (BOE) 2.3 MM 80 50,000 BOE/day Product mix: 60 40,000 61% oil/23% NGL/16%…
  13. Dahlman Rose EP Conference – Energen Corp. – slide 13
    Midland Basin Vertical Wolfberry: Rust Outline Borden Scurry Gaines Dawson Wolfcamp Play: WOLFBERRY PLAY Blue Outline 60,000 net acres Mitchell 32,000 net undeveloped acres Howard Andrews 800 potential locations (40-acre…
  14. Dahlman Rose EP Conference – Energen Corp. – slide 14
    Vertical Wolfberry: Rust Outline Midland Basin Gaines Dawson Cline Play: Scurry Laredo Cline Wells Borden Red Outline 29 drilled WOLFBERRY PLAY Model IPs: 600 BOEPD 60,000 net acres 32,000 net undeveloped acres Mitchell…
  15. Dahlman Rose EP Conference – Energen Corp. – slide 15
    Midland Basin: 1,280 Potential Wolfcamp/Cline Locations Potential Net 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 Penn Shale 9,450 Cline 495…
  16. Dahlman Rose EP Conference – Energen Corp. – slide 16
    Delaware Basin Black Mamba 1-57 1H 3rd Bone Spring 2,257 BOEPD (69% oil) 3rd Bone Spring & 3rd BONE SPRING (focus area) Wolfcamp Focus Area Red Outline 30,000 net acres 11,500 net undeveloped acres 72 potential locations…
  17. Dahlman Rose EP Conference – Energen Corp. – slide 17
    7,550 Top of Bone Spring Upper Avalon Shale Delaware Basin Strata 7,875 Avalon Carbonate Lower Avalon Shale 8,050 1st Bone Spring Carbonate 8,450 Top of Delaware Mtn. Group 1stBone Spring Sands 8,900 2nd Bone Spring 9,1 00…
  18. Dahlman Rose EP Conference – Energen Corp. – slide 18
    2012 3rd Bone Spring Type Curve PROGRAM 700 350 EUR: 475 MBOE NRI: 75% 600 300 Target cost to drill & Cumulative Production (MBOE) 500 250 complete: 6.9 MM Product mix: BOE/day 400 200 66% oil/18% NGL/16% gas 300 150…
  19. Dahlman Rose EP Conference – Energen Corp. – slide 19
    2012e Permian Basin Rates of Return 100% Bone Spring Wolfberry Waterflood/Conventional 90% 85% 80% 72% 70% 76% 60% 56% 61% 50% 44% 48% 40% 40% 33% 40% 30% 26% 20% 20% 10% 0% 80/Bbl 90/Bbl 100/Bbl 110/Bbl Note:…
  20. Dahlman Rose EP Conference – Energen Corp. – slide 20
    NIOBRARA Long-term Optionality SHALE HBP Niobrara Shale Gas Gas phase Red Willow 58,500 net Encana Bayless undeveloped acres Williams (2 wells) 6 Bcf EURs 854 Bcfe of possible reserves booked Farmington Merrion-Bill Barrett…
  21. Dahlman Rose EP Conference – Energen Corp. – slide 21
    2013 Consolidated ATCF Guidance ASSUMPTIONS Production: 26.5 MMBOE 945- 1,100 Unhedged prices: 975 1,000 4 gas 90 oil 89 NGL 805- 900 820 Est. E&P expenses/BOE: 740 737 800 LOE: 10.04 700 Prod. Taxes 2.61 600 845- MM 700-…
  22. Dahlman Rose EP Conference – Energen Corp. – slide 22
    Hedging Minimizes Price Risk 2013 69% of 2013e production hedged Hedged Estimated Hedge Average 2013e cash cost: 16.50/barrel Volumes Production % Price 2013e net income break-even: 35/barrel Oil 8.9 MMBO 10.8 MMBO 82% 90.95 NGL…
  23. Dahlman Rose EP Conference – Energen Corp. – slide 23
    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 0.52 ERC may make small 0.46 0.48 0.50 payout contribution 0.40 0.20 0.00…
  24. Dahlman Rose EP Conference – Energen Corp. – slide 24
    Energen: In Summary Liquids-focused Significant Hedges Strong Cash Flows Undervalued Permian Player Proven Track Record 25
  25. Dahlman Rose EP Conference – 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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