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UBS Houston Energy Conference – Energen Corp.

Energen Corp. · Aug 9, 2011 · 22 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 Conference – Energen Corp. – slide 1
    Oil & Liquids Focused ORGANIC PRODUCTION GROWTH FINANCIAL STRENGTH UBS Houston Energy Conference August 9, 2011
  2. UBS Houston Energy Conference – Energen Corp. – slide 2
    TODAYS ENERGEN Top 20 independent producer of domestic oil, NGL & natural gas 3P reserves: 900 MMBOE Liquids focused Permian Basin Financial strength, capacity to drill & develop Permian Basin assets AND pursue opportunistic…
  3. UBS Houston Energy Conference – Energen Corp. – slide 3
    Onshore domestic driller TOP 20 INDEPENDENT San Juan Basin: PRODUCER* 815 Bcfe (45%) CO 303 MMBOE of Black Warrior Basin: proved reserves 154 Bcf (8%) Farmington 591 MMBOE of unproved reserves NM Major presence in Birmingham…
  4. UBS Houston Energy Conference – Energen Corp. – slide 4
    894 MMBOE OF 3P RESERVES Proved Reserves, YE10 P2 & P3 Reserves, 3/31/11 350 303 700 591 300 264 258 41 600 250 29 30 500 388 MMBOE 103 MMBOE 200 62 78 400 378 315 150 300 240 100 173 190 159 200 150 50 100…
  5. UBS Houston Energy Conference – Energen Corp. – slide 5
    E&P 900 875 CAPITAL 800 777 80 INVESTMENT 700 578- 607 Record drilling & 600 559 554 409 development 452 465 capital in 2011 MM 500 432 19 770 400 Preliminary capital 191 plans: 300 332 2012: 915 MM 413 2013: 890 MM…
  6. UBS Houston Energy Conference – Energen Corp. – slide 6
    PERMIAN Production FOCUS DRIVES GROWTH 30.0 25-27 23-25 Double-digit 25.0 20.5 3.3 organic growth in 20.5 2.8 2012e and 2013e 18.8 48% 20.0 2.1 Oil/NGL 1.9 9.3 MMBOE 8.3 production in 15.0 6.4 5.1 2013e reflects 70-…
  7. UBS Houston Energy Conference – Energen Corp. – slide 7
    PERMIAN OVERVIEW 4 major acquisitions in last 24 months Primary focus: Wolfberry 3rd Bone Spring Avalon 2012-13 net wells to be drilled: 315 Wolfberry 60 Bone Spring 13 Avalon Other Permian operations: San Andres…
  8. UBS Houston Energy Conference – Energen Corp. – slide 8
    Avg. stabilized rate of 10 3rd Bone Spring 3RD BONE wells completed in 2011: Area of Interest 300 barrels of oil/day and SPRING 900 Mcfd of wet gas NM TX Depth: 11,000-11,300 Multi-stage fracs (8-10) WINKLER EUR: 400-450 MBOE…
  9. UBS Houston Energy Conference – Energen Corp. – slide 9
    Step-out well with Avalon completion, lift system issues: AVALON 100-110 barrels of oil/day and Area of Interest NM SHALE 400-600 Mcfd of wet gas; TX Depth: 8,5009,000 LOVING WINKLER Multi-stage fracs EUR: 300-350 MBOE Well…
  10. UBS Houston Energy Conference – Energen Corp. – slide 10
    WOLFBERRY Gaines Dawson Borden Vertical wells Completion interval: 7,500-10,500 Multi-stage fracs (6-8) EUR: 155 MBOE Andrews Martin Howard Est. reserves/well (net risked): 100 MBOE Midland Well cost: 2.1 MM Avg. product mix:…
  11. UBS Houston Energy Conference – Energen Corp. – slide 11
    POTENTIAL IN OTHER PLAYS Net Undeveloped Acreage Mancos/Niobrara Shale Oil 54,000 acres* Marcellus Shale 200,000 acres Haynesville Shale 12,000 acres* * Held By Production Own Mineral Rights 11
  12. UBS Houston Energy Conference – Energen Corp. – slide 12
    After-tax Cash Flows FINANCIAL STRENGTH 800 690- 719 699 673 Excellent balance 700 sheet 576 600 Significant ATCF 500 MM 1.0 billion 400 syndicated credit facilities 300 200 Oil/NGLs comprise 44% of 3P reserves 100…
  13. UBS Houston Energy Conference – Energen Corp. – slide 13
    EPS diluted 11 GUIDANCE ASSUMPTIONS 6.00 Est. production: 5.00 4.47 4.28 3.60- 20.5 MMBOE 4.04* 4.00 3.73 72% hedged 4.00 3.57 9% total production growth; 20% liquids 3.00 growth 2.00 Unhedged price assumptions: 4.50 gas,…
  14. UBS Houston Energy Conference – Energen Corp. – slide 14
    HEDGING MINIMIZES PRICE RISK 72% of 2011(e) production hedged 2012 Hedge Estimated NYMEXe 2011(e) cash costs: 15.43/BOE Volumes Production Price 2011 (e) net income break-even: Oil 4.5 MMBO 8.0-8.5 MMBO 86.24 26.89/BOE NGL 39.9…
  15. UBS Houston Energy Conference – Energen Corp. – slide 15
    COMMODITY PRICE SENSITIVITY Limited sensitivities as result of active hedging 2011e Oil NGL Gas Assumed Price (unhedged) 95/bbl 1.14/gal 4.50 Mcf Every 1 Every 0.01 Every 0.10 AFTC Impact 445,000 110,000 435,000 EPS…
  16. UBS Houston Energy Conference – Energen Corp. – slide 16
    UTILITY OPERATIONS Complementary business Excellent rate of return Primary source of dividend 16
  17. UBS Houston Energy Conference – Energen Corp. – slide 17
    ALAGASCO 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(%) 2006 2007…
  18. UBS Houston Energy Conference – Energen Corp. – slide 18
    29 YEARS OF DIVIDEND GROWTH 2011 dividend raised 3.8% Annual Dividend Rate 0.80 Alagasco funds dividend at 0.60 0.54 utility payout over 65% 0.46 0.48 0.50 0.52 0.44 0.40 ERC may make small payout contribution 0.20…
  19. UBS Houston Energy Conference – Energen Corp. – slide 19
    ENERGEN: IN SUMMARY Liquids-focused Significant Hedges Strong Cash Flows Excellent Fundamentals Proven Track Record 19
  20. UBS Houston Energy Conference – Energen Corp. – slide 20
    FOR MORE INFORMATION Julie S. Ryland Vice President Investor Relations 205-326-8421 jrylandenergen.com www.energen.com 20
  21. UBS Houston Energy Conference – Energen Corp. – slide 21
    ATCF RECONCILIATION TO GAAP ENERGEN RESOURCES Years Ended 12/31 ( in millions) 2010 2011e Net cash provided by operating activities (GAAP) 671 739 768 Changes in assets/liabilities & other adjustments 2 (49) (49) After-tax cash…
  22. UBS Houston Energy Conference – Energen Corp. – slide 22
    Oil & Liquids Focused ORGANIC PRODUCTION GROWTH FINANCIAL STRENGTH UBS Houston Energy Conference August 9, 2011

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