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Tuohy Brothers 4th Annual Energy Conference – Energen Corp.

Energen Corp. · Aug 6, 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. Tuohy Brothers 4th Annual Energy Conference – Energen Corp. – slide 1
    3rd Bone Spring Wolfberry Wolfcamp Cline Drilling the Permian Basin Tuohy Brothers 4th Annual Energy Conference August 6, 2013
  2. Tuohy Brothers 4th 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. Tuohy Brothers 4th Annual Energy Conference – Energen Corp. – slide 3
    Energen Profile* NYSE: EGN Shares Outstanding (6.30.13) 72.2 MM Market Cap (8.1.13) 4.8 B CO 3P Reserves by Adjusted EBITDA (Non-GAAP) 845.3 MM San Juan Basin: Areas of Operation Total Debt (6.30.13) 2.0 B 339 MMBOE (45%) (12.31.12)…
  4. Tuohy Brothers 4th Annual Energy Conference – Energen Corp. – slide 4
    Double-Digit Liquids Production Growth Liquids production Wolfberry, 3rd Bone expected to double Spring driving 2013 production growth 9.6 9.9 9.3 from 2010 to 2013 (MMBOE) 26.1-26.5 24.1 2011 2012 2013e Midpoint 3.5 2.6 (MMBOE)…
  5. Tuohy Brothers 4th Annual Energy Conference – Energen Corp. – slide 5
    2013e E&P Capital, Drilling Plans Capital Investment: 1,000 MM 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% Delaware Basin 46%…
  6. Tuohy Brothers 4th Annual Energy Conference – Energen Corp. – slide 6
    Energen After-Tax Cash Flows 907- 937 760 802 740 806- E&P estimated development capital of 836 699 805,000 approximates 2013e after-tax 630 641 cash flows 110 119 103 101 2010 2011 2012 2013e Utility E&P E&P Range…
  7. Tuohy Brothers 4th Annual Energy Conference – 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: NGL LOE: 11.35 - 11.60 450,000 for…
  8. Tuohy Brothers 4th Annual Energy Conference – Energen Corp. – slide 8
    Hedges Minimize Price Risk 70% of ROY 2013e production hedged ROY 2013e Hedge % CY2013e cash cost: 18.25/barrel Hedged Volumes (based on estimated Average Price* CY2013e net income break-even: 37/barrel production midpoint) Oil…
  9. Tuohy Brothers 4th Annual Energy Conference – Energen Corp. – slide 9
    3P Reserves Total 753 MMBOE Proved Reserves Mix YE12 3P Reserves By Area YE12 346 Delaware Basin 343 303 54 56 26% 6% Midland Basin 20% 258 41 Central Basin 155 30 130 3% 103 78 Other 45% San Juan Basin 159 160 150 135…
  10. Tuohy Brothers 4th 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. Tuohy Brothers 4th Annual Energy Conference – Energen Corp. – slide 11
    Vertical Wolfberry: Rust Outline Midland Basin Dawson Scurry Gaines Borden Andrews WOLFBERRY (VERTICAL) Howard Slick water stimulations Mitchell Martin Northern wells drilled to Mississippian Atoka Barnett Sterling Coke…
  12. Tuohy Brothers 4th Annual Energy Conference – Energen Corp. – slide 12
    Average Wolfberry Type Curve 160 90,000 EUR: 190 MBOE 140 80,000 Working Interest: 100% 70,000 Net Revenue Interest: 75% 120 Cumulative Production (BOE) 60,000 Drill & complete cost: 100 2.5 MM BOE/day 50,000 Post-plant…
  13. Tuohy Brothers 4th Annual Energy Conference – Energen Corp. – slide 13
    Vertical Wolfberry: Rust Outline Scurry Gaines Dawson Borden Cline Play: Red Outline Midland Basin WOLFCAMP HORIZONTAL 70,000 net acres Howard Mitchell Martin 2,005 potential locations (80-acre spacing) Andrews 9 net…
  14. Tuohy Brothers 4th Annual Energy Conference – Energen Corp. – slide 14
    Midland Basin Wolfcamp, Cline Potential Potential Net 3,090 Potential Locations* Wells* Acres 7,700 Upper (A) Wolfcamp 870 70,000 8,050 Middle (B) Wolfcamp 800 64,000 8,600 Lower (C) Wolfcamp 335 27,000 9,050 9,450 Cline…
  15. Tuohy Brothers 4th Annual Energy Conference – Energen Corp. – slide 15
    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 16
  16. Tuohy Brothers 4th Annual Energy Conference – 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 (160-acre spacing) Winkler Loving 2Q13 2-stream Results Avg. Peak 24-Hr. IP (10 net):…
  17. Tuohy Brothers 4th Annual Energy Conference – Energen Corp. – slide 17
    Delaware Basin Wolfcamp Results University 28-21 1H Peak 24-hour IP (3 stream): 969 boepd (74% oil) Peak 30-day Avg (3 stream): Loving Winkler 653 boepd (74% oil) Lateral length: 4,200 Stimulation: Slick water University 39-17…
  18. Tuohy Brothers 4th 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. Tuohy Brothers 4th Annual Energy Conference – 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. Tuohy Brothers 4th Annual Energy Conference – Energen Corp. – slide 20
    San Juan Basin: Long-term Optionality Niobrara Shale HBP Niobrara Shale Dry Gas Oil phase 81,466 net undeveloped acres Encana says oil play commercial WPX positive results Farmington Gas phase 58,500 net undeveloped acres…
  21. Tuohy Brothers 4th Annual Energy Conference – Energen Corp. – slide 21
    31 Years of Dividend Growth Annual Dividend Rate 2013 dividend raised 3.6% Alagasco funds dividend at utility payout 65% ERC may make small payout contribution 0.58 0.56 0.52 0.54 0.50 0.48 2008 2009 2010 2011 2012…
  22. Tuohy Brothers 4th Annual Energy Conference – Energen Corp. – slide 22
    Reasons to Invest in EGN Liquids Focus Substantial Potential Drilling Inventory Double-digit Liquids Growth Significant Hedge Position Strong Cash Flows 23
  23. Tuohy Brothers 4th 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. Tuohy Brothers 4th 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 26

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