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BARCLAYS CEO ENERGY POWER CONFERENCE – Energen Corp.

Energen Corp. · Sep 7, 2011 · 21 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. BARCLAYS CEO ENERGY POWER CONFERENCE – Energen Corp. – slide 1
    Oil & Liquids Focus ORGANIC PRODUCTION GROWTH FINANCIAL STRENGTH Barclays CEO Energy-Power Conference September 7, 2011
  2. BARCLAYS CEO ENERGY POWER 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. BARCLAYS CEO ENERGY POWER CONFERENCE – Energen Corp. – slide 3
    Onshore domestic driller TOP 20 INDEPENDENT San Juan Basin: PRODUCER* 815 Bcfe (45%) CO 303 MMBOE of Farmington Black Warrior Basin: proved reserves 154 Bcf (8%) 591 MMBOE of unproved reserves Midland NM Birmingham Major…
  4. BARCLAYS CEO ENERGY POWER CONFERENCE – Energen Corp. – slide 4
    894 MMBOE OF 3P RESERVES Proved Reserves, YE10 P2 & P3 Reserves, 3/31/11 350 303 700 591 264 258 300 600 41 250 29 30 500 388 MMBOE 103 MMBOE 200 62 78 400 315 378 150 300 240 100 173 190 159 200 150 50 100…
  5. BARCLAYS CEO ENERGY POWER CONFERENCE – Energen Corp. – slide 5
    E&P 1,000 875 915 890 CAPITAL 900 80 777 INVESTMENT 800 578- 700 Record drilling & 607 409 600 559 554 development capital in 2011 MM 500 452 465432 890 865 770 400 Preliminary capital 191 332…
  6. BARCLAYS CEO ENERGY POWER 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 48% 2012e and 2013e 18.8 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. BARCLAYS CEO ENERGY POWER CONFERENCE – Energen Corp. – slide 7
    PERMIAN OVERVIEW 4 major acquisitions in last 24 months Primary focus: Wolfberry 3rd Bone Spring Avalon shale 2012-13 net wells to be drilled: 315 Wolfberry 60 3rd Bone Spring 13 Avalon shale Other Permian operations: San…
  8. BARCLAYS CEO ENERGY POWER CONFERENCE – Energen Corp. – slide 8
    Stabilized best rate of 10 3rd Bone Spring 3RD BONE wells completed in 2011: 300 barrels of oil/day and Area of Interest NM SPRING 900 Mcfd of wet gas TX Depth: 11,000-11,300 Multi-stage fracs (8-10) WINKLER EUR: 400-450 MBOE…
  9. BARCLAYS CEO ENERGY POWER CONFERENCE – Energen Corp. – slide 9
    Step-out well with AVALON completion, lift system issues: 100-110 barrels of oil/day and Avalon Area of Interest NM SHALE 400-600 Mcfd of wet gas; TX Depth: 8,5009,000 Multi-stage fracs WINKLER EUR: 300-350 MBOE Well cost:…
  10. BARCLAYS CEO ENERGY POWER 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. BARCLAYS CEO ENERGY POWER CONFERENCE – Energen Corp. – slide 11
    Potential in Other Plays NIOBRARA Long-term Optionality SHALE Niobrara Shale Gas Held by La Plata Durango Archuleta production Gas phase Williams Black Hills 58,500 net (EGN 20% WI) undeveloped acres Farmington 854 Bcfe of…
  12. BARCLAYS CEO ENERGY POWER CONFERENCE – Energen Corp. – slide 12
    Potential in Non-Core Areas Haynesville wells completed by others LOUISIANA Haynesville Wells drilled by others TEXAS Webster Garrett Shreveport Bienville Area of Major EGN owns Haynesville mineral Development…
  13. BARCLAYS CEO ENERGY POWER CONFERENCE – Energen Corp. – slide 13
    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…
  14. BARCLAYS CEO ENERGY POWER CONFERENCE – Energen Corp. – slide 14
    EPS diluted 11 GUIDANCE ASSUMPTIONS 6.00 Est. production: 5.00 20.5 MMBOE 4.28 4.47 3.60- 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,…
  15. BARCLAYS CEO ENERGY POWER CONFERENCE – Energen Corp. – slide 15
    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…
  16. BARCLAYS CEO ENERGY POWER CONFERENCE – Energen Corp. – slide 16
    UTILITY OPERATIONS Single-state utility 437,000 customers Birmingham Allowed ROE: 13.15-13.65% Forward-looking test year Temperature adjustment Montgomery RY ROE(%) 2006 2007 2008 2009 2010 Allowed 13.15 - 13.65 Earned 12.4 13.3…
  17. BARCLAYS CEO ENERGY POWER CONFERENCE – Energen Corp. – slide 17
    29 YEARS OF DIVIDEND GROWTH 2011 dividend raised 3.8% Annual Dividend Rate 0.80 Alagasco funds dividend at utility payout over 65% 0.60 0.54 ERC may make small 0.46 0.48 0.50 0.52 0.44 payout contribution 0.40 0.20…
  18. BARCLAYS CEO ENERGY POWER CONFERENCE – Energen Corp. – slide 18
    ENERGEN: IN SUMMARY Liquids-focused Significant Hedges Strong Cash Flows Excellent Fundamentals Proven Track Record 18
  19. BARCLAYS CEO ENERGY POWER CONFERENCE – Energen Corp. – slide 19
    FOR MORE INFORMATION Julie S. Ryland Vice President Investor Relations 205-326-8421 jrylandenergen.com www.energen.com 19
  20. BARCLAYS CEO ENERGY POWER CONFERENCE – Energen Corp. – slide 20
    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…
  21. BARCLAYS CEO ENERGY POWER CONFERENCE – Energen Corp. – slide 21
    Oil & Liquids Focus ORGANIC PRODUCTION GROWTH FINANCIAL STRENGTH Barclays CEO Energy-Power Conference September 7, 2011

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