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US CAPITAL ADVISORS – Energen Corp.

Energen Corp. · Nov 13, 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. US CAPITAL ADVISORS – Energen Corp. – slide 1
    Permian Basin Oil & Liquids Focus U.S. Capital Advisors September 11-13, 2012
  2. US CAPITAL ADVISORS – 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. US CAPITAL ADVISORS – 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. US CAPITAL ADVISORS – Energen Corp. – slide 4
    2012e E&P Capital, Drilling Plans Record Capital Investment (existing Wolfberry Play properties): 1.0 1 0 B 88-10 10 rigs 170 net wells Acquisitions, UPLH: 75 MM Est. production: 3.9 MMBOE 3rd Bone Spring p g 14% 4% % 5-7…
  5. US CAPITAL ADVISORS – Energen Corp. – slide 5
    Wolfberry, Bone Spring Drive Growth 11.0 2011 9 6 9.7 9.6 97 2012e 10.0 9.0 8.0 7.0 MBOE 6.0 4.9 5.0 MM 5.0 3.9 4.0 3.0 3.0 2.9 3.0 23 2.3 2.0 0.6 1.0 0.0 Wolfberry Bone Spring Central San Juan Other…
  6. US CAPITAL ADVISORS – Energen Corp. – slide 6
    Liquids Focus Drives Growth Production (MMBOE) 30.0 25.027.0 24.5 25.0 3.2 20.5 2.8 3-Year Growth 18.8 52% CAGR Aggregate 20.0 2.2 1.9 10.3 Oil 2527% 96106% 9.0 15.0 5.1 63 6.3 NGL 16 23% 1623% 58 84% 5884% Total…
  7. US CAPITAL ADVISORS – Energen Corp. – slide 7
    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 BOE 130 378 368 103 400 315 200 MMB 78 150 300 190 100 200 150 159…
  8. US CAPITAL ADVISORS – Energen Corp. – slide 8
    PERMIAN Legacy Assets Properties Acquired 20092011 OVERVIEW 2012 Acquisition Total net acres: 275,000 6 major acquisitions 2009-11 68 MM Wolfberry acquisition in Feb. 2012 Midland Basin Wolfberry (V) Wolfcamp shale (H) Cline…
  9. US CAPITAL ADVISORS – Energen Corp. – slide 9
    Midland Basin Scurry Dawson Borden Gaines WOLFBERRY PLAY 58,000 net acres Mitchell 32,000 net undeveloped acres Howard Andrews 800 potential locations (40-acre spacing) Martin 665 potential locations (20-acre infill)…
  10. US CAPITAL ADVISORS – Energen Corp. – slide 10
    ERC Wolfberry Producing Zones Martin Co. Glasscock Co. 75 Miles 8,010 6,113 Upper U Spraberry S b 8,523 6,619 Lower Spraberry Wichita-Albany 9,328 Dean 7,525 9,550 7,698 U Upper W lf Wolfcamp 9,879 8,095 10,115 Middle…
  11. US CAPITAL ADVISORS – Energen Corp. – slide 11
    Vertical Wolfberry y Type yp Curve 2012 2014 2012-2014 PROGRAM 120 80,000 , EUR: EUR 155 MBOE 70,000 NRI: 75% 100 60,000 Drill & complete cost: Production (BOE) 2.3 MM 80 50,000 BOE/day Product mix: 60 40,000 61%…
  12. US CAPITAL ADVISORS – Energen Corp. – slide 12
    Midland Basin Borden Scurry Gaines Dawson Wolfcamp Play: WOLFBERRY PLAY Blue Outline 58,000 net acres Mitchell 32,000 net undeveloped acres Howard Andrews 800 potential locations (40-acre spacing) Martin 665 potential…
  13. US CAPITAL ADVISORS – Energen Corp. – slide 13
    Midland Basin Gaines Dawson ScurryPlay: Cline Borden Red Outline WOLFBERRY PLAY 58,000 net acres Mitchell 32,000 net undeveloped acres Howard Andrews 800 potential locations (40-acre spacing) Martin 665 potential locations…
  14. US CAPITAL ADVISORS – Energen Corp. – slide 14
    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 p 170 27,000 9,050 Penn Shale 9,450 Cline 495…
  15. US CAPITAL ADVISORS – Energen Corp. – slide 15
    Delaware Basin 3rd BONE SPRING (focus area) 30,000 net acres 12,800 net undeveloped acres 80 potential locations (160-acre spacing) 3rd BONE SPRING (basin-wide) 82,500 net acres 64,000 6 net undeveloped d l d acres 400…
  16. US CAPITAL ADVISORS – Energen Corp. – slide 16
    7 550 7,550 Top p of Bone Spring p g Upper Avalon Shale Delaware e a a e Basin as Strata St ata 7,875 Avalon Carbonate Lower Avalon Shale 8,050 1st Bone Spring Carbonate 8 450 8,450 p of Delaware Mtn. Group Top p…
  17. US CAPITAL ADVISORS – Energen Corp. – slide 17
    EAST OF RIVER 3rd Bone o e Spring Sp g Type ype Curve Cu e PROGRAM 700 350 EUR: EUR 475 MBOE NRI: 75% 600 300 Cost to drill & complete: Cumulative Prroduction (MBOE) 500 250 6.9 MM Product mix: BOE/day 400 200 66%…
  18. US CAPITAL ADVISORS – Energen Corp. – slide 18
    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:…
  19. US CAPITAL ADVISORS – Energen Corp. – slide 19
    NIOBRARA Long-term o g e Op Optionality o a y SHALE HBP Gas phase 58,500 net undeveloped acres 854 Bcfe of possible reserves booked Oil phase 81,466 net undeveloped acres 51.5 MMBOE of possible reserves booked 19
  20. US CAPITAL ADVISORS – Energen Corp. – slide 20
    Consolidated ATCF Guidance ASSUMPTIONS Production: 24.5 MMBOE 1,000 1 000 795 Unhedged price 824 assumptions: 3.00 gas, 900 95 oil, 0.90 NGL 800 697 696 Est. Est expenses/BOE: 700 576 LOE: 9.30 600 MM Prod. Taxes 2.35…
  21. US CAPITAL ADVISORS – Energen Corp. – slide 21
    Hedging Minimizes Price Risk 2012 68% of 2012(e) production hedged Hedged Estimated Hedge NYMEXe Volumes Production % Price 2012(e) cash costs: 15/BOE Oil 6.9 MMBO 9.0 MMBO 77% 88.95 2012 (e) net income break-even: NGL 58.5 MMgal…
  22. US CAPITAL ADVISORS – Energen Corp. – slide 22
    Utility Operations Single-state utility 425,000 customers Birmingham Allowed ROE: 13.15-13.65% 3 5 3 5 Forward-looking test year Temperature adjustment Montgomery RY ROE(%) RY RO (%) 2007 007 2008 008 2009 009 2010 0 0…
  23. US CAPITAL ADVISORS – 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% 0.54 0 56 0.56 0.60 ERC may make small 0.46 0.48 0.50 0.52 payout contribution 0.40…
  24. US CAPITAL ADVISORS – Energen Corp. – slide 24
    Energen: In Summary q Liquids-focused Significant Hedges Strong Cash Flows Undervalued Permian Player Proven P Track T k Record R d 24
  25. US CAPITAL ADVISORS – Energen Corp. – slide 25
    For More Information Julie S. Ryland y Vice President Investor Relations 205-326-8421 53 4 jrylandenergen.com www.energen.com g 26

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