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SFG ENERGY & RESOURCES CONFERENCE – Energen Corp.

Energen Corp. · May 7, 2012 · 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. SFG ENERGY & RESOURCES CONFERENCE – Energen Corp. – slide 1
    Permian Basin Oil & Liquids Focus SFG Energy & Resources Conference May 7-8, 2012
  2. SFG ENERGY & RESOURCES CONFERENCE – Energen Corp. – slide 2
    Todays Energen Top 20 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. SFG ENERGY & RESOURCES CONFERENCE – Energen Corp. – slide 3
    Areas of Operation Top 20 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. SFG ENERGY & RESOURCES CONFERENCE – Energen Corp. – slide 4
    2012e E&P Capital, Drilling Plans Record Capital Investment (existing Wolfberry Play properties): 950 MM 7-8 rigs 170 net wells Acquisitions, UPLH: 68MM Est. production: 4.1 MMBOE 3rd Bone Spring 4% 15% 5-7 rigs 44% 43 net wells…
  5. SFG ENERGY & RESOURCES CONFERENCE – Energen Corp. – slide 5
    Wolfberry, Bone Spring Drive Growth 11.0 2011 9.6 9.7 2012e 10.0 9.0 8.0 7.0 MMBOE 6.0 4.9 5.0 5.0 4.1 4.0 3.0 3.0 2.7 3.0 2.3 2.0 0.6 1.0 0.0 Wolfberry Bone Spring Central San Juan Other 5
  6. SFG ENERGY & RESOURCES CONFERENCE – Energen Corp. – slide 6
    Liquids Focus Drives Growth Production (MMBOE) 30.0 25.0-27.0 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 25-27% 96-106% 9.0 15.0 5.1 6.3 NGL 16-23% 58-84% Total Liquids 23-26%…
  7. SFG ENERGY & RESOURCES CONFERENCE – 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 MMBOE 130 378 368 103 400 315 200 78 150 300 190 100 200 150 159 160 50…
  8. SFG ENERGY & RESOURCES CONFERENCE – Energen Corp. – slide 8
    Pre-acquisition Producing Properties Recently Acquired Properties PERMIAN 2012 Acquisition OVERVIEW Eastern Shelf yoakum Total net acres: 268,683 Northwest Shelf Midland Basin lea 6 major acquisitions 2009-11 eddy dawson…
  9. SFG ENERGY & RESOURCES CONFERENCE – Energen Corp. – slide 9
    Midland Basin Strata NW SE Upper Lower Platform Carbonates Platform detrital carbonates Limestones Sandy siltstones Shale siltstones Shale 9
  10. SFG ENERGY & RESOURCES CONFERENCE – Energen Corp. – slide 10
    Midland Basin WOLFBERRY PLAY Gaines Dawson Borden 49,000 net acres Andrews Martin Howard 33,000 net undeveloped acres Drilling potential Midland 825 wells on 40-acre spacing Glasscock Additional 675 wells on 20 acres Midland…
  11. SFG ENERGY & RESOURCES CONFERENCE – Energen Corp. – slide 11
    Vertical Wolfberry Type Curve 2012-2014 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%…
  12. SFG ENERGY & RESOURCES CONFERENCE – Energen Corp. – slide 12
    7,550 Top of Bone Spring Delaware Basin Strata Upper Avalon Shale 7,875 Avalon Carbonate Lower Avalon Shale 8,050 1st Bone Spring Western Shelf Central Basin Platform Carbonate 8,450 1st Bone Spring Sands W E 8,900 2nd Bone…
  13. SFG ENERGY & RESOURCES CONFERENCE – Energen Corp. – slide 13
    Delaware Basin 3rd Bone Spring (east of Pecos River) ERC acreage 30,000 net acres/17,300 undeveloped Wolfcamp wells (BHP/ERC) NM 92 potential wells on 160 acre-spacing TX LOVING 3rd Bone Spring (basin-wide) WINKLER 85,000 net…
  14. SFG ENERGY & RESOURCES CONFERENCE – Energen Corp. – slide 14
    3rd Bone Spring Type Curve EAST OF RIVER PROGRAM 700 350 EUR: 475 MBOE NRI: 75% 600 300 Cost to drill & complete: Cumulative Production (MBOE) 500 250 6.9 MM Product mix: BOE/day 400 200 66% oil/18% NGL/16% gas 300…
  15. SFG ENERGY & RESOURCES CONFERENCE – Energen Corp. – slide 15
    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:…
  16. SFG ENERGY & RESOURCES CONFERENCE – Energen Corp. – slide 16
    Consolidated After-tax Cash Flows ASSUMPTIONS Production: 24.5 MMBOE 1,000 795- Unhedged price 824 assumptions: 3.00 gas, 900 95 oil, 1.06 NGL 800 697 696 Est. expenses/BOE: 700 576 LOE: 9.25 600 MM Prod. Taxes 2.40 500…
  17. SFG ENERGY & RESOURCES CONFERENCE – Energen Corp. – slide 17
    HEDGING MINIMIZES PRICE RISK 2012 61% 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% 88.74 2012 (e) net income break-even: NGL 58.5 MMgal…
  18. SFG ENERGY & RESOURCES CONFERENCE – Energen Corp. – slide 18
    UTILITY OPERATIONS Single-state utility 425,000 customers Birmingham Allowed ROE: 13.15-13.65% Forward-looking test year Temperature adjustment Montgomery RY ROE(%) 2007 2008 2009 2010 2011 Allowed 13.15 - 13.65 Earned 13.3 13.1…
  19. SFG ENERGY & RESOURCES CONFERENCE – Energen Corp. – slide 19
    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 ERC may make small 0.46 0.48 0.50 0.52 payout contribution 0.40 0.20 0.00…
  20. SFG ENERGY & RESOURCES CONFERENCE – Energen Corp. – slide 20
    Undervalued Permian Player 9.0 8.0 EV/2013e EBITDA 7.0 7.7 6.8 6.0 5.9 5.8 5.0 Percent 4.9 4.7 4.0 4.1 3.0 2.0 1.0 0.0 AREX CWEI CXO EGN LPI PXD XEC * Source: Bloomberg-calculated current EV and Bloomberg BEst…
  21. SFG ENERGY & RESOURCES CONFERENCE – Energen Corp. – slide 21
    ENERGEN: IN SUMMARY Liquids-focused Significant Hedges Strong Cash Flows Undervalued Permian Player Proven Track Record 21
  22. SFG ENERGY & RESOURCES CONFERENCE – Energen Corp. – slide 22
    FOR MORE INFORMATION Julie S. Ryland Vice President Investor Relations 205-326-8421 jrylandenergen.com www.energen.com 23

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