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WUNDERLICH SECURITIES – Energen Corp.

Energen Corp. · May 18, 2015 · 39 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. WUNDERLICH SECURITIES – Energen Corp. – slide 1
    Wunderlich Securities May 18-20, 2015
  2. WUNDERLICH SECURITIES – Energen Corp. – slide 2
    HighqualitydomesticassetbaseinPermian andSanJuanbasins Wolfcamp andLowerSpraberry development andappraisalprogramsinPermianBasin AppraisingMancosformationoilpotentialin SanJuanBasinin2H15 3Preservesandcontingentresourcesinexcess…
  3. WUNDERLICH SECURITIES – Energen Corp. – slide 3
    PROVED RESERVES AT YE14 (MBOE) NYSE:EGN SharesOutstanding: 73.0MM MarketCap(05.08.15): 4.9B CO YE2014Debt: 1.0B YE2015eDebt: 1.0B 2 Farmington YE2014Debt/EBITDAX: 1.2x YE2015eDebt/EBITDAX: 1.6x NM Birmingham PV10PretaxatYE2014:…
  4. WUNDERLICH SECURITIES – Energen Corp. – slide 4
    CAPITALINVESTMENT: 1.0 B MidlandBasin: 695MM Midland Basin DelawareBasin: 160MM 58operatedrigs(2H,1Vrun1H15) SanJuan/Other: 64 MM 108gross(104net)wells,operated CBP/Other: 10 MM NetCarry: 21 MM Miscellaneous 50 MM Delaware Basin…
  5. WUNDERLICH SECURITIES – Energen Corp. – slide 5
    2011 (mmboe) 11.7 2012 2013 2014 2015eMidpoint 7.4 7.6 5.8 5.1 5.0 5.0 4.7 4.8 4.4 4.1 3.5 3.5 2.9 2.3 2.0 1.6 1.7 1.7 1.8 2.1 1.6 0.6 1.2 MidlandBasin DelawareBasin CentralBasinPlatform SanJuanBasin/Other*…
  6. WUNDERLICH SECURITIES – Energen Corp. – slide 6
    ESTIMATED 5-YEAR CAGR: 23% SEQUENTIAL GROWTH IN 2015 (mmboe) (mmboe) 22.2 6.0 5.9 3.7 5.4 0.5 0.5 19.1 5.1 4.9 0.4 3.4 0.5 0.4 15.9 2.6 12.9 1.8 14.3 9.5 11.8 5.4 5.5 7.9 1.4 5.0 10.3 4.6 4.5 1.1 8.7 6.3 5.1 3.9 4.2…
  7. WUNDERLICH SECURITIES – Energen Corp. – slide 7
    P2, P3, CONTINGENT AT YE14 PROVED RESERVES AT YE14 (mmboe) 2,967 mmboe 1-Year Drillbit F&D of 14/BOE 373 CBP 346 348 343 2% SanJuan 73 Basin 303 54 56 63 17% Delaware 41 258 Basin 30 Midland 48% 130 103 155 181 Basin 165 78…
  8. WUNDERLICH SECURITIES – Energen Corp. – slide 8
    55%ofROY15eproductionmidpoint(excluding1Q15SanJuandivestiture)hedged ROY 2015 Hedges ROY 2015 Pricing Assumptions Hedge%atEst. Hedged Average Unhedgedcommodityvolumes: Production Volumes Price Midpoint…
  9. WUNDERLICH SECURITIES – Energen Corp. – slide 9
    2015 Development Program Dawson Bordon 83gross(80net)newdrills GlasscockCounty: 45grossWCA/WCBstacked o Laterals:6,700&7,500 Howard Martin Mitchell o Economics Atflat60/barreland 4/Mcf,IRRs40%50%; Midland PV1056MM Glasscock…
  10. WUNDERLICH SECURITIES – Energen Corp. – slide 10
    WOLFCAMP A/B WELL RESULTS COMPARED TO NORMALIZED 7,000 TYPE CURVE 10,000 NormalizedGrossProductionRate(boepd) 1,000 100 Productionnormalizedfor7,000 lateralandoperationaldowntime Day0=PeakDay 10 0 30 60 90 120 150 180…
  11. WUNDERLICH SECURITIES – Energen Corp. – slide 11
    Campbell 501H Dawson Bordon Peak24hourIP(3stream): Jones Holton 101H 1,007boepd (85%oil) Jones Holton 201H Smith SN 4837 101H Jones Holton 401H Peak30dayAvg (3stream): Wilbanks SN 1615 101H 897boepd (81%oil) Howard Wilbanks SN…
  12. WUNDERLICH SECURITIES – Energen Corp. – slide 12
    MARTIN COUNTY WELL RESULTS COMPARED TO POTENTIAL RANGE OF OUTCOMES AT 60 OIL 100 Cumulativeproductionrepresentsonlytheoilportionofthe3stream 90 productiontypecurves CumulativeOilProduction(MBO) 80…
  13. WUNDERLICH SECURITIES – Energen Corp. – slide 13
    Campbell 101H Dawson Bordon Peak24hourIP(3stream): Jones Holton 101H 792boepd (89%oil) Jones Holton 201H Smith SN 4837 101H Jones Holton 401H Peak30dayAvg (3stream): Wilbanks SN 1615 101H 635boepd (85%oil) CompletedLat.Length: 6,725…
  14. WUNDERLICH SECURITIES – Energen Corp. – slide 14
    2,803 NET, UNRISKED LOCATIONS WOLFCAMP, LOWER SPRABERRY SHALE, CLINE PotentialWells* Martin Co. Glasscock Co. 4,400 6,700 7,500 UpperSpraberry 6,050 7,900 6,250 8,150 MiddleSpraberry 8,400 6,625 LowerSpraberry 8,750…
  15. WUNDERLICH SECURITIES – Energen Corp. – slide 15
    REFLECT EFFICIENCIES PLUS DRILLING AND SERVICE COST REDUCTIONS MIDLANDBASINDEVELOPMENTWELLS(MM) Current EOYTarget OriginalBudget South North South North Wolfcamp A(7,500'lateral) 6.1 6.3 5.9 6.1 Wolfcamp B(7,500'lateral) 6.3 6.5 6.0…
  16. WUNDERLICH SECURITIES – Energen Corp. – slide 16
    University 4-21 1 New Mexico Peak24hourIP(3stream): Texas 1,412boepd (80%oil) Peak30dayAvg (3stream): 951boepd (79%oil) Winkler CompletedLat.Length: 4,242 Loving TargetBench:Wolfcamp A Frac Stages: 20 Winchester 5710 1H University…
  17. WUNDERLICH SECURITIES – Energen Corp. – slide 17
    Enterprise C19-5 2H New Mexico Peak24hourIP(3stream): Texas 754boepd (32%oil) Peak20dayAvg (3stream): 609boepd (22%oil) Winkler CompletedLat.Length: 4,648 Loving TargetBench:Wolfcamp A Frac Stages: 22 Winchester 5710 1H University…
  18. WUNDERLICH SECURITIES – Energen Corp. – slide 18
    2,898 POTENTIAL WOLFCAMP LOCATIONS, TIERS 1 & 2 7,500 Delaware MountainGroup BoneSpring PotentialWells* NetAcres 10,500 869 113,297 703 110,266 Wolfcamp A 612 100,197 714 100,197 11,900 Wolfcamp B Pennsylvanian Wolfcamp…
  19. WUNDERLICH SECURITIES – Energen Corp. – slide 19
    REFLECT EFFICIENCIES PLUS DRILLING AND SERVICE COST REDUCTIONS DELAWAREBASINAPPRAISALWELLS(MM) Paddrilling SingleWell Current OriginalBudget Development PadTarget WellTarget Wolfcamp A&B(4,500'West) 8.3 8.1 7.0 Wolfcamp…
  20. WUNDERLICH SECURITIES – Energen Corp. – slide 20
    91,053netacres 565potentialnetlocations, unrisked (singletarget, engineeredlocations) DryGasPhase Colorado 1,320footspacing New Mexico 4,400laterallengths Returnscouldcompetewith Wolfcamp A&BinMidlandBasin Farmington…
  21. WUNDERLICH SECURITIES – Energen Corp. – slide 21
    REFLECT EFFICIENCIES PLUS DRILLING AND SERVICE COST REDUCTIONS SANJUANBASINAPPRAISALWELLS(MM) Current OriginalBudget Mancos(4,500'SouthCentral) 5.1 6.5 Mancos(4,500'EastandWest) 5.5 NOTES:…
  22. WUNDERLICH SECURITIES – Energen Corp. – slide 22
    Oilfocused SuccessfulWolfcamp A&Bdevelopment programinMidlandBasin,expandingto LowerSpraberry/Wolfcamp A&B Large,unrisked drillinginventory Wolfcamp,LowerSpraberry,and Clineshales inPermian MancosoilformationinSanJuan…
  23. WUNDERLICH SECURITIES – Energen Corp. – slide 23
    WOLFCAMP SHALE, LOWER SPRABERRY SHALE, CLINE SHALE POTENTIAL BY COUNTY (unrisked, 660-foot spacing, 4,400/6,700/7,500 lateral lengths, engineered locations) Lower Spraberry Wolfcamp A Wolfcamp B Wolfcamp C Cline Net Net Net Net Net…
  24. WUNDERLICH SECURITIES – Energen Corp. – slide 24
    WOLFCAMP SHALE POTENTIAL BY TIER & COUNTY (unrisked, 880-foot spacing, 4,400 lateral lengths, engineered locations) Wolfcamp A Wolfcamp B Wolfcamp BC Wolfcamp C Net Net Net Net NetAcres NetAcres NetAcres NetAcres Locations Locations…
  25. WUNDERLICH SECURITIES – Energen Corp. – slide 25
    MANCOS FORMATION POTENTIAL BY COUNTY (unrisked, 1,320-foot spacing, 4,400 lateral lengths, engineered locations) Mancos Formation NetLocations NetAcres Southwest 125 20,154 South Central 53 8,609 Southeast/Jicarilla 387 62,290…
  26. WUNDERLICH SECURITIES – Energen Corp. – slide 26
    Peak 24-Hour IP Peak 30-day Average Completed Frac Well County Zone Lateral Stages Oil NGL Gas Oil NGL Gas Length Boepd Boepd (Bopd) (Bpd) (Mcfd) (Bopd) (Bpd) (Mcfd) Lavaca38101H Glasscock A 4,132 17 861 519 192 898 699 417 159…
  27. WUNDERLICH SECURITIES – Energen Corp. – slide 27
    Com- Peak 24-Hour IP Peak 30-day Average pleted Frac Well County Zone Lateral Stages Oil NGL Gas Oil NGL Gas Boepd Boepd Length (Bopd) (Bpd) (Mcfd) (Bopd) (Bpd) (Mcfd) JonesHolton 101H Martin WCA 6,675 27 1,171 842 190 836 843 630…
  28. WUNDERLICH SECURITIES – Energen Corp. – slide 28
    Com- Peak 24-Hour IP Peak 30-day Average pleted Frac Well County Zone Lateral Stages Oil NGL Gas Oil NGL Gas Boepd Boepd Length (Bopd) (Bpd) (Mcfd) (Bopd) (Bpd) (Mcfd) Campbell501H Martin LSB 6,628 31 1,007 857 87 375 897 727 99…
  29. WUNDERLICH SECURITIES – Energen Corp. – slide 29
    Com- Peak 24-Hour IP Peak 30-day Average pleted Frac Well County Zone Lateral Stages Oil NGL Gas Oil NGL Gas Boepd Boepd Length (Bopd) (Bpd) (Mcfd) (Bopd) (Bpd) (Mcfd) Wilbanks SN1615501H Martin LSB 6,628 31 946 737 136 442 831 648…
  30. WUNDERLICH SECURITIES – Energen Corp. – slide 30
    CumulativeResults:49gross(48net)wellstested Averagepeak24hourIPrate: 906boepd (81%oil) Averagepeak30dayavg.rate: 723boepd (75%oil) 1Q15Results:22gross(22net)wellstested Averagepeak24hourIPrate: 825boepd (88%oil)…
  31. WUNDERLICH SECURITIES – Energen Corp. – slide 31
    GLASSCOCK COUNTY WOLFCAMP A/B TYPE CURVE NORMALIZED TO 7,000 (UNRISKED) 1,000 NormalizedGrossProductionRate(boepd) 100 EURsforWolfcamp A/Bdevelopment wellsinGlasscockCo.,MidlandBasin 850MBOEfor7,500lateral…
  32. WUNDERLICH SECURITIES – Energen Corp. – slide 32
    Peak 24-Hour IP Peak 30-day Average Completed Frac Well County Zone Lateral Stages Oil NGL Gas Oil NGL Gas Length Boepd Boepd (Bopd) (Bpd) (Mcfd) (Bopd) (Bpd) (Mcfd) University28211H Winkler A 4,121 16 969 720 137 672 653 482 94…
  33. WUNDERLICH SECURITIES – Energen Corp. – slide 33
    Peak 24-Hour IP Peak 30-day Average Completed Frac Well County Zone Lateral Stages Oil NGL Gas Oil NGL Gas Length Boepd Boepd (Bopd) (Bpd) (Mcfd) (Bopd) (Bpd) (Mcfd) University16171H Ward B 4,808 20 1,896 1,483 214 1,191 1,081 797…
  34. WUNDERLICH SECURITIES – Energen Corp. – slide 34
    Peak 24-Hour IP Peak 30-day Average Completed Frac Well County Zone Lateral Stages Oil NGL Gas Oil NGL Gas Length Boepd Boepd (Bopd) (Bpd) (Mcfd) (Bopd) (Bpd) (Mcfd) University4211 Winkler A 4,242 20 1,412 1,135 145 791 951 754…
  35. WUNDERLICH SECURITIES – Energen Corp. – slide 35
    Peak 24-Hour IP Peak 20-day Average Completed Frac Well Area Lateral Stages Oil NGL Gas Oil NGL Gas Length Boepd Boepd (Bopd) (Bpd) (Mcfd) (Bopd) (Bpd) (Mcfd) South Chaco230809A145H 4,500 14 1,155 717 225 1,275 752 466 147 829…
  36. WUNDERLICH SECURITIES – Energen Corp. – slide 36
    County WC A WC B WC C Spraberry Notes Glasscock 1 2 1 1 3w/10,000laterals Martin 2 0 0 4 Midland 1 1 0 1 Howard 0 0 0 1 TOTALMIDLAND 4 3 1 7 Tier WC A WC B WC BC WC C Notes Tier1 2 4 0 0 Tier 2 1 1 0 0 1w/7,500lateral TOTAL DELAWARE 2…
  37. WUNDERLICH SECURITIES – Energen Corp. – slide 37
    Expenses (Pro Forma, Continuing Operations) * 2Q15e CY15e Lease operatingexpenses(perBOE) 10.1510.95 10.1510.95 Production&advaloremtaxes(%ofrevenues,excluding hedges) 8.8% DD&Aexpense(perBOE) 24.6026.10 23.5025.75…
  38. WUNDERLICH SECURITIES – Energen Corp. – slide 38
    PDP DECLINE RATES (CAGR) OVER TIME; BASED ON CY14 PDP RESERVES (PRO FORMA SAN JUAN DIVESTITURE) 21.0 18.0 15.5 16.0 13.0 12.0 10.0 12.5 9.5 10.0 10.0 9.5 8.5 8.7 5Year 10Year 20Year DelawareBasin MidlandBasin…
  39. WUNDERLICH SECURITIES – Energen Corp. – slide 39
    JulieS.Ryland VicePresident InvestorRelations 2053268421 jrylandenergen.com www.energen.com 40

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