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Tuohy Brothers Conference – Energen Corp.

Energen Corp. · Aug 11, 2015 · 34 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 Conference – Energen Corp. – slide 1
    Tuohy Brothers Conference August 11, 2015
  2. Tuohy Brothers Conference – Energen Corp. – slide 2
    Highquality,oilfocused,domesticassetbasein PermianandSanJuanbasins PermianpositionprospectiveforWolfcamp, LowerSpraberry,andClineshales,withadditional potentialinotherhorizontalplays CurrentlyappraisingoilrichMancosformationin…
  3. Tuohy Brothers Conference – Energen Corp. – slide 3
    PROVED RESERVES AT YE14 Exchange:Ticker NYSE:EGN (mboe) SharesOutstanding: 78.8MM MarketCap(08.06.15): 4.2B CO YE2014Debt: 1.0B YE2015eDebt: 0.8B 2 Farmington YE2014Debt/EBITDAX: 1.2x YE2015eDebt/EBITDAX: 1.1x NM Birmingham…
  4. Tuohy Brothers Conference – Energen Corp. – slide 4
    CAPITALINVESTMENT: 1.1 B MidlandBasin: 810MM Midland Basin DelawareBasin: 143MM 100gross(94 net)wellsdevelopmentwellsin Glasscock,Midlandcounties multiwellpads SanJuan/Other: 63 MM 20gross(20net)Wolfcamp,Spraberry appraisalwells…
  5. Tuohy Brothers Conference – Energen Corp. – slide 5
    2011 (mmboe) 11.8 2012 2013 2014 2015eMidpoint 7.4 7.7 5.8 5.1 5.3 5.0 4.8 4.7 4.4 4.1 3.5 3.6 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. Tuohy Brothers Conference – Energen Corp. – slide 6
    ESTIMATED 5-YEAR CAGR: 23.5% SEQUENTIAL GROWTH IN 2015 (mmboe) (mmboe) 22.7 6.2 5.8 5.8 0.5 4.0 19.1 0.5 0.5 5.1 4.9 3.4 0.5 0.4 15.9 2.6 12.9 1.8 14.3 9.5 11.8 5.5 5.3 5.3 7.9 1.4 10.3 4.6 4.5 1.1 8.7 6.3 5.1 3.9…
  7. Tuohy Brothers Conference – 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. Tuohy Brothers Conference – Energen Corp. – slide 8
    78%of2H15eproductionmidpoint(excludingSanJuandivestiture)hedged 2H15 Hedges 2016 Hedges Hedge%atEst. Hedged Average Hedged Production AveragePrice Volumes Price Volumes Midpoint Oil 1.1MMBO 63.80 Oil 7.0 MMBO 93% 78.24 Gas…
  9. Tuohy Brothers Conference – Energen Corp. – slide 9
    2015 Development Program Dawson Bordon 100gross(94net)wells InGlasscockCounty: 57grosswells:WCA/WCBstacked o Laterallengths:6,700&7,500 o Economics Howard Atflat60/bbl oil,22.20/bbl Martin NGL,and4/Mcf gas:IRRsof…
  10. Tuohy Brothers Conference – Energen Corp. – slide 10
    CumulativeResults:57gross(56net)wellstested Averagepeak24hourIPrate: 930boepd (81%oil) Averagepeak30dayavg.rate: 742boepd (74%oil) 2Q15Results:8gross(8net)wellstested Averagepeak24hourIPrate: 1,076boepd (83%oil)…
  11. Tuohy Brothers Conference – Energen Corp. – slide 11
    WOLFCAMP A/B WELL RESULTS COMPARED TO NORMALIZED 7,000 TYPE CURVE 10,000 NormalizedGrossProductionRate(boepd) 1,000 100 Productionnormalizedfor7,000 lateralandoperationaldowntime Actualwelllaterallengthswillvary…
  12. Tuohy Brothers Conference – Energen Corp. – slide 12
    2015 Midland Basin Dawson Bordon Appraisal Program 12gross(12net)Spraberry wells Howard Glasscock,Martin,Midland, Martin andHowardcounties 8gross(8net)Wolfcamp wells Midland Glasscock,Martin,andMidland Glasscock counties…
  13. Tuohy Brothers Conference – Energen Corp. – slide 13
    Dawson Borden 3 Howard Martin Martin Midland 1 2 (3) Smith 48-37 501H Peak24hourIP(3stream): (1) L.B. Epley NS 39-46 501H 1,067boepd (78%oil) Peak24hourIP(3stream): Peak30dayavg (3stream): 652boepd (82%oil)…
  14. Tuohy Brothers Conference – Energen Corp. – slide 14
    NORTHERN MIDLAND BASIN RESULTS COMPARED TO POTENTIAL RANGE OF OUTCOMES 100 Cumulativeproductionrepresentsonlytheoilportionofthe3stream 90 productiontypecurves CumulativeOilProduction(MBO) 80…
  15. Tuohy Brothers Conference – Energen Corp. – slide 15
    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…
  16. Tuohy Brothers Conference – Energen Corp. – slide 16
    2015 Delaware Basin New Mexico Appraisal Program Texas 8gross(8net)Wolfcamp wells Winkler Loving Reeves,Ward,Midland,and Howardcounties 7wellsdrilledand completed Lastwellcurrentlybeing completed Ward Reeves EGN Tier 1…
  17. Tuohy Brothers Conference – Energen Corp. – slide 17
    (4) Spectre St. 54-4 1H Winkler Peak24hourIP(3stream): Ward 885boepd (63%oil)* Peak30dayavg (3stream) 733boepd (63%oil)* TargetBench: Wolfcamp B (5) Piper St. 54-14 1H 6 Peak24hourIP(3stream): 1,498boepd (56%oil) Peak30dayavg…
  18. Tuohy Brothers Conference – 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. Tuohy Brothers Conference – Energen Corp. – slide 19
    91,053netacres 565potentialnetlocations,unrisked (singletarget,engineeredlocations) 1,320footspacing DryGasPhase 4,400laterallengths Colorado New Mexico ReturnscouldcompetewithWolfcamp A&BinMidlandBasin…
  20. Tuohy Brothers Conference – Energen Corp. – slide 20
    Oilfocused SuccessfulWolfcamp A&Bdevelopment programinGlasscockCounty,expandingnorth in2H15toMartinCo.,wheredevelopment willincludeLowerSpraberry andWolfcamp A&B Large,unrisked drillinginventory Wolfcamp,LowerSpraberry,andCline…
  21. Tuohy Brothers Conference – Energen Corp. – slide 21
    WOLFCAMP SHALE, LOWER SPRABERRY SHALE, CLINE SHALE POTENTIAL BY COUNTY (unrisked, 660-foot spacing, 4,400/6,700/7,500 lateral lengths, engineered locations, 12.31.14) Lower Spraberry Wolfcamp A Wolfcamp B Wolfcamp C Cline Net Net…
  22. Tuohy Brothers Conference – Energen Corp. – slide 22
    WOLFCAMP SHALE POTENTIAL BY TIER & COUNTY (unrisked, 880-foot spacing, 4,400 lateral lengths, engineered locations, 12.31.14) Wolfcamp A Wolfcamp B Wolfcamp BC Wolfcamp C Net Net Net Net NetAcres NetAcres NetAcres NetAcres…
  23. Tuohy Brothers Conference – Energen Corp. – slide 23
    MANCOS FORMATION POTENTIAL BY COUNTY (unrisked, 1,320-foot spacing, 4,400 lateral lengths, engineered locations, 12.31.14) Mancos Formation NetLocations NetAcres Southwest 125 20,154 South Central 53 8,609 Southeast/Jicarilla 387…
  24. Tuohy Brothers Conference – Energen Corp. – slide 24
    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…
  25. Tuohy Brothers Conference – Energen Corp. – slide 25
    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…
  26. Tuohy Brothers Conference – Energen Corp. – slide 26
    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…
  27. Tuohy Brothers Conference – 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) Wilbanks SN1615501H Martin LSB 6,628 31 946 737 136 442 831 648…
  28. Tuohy Brothers Conference – Energen Corp. – slide 28
    GLASSCOCK COUNTY WOLFCAMP A/B TYPE CURVE NORMALIZED TO 7,000 (UNRISKED) 1,000 NormalizedGrossProductionRate(boepd) 100 EURsforWolfcamp A/Bdevelopmentwellsin GlasscockCo.,MidlandBasin 850MBOEfor7,500lateral…
  29. Tuohy Brothers Conference – Energen Corp. – slide 29
    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…
  30. Tuohy Brothers Conference – Energen Corp. – slide 30
    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…
  31. Tuohy Brothers Conference – Energen Corp. – slide 31
    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…
  32. Tuohy Brothers Conference – Energen Corp. – slide 32
    County WC A WC B WC C Spraberry Notes Glasscock 1 2 1 3 3w/10,000laterals Martin 2 0 0 7 Midland 1 1 0 1 Howard 0 0 0 1 TOTALMIDLAND 4 3 1 12 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 3…
  33. Tuohy Brothers Conference – Energen Corp. – slide 33
    Expenses (Pro Forma, Continuing Operations) * 3Q15e CY15e Lease operatingexpenses(perBOE) 10.0010.65 9.2510.85 Production&advaloremtaxes(%ofrevenues,excluding hedges) 7.8% DD&Aexpense(perBOE) 24.5025.50 24.3025.80…
  34. Tuohy Brothers Conference – Energen Corp. – slide 34
    PDP DECLINE RATES (CAGR) OVER TIME; BASED ON CY14 PDP RESERVES (PRO FORMA SAN JUAN DIVESTITURE) 19.4% 14.4% 13.8% 10.6% 10.0% 10.9% 8.3% 8.7% 7.6% 7.4% 6.9% 6.3% 5Year 10Year 20Year DelawareBasin…

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