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EnerCom The Oil and Gas Conference 2015 – Energen Corp.

Energen Corp. · Aug 18, 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. EnerCom The Oil and Gas Conference 2015 – Energen Corp. – slide 1
    EnerCom August 17-18, 2015
  2. EnerCom The Oil and Gas Conference 2015 – Energen Corp. – slide 2
    High-quality, oil-focused, domestic asset base in Permian and San Juan basins Permian position prospective for Wolfcamp, Lower Spraberry, and Cline shales, with additional potential in other horizontal plays Currently appraising…
  3. EnerCom The Oil and Gas Conference 2015 – Energen Corp. – slide 3
    PROVED RESERVES AT YE14 Exchange: Ticker NYSE: EGN (mboe) Shares Outstanding: 78.8 MM Market Cap (08.06.15): 4.2 B CO YE2014 Debt: 1.0 B YE2015e Debt: 0.8 B 2 Farmington YE2014 Debt/EBITDAX: 1.2x YE2015e Debt/EBITDAX: 1.1x NM…
  4. EnerCom The Oil and Gas Conference 2015 – Energen Corp. – slide 4
    CAPITAL INVESTMENT: 1.1 B Midland Basin: 810 MM Midland Basin Delaware Basin: 143 MM 100 gross (94 net) wells development wells in Glasscock, Midland counties multi-well pads San Juan /Other: 63 MM 20 gross (20 net) Wolfcamp,…
  5. EnerCom The Oil and Gas Conference 2015 – Energen Corp. – slide 5
    2011 (mmboe) 11.8 2012 2013 2014 2015e Midpoint 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 Midland Basin Delaware Basin Central Basin Platform San Juan Basin/Other*…
  6. EnerCom The Oil and Gas Conference 2015 – 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. EnerCom The Oil and Gas Conference 2015 – 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% San Juan 73 Basin 303 54 56 63 17% Delaware 41 258 Basin 30 Midland 48% 130 103 155 181 Basin 165 78…
  8. EnerCom The Oil and Gas Conference 2015 – Energen Corp. – slide 8
    78% of 2H15e production midpoint (excluding San Juan divestiture) hedged 2H15 Hedges 2016 Hedges Hedge % at Est. Hedged Average Hedged Production Average Price Volumes Price Volumes Midpoint Oil 1.1 MMBO 63.80 Oil 7.0 MMBO 93%…
  9. EnerCom The Oil and Gas Conference 2015 – Energen Corp. – slide 9
    2015 Development Program Dawson Bordon 100 gross (94 net) wells In Glasscock County: 57 gross wells: WCA/WCB stacked o Lateral lengths: 6,700 & 7,500 o Economics Howard At flat 60/bbl oil, 22.20/bbl Martin NGL, and 4/Mcf gas:…
  10. EnerCom The Oil and Gas Conference 2015 – Energen Corp. – slide 10
    Cumulative Results: 57 gross (56 net) wells tested Average peak 24-hour IP rate: 930 boepd (81% oil) Average peak 30-day avg. rate: 742 boepd (74% oil) 2Q15 Results: 8 gross (8 net) wells tested Average peak 24-hour IP rate: 1,076…
  11. EnerCom The Oil and Gas Conference 2015 – Energen Corp. – slide 11
    WOLFCAMP A/B WELL RESULTS COMPARED TO NORMALIZED 7,000 TYPE CURVE 10,000 Normalized Gross Production Rate (boepd) 1,000 100 Production normalized for 7,000 lateral and operational downtime Actual well lateral lengths will…
  12. EnerCom The Oil and Gas Conference 2015 – Energen Corp. – slide 12
    2015 Midland Basin Dawson Bordon Appraisal Program 12 gross (12net) Spraberry wells Howard Glasscock, Martin, Midland, Martin and Howard counties 8 gross (8 net) Wolfcamp wells Midland Glasscock, Martin, and Midland Glasscock…
  13. EnerCom The Oil and Gas Conference 2015 – Energen Corp. – slide 13
    Dawson Borden 3 Howard Martin Martin Midland 1 2 (3) Smith 48-37 501H Peak 24-hour IP (3 stream): (1) L.B. Epley NS 39-46 501H 1,067 boepd (78% oil) Peak 24-hour IP (3 stream): Peak 30-day avg (3 stream): 652…
  14. EnerCom The Oil and Gas Conference 2015 – Energen Corp. – slide 14
    NORTHERN MIDLAND BASIN RESULTS COMPARED TO POTENTIAL RANGE OF OUTCOMES 100 Cumulative production represents only the oil portion of the 3-stream 90 production type curves Cumulative Oil Production (MBO) 80 Daily production…
  15. EnerCom The Oil and Gas Conference 2015 – Energen Corp. – slide 15
    2,803 NET, UNRISKED LOCATIONS WOLFCAMP, LOWER SPRABERRY SHALE, CLINE Potential Wells* Martin Co. Glasscock Co. 4,400 6,700 7,500 Upper Spraberry 6,050 7,900 6,250 8,150 Middle Spraberry 8,400 6,625 Lower Spraberry 8,750 Lower…
  16. EnerCom The Oil and Gas Conference 2015 – Energen Corp. – slide 16
    2015 Delaware Basin New Mexico Appraisal Program Texas 8 gross (8 net) Wolfcamp wells Winkler Loving Reeves, Ward, Midland, and Howard counties 7 wells drilled and completed Last well currently being completed Ward Reeves…
  17. EnerCom The Oil and Gas Conference 2015 – Energen Corp. – slide 17
    (4) Spectre St. 54-4 1H Winkler Peak 24-hour IP (3 stream): Ward 885 boepd (63% oil)* Peak 30-day avg (3 stream) 733 boepd (63% oil)* Target Bench: Wolfcamp B (5) Piper St. 54-14 1H 6 Peak 24-hour IP (3 stream): 1,498 boepd (56%…
  18. EnerCom The Oil and Gas Conference 2015 – Energen Corp. – slide 18
    2,898 POTENTIAL WOLFCAMP LOCATIONS, TIERS 1 & 2 7,500 Delaware Mountain Group Bone Spring Potential Wells* Net Acres 10,500 869 113,297 703 110,266 Wolfcamp A 612 100,197 714 100,197 11,900 Wolfcamp B Pennsylvanian…
  19. EnerCom The Oil and Gas Conference 2015 – Energen Corp. – slide 19
    91,053 net acres 565 potential net locations, unrisked (single target, engineered locations) 1,320-foot spacing Dry Gas Phase 4,400 lateral lengths Colorado New Mexico Returns could compete with Wolfcamp A & B in Midland Basin…
  20. EnerCom The Oil and Gas Conference 2015 – Energen Corp. – slide 20
    Oil focused Successful Wolfcamp A & B development program in Glasscock County, expanding north in 2H15 to Martin Co., where development will include Lower Spraberry and Wolfcamp A&B Large, unrisked drilling inventory Wolfcamp,…
  21. EnerCom The Oil and Gas Conference 2015 – 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. EnerCom The Oil and Gas Conference 2015 – 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 Net Acres Net Acres Net Acres Net Acres…
  23. EnerCom The Oil and Gas Conference 2015 – 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 Net Locations Net Acres Southwest 125 20,154 South Central 53 8,609 Southeast/Jicarilla…
  24. EnerCom The Oil and Gas Conference 2015 – 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) Lavaca 38 101H Glasscock A 4,132 17 861 519 192 898 699 417 159…
  25. EnerCom The Oil and Gas Conference 2015 – 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) Jones Holton 101H Martin WC A 6,675 27 1,171 842 190 836 843…
  26. EnerCom The Oil and Gas Conference 2015 – 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) Campbell 501H Martin LSB 6,628 31 1,007 857 87 375 897 727 99…
  27. EnerCom The Oil and Gas Conference 2015 – 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 SN 16-15 501H Martin LSB 6,628 31 946 737 136 442 831…
  28. EnerCom The Oil and Gas Conference 2015 – Energen Corp. – slide 28
    GLASSCOCK COUNTY WOLFCAMP A/B TYPE CURVE NORMALIZED TO 7,000 (UNRISKED) 1,000 Normalized Gross Production Rate (boepd) 100 EURs for Wolfcamp A/B development wells in Glasscock Co., Midland Basin 850 MBOE for 7,500 lateral 770…
  29. EnerCom The Oil and Gas Conference 2015 – 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) University 28-21 1H Winkler A 4,121 16 969 720 137 672 653 482…
  30. EnerCom The Oil and Gas Conference 2015 – 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) University 16-17 1H Ward B 4,808 20 1,896 1,483 214 1,191 1,081…
  31. EnerCom The Oil and Gas Conference 2015 – 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) University 4-21 1 Winkler A 4,242 20 1,412 1,135 145 791 951 754…
  32. EnerCom The Oil and Gas Conference 2015 – Energen Corp. – slide 32
    County WC A WC B WC C Spraberry Notes Glasscock 1 2 1 3 3 w/ 10,000 laterals Martin 2 0 0 7 Midland 1 1 0 1 Howard 0 0 0 1 TOTAL MIDLAND 4 3 1 12 Tier WC A WC B WC BC WC C Notes Tier 1 2 4 0 0 Tier 2 1 1 0 0 1 w/ 7,500 lateral TOTAL…
  33. EnerCom The Oil and Gas Conference 2015 – Energen Corp. – slide 33
    Expenses (Pro Forma, Continuing Operations) * 3Q15e CY15e Lease operating expenses (per BOE) 10.00-10.65 9.25-10.85 Production & ad valorem taxes (% of revenues, excluding hedges) 7.8% DD&A expense (per BOE) 24.50-25.50 24.30-25.80…
  34. EnerCom The Oil and Gas Conference 2015 – 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% 5-Year 10-Year 20-Year Delaware Basin Midland…

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