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Morgan Stanley Conference – Energen Corp.

Energen Corp. · Dec 2, 2015 · 35 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. Morgan Stanley Conference – Energen Corp. – slide 1
    New York Morgan Stanley December 2-3, 2015
  2. Morgan Stanley Conference – Energen Corp. – slide 2
    Highquality,oilfocused,domesticassetbasein Midland,Delaware,andSanJuanbasins 6,200unrisked,engineered,netdrillinglocations AdditionalpotentialfromMiddleSpraberryand otherformationsinMidlandBasin…
  3. Morgan Stanley Conference – Energen Corp. – slide 3
    PROVED RESERVES AT YE14 Exchange:Ticker NYSE:EGN (mboe) SharesOutstanding: 78.8MM MarketCap(11.27.15): 4.7B CO YE2014Debt: 1.0B YE2015eDebt: 740MM 2 Farmington YE2014Debt/EBITDAX: 1.2x YE2015eDebt/EBITDAX: 1.01.1x NM Birmingham…
  4. Morgan Stanley Conference – Energen Corp. – slide 4
    CAPITALINVESTMENT: 1.1 B MidlandBasin: 810 MM Midland Basin DelawareBasin: 135 MM 98gross(97 net)developmentwells;stacked, multiwellpads SanJuan/Other: 60 MM 20gross(20net)Wolfcamp,Spraberry CBP/OtherPermian: 6 MM appraisalwells…
  5. Morgan Stanley Conference – Energen Corp. – slide 5
    2011 (mmboe) 11.8 2012 2013 2014 2015eMidpoint 7.4 7.7 5.8 5.4 5.1 5.0 4.7 4.8 4.4 4.1 3.5 3.6 2.9 2.3 1.6 1.7 1.7 1.8 1.9 2.1 1.7 0.6 1.2 MidlandBasin DelawareBasin CentralBasinPlatform SanJuanBasin/Other*…
  6. Morgan Stanley Conference – Energen Corp. – slide 6
    ESTIMATED 5-YEAR CAGR: 23.5% SEQUENTIAL GROWTH IN 2015 (mmboe) (mmboe) 22.7 6.2 5.8 5.9 0.5 4.0 0.5 19.1 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 5.7 5.3 5.4 7.9 1.4 10.3 4.6 4.5 1.1 8.7 6.3 5.1 3.9…
  7. Morgan Stanley Conference – Energen Corp. – slide 7
    P2, P3, CONTINGENT AT YE14 PROVED RESERVES AT YE14 (mmboe) 2,967 mmboe 71% Proved Developed 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 33%…
  8. Morgan Stanley Conference – Energen Corp. – slide 8
    4Q15 Hedges 2016 Hedges Hedge%atEst. Hedged Average Hedged Production AveragePrice Volumes Price Volumes Midpoint Oil 1.1MMBO 63.80 Oil 3.5 MMBO 91% 78.28 Gas 7.0Bcf 97% 4.25 Note:Knownactualsincluded 4Q15 Midland to Cushing…
  9. Morgan Stanley Conference – Energen Corp. – slide 9
    2015 Development Program Dawson Bordon 98gross(97net)wells InGlasscockCounty: 50grosswells:WCA/WCBstacked Howard o Laterallengths:6,700&7,500 Martin o D&Ccosts:5.66.0MM,and trendingdown Includes0.2MMofwell…
  10. Morgan Stanley Conference – Energen Corp. – slide 10
    CumulativeResults:75gross(74net)wellstestedsinceprograminceptionin2104 Averagepeak24hourIPrate: 959boepd(80%oil) Averagepeak30dayavg.rate: 733boepd(71%oil) 3Q15Results:18gross(18net)wellstested Averagepeak24hourIPrate:…
  11. Morgan Stanley Conference – Energen Corp. – slide 11
    WOLFCAMP A/B WELL RESULTS COMPARED TO NORMALIZED 7,000 TYPE CURVE 10,000 NormalizedGrossProductionRate(boepd) 1,000 Productionnormalizedfor7,000 100 lateralandoperationaldowntime Actualwelllaterallengthswillvary…
  12. Morgan Stanley Conference – Energen Corp. – slide 12
    2015 Midland Basin Dawson Bordon Appraisal Program 12gross(12net)Spraberrywells Howard Martin Glasscock,Martin,Midland, andHowardcounties 8gross(8net)Wolfcampwells Midland Glasscock,Martin,andMidland Glasscock counties…
  13. Morgan Stanley Conference – Energen Corp. – slide 13
    Martin County Germania/Greenwood Limestone 3 1 Martin County 2 Midland County (1) Dickenson SN 20-17 03 503H (2) Dickenson SN 20-17 03 603H (3) Jones Holton 601H Peak24hourIP(3stream): Peak24hourIP(3stream):…
  14. Morgan Stanley Conference – Energen Corp. – slide 14
    Fivestones Complex Glasscock County Reagan County Cole Ranch 35 107H Cole Ranch 35 207H Cole Ranch 35307H Peak24hourIP(3stream): Peak24hourIP(3stream): Peak24hourIP(3stream): 1,385boepd(74%oil) 1,651boepd(65%oil)…
  15. Morgan Stanley Conference – Energen Corp. – slide 15
    NORTHERN MIDLAND BASIN RESULTS COMPARED TO POTENTIAL RANGE OF OUTCOMES 120 Cumulativeproductionrepresentsonlytheoilportionofthe3stream 110 productiontypecurves Dailyproductionnormalizedforoperationaldowntime…
  16. Morgan Stanley Conference – Energen Corp. – slide 16
    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…
  17. Morgan Stanley Conference – Energen Corp. – slide 17
    2015 Delaware Basin New Mexico Appraisal Program Texas 8gross(8net)Wolfcampwells Loving Winkler Reeves,Ward,Midland,and Howardcounties D&Ccosts,4,400laterals Singlewell:7.48.5MM, including0.2MMof wellspecificfacilitiescosts…
  18. Morgan Stanley Conference – Energen Corp. – slide 18
    Falcon State 28-36 1H Haley Ranch Peak24hourIP(3stream): 1,049boepd(74%oil) Peak30dayavg(3stream): Winkler County 818boepd(75%oil) Loving County Completedlaterallength: 4,389 Target:WolfcampA 19
  19. Morgan Stanley Conference – Energen Corp. – slide 19
    2,898 POTENTIAL WOLFCAMP LOCATIONS, TIERS 1 & 2 7,500 Delaware MountainGroup BoneSpring PotentialWells* NetAcres 10,500 869 95,466 703 92,435 WolfcampA 612 82,366 714 82,366 11,900 WolfcampB Pennsylvanian Wolfcamp C…
  20. Morgan Stanley Conference – Energen Corp. – slide 20
    91,053netacres 565potentialnetlocations,unrisked (singletarget,engineeredlocations) 1,320footspacing DryGasPhase 4,400laterallengths Colorado New Mexico ReturnscouldcompetewithWolfcamp A&BinMidlandBasin…
  21. Morgan Stanley Conference – Energen Corp. – slide 21
    Oilfocused SuccessfulWolfcampA&Bdevelopment programinGlasscockCounty,expandednorth in2H15toMartinCounty,wheredevelopment includesLowerSpraberry andWolfcampA&B Large,unriskeddrillinginventory Wolfcamp,LowerSpraberry,andCline…
  22. Morgan Stanley Conference – Energen Corp. – slide 22
    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 WolfcampA WolfcampB WolfcampC Cline Net Net Net…
  23. Morgan Stanley Conference – Energen Corp. – slide 23
    WOLFCAMP SHALE POTENTIAL BY TIER & COUNTY (unrisked, 880-foot spacing, 4,400 lateral lengths, engineered locations, 12.31.14) WolfcampA WolfcampB WolfcampBC WolfcampC Net Net Net Net NetAcres NetAcres NetAcres NetAcres Locations…
  24. Morgan Stanley Conference – Energen Corp. – slide 24
    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…
  25. Morgan Stanley Conference – Energen Corp. – slide 25
    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…
  26. Morgan Stanley 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) JonesHolton 101H Martin WCA 6,675 27 1,171 842 190 836 843 630…
  27. Morgan Stanley 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) Campbell501H Martin LSB 6,628 31 1,007 857 87 375 897 727 99…
  28. Morgan Stanley Conference – 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) Wilbanks SN1615501H Martin LSB 6,628 31 946 737 136 442 831 648…
  29. Morgan Stanley Conference – Energen Corp. – slide 29
    GLASSCOCK COUNTY WOLFCAMP A/B TYPE CURVE NORMALIZED TO 7,000 (UNRISKED) 1,000 NormalizedGrossProductionRate(boepd) 100 RyderScottEURsforWolfcampA/Bwellsin GlasscockCo.,MidlandBasin 850MBOEfor7,500lateral…
  30. Morgan Stanley 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) University28211H Winkler A 4,121 16 969 720 137 672 653 482 94…
  31. Morgan Stanley 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) University16171H Ward B 4,808 20 1,896 1,483 214 1,191 1,081 797…
  32. Morgan Stanley Conference – 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) University4211 Winkler A 4,242 20 1,412 1,135 145 791 951 754…
  33. Morgan Stanley Conference – Energen Corp. – slide 33
    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…
  34. Morgan Stanley Conference – Energen Corp. – slide 34
    Expenses (Pro Forma, Continuing Operations) * 4Q15e CY15e Lease operatingexpenses(perBOE) 9.7510.15 9.5010 Production&advaloremtaxes(%ofrevenues,excluding hedges) 7.8% DD&Aexpense(perBOE) 23.7524.25 24.5525.60…
  35. Morgan Stanley Conference – Energen Corp. – slide 35
    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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