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Raymond James 37th Annual Institutional Investors Conference – Energen Corp.

Energen Corp. · Mar 8, 2016 · 27 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. Raymond James 37th Annual Institutional Investors Conference – Energen Corp. – slide 1
    Unlocking Value in the Permian Basin March 8, 2016 Raymond James 37th Annual Institutional Investors Conference
  2. Raymond James 37th Annual Institutional Investors Conference – Energen Corp. – slide 2
    3 Reasons to Invest in Energen Highquality, oilfocused asset base in Permian Basin 4,440 engineered, unrisked, net drilling locations identified in Midland & Delaware basins Inventory resource potential 2 billion BOE Stackedpay…
  3. Raymond James 37th Annual Institutional Investors Conference – Energen Corp. – slide 3
    4 Energen (NYSE: EGN) Pure Permian Basin Operator Shares Outstanding: 97.1 MM (after sale of San Juan Basin assets) Market Cap (03.02.16): 2.8 B YE2015 Net Debt: 775 MM NM YE2015 Debt/EBITDAX: 1.05x YE2016e Net Debt: 219319 MM*…
  4. Raymond James 37th Annual Institutional Investors Conference – Energen Corp. – slide 4
    5 Proved Reserve Additions 133 MMBOE Proved Reserves at YE15 (MMBOE) Adjusting YE14 reserves for San Juan divestiture, proved reserves at YE15 2015 Drillbit F&D: 8.26/BOE* increased 17% 373 59 MMBOE of negative revisions 348…
  5. Raymond James 37th Annual Institutional Investors Conference – Energen Corp. – slide 5
    6 Midland Basin Development Driving Growth 34.1 2012 31.6 (Mboepd) 2013 2014 2015 Midland Basin Horizontal Plays 2016e 25.3 3Year CAGR: 350% 20.3 20.3 15.2 13.9 13.9 13.2 12.3 11.8 11.0 11.4 9.6 9.8 9.4 7.9 5.8…
  6. Raymond James 37th Annual Institutional Investors Conference – Energen Corp. – slide 6
    7 CY16 Capital Plan BASECAPITALINVESTMENT: 250 MM MidlandBasin: 197 MM 46gross(46net)DUCcompletions 1LowerSpraberry drill/complete Energen couldspendanadditional 6gross(6net)verticalwellstoholdacreage 100MMtorun3rigsin2H16.…
  7. Raymond James 37th Annual Institutional Investors Conference – Energen Corp. – slide 7
    8 Strong Balance Sheet Capitalization at YE15 (MM) Maturity Schedule of Notes Amount drawn on revolver, net of cash 221 400 Notes 554 Net Debt at YE15 775 Net Debt/EBITDAX at YE15 1.05 Capital Investment 2016e Capitalization (MM)…
  8. Raymond James 37th Annual Institutional Investors Conference – Energen Corp. – slide 8
    9 2016 Guidance Estimated expenses, pro forma for planned sales of noncore assets CY16e LOE per BOE (production costs, marketing & transportation) 9.50 9.90 Production & ad valorem taxes (% of revenues, excluding hedges) 8.9% DD&A…
  9. Raymond James 37th Annual Institutional Investors Conference – Energen Corp. – slide 9
    10 Hedges and CY16e Price Realizations 2016 Hedges 2016 Midland to Cushing Hedges Hedge % at Est. Average Hedge Average Hedged Production NYMEXe Volumes Price Volumes Midpoint Price WTS Midland to WTI Cushing 2.1 MMBO (1.63)…
  10. Raymond James 37th Annual Institutional Investors Conference – Energen Corp. – slide 10
    11 Extensive Inventory: 4,440 Net Locations Midland Basin Net Locations: 2,504 Delaware Basin Net Locations: 1,936 Dawson: 14 New Mexico Texas Loving: 452 Howard: 246 Winkler: Martin: 859 64 Midland: 290 Glasscock: 880…
  11. Raymond James 37th Annual Institutional Investors Conference – Energen Corp. – slide 11
    12 Identified Net Potential 1 Billion BOE MIDLAND Net Operated Wells Net Inventory: Engineered Net Type Curve EUR Range3 Remaining Horizontal Undeveloped Resource4 BASIN Drilled to Date Acreage Locations2 (Gross MBOE)…
  12. Raymond James 37th Annual Institutional Investors Conference – Energen Corp. – slide 12
    13 Midland Basin Stacked Pay Potential Midland, Martin, Howard Counties (39,000 Net Acres) Spacing Current Target Spacing per 640acre Section Current / Upside 4 8 250 4 350 8 8 10 450 250 250 6 8 300…
  13. Raymond James 37th Annual Institutional Investors Conference – Energen Corp. – slide 13
    14 Midland Basin Stacked Pay Potential Glasscock County (29,000 Net Acres) Spacing Current Target Spacing per 640acre Section Current / Upside 6 8 400 200 68 8 275 650 Wolfcamp B 68 8 8 550 200 325 8…
  14. Raymond James 37th Annual Institutional Investors Conference – Energen Corp. – slide 14
    15 Identified Net Potential 1 Billion BOE DELAWARE Net Operated Net Inventory: Type Curve Remaining Horizontal Wells Engineered Net EUR Range4 Undeveloped Resource5 BASIN Drilled to Date Acreage1 Locations3 (Gross MBOE) (Net…
  15. Raymond James 37th Annual Institutional Investors Conference – Energen Corp. – slide 15
    16 4Q15 Highlight Wells: Martin, Midland Martin County Limestone Germania/Greenwood 2 1 Martin County Midland County 3 (1) Jones Holton 807H (2) Jones Holton 811H (3) L.B. Epley NS 39-46 06 106H Peak24hourIP(3stream):…
  16. Raymond James 37th Annual Institutional Investors Conference – Energen Corp. – slide 16
    17 Glasscock County 4Q15 Highlight Well Fivestones Complex 1 Glasscock County Reagan County (1) Daniel SN 7-6 04 504H Peak24hourIP(3stream): 1,460boepd (74%oil) Peak30dayavg(3stream): 1,213boepd (70%oil)…
  17. Raymond James 37th Annual Institutional Investors Conference – Energen Corp. – slide 17
    18 Jo Mill Performance Martin County: Results vs Potential Range of Outcomes 100 Production and type curves normalized to 7,500 lateral lengths Daily production normalized for operational downtime Day 0 = first oil 80…
  18. Raymond James 37th Annual Institutional Investors Conference – Energen Corp. – slide 18
    19 Middle Spraberry Performance Martin County: Results vs Potential Range of Outcomes 140 Production and type curves normalized to 7,500 lateral lengths 120 Daily production normalized for operational downtime Day 0 = first…
  19. Raymond James 37th Annual Institutional Investors Conference – Energen Corp. – slide 19
    20 Lower Spraberry Performance Martin and Howard Counties: Results vs Potential Range of Outcomes 200 Production and type curves normalized to 7,500 lateral lengths 180 Daily production normalized for operational downtime Day…
  20. Raymond James 37th Annual Institutional Investors Conference – Energen Corp. – slide 20
    21 Glasscock Co. Development Results Cumulative Results: 90 gross (88 net) wells tested since program inception in 2014 Average peak 24hour IP rate: 1,002 boepd (80% oil) Average peak 30day avg. rate: 754 boepd (71% oil) 4Q15…
  21. Raymond James 37th Annual Institutional Investors Conference – Energen Corp. – slide 21
    22 Glasscock Co. Wolfcamp A/B Type Curve Normalized to 7,500 (Unrisked) 1,000 NormalizedGrossProductionRate(boepd) 100 RyderScott reviewed EURs for Wolfcamp A/B wells in Glasscock Co., Midland Basin 890 MBOE for 7,500…
  22. Raymond James 37th Annual Institutional Investors Conference – Energen Corp. – slide 22
    23 Energen: Unlocking Permian Basin Value Highquality, oilfocused asset base in Permian Basin 4,440 engineered, unrisked, net drilling locations identified in Midland & Delaware basins Inventory resource potential 2 billion…
  23. Raymond James 37th Annual Institutional Investors Conference – Energen Corp. – slide 23
    25 Debt/EBITDAX Reconciliation (part 1) Earnings before interest, taxes, depreciation, depletion, amortization and exploration expenses (EBITDAX) is a NonGAAP financial measure (GAAP refers to generally accepted accounting…
  24. Raymond James 37th Annual Institutional Investors Conference – Energen Corp. – slide 24
    26 Debt/EBITDAX Reconciliation (part 2) Earnings before interest, taxes, depreciation, depletion, amortization and exploration expenses (EBITDAX) is a NonGAAP financial measure (GAAP refers to generally accepted accounting…
  25. Raymond James 37th Annual Institutional Investors Conference – Energen Corp. – slide 25
    27 YE15 Net Income (excluding 1Q15 San Juan Divestiture) Reconciliation The consolidated statement of income excluding certain divestments is a NonGAAP financial measure (GAAP refers to generally accepted accounting principles).…
  26. Raymond James 37th Annual Institutional Investors Conference – Energen Corp. – slide 26
    28 YE14 Net Income (excluding 1Q15 San Juan Divestiture) Reconciliation The consolidated statement of income excluding certain divestments is a NonGAAP financial measure (GAAP refers to generally accepted accounting principles).…
  27. Raymond James 37th Annual Institutional Investors Conference – Energen Corp. – slide 27
    29 Production, 2012-2016e (MMBOE) 2012 2013 2014 2015 2016e Production Continuing Operations 21.2 23.3 25.7 24.0 22.2 Production Discontinued Operations 2.9 2.1 0.1 Total Consolidated Production 24.1 25.4 25.8 24.0 22.2 Less:…

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