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Scotia Howard Weil Conference – Energen Corp.

Energen Corp. · Mar 21, 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. Scotia Howard Weil Conference – Energen Corp. – slide 1
    Unlocking Value in the Permian Basin March 21-22, 2016 Scotia Howard Weil 2016 Energy Conference
  2. Scotia Howard Weil Conference – Energen Corp. – slide 2
    3 Reasons to Invest in Energen High-quality, oil-focused asset base in Permian Basin 4,440 engineered, unrisked, net drilling locations identified in Midland & Delaware basins Inventory resource potential 2 billion BOE…
  3. Scotia Howard Weil 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 (03.17.16): 3.4 B YE2015 Net Debt: 775 MM NM YE2015 Debt/EBITDAX: 1.05x YE2016e Net Debt: 164-264…
  4. Scotia Howard Weil 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. Scotia Howard Weil 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 3-Year 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. Scotia Howard Weil Conference – Energen Corp. – slide 6
    7 CY16 Capital Plan BASE CAPITAL INVESTMENT: 250 MM Midland Basin: 197 MM 46 gross (46 net) DUC completions 1 Lower Spraberry drill/complete Energen could spend an additional 6 gross (6 net) vertical wells to hold acreage 100 MM…
  7. Scotia Howard Weil 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. Scotia Howard Weil Conference – Energen Corp. – slide 8
    9 2016 Guidance Estimated expenses, pro forma for planned sales of non-core 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. Scotia Howard Weil 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. Scotia Howard Weil 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. Scotia Howard Weil 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) (Net…
  12. Scotia Howard Weil Conference – Energen Corp. – slide 12
    13 Midland Basin Stacked Pay Potential Midland, Martin, Howard Counties (39,000 Net Acres) Spacing Current Target Spacing per 640-acre Section Current / Upside 4 8 250 4 8 350 8 10 450 250 6 8 250 300…
  13. Scotia Howard Weil Conference – Energen Corp. – slide 13
    14 Midland Basin Stacked Pay Potential Glasscock County (29,000 Net Acres) Spacing Current Target Spacing per 640-acre Section Current / Upside 6 8 400 200 6-8 8 275 6-8 8 650 Wolfcamp B 8 550 200…
  14. Scotia Howard Weil 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. Scotia Howard Weil Conference – Energen Corp. – slide 15
    16 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 EUR…
  16. Scotia Howard Weil Conference – Energen Corp. – slide 16
    17 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…
  17. Scotia Howard Weil Conference – Energen Corp. – slide 17
    18 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 0…
  18. Scotia Howard Weil Conference – Energen Corp. – slide 18
    19 Energen: Unlocking Permian Basin Value High-quality, oil-focused asset base in Permian Basin 4,440 engineered, unrisked, net drilling locations identified in Midland & Delaware basins Inventory resource potential 2 billion…
  19. Scotia Howard Weil Conference – Energen Corp. – slide 19
    21 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 Peak 24-hour IP (3…
  20. Scotia Howard Weil Conference – Energen Corp. – slide 20
    22 Glasscock County 4Q15 Highlight Well Fivestones Complex 1 Glasscock County Reagan County (1) Daniel SN 7-6 04 504H Peak 24-hour IP (3 stream): 1,460 boepd (74% oil) Peak 30-day avg (3 stream): 1,213 boepd (70%…
  21. Scotia Howard Weil Conference – Energen Corp. – slide 21
    23 Glasscock Co. Development Results Cumulative Results: 90 gross (88 net) wells tested since program inception in 2014 Average peak 24-hour IP rate: 1,002 boepd (80% oil) Average peak 30-day avg. rate: 754 boepd (71% oil) 4Q15…
  22. Scotia Howard Weil Conference – Energen Corp. – slide 22
    24 Glasscock Co. Wolfcamp A/B Type Curve Normalized to 7,500 (Unrisked) 1,000 Normalized Gross Production Rate (boepd) 100 Ryder-Scott reviewed EURs for Wolfcamp A/B wells in Glasscock Co., Midland Basin 890 MBOE for…
  23. Scotia Howard Weil Conference – Energen Corp. – slide 23
    25 Debt/EBITDAX Reconciliation (part 1) Earnings before interest, taxes, depreciation, depletion, amortization and exploration expenses (EBITDAX) is a Non-GAAP financial measure (GAAP refers to generally accepted accounting…
  24. Scotia Howard Weil Conference – Energen Corp. – slide 24
    26 Debt/EBITDAX Reconciliation (part 2) Earnings before interest, taxes, depreciation, depletion, amortization and exploration expenses (EBITDAX) is a Non-GAAP financial measure (GAAP refers to generally accepted accounting…
  25. Scotia Howard Weil 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 Non-GAAP financial measure (GAAP refers to generally accepted accounting principles).…
  26. Scotia Howard Weil 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 Non-GAAP financial measure (GAAP refers to generally accepted accounting principles).…
  27. Scotia Howard Weil 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…

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