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JP Morgan Inaugural Energy Equity Conference – Energen Corp.

Energen Corp. · Jun 28, 2016 · 26 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. JP Morgan Inaugural Energy Equity Conference – Energen Corp. – slide 1
    Unlocking Value in the Permian Basin J.P. Morgan Inaugural Energy Equity Conference New York City June 2728, 2016
  2. JP Morgan Inaugural Energy Equity Conference – Energen Corp. – slide 2
    2 Recent Highlights Noncore Asset Sales in Delaware, San Juan Basins Gross proceeds of 551.7 million subject to standard closing costs, transaction fees 55,000 net acres of previously identified Tier 1 and Tier 2 acreage sold…
  3. JP Morgan Inaugural Energy Equity Conference – Energen Corp. – slide 3
    3 Excellent Permian Basin Asset Base High quality, oil focused 3,500 net engineered, unrisked, potential drilling locations identified in Delaware and Midland basins Inventory resource potential totals 2.0 billion BOE…
  4. JP Morgan Inaugural Energy Equity Conference – Energen Corp. – slide 4
    4 Energen (NYSE: EGN) Pure Permian Basin Operator Shares Outstanding: 97.1 mm Market Cap (06.22.16): 4.8 B YE2016e Net Debt: 162 mm* YE2016e Debt/EBITDAX: 0.6x* PV10 aftertax at YE2015: 2.0 B Proved Reserves at YE151 355…
  5. JP Morgan Inaugural Energy Equity Conference – Energen Corp. – slide 5
    5 Extensive Inventory: 3,500 Net Locations Midland Basin Horizontal Locations: 2,546 Net Delaware Basin Wolfcamp Locations: 954 Net Dawson: 14 Lea: 29 Howard: 247 New Mexico Texas Martin: 883 Loving: 268 Winkler: 54…
  6. JP Morgan Inaugural Energy Equity Conference – Energen Corp. – slide 6
    6 Core Delaware, Midland Basin IRRs Wolfcamp A/B IRRs (Core Delaware) Jo Mill, Middle & Lower Spraberry IRRs (MB) 140% 140% 120% 10,000 EUR: 2,000 MBOE 120% 10,000 EUR: 1,200 MBOE 7,500 EUR: 1,500 MBOE 7,500 EUR: 900 MBOE 100% 4,500…
  7. JP Morgan Inaugural Energy Equity Conference – Energen Corp. – slide 7
    7 Identified Net Potential Midland Basin: 1.2 Billion BOE MIDLAND Net Operated Wells Net Inventory: Engineered Net Locations2 Type Curve EUR Range3 Remaining Horizontal Undeveloped Resource4 BASIN Drilled to Date…
  8. JP Morgan Inaugural Energy Equity Conference – Energen Corp. – slide 8
    8 Identified Net Potential Midland Basin North: 690 MMBOE Midland, Martin, & Net Operated Wells Net Inventory: Type Curve Remaining Horizontal Engineered Net Locations3 EUR Range4 Undeveloped Resource5 Howard Counties1 Drilled…
  9. JP Morgan Inaugural Energy Equity Conference – Energen Corp. – slide 9
    9 Identified Net Potential Midland Basin Central: 520 MMBOE Glasscock, Upton Net Operated Wells Net Inventory: Type Curve Remaining Horizontal Engineered Net Locations2 EUR Range3 Undeveloped Resource4 & Reagan Counties Drilled…
  10. JP Morgan Inaugural Energy Equity Conference – Energen Corp. – slide 10
    10 Identified Net Potential Delaware Basin: 770 MMBOE Inventory: Type Curve Remaining Horizontal DELAWARE Net Operated Wells Net Engineered Net Locations3 EUR Range4 Undeveloped Resource5 Drilled to Date Acreage BASIN CORE1…
  11. JP Morgan Inaugural Energy Equity Conference – Energen Corp. – slide 11
    11 Midland Basin Stacked Pay Potential Midland, Martin, Howard Counties (39,720 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…
  12. JP Morgan Inaugural Energy Equity Conference – Energen Corp. – slide 12
    12 Midland Basin Stacked Pay Potential Glasscock County (29,500 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…
  13. JP Morgan Inaugural Energy Equity Conference – Energen Corp. – slide 13
    13 Strong Balance Sheet 2016e Capitalization (mm) 450 MM Plan Maturity Schedule of Notes Net Debt at YE15 775 400 Plus: Capital Investment* 475 Less: Net proceeds 1Q16 equity offering 381 Less: Est. net proceeds from asset sales…
  14. JP Morgan Inaugural Energy Equity Conference – Energen Corp. – slide 14
    14 Hedges and CY16e Price Realizations CY2016 Hedges 2016 Midland to Cushing Hedges Hedge % at Est. Average Hedge Average Hedge Production NYMEXe Volumes Price Volumes Midpoint Price WTS Midland to WTI Cushing 2.1 mmbo (1.63)…
  15. JP Morgan Inaugural Energy Equity Conference – Energen Corp. – slide 15
    15 Rebuilding DUC Inventory in 2H16 CY16 CAPITAL INVESTMENT MM CY16 Midland Basin Drilling Plans Midland Basin 300 4850 gross (4648 net) wells to be drilled Includes 3840 gross (3739 net) DUCs to be Delaware Basin 130 drilled in…
  16. JP Morgan Inaugural Energy Equity Conference – Energen Corp. – slide 16
    16 Midland Basin Development Driving Growth 34.2 2012 31.6 (Mboepd) 2013 2014 2015 Midland Basin Horizontal Plays 2016e 25.6 3Year CAGR: 350% 20.3 20.3 13.9 13.3 13.2 12.3 11.6 12.1 11.1 9.7 9.8 9.9 9.1 7.9 5.8…
  17. JP Morgan Inaugural Energy Equity Conference – Energen Corp. – slide 17
    17 Updated Guidance* Estimated expenses, excludes all noncore asset sales 2Q16e CY16e LOE per BOE (production costs, marketing & transportation) 9.75 10.15 9.25 9.65 Production & ad valorem taxes (% of revenues, excluding hedges)…
  18. JP Morgan Inaugural Energy Equity Conference – Energen Corp. – slide 18
    18 Energen: Unlocking Permian Basin Value Highquality, oilfocused asset base in Permian Basin 3,500 engineered, unrisked, net drilling locations identified in Midland & Delaware basins Inventory resource potential of 2 billion…
  19. JP Morgan Inaugural Energy Equity Conference – Energen Corp. – slide 19
    19 Appendix
  20. JP Morgan Inaugural Energy Equity Conference – Energen Corp. – slide 20
    20 Production, 2012-2016e (MMBOE) 2012 2013 2014 2015 2016e Production Continuing Operations 21.2 23.3 25.7 24.0 22.5 Production Discontinued Operations 2.9 2.1 0.1 Total Consolidated Production 24.1 25.4 25.8 24.0 22.5 Less:…
  21. JP Morgan Inaugural Energy Equity Conference – Energen Corp. – slide 21
    21 2015 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…
  22. JP Morgan Inaugural Energy Equity Conference – Energen Corp. – slide 22
    22 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…
  23. JP Morgan Inaugural Energy Equity Conference – Energen Corp. – slide 23
    23 Middle Spraberry Performance Martin County: 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 = first…
  24. JP Morgan Inaugural Energy Equity Conference – Energen Corp. – slide 24
    24 Lower Spraberry Performance Martin and Howard Counties: Results vs Potential Range of Outcomes 240 220 Production and type curves normalized to 7,500 lateral lengths Daily production normalized for operational downtime 200…
  25. JP Morgan Inaugural Energy Equity Conference – Energen Corp. – slide 25
    25 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…
  26. JP Morgan Inaugural Energy Equity Conference – Energen Corp. – slide 26
    26 For More Information JulieS.Ryland VicePresident InvestorRelations 2053268421 jrylandenergen.com www.energen.com

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