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KeyBanc Capital Markets Boston – Energen Corp.

Energen Corp. · Oct 3, 2016 · 23 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. KeyBanc Capital Markets Boston – Energen Corp. – slide 1
    Unlocking Value in the Permian Basin KeyBanc Capital Markets Boston October 3-4, 2016
  2. KeyBanc Capital Markets Boston – Energen Corp. – slide 2
    2 Highlights High quality, oil focused assets in core Delaware, Midland basins 3,500 net engineered, unrisked, potential drilling locations identified Upside potential from tighter spacing Toptier return potential Potential to…
  3. KeyBanc Capital Markets Boston – Energen Corp. – slide 3
    3 2017 Outlook Annual production growth in high teens Upside potential from positive response to Generation 3 frac designs YE16 DUCs to be completed 1H17 Long lateral lengths, high working interest Continued spacing and frac…
  4. KeyBanc Capital Markets Boston – Energen Corp. – slide 4
    4 Energen (NYSE: EGN) Pure Permian Basin Operator Shares Outstanding: 97.1 mm Market Cap (09.29.16): 5.5 B YE2016e Net Debt: 213 mm* YE2016e Debt/EBITDAX: 0.8x* PV10 aftertax at YE2015: 2.0 B Proved Reserves at YE151 355…
  5. KeyBanc Capital Markets Boston – Energen Corp. – slide 5
    5 2016 Guidance Estimated expenses, excludes 2016 asset sales CY16e Prior CY16 Guidance LOE per BOE (production costs, marketing & transportation) 8.25 8.65 9.25 9.65 Production & ad valorem taxes (% of revenues, excluding hedges)…
  6. KeyBanc Capital Markets Boston – Energen Corp. – slide 6
    6 Midland Basin Development Driving Growth 34.9 2012 2013 31.6 (Mboepd) 2014 2015 26.2 Midland Basin Horizontal Plays 2016e 3Year CAGR: 350% 20.3 20.3 13.9 13.3 13.2 12.3 11.6 12.1 11.1 9.7 10.0 9.9 9.1 7.9 5.8 Midland…
  7. KeyBanc Capital Markets Boston – Energen Corp. – slide 7
    7 Strong Balance Sheet 2016e Capitalization (mm) 450 MM Plan Maturity Schedule of Notes 400 Net Debt at YE15 775 Plus: Capital Investment* 562 Less: Net proceeds 1Q16 equity offering 381 Less: Est. net proceeds from asset sales…
  8. KeyBanc Capital Markets Boston – Energen Corp. – slide 8
    8 Building DUC Inventory in 2H16 CY16 CAPITAL INVESTMENT MM CY16 Midland Basin Drilling Plans 4850 gross (4648 net) wells drilled Midland Basin 300 Includes 3840 gross (3739 net) DUCs drilled in Delaware Basin 130 2H16 Other/Net…
  9. KeyBanc Capital Markets Boston – Energen Corp. – slide 9
    9 Optimizing Completions Evolution in Energens Frac Design Midland Basin Generation 1 Generation 2 Generation 3 (2013-2015) (2016 - Current) (2017 Planned) 1,2501,400 lbs./ft proppant 1,6001,700 lbs./ft proppant 1,7002,000 lbs./ft…
  10. KeyBanc Capital Markets Boston – Energen Corp. – slide 10
    10 Core Delaware, Midland Basin IRRs Wolfcamp A/B IRRs (Core Delaware) Jo Mill, Middle & Lower Spraberry IRRs (MB) 200% 140% 180% 10,000 EUR: 2,000 MBOE 120% 10,000 EUR: 1,200 MBOE 160% 7,500 EUR: 1,500 MBOE 7,500 EUR: 900 MBOE 140%…
  11. KeyBanc Capital Markets Boston – Energen Corp. – slide 11
    11 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…
  12. KeyBanc Capital Markets Boston – Energen Corp. – slide 12
    12 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…
  13. KeyBanc Capital Markets Boston – Energen Corp. – slide 13
    13 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…
  14. KeyBanc Capital Markets Boston – Energen Corp. – slide 14
    14 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…
  15. KeyBanc Capital Markets Boston – Energen Corp. – slide 15
    15 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…
  16. KeyBanc Capital Markets Boston – Energen Corp. – slide 16
    16 Midland Basin Stacked Pay Development Midland, Martin, Howard Counties (39,720 Net Acres) Current Spacing per 640acre Section 4 250 YE15 DUCs included test 4 of 25 wells per section 350 primarily in Lower…
  17. KeyBanc Capital Markets Boston – Energen Corp. – slide 17
    17 Midland Basin Stacked Pay Development Glasscock County (29,500 Net Acres) Current Spacing per 640acre Section 400 6 Potential for 34-38 wells per section across five 200 zones 68 275 Upside potential from 68…
  18. KeyBanc Capital Markets Boston – Energen Corp. – slide 18
    18 Energen: Unlocking Permian Basin Value High quality, oil focused assets in core Delaware, Midland basins Toptier return potential Financial strength and flexibility Continued improvement in capital and operating…
  19. KeyBanc Capital Markets Boston – Energen Corp. – slide 19
    19 Appendix
  20. KeyBanc Capital Markets Boston – Energen Corp. – slide 20
    20 2017 Hedge Position Strengthened Hedge Volumes Avg. NYMEXe Price Oil Swaps 4.1 mmbo 47.97 per barrel Oil 3way Collars 4.1 mmbo Call Price 62.25 per barrel Put Price 45.00 per barrel Short Put Price 35.00 per barrel Gas 13.2…
  21. KeyBanc Capital Markets Boston – Energen Corp. – slide 21
    21 Core Delaware Basin Average Production of 5 Wolfcamp Wells Tracking 1.5 MMBOE EUR 700 Production and type curve normalized to 7,500 lateral lengths Daily production normalized for operational downtime 600 Day 0 = first oil…
  22. KeyBanc Capital Markets Boston – Energen Corp. – slide 22
    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…
  23. KeyBanc Capital Markets Boston – Energen Corp. – slide 23
    23 For More Information JulieS.Ryland VicePresident InvestorRelations 2053268421 jrylandenergen.com www.energen.com

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