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January 2017 Investor Presentation – Energen Corp.

Energen Corp. · Jan 10, 2017 · 24 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. January 2017 Investor Presentation – Energen Corp. – slide 1
    Unlocking Value in the Permian Basin Midland and Houston January 10 and 12, 2017
  2. January 2017 Investor Presentation – Energen Corp. – slide 2
    2 Energen: The Big Picture Robust 3year outlook Annual production estimated to grow at 3year CAGR of just over 20% without Generation 3 production uplift 2019e production approaching 100 mboepd Drilling and development capital…
  3. January 2017 Investor Presentation – Energen Corp. – slide 3
    3 Energen (NYSE: EGN) Pure Permian Basin Operator Shares Outstanding: 97.1 mm Market Cap (01.06.17): 5.7 B YE2016e Net Debt: 235 mm* YE2016e Debt/EBITDAX: 0.8x* PV10 aftertax at YE2015: 2.0 B Proved Reserves at YE151 355…
  4. January 2017 Investor Presentation – Energen Corp. – slide 4
    4 Recent Well Results CORE DELAWARE BASIN Excellent early response to Generation 3 completions More than 30% uplift (vs 2,000 mboe EUR type curve for a 10,000 lateral well) from 2 new wells after 30 days and 20 days of…
  5. January 2017 Investor Presentation – Energen Corp. – slide 5
    5 Core Delaware Basin Excellent Early Response to Generation 3 Frac Design 150 Cumulative production uplift at 30 days for Checkers 701H and 20 days for Razorback 604H in excess of 30% CumulativeProduction(MBOE) 100…
  6. January 2017 Investor Presentation – Energen Corp. – slide 6
    6 Core Delaware, Midland Basin IRRs Wolfcamp A/B IRRs (Core Delaware) Est. D&C for Generation 2 and Generation 3 fracs reflect 250% current costs; do not include wellhead equipment of 10,000 EUR: 2,000 MBOE 200% approximately…
  7. January 2017 Investor Presentation – Energen Corp. – slide 7
    7 2017 Outlook Annual production growth estimated at 20% (from midpoint of 2016e guidance) Assumes Generation 3 completion costs but not potential Generation 3 production uplift 4Q17 vs 4Q16 exit rate estimated to increase…
  8. January 2017 Investor Presentation – Energen Corp. – slide 8
    8 2016 Guidance Per BOE. except as noted (excludes 2016 asset sales ) CY16e Prior CY16 Guidance Lease operating expense (production costs, marketing & transportation) 8.00 8.40 8.25 8.65 Production & ad valorem taxes (% of revenues,…
  9. January 2017 Investor Presentation – Energen Corp. – slide 9
    9 Midland Basin Development Driving Growth 35.3 2012 2013 31.6 (Mboepd) 2014 2015 26.4 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 9.0 7.9 5.8 Midland…
  10. January 2017 Investor Presentation – Energen Corp. – slide 10
    10 2016 Capital Plan CY16 CAPITAL INVESTMENT MM CY16 Midland Basin Focus Midland Basin 300340 Completed 46 net DUCs in 1H16 3739 new drills in 2H16 Delaware Basin 130135 May complete up to 8 net wells by YE16 ARO/Other 10 Remainder…
  11. January 2017 Investor Presentation – Energen Corp. – slide 11
    11 Strong Balance Sheet 2016e Capitalization (mm) Maturity Schedule of Notes 400 Net Debt at YE15 775 Plus: Capital Investment* 620* Less: Net proceeds 1Q16 equity offering 381 Less: Est. net proceeds from asset sales 537 Less:…
  12. January 2017 Investor Presentation – Energen Corp. – slide 12
    12 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…
  13. January 2017 Investor Presentation – Energen Corp. – slide 13
    13 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…
  14. January 2017 Investor Presentation – Energen Corp. – slide 14
    14 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…
  15. January 2017 Investor Presentation – Energen Corp. – slide 15
    15 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…
  16. January 2017 Investor Presentation – Energen Corp. – slide 16
    16 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…
  17. January 2017 Investor Presentation – Energen Corp. – slide 17
    17 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…
  18. January 2017 Investor Presentation – Energen Corp. – slide 18
    18 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…
  19. January 2017 Investor Presentation – Energen Corp. – slide 19
    19 Energen: Unlocking Permian Basin Value High quality, oil focused assets in core Delaware, Midland basins Toptier return potential Financial strength and flexibility Spacing and completion optimization focus 2017e drilling…
  20. January 2017 Investor Presentation – Energen Corp. – slide 20
    20 Appendix
  21. January 2017 Investor Presentation – Energen Corp. – slide 21
    21 2017 Hedge Position Hedge Volumes Avg. NYMEX Price Oil Swaps 4.1 mmbo 47.97 per barrel Oil 3way Collars 4.8 mmbo Call Price 62.18 per barrel Put Price 45.00 per barrel Short Put Price 35.00 per barrel…
  22. January 2017 Investor Presentation – Energen Corp. – slide 22
    22 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…
  23. January 2017 Investor Presentation – Energen Corp. – slide 23
    23 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…
  24. January 2017 Investor Presentation – Energen Corp. – slide 24
    24 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…

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