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May 2017 UBS Global Oil & Gas Conference – Energen Corp.

Energen Corp. · May 24, 2017 · 31 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. May 2017 UBS Global Oil & Gas Conference – Energen Corp. – slide 1
    ACCELERATING GROWTH IN THE PERMIAN BASIN UBS GLOBAL OIL AND GAS CONFERENCE May 23-24, 2017 Austin, TX
  2. May 2017 UBS Global Oil & Gas Conference – Energen Corp. – slide 2
    ENERGEN: THE BIG PICTURE Active Drilling and Development Program in Permian Basin 6 to 7rig program to drill and complete 63 gross/55 net operated horizontal wells Program also includes completing 61 gross/60 net horizontal…
  3. May 2017 UBS Global Oil & Gas Conference – Energen Corp. – slide 3
    ENERGEN (NYSE: EGN) Pure Permian Basin Operator Shares Outstanding: 97.2 mm Market Cap (5.18.17): 5.5 B YE16 Cash: 386 mm YE16 Net Debt: 165 mm YE16 Debt/EBITDAX: 0.6x Production 2016 (excluding asset sales) 54.6 mboepd 2017e…
  4. May 2017 UBS Global Oil & Gas Conference – Energen Corp. – slide 4
    ENERGEN: RECENT HIGHLIGHTS Energen Wells with Gen 3 Fracs Outperforming In central Midland Basin, cumulative production of 5 new Wolfcamp A and B wells averaging 15% above the highend, 1.3 MMBOE EUR type curve for a 10,000 lateral…
  5. May 2017 UBS Global Oil & Gas Conference – Energen Corp. – slide 5
    GEN 3 WELLS IN NORTHERN MB 160 20% average cumulative production uplift at 165 days for two Tiger Unit wells over 140 highend, 1.0 mmboe type curve for a 7,500 lateral CumulativeProduction(MBOE) 120 Average of 2 Tiger Unit Gen…
  6. May 2017 UBS Global Oil & Gas Conference – Energen Corp. – slide 6
    GEN 3 WELLS IN CENTRAL MB 150 15% average cumulative production uplift at 75 days for five central Midland Basin Wolfcamp A/B wells over highend, 1.3 mmboe type curve for 125 a 10,000 lateral CumulativeProduction(MBOE)…
  7. May 2017 UBS Global Oil & Gas Conference – Energen Corp. – slide 7
    GEN 3 WELLS IN CORE DELAWARE 350 Relative to the highend, 2.0 mmboe type curve for a 10,000 lateral 80% average cumulative production uplift at 80 days for 2 new Wolfcamp A/B wells in 300 Reeves County 6% average cumulative…
  8. May 2017 UBS Global Oil & Gas Conference – Energen Corp. – slide 8
    EGN FRAC DESIGN EVOLUTION Midland Basin Generation 1 Generation 2 Generation 3 (2013-2015) (2016) (2017) 1,2501,400 lbs./ft proppant 1,6001,700 lbs./ft proppant 1,7002,000 lbs./ft proppant 250300 stage spacing 200225 stage spacing…
  9. May 2017 UBS Global Oil & Gas Conference – Energen Corp. – slide 9
    2017 CAPITAL Drilling & Development Capital: 850 900 mm Production by Quarter Additional 6065 mm for 4 operated gross (mboepd) completions, 2.8 net nonop new drills, and increased operated working interests and facilities High end…
  10. May 2017 UBS Global Oil & Gas Conference – Energen Corp. – slide 10
    DRILLING & DEVELOPMENT CAPITAL 2017 Capital by Basin 2017 Capital Breakdown (mm at midpoint) (% at midpoint) 5 14% 4% 385 485 82% Operated Drilling & Development Midland Basin Delaware Basin NonOperated/Other…
  11. May 2017 UBS Global Oil & Gas Conference – Energen Corp. – slide 11
    2017 DRILLING PROGRAM 2017 Operated Horizontal Program Gross/Net Wells Avg. Lateral Length Average WI Midland Basin YE16 DUC Completions 44/43 9,600 98% New Drills 54/46 8,330 84% New Drill Completions 39/32 YE17 DUCs 15/14 Delaware…
  12. May 2017 UBS Global Oil & Gas Conference – Energen Corp. – slide 12
    2017 ESTIMATED IRRS Generation 3 EUR Range Internal Rates of Return (%) Delaware Basin Core DC&E (MM) (Gross MBOE) 45/bbl 55/bbl 65/bbl Wolfcamp A/B 10,000 lateral 7.9 1,500 2,000 63 103 88 143 116 191 7,500 lateral 6.8 1,200 1,500…
  13. May 2017 UBS Global Oil & Gas Conference – Energen Corp. – slide 13
    PERMIAN BASIN GROWTH Production (excluding asset sales) 66.3 (mboepd) Delaware Basin Midland Basin 53.6 54.6 21.4 Central Basin/Other 10.3 44.7 12.1 37.8 13.3 30.8 11.6 7.9 31.6 35.3 36.8 20.3 9.7 13.9 13.2 12.3 11.1 9.9…
  14. May 2017 UBS Global Oil & Gas Conference – Energen Corp. – slide 14
    HEDGE POSITION ROY17 Hedge Volumes Avg. NYMEX Price Oil Swaps 5.0 mmbo 50.13 per barrel Oil 3way Collars 3.6 mmbo Call Price 62.18 per barrel Put Price 45.00 per barrel Short Put Price 35.00 per barrel When the NYMEX price is above…
  15. May 2017 UBS Global Oil & Gas Conference – Energen Corp. – slide 15
    2018 HEDGES Hedge Volumes Avg. NYMEX Price Oil 3way Collars 7.4 mmbo Call Price 63.85 per barrel Put Price 50.00 per barrel Short Put Price 40.00 per barrel When the NYMEX price is above the call price, Energen receives the call…
  16. May 2017 UBS Global Oil & Gas Conference – Energen Corp. – slide 16
    EXPENSE GUIDANCE Per BOE, except as noted 2Q17e 2017 LOE (production costs, marketing & transportation) 8.10 8.40 7.60 8.00 Production & ad valorem taxes (% of revenues, excluding hedges) 6.9% 6.8% DD&A expense 17.9518.35 17.50 17.90*…
  17. May 2017 UBS Global Oil & Gas Conference – Energen Corp. – slide 17
    STRONG BALANCE SHEET 2017e Capitalization (mm) Maturity Schedule of Notes 400 Net debt at YE16 165 Plus: Total Capital Expenditures* 1,017 1,067 Less: Aftertax Cash Flows (includes working 533 capital adjustment) Net Debt at YE17 649…
  18. May 2017 UBS Global Oil & Gas Conference – Energen Corp. – slide 18
    INVENTORY: 3,545 NET LOCATIONS Midland Basin WC/SPB: 2,594 Net Delaware Basin WC: 951 Net Dawson: 14 Lea: 40 Howard: 249 New Mexico Martin: 854 Texas Loving: 324 Winkler: 31 Midland: 301 Glasscock: 903 Ward: 279 Upton:…
  19. May 2017 UBS Global Oil & Gas Conference – Energen Corp. – slide 19
    IDENTIFIED NET POTENTIAL 12.31.16 MIDLAND BASIN: 1.2 BILLION BOE Midland Net Operated Inventory: Type Curve Remaining Horizontal Net Wells Engineered Net Locations1 EUR Range2 Undeveloped Resource3 Basin Acreage Drilled to Date…
  20. May 2017 UBS Global Oil & Gas Conference – Energen Corp. – slide 20
    IDENTIFIED NET POTENTIAL 12.31.16 NORTH MIDLAND: 667 MMBOE Midland, Martin, Dawson Net Operated Wells Inventory: Type Curve Remaining Horizontal Net Engineered Net Locations1 EUR Range2 Undeveloped Resource3 & Howard Counties…
  21. May 2017 UBS Global Oil & Gas Conference – Energen Corp. – slide 21
    IDENTIFIED NET POTENTIAL 12.31.16 CENTRAL MIDLAND: 570 MMBOE Glasscock, Upton & Inventory: Type Curve Remaining Horizontal Net Operated Wells Net Engineered Net Locations1 EUR Range2 Undeveloped Resource3 Reagan Counties Drilled to…
  22. May 2017 UBS Global Oil & Gas Conference – Energen Corp. – slide 22
    IDENTIFIED NET POTENTIAL 12.31.16 DELAWARE BASIN: 783 MMBOE Inventory: Type Curve Remaining Horizontal Net Operated Wells Net Engineered Net Locations1 EUR Range2 Undeveloped Resource3 Central Drilled to Date Acreage (Gross/Net)…
  23. May 2017 UBS Global Oil & Gas Conference – Energen Corp. – slide 23
    NORTH MB INVENTORY SPACING Inventory Spacing per 640acre Section* 4 250 4 350 8 450 250 6 250 6 300 Wolfcamp B 350 500 8 * Subject to change based on continued testing and analysis of spacing…
  24. May 2017 UBS Global Oil & Gas Conference – Energen Corp. – slide 24
    CENTRAL MB INVENTORY SPACING Inventory Spacing per 640acre Section* 400 6 200 68 275 650 Wolfcamp B 68 550 8 200 325 8 * Subject to change based on continued testing and analysis of spacing and frac…
  25. May 2017 UBS Global Oil & Gas Conference – Energen Corp. – slide 25
    DELAWARE INVENTORY SPACING Inventory Spacing per 640acre Section* 315 6 417 364 6 6 344 Wolfcamp BC 400 6 * Subject to change based on continued testing and analysis of spacing and frac designs NOTE:…
  26. May 2017 UBS Global Oil & Gas Conference – Energen Corp. – slide 26
    ACCELERATING ACTIVITY High quality, oil focused assets in Delaware and Midland basins 3,545 net locations in Permian Basin Wolfcamp, Spraberry, and Cline trends Toptier return potential Financial strength and flexibility 850900…
  27. May 2017 UBS Global Oil & Gas Conference – Energen Corp. – slide 27
    APPENDIX 29
  28. May 2017 UBS Global Oil & Gas Conference – Energen Corp. – slide 28
    NON-GAAP FINANCIAL MEASURES Per unit LOE and net SG&A excluding certain divestments is a NonGAAP financial measure (GAAP refers to generally accepted accounting principles). Energen believes further excluding information associated…
  29. May 2017 UBS Global Oil & Gas Conference – Energen Corp. – slide 29
    1Q17 PRODUCTION By Basin (mboepd) By Commodity (mboepd) 52.8 52.8 50.2 50.2 11.3 12.8 31.4 33.3 30.6 31.8 9.1 8.9 8.3 8.3 9.7 10.6 1Q17 Guidance 1Q17 1Q17 Guidance 1Q17 Central Basin/Other Midland Basin Delaware Basin…
  30. May 2017 UBS Global Oil & Gas Conference – Energen Corp. – slide 30
    1Q17 LOE & NET SG&A Net SG&A (/boe) LOE (/boe) 9.25 5.10 8.68 8.43 4.52* 4.29 1Q17 1Q17 1Q16 1Q17 1Q17 1Q16 Guidance Guidance Mdpt Mdpt * Excludes 1.56/boe for pension settlement and other expenses 32
  31. May 2017 UBS Global Oil & Gas Conference – Energen Corp. – slide 31
    FOR MORE INFORMATION JulieS.Ryland VicePresident InvestorRelations 2053268421 jrylandenergen.com www.energen.com 33

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