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2017 JP Morgan Energy Equity Conference – Energen Corp.

Energen Corp. · Jun 27, 2017 · 30 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. 2017 JP Morgan Energy Equity Conference – Energen Corp. – slide 1
    ACCELERATING GROWTH IN THE PERMIAN BASIN J.P. MORGAN ENERGY EQUITY CONFERENCE June 26-27, 2017 New York City
  2. 2017 JP Morgan Energy Equity 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. 2017 JP Morgan Energy Equity Conference – Energen Corp. – slide 3
    ENERGEN (NYSE: EGN) Pure Permian Basin Operator Shares Outstanding: 97.2 mm Market Cap (6.22.17): 4.5 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. 2017 JP Morgan Energy Equity Conference – Energen Corp. – slide 4
    PRODUCTION GUIDANCE RAISED 2017 Production Guidance Raised on Strength of Gen 3 Performance Significant production impact from Gen 3 fracs on AprilMay production Growing body of well results in all key areas of 2017 drilling and…
  5. 2017 JP Morgan Energy Equity Conference – Energen Corp. – slide 5
    REVISED QUARTERLY PRODUCTION By Basin (mboepd) By Commodity (mboepd) 42.1 40.5 40.6 53.4 47.9 44.9 31.8 31.9 26.2 33.3 22.9 12.8 12.8 12.9 13.7 13.5 13.9 14.7 8.3 7.7 8.0 7.8 10.6 8.9 Midland Delaware CBP/Other Oil…
  6. 2017 JP Morgan Energy Equity Conference – Energen Corp. – slide 6
    GEN 3 WELLS - NORTHERN MB 160 20% average cumulative production uplift 140 at 165 days for two Tiger Unit Wolfcamp B wells (red line) over highend, 1.0 mmboe CumulativeProduction(MBOE) 120 type curve for a 7,500 lateral…
  7. 2017 JP Morgan Energy Equity Conference – Energen Corp. – slide 7
    GEN 3 WELLS - CENTRAL MB 150 15% average cumulative production uplift at 75 days for five central Midland Basin Wolfcamp A/B wells (red line) 125 over highend, 1.3 mmboe type curve for a 10,000 lateral…
  8. 2017 JP Morgan Energy Equity Conference – Energen Corp. – slide 8
    GEN 3 WELLS - CENTRAL DB 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 (green line) 6% average…
  9. 2017 JP Morgan Energy Equity Conference – Energen Corp. – slide 9
    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…
  10. 2017 JP Morgan Energy Equity Conference – Energen Corp. – slide 10
    2017 CAPITAL Drilling & Development Capital: 850 900 mm 2017 Capital Breakdown Complete YE16 DUCs (% at midpoint) 6 to 7rig drilling and completion program All completions Gen 3 14% Primary Horizontal Targets 3 Spraberry…
  11. 2017 JP Morgan Energy Equity 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. 2017 JP Morgan Energy Equity Conference – Energen Corp. – slide 12
    2017 ESTIMATED IRRS Generation 3 EUR Range Internal Rates of Return (%) Delaware Basin Central 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…
  13. 2017 JP Morgan Energy Equity Conference – Energen Corp. – slide 13
    HEDGE POSITION ROY17 In last nine months of 2017, approximately 64% of estimated oil production hedged 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…
  14. 2017 JP Morgan Energy Equity Conference – Energen Corp. – slide 14
    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…
  15. 2017 JP Morgan Energy Equity Conference – Energen Corp. – slide 15
    EXPENSE GUIDANCE Per BOE, except as noted 2Q17e 2017 LOE (production costs, marketing & transportation) 7.10 7.40 7.15 7.55 Production & ad valorem taxes (% of revenues, excluding hedges) 6.9% 6.8% DD&A expense 18.10 18.50 17.45 17.85*…
  16. 2017 JP Morgan Energy Equity Conference – Energen Corp. – slide 16
    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 529 capital adjustment) Net Debt at YE17 653…
  17. 2017 JP Morgan Energy Equity Conference – Energen Corp. – slide 17
    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:…
  18. 2017 JP Morgan Energy Equity Conference – Energen Corp. – slide 18
    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…
  19. 2017 JP Morgan Energy Equity Conference – Energen Corp. – slide 19
    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…
  20. 2017 JP Morgan Energy Equity Conference – Energen Corp. – slide 20
    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…
  21. 2017 JP Morgan Energy Equity Conference – Energen Corp. – slide 21
    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)…
  22. 2017 JP Morgan Energy Equity Conference – Energen Corp. – slide 22
    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…
  23. 2017 JP Morgan Energy Equity Conference – Energen Corp. – slide 23
    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…
  24. 2017 JP Morgan Energy Equity Conference – Energen Corp. – slide 24
    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:…
  25. 2017 JP Morgan Energy Equity Conference – Energen Corp. – slide 25
    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…
  26. 2017 JP Morgan Energy Equity Conference – Energen Corp. – slide 26
    APPENDIX 28
  27. 2017 JP Morgan Energy Equity Conference – Energen Corp. – slide 27
    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…
  28. 2017 JP Morgan Energy Equity Conference – Energen Corp. – slide 28
    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…
  29. 2017 JP Morgan Energy Equity Conference – Energen Corp. – slide 29
    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 31
  30. 2017 JP Morgan Energy Equity Conference – Energen Corp. – slide 30
    FOR MORE INFORMATION JulieS.Ryland VicePresident InvestorRelations 2053268421 jrylandenergen.com www.energen.com 32

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