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Barclays CEO Power Conference – Energen Corp.

Energen Corp. · Sep 6, 2017 · 39 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. Barclays CEO Power Conference – Energen Corp. – slide 1
    Gen 3 Frac Design Driving Significant Outperformance B A R C L AY S C E O E N E R GY - P O W E R C O N F E R E N C E September 6, 2017
  2. Barclays CEO Power Conference – Energen Corp. – slide 2
    Energen: 2Q17 Highlights New Gen 3 Wells Delivering Outstanding Results in All Key Areas Strong 24-hour and 30-day IP rates on 45 gross and net wells turned to production in 2Q17; 78% were multi-zone pattern wells completed in…
  3. Barclays CEO Power Conference – Energen Corp. – slide 3
    2Q17 Production By Basin (mboepd) By Commodity (mboepd) 71.1 72.5 71.1 72.5 62.2 62.2 22.9 23.4 52.8 52.8 19.8 45.1 12.8 44.9 40.6 33.3 40.5 41.3 31.8 34.2 12.8 13.5 8.9 10.5 10.6 11.1 13.5 13.9 8.3 8.2 7.7 7.9 1Q17a…
  4. Barclays CEO Power Conference – Energen Corp. – slide 4
    Updated Quarterly Production By Basin (mboepd) By Commodity (mboepd) 41.3 40.6 42.1 53.4 47.9 45.1 31.8 31.9 26.2 33.3 23.4 12.8 13.5 12.9 13.7 13.913.9 14.7 8.3 7.9 8.0 7.8 10.6 8.9 Midland Delaware CBP/Other Oil…
  5. Barclays CEO Power Conference – Energen Corp. – slide 5
    29% Annual Production Growth; 37% Midland, Delaware Production Growth Total 2017 production estimate: 70.6 mboepd Total 2017 Midland and Delaware production estimate: 62.6 mboepd 4Q17 to 4Q16 exit rate estimated at 53% Production…
  6. Barclays CEO Power Conference – Energen Corp. – slide 6
    2Q17 LOE & SG&A LOE* (/boe) SGA (/boe) 8.68 7.25 4.29 6.66 3.35 3.00 1Q17a 2Q17 June 2Q17a 1Q17a 2Q17 June 2Q17a Guidance Mdpt Guidance Mdpt LOE/boe down 8.1% from guidance SG&A/boe down 10.4% from guidance LOE/boe drops…
  7. Barclays CEO Power Conference – Energen Corp. – slide 7
    Energen Continues to Cut Costs; Compares Favorably with Permian Peers LOE per Boe1 (/Boe) Dark = 2015A Adjusted SG&A per Boe (/Boe) Dark = 2015A Light = 2016A Light = 2016A (19%) (29%) (25%) (7%) 8.01 7.71 6.37 6.46 5.81 4.52 4.41…
  8. Barclays CEO Power Conference – Energen Corp. – slide 8
    EGN Frac Design Evolution Delaware Basin Generation 1 Generation 2 Generation 3 (2012-2014) (2015) (2016-2017) 1,000 lbs./ft proppant 1,330 lbs./ft proppant 1,800-2,400 lbs./ft proppant 240 stage spacing 260 stage spacing 200 stage…
  9. Barclays CEO Power Conference – Energen Corp. – slide 9
    45 Wells Turned to Production in 2Q17 Avg. Avg. Peak 24-Hr IP Avg. Peak 30-Day IP Completed Area Wells Lateral Boepd/ Boepd/ % Length Boepd % Oil Boepd 1,000 1,000 Oil Wolfcamp A (8) Delaware Basin 18 9,466 2,338 247 59 1,889…
  10. Barclays CEO Power Conference – Energen Corp. – slide 10
    Delaware Basin Gen 3 Wolfcamp A/B Wells 500 31% average cumulative production uplift over 1.75 mmboe EUR type curve at 270 days for 8 Wolfcamp A 450 and 12 Wolfcamp B wells; 9 of 20 are multi-zone pattern wells completed in batches…
  11. Barclays CEO Power Conference – Energen Corp. – slide 11
    North Midland Basin Gen 3 Spraberry Pattern Wells 150 40% average cumulative production uplift over 1.2 mmboe EUR type curve at 90 days for 4 Middle Spraberry, 3 Jo Mill, and 4 Lower Spraberry; all 11 are multi-zone pattern wells…
  12. Barclays CEO Power Conference – Energen Corp. – slide 12
    North Midland Basin Gen 3 Wolfcamp A/B Pattern Wells 300 11% average cumulative production uplift over 1.2 mmboe EUR type curve at 240 days for 3 Wolfcamp 275 A and 7 Wolfcamp B wells; 7 of 10 are multi-zone pattern wells completed…
  13. Barclays CEO Power Conference – Energen Corp. – slide 13
    Central Midland Basin Gen 3 Wolfcamp A/B Pattern Wells 200 21% average cumulative production uplift over 1.2 mmboe EUR type curve at 170 days for 7 Wolfcamp A and 9 Wolfcamp B wells; all 16 are multi-zone pattern wells completed in…
  14. Barclays CEO Power Conference – Energen Corp. – slide 14
    Central Midland Basin Gen 3 Lower Spraberry Pattern Wells 150 47% average cumulative production uplift over 850 mboe EUR type curve for northern Midland Basin Lower Spraberry wells at 160 days for 2 Lower Spraberry wells; both are…
  15. Barclays CEO Power Conference – Energen Corp. – slide 15
    Midland Gen 3 Pattern Wells Completed in Batches at Original Reservoir Pressure Outperforming Offset Pattern Wells of Peers and All Operators In combination with its Gen 3 frac design, Energens practice of completing multi-zone…
  16. Barclays CEO Power Conference – Energen Corp. – slide 16
    Midland Gen 3 Wells Performing At or Above Those of Peers and All Operators with Proppant Loads of 1,700-2,500 lbs/ft Energens performance versus Permian peers and all operators is even more notable given Energens focus on multi-zone…
  17. Barclays CEO Power Conference – Energen Corp. – slide 17
    Midland Gen 3 Pattern Wells Outperforming Those of Peers and All Operators with Proppant Loads of 1,700-2,500 lbs/ft Energen believes multi-zone pattern wells should be completed in batches at the original reservoir pressure.…
  18. Barclays CEO Power Conference – Energen Corp. – slide 18
    Delaware Gen 3 Wells Outperforming Those of Peers and All Operators with Proppant Loads of 1,700-2,500 lbs/ft Energens performance versus Permian peers and all operators is even more notable given Energens focus on multi-zone pattern…
  19. Barclays CEO Power Conference – Energen Corp. – slide 19
    Drilling & Development Capital 2017e Capital by Basin 2017e Capital Breakdown (850-900mm) (850-900mm) 5 13% 4% 405 490 83% Operated Drilling & Development Midland Basin Delaware Basin Non-Operated/Other Central…
  20. Barclays CEO Power Conference – Energen Corp. – slide 20
    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 8,425 86% New Drill Completions 39/32 YE17 DUCs 15/14 Delaware…
  21. Barclays CEO Power Conference – Energen Corp. – slide 21
    Hedge Position ROY17 In last six months of 2017, approximately 69% of estimated oil production hedged Hedge Volumes Avg. NYMEX Price Oil Swaps 4.0 mmbo 50.68 per barrel Oil 3-way Collars 2.4 mmbo Call Price 62.18 per barrel Put Price…
  22. Barclays CEO Power Conference – Energen Corp. – slide 22
    2018 Hedges Hedge Volumes Avg. NYMEX Price Oil 3-way Collars 13.5 mmbo Call Price 60.04 per barrel Put Price 45.47 per barrel Short Put Price 35.47 per barrel When the NYMEX price is above the call price, Energen receives the call…
  23. Barclays CEO Power Conference – Energen Corp. – slide 23
    Expense Guidance Per BOE, except as noted 3Q17e 4Q17e 2017e LOE (production costs, marketing & transportation) 7.00 - 7.30 6.85 - 7.15 7.05 - 7.45 Production & ad valorem taxes (% of revenues, ex. hedges) 6.4% 6.3% 6.5% DD&A expense*…
  24. Barclays CEO Power Conference – Energen Corp. – slide 24
    Strong Balance Sheet Maturity Schedule of Notes 2017e Capitalization (mm) 400 Net debt at YE16 165 Plus: Total Capital Expenditures* 1,085 1,135 Less: After-tax Cash Flows (includes working 515 capital adjustment) Net Debt at YE17 735 -…
  25. Barclays CEO Power Conference – Energen Corp. – slide 25
    Premium Permian Basin Acreage Energens Permian Footprint (7/1/2017) Platform (117,574 gross acres/83,885 net acres) Midland Basin (118,727 gross acres/94,037 net acres) Delaware Basin (91,071 gross acres/61,690 net acres) 26
  26. Barclays CEO Power Conference – Energen Corp. – slide 26
    Identified Inventory: 4,116 Net Locations on 147,428 Net Acres Midland Basin (WC/SPB/Cline): Delaware Basin (WC, BS, Avalon, BC): 2,629 Net Locations on 87,230 net acres 1,487 Net Locations on 60,198 net acres Dawson: 15 Lea:…
  27. Barclays CEO Power Conference – Energen Corp. – slide 27
    Identified Net Potential 7.1.17 Midland Basin: 1.3 Billion BOE Inventory: Type Curve Remaining Horizontal Midland Net Operated Wells Net Engineered Net Locations1 EUR Range2 Undeveloped Resource3 Drilled to Date Acreage Basin…
  28. Barclays CEO Power Conference – Energen Corp. – slide 28
    Identified Net Potential 7.1.17 North Midland Basin: 699 MMBOE Midland, Martin, Dawson Net Operated Wells Inventory: Type Curve Remaining Horizontal Net Engineered Net Locations1 EUR Range2 Undeveloped Resource3 & Howard Counties…
  29. Barclays CEO Power Conference – Energen Corp. – slide 29
    Identified Net Potential 7.1.17 Central Midland Basin: 614 MMBOE Glasscock, Upton & Inventory: Type Curve Remaining Horizontal Net Operated Wells Net Engineered Net Locations1 EUR Range2 Undeveloped Resource3 Reagan Counties Drilled…
  30. Barclays CEO Power Conference – Energen Corp. – slide 30
    Identified Net Potential 7.1.17 Delaware Wolfcamp Shale: 970 MMBOE Inventory: Type Curve Remaining Horizontal Net Operated Wells Net Engineered Net Locations1 EUR Range 2 Undeveloped Resource3 Drilled to Date Acreage Central…
  31. Barclays CEO Power Conference – Energen Corp. – slide 31
    Identified Net Potential 7.1.17 Delaware Other Plays: 203 MMBOE Inventory: Type Curve Remaining Horizontal Net Operated Wells Net 1 Engineered Net Locations EUR Range 2 Undeveloped Resource3 Other Plays Drilled to Date Acreage…
  32. Barclays CEO Power Conference – Energen Corp. – slide 32
    Inventory Spacing Northern Midland Basin Inventory Spacing per 640-acre Section* 4 249 4 387 8 405 252 Dean Wolfcamp A 6 243 6 317 Wolfcamp B 374 8 439 1 Mile * Subject to change based…
  33. Barclays CEO Power Conference – Energen Corp. – slide 33
    Inventory Spacing Central Midland Basin Inventory Spacing per 640-acre Section* 6 388 185 6-8 266 6-8 613 8 637 201 8 387 1 Mile * Subject to change based on continued testing and analysis of…
  34. Barclays CEO Power Conference – Energen Corp. – slide 34
    Inventory Spacing Delaware Basin Wolfcamp Shale Inventory Spacing per 640-acre Section* 6 417 6 364 6 344 Wolfcamp BC 6 400 1 Mile * Subject to change based on continued testing and analysis of…
  35. Barclays CEO Power Conference – Energen Corp. – slide 35
    Inventory Spacing Delaware Basin Other Inventory Spacing per 640-acre Section* 4 106 226 6 795 257 4 316 4 442 3rd Bone Spring 6 609 Shale 4 294 159 1 Mile * Subject to change based on…
  36. Barclays CEO Power Conference – Energen Corp. – slide 36
    Investment Highlights Gen 3 wells outperforming type curves and other operators wells High quality, oil focused assets in Delaware and Midland basins 4,116 net locations identified in key Permian Basin trends Top-tier asset base…
  37. Barclays CEO Power Conference – Energen Corp. – slide 37
    Non-GAAP Financial Measures Per unit LOE excluding the Central Basin Platform is a Non-GAAP financial measure (GAAP refers to generally accepted accounting principles). This information is useful in comparing the company and other oil…
  38. Barclays CEO Power Conference – Energen Corp. – slide 38
    Non-GAAP Financial Measures Per unit SG&A including capitalized costs is a Non-GAAP financial measure (GAAP refers to generally accepted accounting principles). This information is useful in comparing the company with other oil and gas…
  39. Barclays CEO Power Conference – Energen Corp. – slide 39
    For More Information Julie S. Ryland Vice President Investor Relations 205-326-8421 jrylandenergen.com www.energen.com 40

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