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1Q 2018 Earnings Presentation – Energen Corp.

Energen Corp. · May 8, 2018 · 34 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. 1Q 2018 Earnings Presentation – Energen Corp. – slide 1
    Strong Execution Continues in 2018 1Q18 Investor Presentation May 8, 2018
  2. 1Q 2018 Earnings Presentation – Energen Corp. – slide 2
    1Q18 Activity Delivers Strong Start to 2018 CY18 Off to Excellent Start in 1Q Total production of 92.9 mboepd surpasses guidance midpoint by 4% primarily due to well outperformance Oil production of 55.4 mbopd exceeds top end of 1Q18…
  3. 1Q 2018 Earnings Presentation – Energen Corp. – slide 3
    1Q18 Production Beats Guidance Midpoint by 4% Continued Gen 3 completion outperformance and execution efficiencies combine to drive production growth in 1Q18. Total Production (mboepd) 92.9 89.5 Total production: 55.4 Beats…
  4. 1Q 2018 Earnings Presentation – Energen Corp. – slide 4
    1Q18 Expenses Continue YOY Decline LOE (/boe) Net SG&A (/boe) 8.68 1 6.30 6.30 4.29 3.00 2.66 1Q17a 1Q18 Guidance 1Q18a 1Q17a 1Q18 Guidance 1Q18a Midpt Midpt 1 LOE in 1Q18 was impacted by the adoption of Accounting…
  5. 1Q 2018 Earnings Presentation – Energen Corp. – slide 5
    Delaware Basin Gen 3 Outperformance Continues Inventory Operational Highlights Primary target horizons: Wolfcamp A/B Turned 10 gross/10 net wells to production in 1Q18 Utilized an average of 3-4 Hz rigs and 2 frac crews during the…
  6. 1Q 2018 Earnings Presentation – Energen Corp. – slide 6
    Delaware Basin 2017-18 Gen 3 WC A/B Wells Exceeding Type Curve 600 550 500 450 Cumulative Production (MBOE) 400 350 300 250 200 150 100 Production and type curves normalized to 10,000 2017 Gen 3 avg. production…
  7. 1Q 2018 Earnings Presentation – Energen Corp. – slide 7
    Midland Basin Gen 3 Driving Excellent Performance Inventory Operational Highlights Primary target horizons: Wolfcamp A/B plus Spraberry package in NMB Dawson: 15 Turned 15 gross/13 net wells to production in 1Q18 Utilized an average…
  8. 1Q 2018 Earnings Presentation – Energen Corp. – slide 8
    Midland Basin 2017-18 WC A/B Wells At or Above Type Curves Northern Midland Basin Central Midland Basin 275 300 250 275 Cumulative Production (MBOE) Cumulative Production (MBOE) 225 250 225 200 200 175 175 150 150…
  9. 1Q 2018 Earnings Presentation – Energen Corp. – slide 9
    Midland Basin 2017 Spraberry Wells Continue Outperformance Middle Spraberry / Jo Mill Lower Spraberry 300 300 275 275 Cumulative Production (MBOE) Cumulative Production (MBOE) 250 250 225 225 200 200 175 175 150 150 125…
  10. 1Q 2018 Earnings Presentation – Energen Corp. – slide 10
    Midland Basin Excellent Early Results from Gen 3 Cline Wells Northern Midland Basin Central Midland Basin 175 175 150 Cumulative Production (MBOE) 150 Cumulative Production (MBOE) 125 125 100 100 75 75 50 50…
  11. 1Q 2018 Earnings Presentation – Energen Corp. – slide 11
    Production Supported by Basin-wide Flow Assurance Basin-wide: Typically sold at the wellhead with custody transfer at the CDP 85% of Permian Basin oil production on pipe Midland/Delaware Basins: Primary purchaser: Plains All American…
  12. 1Q 2018 Earnings Presentation – Energen Corp. – slide 12
    2018 Production Guidance CY18 Range: 92.0-99.0 MMBOEPD Production by Commodity* (mboepd) 107.0 2018 Operated Horizontal Program 92.9 93.0 95.5 First Production/Flow Back (Gross/Net) 91.0 Midland Delaware Total Basin Basin…
  13. 1Q 2018 Earnings Presentation – Energen Corp. – slide 13
    2018 Capital Guidance CY18 Range Unchanged: 1.1B-1.3B Capital Breakdown* Capital by Area* 6% 10% 13% 50% 40% 81% Operated Drilling & Development Delaware Basin Facilities North Midland Basin Non-Operated/Other Central…
  14. 1Q 2018 Earnings Presentation – Energen Corp. – slide 14
    2018 Expense Guidance Updated Per BOE, except as noted 2Q18e 3Q18e 4Q18e 2018e LOE (production costs, marketing & transportation) 6.80 - 7.00 6.50 - 6.70 6.10 - 6.30 6.40 - 6.60 Production & ad valorem taxes (% of revenues, 6.2% 6.2%…
  15. 1Q 2018 Earnings Presentation – Energen Corp. – slide 15
    Energen Maintains Strong Balance Sheet 2018e Capitalization (mm) Maturity Schedule of Notes Net debt at YE17 783 400 Plus: Drilling & Development Capital 1,100 1,300 Leasehold/Other 28 Less: After-tax Cash Flows 1,003 Net Debt at…
  16. 1Q 2018 Earnings Presentation – Energen Corp. – slide 16
    Hedges Limit Commodity, Differential Price Exposure Hedge Position (as of 5.1.18) 1Q18 2Q18 3Q18 4Q18 CY18 CY19 Oil: Swaps Volume (MBbl) 360 480 540 1,380 3,600 --- Price (/Bbl) 60.17 60.28 60.25 60.24 57.28 Oil: Three-way Costless…
  17. 1Q 2018 Earnings Presentation – Energen Corp. – slide 17
    2017: Proven Execution Story Quality Portfolio Year-end total proved reserves increased 40% to 444 MMBOE Undeveloped resource potential of 2.7 billion BOE from 4,000 net Key Performance Metric Improvements locations Successful…
  18. 1Q 2018 Earnings Presentation – Energen Corp. – slide 18
    Peer-Leading Drill-Bit Economics in 2017 2017 Adjusted PDP Finding & Development Cost (/boe) 1 20.63 13.04 13.29 14.20 14.98 10.72 11.35 8.91 EGN Peer Peer Peer Peer Peer Peer Peer 2017 Recycle Ratio 2 2.93 2.66 2.19…
  19. 1Q 2018 Earnings Presentation – Energen Corp. – slide 19
    Three-Year Outlook Brings Forward Value The Companys three-year plan achieves cash flow neutrality in 2020 at 57/bbl. Drilling & development capital estimated to increase to 1.6B-1.8B in 2020 Capital Three-year plan assumes…
  20. 1Q 2018 Earnings Presentation – Energen Corp. – slide 20
    Energen: A Compelling Investment A pure-play Permian Basin operator Creating long-term shareholder value by bringing forward NAV in a responsible manner Return-driven focus with corporate level returns across all operating areas that…
  21. 1Q 2018 Earnings Presentation – Energen Corp. – slide 21
    Appendix 22
  22. 1Q 2018 Earnings Presentation – Energen Corp. – slide 22
    Premium Permian Basin Acreage Energens Permian Footprint (12/31/2017) Basin Gross Acres Net Acres Delaware 93,897 62,313 Midland 118,922 95,105 Platform 116,334 82,578 23
  23. 1Q 2018 Earnings Presentation – Energen Corp. – slide 23
    Identified Net Potential 12.31.17 Midland Basin: 1.3 Billion BOE Inventory: Remaining Horizontal Midland Net Operated Wells Net Engineered Locations1 Undeveloped Resource2 Basin Drilled to Date Acreage (Gross/Net) (Net MMBOE)…
  24. 1Q 2018 Earnings Presentation – Energen Corp. – slide 24
    Identified Net Potential 12.31.17 North Midland Basin: 695 MMBOE Inventory: Type Curve Remaining Horizontal Midland, Martin, Dawson Net Operated Wells Net Engineered Locations1 EUR per 10002 Undeveloped Resource3 & Howard Counties…
  25. 1Q 2018 Earnings Presentation – Energen Corp. – slide 25
    Identified Net Potential 12.31.17 Central Midland Basin: 626 MMBOE Inventory: Type Curve Remaining Horizontal Glasscock, Upton & Reagan Net Operated Wells Net Engineered Locations 1 EUR per 1000 2 Undeveloped Resource3 Counties…
  26. 1Q 2018 Earnings Presentation – Energen Corp. – slide 26
    Identified Net Potential 12.31.17 Delaware Wolfcamp Shale: 1.1 Billion BOE Inventory: Type Curve Remaining Horizontal Net Operated Wells Net Engineered Locations1 EUR per 1000 2 Undeveloped Resource3 Drilled to Date Acreage Texas…
  27. 1Q 2018 Earnings Presentation – Energen Corp. – slide 27
    Identified Net Potential 12.31.17 Delaware Other Plays: 250 MMBOE Inventory: Type Curve Remaining Horizontal Net Operated Wells Net Engineered Locations1 EUR per 1000 2 Undeveloped Resource3 Other Plays Drilled to Date Acreage…
  28. 1Q 2018 Earnings Presentation – Energen Corp. – slide 28
    Inventory Spacing: North Midland Basin Inventory Spacing per 640-acre Section* 249 4 249 387 387 4 405 405 8 252 252 Dean 6 243 243 Wolfcamp A 6 317 317 Wolfcamp B 374 374 8…
  29. 1Q 2018 Earnings Presentation – Energen Corp. – slide 29
    Inventory Spacing: Central Midland Basin Inventory Spacing per 640-acre Section* 388 6 185 266 6-8 613 6-8 8 637 201 387 8 1 Mile * Subject to change based on continued testing and analysis of…
  30. 1Q 2018 Earnings Presentation – Energen Corp. – slide 30
    Inventory Spacing: Delaware Basin WC Shale Inventory Spacing per 640-acre Section* 6 417 364 6 6 344 Wolfcamp BC 400 6 1 Mile * Subject to change based on continued testing and analysis of spacing and…
  31. 1Q 2018 Earnings Presentation – Energen Corp. – slide 31
    Inventory Spacing: Delaware Basin Other Inventory Spacing per 640-acre Section* 4 226 106 795 6 257 4 316 442 4 3rd Bone Spring 609 Shale 6 4 294 159 1 Mile * Subject to change based on…
  32. 1Q 2018 Earnings Presentation – Energen Corp. – slide 32
    YE17 Proved Reserves Increase 40% Reserve additions replaced production by 415% 2017 proved developed F&D cost totaled 8.38 per boe1 Value of PDP reserves increased from 1.1B to 2.7B Delaware Basin proved reserves jumped 177% due to…
  33. 1Q 2018 Earnings Presentation – Energen Corp. – slide 33
    Non-GAAP Financial Measures Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Natural Gas Reserves (GAAP) / PV-10 (non-GAAP): The standardized measure of discounted future net cash flows (SMOG) is the…
  34. 1Q 2018 Earnings Presentation – Energen Corp. – slide 34
    For More Information Julie S. Ryland Vice President Investor Relations 205-326-8421 jrylandenergen.com www.energen.com 35

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