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2Q 2018 Investor Presentation – Energen Corp.

Energen Corp. · Aug 7, 2018 · 36 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. 2Q 2018 Investor Presentation – Energen Corp. – slide 1
    Strong Execution Continues in 2018 2Q18 Investor Presentation August 7, 2018
  2. 2Q 2018 Investor Presentation – Energen Corp. – slide 2
    2Q18 Highlights Another Quarter of Outperformance Outperformance by Gen 3-Completed Wells Continues Driving Growth 2Q18 production of 97.4 mboepd beats guidance midpoint by 7% and top end of guidance range by 3% 2Q18 production…
  3. 2Q 2018 Investor Presentation – Energen Corp. – slide 3
    2Q18 Production Exceeds Guidance Midpoint by 7% Gen 3 completions continue to drive well outperformance Total Production (mboepd) 97.4 92.9 91.0 Total production: 56.7 Exceeds top end of guidance range by 3% 55.4 53.0…
  4. 2Q 2018 Investor Presentation – Energen Corp. – slide 4
    Per-unit 2Q18 Expenses Beat Guidance Midpoints LOE (/boe) Net SG&A (/boe) 6.90 6.30 6.54 2.66 2.70 2.47 1Q18a 2Q18 Guidance 2Q18a 1Q18a 2Q18 Guidance 2Q18a Midpt Midpt 5
  5. 2Q 2018 Investor Presentation – Energen Corp. – slide 5
    Delaware Basin Gen 3 Outperformance Continues Inventory by County Operational Highlights Primary target horizons: Wolfcamp A/B Turned 10 gross/9 net wells to production in 2Q18 Utilized an average of 5 Hz drilling rigs and 2 frac…
  6. 2Q 2018 Investor Presentation – Energen Corp. – slide 6
    Delaware Basin 2017-18 Gen 3 WC A/B Wells Exceeding Type Curve 500 450 400 350 Cumulative Production (MBOE) 300 250 200 150 100 Production and type curves normalized to 10,000 Production includes operational…
  7. 2Q 2018 Investor Presentation – Energen Corp. – slide 7
    Midland Basin Gen 3 Driving Excellent Performance Inventory by County Operational Highlights Primary target horizons: Wolfcamp A/B plus Spraberry package in NMB Dawson: 15 Turned 11 gross/10 net wells to production in 2Q18 Utilized 5…
  8. 2Q 2018 Investor Presentation – Energen Corp. – slide 8
    Midland Basin 2017-18 WC A/B Wells Above Type Curves Northern Midland Basin Central Midland Basin 300 300 275 275 Cumulative Production (MBOE) Cumulative Production (MBOE) 250 250 225 225 200 200 175 175 150 150 125 125…
  9. 2Q 2018 Investor Presentation – Energen Corp. – slide 9
    Midland Basin 2017-18 Spraberry Wells Continue to Outperform Middle Spraberry / Jo Mill Lower Spraberry 325 325 300 300 Cumulative Production (MBOE) Cumulative Production (MBOE) 275 275 250 250 225 225 200 200 175 175…
  10. 2Q 2018 Investor Presentation – Energen Corp. – slide 10
    Midland Basin Excellent Results from Gen 3 Cline Wells Northern Midland Basin Central Midland Basin 225 275 250 200 Cumulative Production (MBOE) Cumulative Production (MBOE) 225 175 200 150 175 125 150 100 125 100…
  11. 2Q 2018 Investor Presentation – Energen Corp. – slide 11
    Production Supported by Basin-wide Flow Assurance 85% of Permian Basin oil Basin-wide: production on pipe Typically sold at the wellhead with custody transfer at the CDP Midland/Delaware Basins: 80% of Midland & Delaware oil Primary…
  12. 2Q 2018 Investor Presentation – Energen Corp. – slide 12
    2018 Production Guidance Raised Significantly CY18 Range: 97.0-104.0 MBOEPD Production by Commodity* (mboepd) 111.5 100.5 2018 Operated Horizontal Program 97.4 99.0 92.9 First Production/Flow Back (Gross/Net) Midland Delaware…
  13. 2Q 2018 Investor Presentation – Energen Corp. – slide 13
    Outperformance Drives Estimated Production Growth 3Q18* 4Q18* CY18* 107.0 111.5 99.0 97.4 100.5 93.0 95.5 69.0 76.1 59.0 66.5 60.0 (mboepd) 55.5 58.1 57.5 46.4 17.5 19.0 19.4 19.0 20.5 18.0 19.5 14.4 20.0 21.0 20.0…
  14. 2Q 2018 Investor Presentation – Energen Corp. – slide 14
    2018 Capital Guidance Unchanged CY18 Range: 1.1B-1.3B Capital Breakdown* Capital by Area* 9% 10% 14% 50% 40% 77% Operated Drilling & Development Delaware Basin Facilities North Midland Basin Non-Operated/Other Central…
  15. 2Q 2018 Investor Presentation – Energen Corp. – slide 15
    2018 Expense Guidance Updated Per BOE, except as noted 3Q18e 4Q18e 2018e LOE (production costs, marketing & transportation) 6.60 - 6.80 6.10 - 6.30 6.30 - 6.50 Production & ad valorem taxes (% of revenues, excluding hedges) 6.6% 6.6%…
  16. 2Q 2018 Investor Presentation – Energen Corp. – slide 16
    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 40 Less: After-tax Cash Flows 1,051 Net Debt at…
  17. 2Q 2018 Investor Presentation – Energen Corp. – slide 17
    Hedges Limit Commodity, Differential Price Exposure Hedge Position (as of 7.26.18) 1Q18 2Q18 3Q18 4Q18 2H18 CY18 CY19 CY20 Oil: Swaps Volume (MBbl) 360 480 540 1,020 1,380 7,560 --- --- Price (/Bbl) 60.17 60.28 60.25 60.26 60.24 61.14…
  18. 2Q 2018 Investor Presentation – Energen Corp. – slide 18
    Energen: A Compelling Investment A pure-play Permian Basin operator with approximately 150,000 net acres of top-tier assets Creating long-term shareholder value by bringing forward NAV in a responsible manner Return-driven focus with…
  19. 2Q 2018 Investor Presentation – Energen Corp. – slide 19
    Appendix 20
  20. 2Q 2018 Investor Presentation – Energen Corp. – slide 20
    Premium Permian Basin Acreage Energens Permian Footprint (6/30/2018) Basin Gross Acres Net Acres Delaware 107,948 66,187 Midland 123,703 94,303 Platform 129,502 83,642 21
  21. 2Q 2018 Investor Presentation – Energen Corp. – slide 21
    Identified Net Potential 6.30.18 Midland Basin: 1.4 Billion BOE Inventory: Remaining Horizontal Midland Net Operated Wells Net Engineered Locations1 Undeveloped Resource2 Basin Drilled to Date Acreage (Gross/Net) (Net MMBOE)…
  22. 2Q 2018 Investor Presentation – Energen Corp. – slide 22
    Identified Net Potential 6.30.18 North Midland Basin: 700 MMBOE Inventory: Type Curve Remaining Horizontal Midland, Martin, Dawson Net Operated Wells Net Engineered Locations1 EUR per 10002 Undeveloped Resource3 & Howard Counties…
  23. 2Q 2018 Investor Presentation – Energen Corp. – slide 23
    Identified Net Potential 6.30.18 Central Midland Basin: 700 MMBOE Inventory: Type Curve Remaining Horizontal Glasscock, Upton & Reagan Net Operated Wells Net Engineered Locations 1 EUR per 1000 2 Undeveloped Resource3 Counties…
  24. 2Q 2018 Investor Presentation – Energen Corp. – slide 24
    Identified Net Potential 6.30.18 Delaware Wolfcamp Shale: 1.2 Billion BOE Inventory: Type Curve Remaining Horizontal Net Operated Wells Net Engineered Locations1 EUR per 10002 Undeveloped Resource3 Drilled to Date Acreage (Gross/Net)…
  25. 2Q 2018 Investor Presentation – Energen Corp. – slide 25
    Identified Net Potential 6.30.18 Delaware Other Plays: 260 MMBOE Inventory: Type Curve Remaining Horizontal Net Operated Wells Net Engineered Locations1 EUR per 1000 2 Undeveloped Resource3 Other Plays Drilled to Date Acreage…
  26. 2Q 2018 Investor Presentation – Energen Corp. – slide 26
    Inventory Spacing: North Midland Basin Inventory Spacing per 640-acre Section* 250 4 249 385 387 4 405 405 8 252 250 Dean 6 243 245 Wolfcamp A 6 315 317 Wolfcamp B 374 375 8…
  27. 2Q 2018 Investor Presentation – Energen Corp. – slide 27
    Inventory Spacing: Central Midland Basin Inventory Spacing per 640-acre Section* 390 6 185 6-8 265 615 6-8 8 635 200 385 8 1 Mile * Subject to change based on continued testing and analysis of…
  28. 2Q 2018 Investor Presentation – Energen Corp. – slide 28
    Inventory Spacing: Delaware Basin WC Shale Inventory Spacing per 640-acre Section* 425 6 325 6 300 Wolfcamp BC 6 400 6 1 Mile * Subject to change based on continued testing and analysis of spacing and…
  29. 2Q 2018 Investor Presentation – Energen Corp. – slide 29
    Inventory Spacing: Delaware Basin Other Inventory Spacing per 640-acre Section* 4 225 105 795 6 255 4 315 440 4 3rd Bone Spring 610 Shale 6 4 295 160 1 Mile * Subject to change based on…
  30. 2Q 2018 Investor Presentation – Energen Corp. – slide 30
    EGN Frac Design Evolution Delaware Basin Generation 1 Generation 2 Generation 3 (2012-2014) (2015) (2016-2018) 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…
  31. 2Q 2018 Investor Presentation – Energen Corp. – slide 31
    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…
  32. 2Q 2018 Investor Presentation – Energen Corp. – slide 32
    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…
  33. 2Q 2018 Investor Presentation – Energen Corp. – slide 33
    Peer-Leading Drill-Bit Economics in 2017 2017 Adjusted PDP Finding & Development Cost (/boe) 1 20.63 13.04 13.29 14.98 10.72 11.35 8.91 EGN Peer Peer Peer Peer Peer Peer 2017 Recycle Ratio 2 2.93 2.66 2.19 1.82 1.80…
  34. 2Q 2018 Investor Presentation – Energen Corp. – slide 34
    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…
  35. 2Q 2018 Investor Presentation – Energen Corp. – slide 35
    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…
  36. 2Q 2018 Investor Presentation – Energen Corp. – slide 36
    For More Information Julie S. Ryland Vice President Investor Relations 205-326-8421 jrylandenergen.com www.energen.com 37

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