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Exploring & Developing the Midland and Delaware Basins – Energen Corp.

Energen Corp. · Dec 10, 2014 · 26 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. Exploring & Developing the Midland and Delaware Basins – Energen Corp. – slide 1
    Wolfcamp Cline Lower Spraberry Wolfberry Bone Spring Exploring & Developing the Midland and Delaware Basins New Mancos Oil Play Emerging in San Juan Basin Howard Weil December 10, 2014
  2. Exploring & Developing the Midland and Delaware Basins – Energen Corp. – slide 2
    ENERGEN: PURE-PLAY E&P Domestic asset base with Permian Basin, oil & NGL focus Emerging oil play in San Juan Basin 2.4 billion BOE of 3P and Contingent Resources in Wolfcamp and Cline shales in Permian Basin Substantial drilling…
  3. Exploring & Developing the Midland and Delaware Basins – Energen Corp. – slide 3
    ENERGEN PROFILE NYSE: EGN Shares Outstanding (10.31.14) 73.2 MM 3P Reserves/ Contingent Resources Market Cap (12.09.14) 4.2 B at YE2013 YE2013 E&P Debt 1.7 B YE2014e Debt 1.0 B PV10 Pre-tax (12.31.13) 4.8 B PV10 After-tax (12.31.13) 4.0 B…
  4. Exploring & Developing the Midland and Delaware Basins – Energen Corp. – slide 4
    DOUBLE-DIGIT OIL/NGL PRODUCTION GROWTH (MMBOE) (MMBOE) 10.0 9.6 2011 2012 2013 2014e Midpoint 9.1 25.9 8.4 23.3 4.2 7.7* 21.2 3.2 2.6 17.5 5.8 5.1 5.0 4.8 15.6 2.2 4.7 14.8 11.9 4.4 1.9 10.4 4.0 1.8 8.7 3.5 6.3 2.9 4.7…
  5. Exploring & Developing the Midland and Delaware Basins – Energen Corp. – slide 5
    3P/CONTINGENT RESOURCES = 3.3 BILLION BOE Proved Reserves by Product 3P Reserves/Contingent Resources by Area (MMBOE) 343 346 348 303 54 56 63 18% 258 41 4% 44% 30 130 103 155 165 78 34% 160 150 159 135 120 Delaware 2009…
  6. Exploring & Developing the Midland and Delaware Basins – Energen Corp. – slide 6
    2014 CAPITAL, DRILLING/DEVELOPMENT PLANS Capital Investment: 1.35 B Midland Basin: 835 MM Midland Basin Wolfcamp/Cline Wolfberry Facilities/Other Delaware Basin: 415 MM 600 MM 125 MM 110 MM Central Basin: 45 MM 69 net wells 50 net…
  7. Exploring & Developing the Midland and Delaware Basins – Energen Corp. – slide 7
    PRODUCTION OUTLOOK 2014 Production by Quarter PDP Decline Rates Over Time (MMBOE) (based on YE13 PDP reserves) 6.9 6.7 6.3 5-Year 10-Year 20-Year 6.0 (8.0) 2.1 2.3 (9.3) (8.7) 2.0 (9.2) 2.1 (10.6) (10.7) (11.8) (13.4) 4.8…
  8. Exploring & Developing the Midland and Delaware Basins – Energen Corp. – slide 8
    HEDGES MINIMIZE PRICE RISK 72% of 4Q14 production hedged CY14e cash cost (continuing operations): 18.75/barrel CY14e net income break-even (continuing ops): 39.75/barrel 4Q14 CY15 Hedged Average Hedge Volumes Average Price* Hedge…
  9. Exploring & Developing the Midland and Delaware Basins – Energen Corp. – slide 9
    Legacy Assets Eastern Shelf Major Acquisitions, 2009-12 Permian NEW MEXICO Lea Yoakum Cline Play TEXAS Midland Basin Northwest Shelf ( 87,000 net acres) Overview Eddy Wolfberry Play Borden Delaware Gaines Dawson…
  10. Exploring & Developing the Midland and Delaware Basins – Energen Corp. – slide 10
    MIDLAND BASIN WOLFCAMP, CLINE POTENTIAL 2,475 Potential Wolfcamp/Cline Locations* Potential Wells* Net 4,400 6,700 7,500 Acres Martin Co. Glasscock Co. 8,010 Upper Spraberry 6,113 8,523 Lower Spraberry 6,619 9,328 Dean 7,525…
  11. Exploring & Developing the Midland and Delaware Basins – Energen Corp. – slide 11
    Scurry MIDLAND BASIN Wolfcamp Play: Blue Outline Gaines Borden Dawson Andrews Howard 2014 EXPLORATORY PROGRAM Martin Mitchell Wolfcamp/Cline 16 gross (15 net) wells to be drilled in CY14 Cline Play: Red Outline 8 gross…
  12. Exploring & Developing the Midland and Delaware Basins – Energen Corp. – slide 12
    Dawson Borden Jones Holton 101H Smith SN 48-37 101H Wilbanks SN 16-15 101H MIDLAND BASIN Martin Howard Mitchell RESULTS, 3Q14 Jones Holton 201H (B Bench) Peak 24-hour IP: 1,172 boepd (94% oil) Midland Peak 30-day Avg: 602…
  13. Exploring & Developing the Midland and Delaware Basins – Energen Corp. – slide 13
    DELAWARE WOLFCAMP POTENTIAL Top of Delaware Mtn. Group 3,115 Potential 7,550 Locations* 8,450 Potential Net 9,1 00 Avalon Wells* Acres 9,600 10,600 1,270 106,000 1,165 102,600 11,900 Wolfcamp A 680 56,200 Wolfcamp B…
  14. Exploring & Developing the Midland and Delaware Basins – Energen Corp. – slide 14
    New Mexico 3rd Bone Spring Area Red Outline DELAWARE BASIN Texas Loving Winkler WOLFCAMP Winchester 57-10 1H 2014 exploratory program: University 28-21 1H 13 gross (12 net) wells Langley 2-36 1H Benton 3-12 1H 4 gross wells…
  15. Exploring & Developing the Midland and Delaware Basins – Energen Corp. – slide 15
    DELAWARE BASIN WOLFCAMP RESULTS, 3Q14 Intrepid 55-12 1H pro forma Loving Winkler (C Bench) Peak 24-hour IP: 2,128 boepd (46% oil) Peak 30-day Avg: 1,502 boepd (41% oil) Completed lat. length: 4,100 Winchester 57-10 1H University…
  16. Exploring & Developing the Midland and Delaware Basins – Energen Corp. – slide 16
    SAN JUAN BASIN OIL POTENTIAL MANCOS OIL PLAY 90,000 net acres, including 15,000 acquired Dry Gas Phase October 2014 Colorado 4 gross (2 net) wells in 2014 New Mexico 50% non-operated South-central SJB Running rig in 2015 based on…
  17. Exploring & Developing the Midland and Delaware Basins – Energen Corp. – slide 17
    REASONS TO INVEST IN EGN Pure-play E&P company Oil/NGL focus in Permian, San Juan basins Substantial unrisked drilling inventory in Wolfcamp/Cline shales in Permian Basin Mancos oil potential in San Juan Basin Additional potential…
  18. Exploring & Developing the Midland and Delaware Basins – Energen Corp. – slide 18
    MIDLAND BASIN WOLFCAMP, CLINE POTENTIAL By County Wolfcamp A Wolfcamp B Wolfcamp C Cline Net Net Net Net Locations Net Acres Locations Net Acres Locations Net Acres Locations Net Acres Glasscock 242 23,700 237 25,000 238 24,700 283…
  19. Exploring & Developing the Midland and Delaware Basins – Energen Corp. – slide 19
    MIDLAND BASIN WOLFCAMP RESULTS, 2013 PROGRAM Peak 24-Hour IP Peak 30-day Average Completed Frac Well County Zone Lateral Stages Oil NGL Gas Oil NGL Gas Length Boepd Boepd (Bopd) (Bpd) (Mcfd) (Bopd) (Bpd) (Mcfd) Lavaca 38 101H…
  20. Exploring & Developing the Midland and Delaware Basins – Energen Corp. – slide 20
    MIDLAND BASIN HORIZONTAL RESULTS, 2014 PROGRAM Peak 24-Hour IP Peak 30-day Average Completed Frac Well County Zone Lateral Stages Oil NGL Gas Oil NGL Gas Length Boepd Boepd (Bopd) (Bpd) (Mcfd) (Bopd) (Bpd) (Mcfd) Jones Holton…
  21. Exploring & Developing the Midland and Delaware Basins – Energen Corp. – slide 21
    DELAWARE WOLFCAMP POTENTIAL By County Wolfcamp A Wolfcamp B Wolfcamp C Net Net Acres Net Net Acres Net Net Acres Locations Locations Locations Loving 138 11,400 143 11,400 136 10,800 Ward 321 26,700 284 26,000 56 4,900 Winkler 264…
  22. Exploring & Developing the Midland and Delaware Basins – Energen Corp. – slide 22
    DELAWARE BASIN WOLFCAMP RESULTS, 2013 PROGRAM Peak 24-Hour IP Peak 30-day Average Completed Frac Well County Zone Lateral Stages Oil NGL Gas Oil NGL Gas Length Boepd Boepd (Bopd) (Bpd) (Mcfd) (Bopd) (Bpd) (Mcfd) University 28-21…
  23. Exploring & Developing the Midland and Delaware Basins – Energen Corp. – slide 23
    DELAWARE BASIN WOLFCAMP RESULTS, 2014 PROGRAM Peak 24-Hour IP Peak 30-day Average Completed Frac Well County Zone Lateral Stages Oil NGL Gas Oil NGL Gas Length Boepd Boepd (Bopd) (Bpd) (Mcfd) (Bopd) (Bpd) (Mcfd) University 16-17…
  24. Exploring & Developing the Midland and Delaware Basins – Energen Corp. – slide 24
    EXPLORATORY LOCATIONS 2014 PROGRAM (GROSS WELLS) Lower County WC-A WC-B WC-C Cline Spraberry Ward 1 2 0 Note: 1 w/ 7,500 lat Winkler 1 0 0 Reeves 2 4 3 TOTAL DELAWARE 4 6 3 Glasscock 1 1 4 1 1 Note: 1 w/ 10,000 lat Martin 4 2 0…
  25. Exploring & Developing the Midland and Delaware Basins – Energen Corp. – slide 25
    2014 GUIDANCE (rev. 10.30.14) Assumed prices unhedged volumes for 4Q14: 4Q14 Production (MMBOE): 4.00 gas 85 oil 92 NGL Midland Basin 2.5 Assumed unhedged basis differentials for 4Q14: Delaware Basin 1.4 Central Basin Platform 0.9…
  26. Exploring & Developing the Midland and Delaware Basins – Energen Corp. – slide 26
    FOR MORE INFORMATION Julie S. Ryland Vice President Investor Relations 205-326-8421 jrylandenergen.com www.energen.com 26

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