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WUNDERLICH SECURITIES – Energen Corp.

Energen Corp. · Jun 24, 2014 · 23 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. WUNDERLICH SECURITIES – Energen Corp. – slide 1
    Wolfcamp Cline Wolfberry 3rd Bone Spring Exploring & Developing the Midland and Delaware Basins Wunderlich Securities June 24-26, 2014
  2. WUNDERLICH SECURITIES – Energen Corp. – slide 2
    ENERGEN: A PURE OIL & GAS E&P COMPANY Energen agrees to sell Alagasco to The Laclede Group for 1.6 B in cash (1.28 MM) and debt assumption (320,000) After-tax cash proceeds estimated to be 1.1 B Transaction clarifies Energens…
  3. WUNDERLICH SECURITIES – Energen Corp. – slide 3
    ENERGEN INVESTMENT HIGHLIGHTS Domestic asset base with Permian Basin focus 2.4 billion BOE of 3P and Contingent Resources potential in Wolfcamp and Cline shales in Permian Basin Substantial drilling potential in Midland AND Delaware…
  4. WUNDERLICH SECURITIES – Energen Corp. – slide 4
    ENERGEN PROFILE NYSE: EGN Shares Outstanding (05.01.14) 72.8 MM 3P Reserves/ Contingent Resources Market Cap (06.19.14) 6.6 B at YE2013 YE2013 E&P Debt 1.7 B YE2014e Debt 1.1 B PV10 Pre-tax (12.31.13) 4.8 B PV10 After-tax (12.31.13) 4.0 B…
  5. WUNDERLICH SECURITIES – Energen Corp. – slide 5
    DOUBLE-DIGIT OIL/NGL PRODUCTION GROWTH (MMBOE) (MMBOE) 10.0 9.6 2011 2012 2013 2014e Midpoint 9.1 25.4 8.3 23.3 7.7* 3.9 21.2 3.2 2.6 17.5 5.6 5.1 5.0 4.8 15.6 2.2 4.7 14.8 11.8 4.4 1.9 10.4 1.8 8.7 3.5 3.8 6.3 2.9 4.7…
  6. WUNDERLICH SECURITIES – Energen Corp. – slide 6
    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…
  7. WUNDERLICH SECURITIES – Energen Corp. – slide 7
    2014 CAPITAL, DRILLING/DEVELOPMENT PLANS Capital Investment: 1.3 B Midland Basin Midland Basin: 840 MM Wolfcamp/Cline Wolfberry Facilities/Other Delaware Basin: 380 MM 650 MM 120 MM 70 MM 76 net wells 48 net wells Central Basin: 42…
  8. WUNDERLICH SECURITIES – Energen Corp. – slide 8
    2014 GUIDANCE (rev. 4.30.14) E&P After-Tax Cash Flows Exploration & Production (MM) 848- Assumed prices unhedged volumes for ROY: 878 4.50 gas 95 oil 92 NGL 795 CY14 Est. E&P expenses/BOE*: 699 630 LOE: 11.35 - 11.80 622 Prod.…
  9. WUNDERLICH SECURITIES – Energen Corp. – slide 9
    PRODUCTION OUTLOOK 2014 Production by Quarter PDP Decline Rates Over Time (MMBOE) (based on YE13 PDP reserves) 6.9 6.5 5-Year 10-Year 20-Year 6.0 6.0 (8.0) 2.0 (9.3) (8.7) 2.1 (9.2) 2.1 2.1 (10.6) (10.7) (11.8) (13.4) 4.9…
  10. WUNDERLICH SECURITIES – Energen Corp. – slide 10
    HEDGES MINIMIZE PRICE RISK 77% of 2014e ROY production hedged ROY 2014 Sensitivities to Prices CY14e cash cost (continuing operations): 20.00/barrel CY14e net income break-even (continuing ops): OIL 41.00/barrel 870,000 for every 1…
  11. WUNDERLICH SECURITIES – Energen Corp. – slide 11
    Legacy Assets Eastern Major Acquisitions, 2009-12 Shelf Permian NEW MEXICO Lea Yoakum Cline Play TEXAS Northwest Shelf Midland Basin Overview Eddy Wolfberry Play Borden Gaines Total net acres: 300,000 Dawson Delaware…
  12. WUNDERLICH SECURITIES – Energen Corp. – slide 12
    Scurry MIDLAND BASIN Wolfcamp Play: Blue Outline Gaines Borden Dawson WOLFCAMP Howard Mitchell Martin 65,500 net acres Andrews 1,649 potential locations unrisked Cline Play: Red Outline 2013 exploratory program: 7 gross…
  13. WUNDERLICH SECURITIES – Energen Corp. – slide 13
    Dawson Borden Howard Jones Holton 101H (A Bench) MIDLAND BASIN Martin Peak 24-hour IP (3 stream): 1,171 boepd (72% oil) Peak 30-day Avg (3 stream): 843 boepd (75% oil) Completed Lat. length: Mitchell 6,675 WOLFCAMP Llano 8-8A…
  14. WUNDERLICH SECURITIES – Energen Corp. – slide 14
    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…
  15. WUNDERLICH SECURITIES – Energen Corp. – slide 15
    New Mexico 3rd Bone Spring Area Red Outline DELAWARE BASIN Texas Loving Winkler WOLFCAMP Winchester 57-10 1H 106,000 net acres University 28-21 1H 3,115 potential locations unrisked Langley 2-36 1H Benton 3-12 1H 2013…
  16. WUNDERLICH SECURITIES – Energen Corp. – slide 16
    DELAWARE BASIN WOLFCAMP RESULTS, 2Q14 Winkler Loving Langley 2-36 1H (B Bench) Winchester 57-10 1H Peak 24-hour IP: 2,009 boepd (51% oil) Peak 20-day Avg: 1,813 boepd (48% oil) University 28-21 1H Completed lat. length: 4,237…
  17. WUNDERLICH SECURITIES – Energen Corp. – slide 17
    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…
  18. WUNDERLICH SECURITIES – Energen Corp. – slide 18
    SAN JUAN BASIN OIL POTENTIAL Niobrara Shale Dry Gas Phase HBP Oil phase Colorado New Mexico 72,900 net undeveloped acres Wet gas phase 8,550 net undeveloped acres Wet Gas Phase Farmington Gas phase 58,300 net undeveloped…
  19. WUNDERLICH SECURITIES – Energen Corp. – slide 19
    REASONS TO INVEST IN EGN Pure-play E&P company Permian Basin focus Substantial unrisked drilling inventory in Wolfcamp/Cline shale in Midland and Delaware basins Niobrara oil potential in San Juan Basin Additional potential in…
  20. WUNDERLICH SECURITIES – Energen Corp. – slide 20
    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…
  21. WUNDERLICH SECURITIES – 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. WUNDERLICH SECURITIES – 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. WUNDERLICH SECURITIES – Energen Corp. – slide 23
    FOR MORE INFORMATION Julie S. Ryland Vice President Investor Relations 205-326-8421 jrylandenergen.com www.energen.com 24

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