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

Energen Corp. · Jan 7, 2015 · 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 Mancos Oil Exploring & Developing the Midland and Delaware Basins New Mancos Oil Play Emerging in San Juan Basin Goldman Sachs Global Energy Conference 2015 January 7, 2015
  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 at YE13 Substantial…
  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 (12.29.14) 4.8 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 and NGL focus Substantial unrisked drilling inventory in Wolfcamp and Cline shales in Permian Basin Mancos oil potential in San Juan Basin Additional potential in other horizontal…
  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: 4Q14e Production Midpoint (MMBOE): 4.00 gas 85 oil 92 NGL Midland Basin 2.5 Assumed unhedged basis differentials for 4Q14: Delaware Basin 1.4 Central Basin…
  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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