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Scotia Howard Weil 2015 Energy Conference – Energen Corp.

Energen Corp. · Mar 24, 2015 · 29 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. Scotia Howard Weil 2015 Energy Conference – Energen Corp. – slide 1
    Scotia Howard Weil 2015 Energy Conference March 22-24, 2015
  2. Scotia Howard Weil 2015 Energy Conference – Energen Corp. – slide 2
    High-quality domestic asset base in Permian and San Juan basins Wolfcamp development and appraisal/exploration programs under way in Permian Basin Exploring Mancos formation oil potential in San Juan Basin in 2015 3P reserves and…
  3. Scotia Howard Weil 2015 Energy Conference – Energen Corp. – slide 3
    PROVED RESERVES AT YE14 (MBOE) NYSE: EGN Shares Outstanding: 73.0 MM Market Cap (03.18.15): 4.6 B CO YE2014 Debt: 1.0 B YE2015e Debt: 1.0 B 2 Farmington YE2014 Debt/EBITDAX: 1.2x YE2015e Debt/EBITDAX: 1.6x NM Birmingham PV10…
  4. Scotia Howard Weil 2015 Energy Conference – Energen Corp. – slide 4
    CAPITAL INVESTMENT: 1.0 B Midland Basin Midland Basin: 665 MM Delaware Basin: 187 MM 5-8 operated rigs (2H and 1V run year) San Juan /Other: 73 MM 97 gross (89 net) wells, operated Central Basin/Other: 12 MM Net Carry: 63 MM…
  5. Scotia Howard Weil 2015 Energy Conference – Energen Corp. – slide 5
    2011 (mmboe) 2012 11.6 2013 2014 2015eMidpoint 7.4 7.5 5.8 5.1 5.0 4.8 4.8 4.7 4.4 4.1 3.5 3.5 2.9 2.3 2.0 1.6 1.7 1.7 1.8 2.1 0.6 1.2 1.4 MidlandBasin DelawareBasin CentralBasin SanJuanBasin/Other*…
  6. Scotia Howard Weil 2015 Energy Conference – Energen Corp. – slide 6
    ESTIMATED 5-YEAR CAGR: 23% SEQUENTIAL GROWTH IN 2015 (mmboe) (mmboe) 21.9 6.0 5.9 5.4 0.5 0.5 19.1 3.7 4.9 0.5 3.4 4.6 15.9 0.3 0.4 2.6 12.9 1.8 14.0 9.5 11.8 5.4 5.5 7.9 1.4 4.6 4.9 10.3 4.2 1.1 8.7 6.3 5.1 3.9…
  7. Scotia Howard Weil 2015 Energy Conference – Energen Corp. – slide 7
    P2, P3, CONTINGENT AT YE14 PROVED RESERVES AT YE14 (mmboe) 1-Year Drillbit F&D of 14/BOE 373 346 348 2,967 mmboe 343 73 Central 303 56 63 54 Basin 2% SanJuan 41 Basin 258 17% 30 Delaware 130 103 155 181 Basin 165 78…
  8. Scotia Howard Weil 2015 Energy Conference – Energen Corp. – slide 8
    57% of CY15e production midpoint (pro forma for San Juan divestiture) hedged CY15e cash cost (pro forma): 22.75/barrel CY15e net income break-even (pro forma): 49.50/barrel CY15 CY15 Pricing Assumptions Hedged Hedge % at Average…
  9. Scotia Howard Weil 2015 Energy Conference – Energen Corp. – slide 9
    2015 Development Program 68 gross (64 net) wells to be drilled 57 gross: laterals of 6,700 and 7,500 in Glasscock and Martin counties at estimated D&C of 6.5-7.5 MM 11 gross: 4,400 laterals to test tighter spacing in Glasscock…
  10. Scotia Howard Weil 2015 Energy Conference – Energen Corp. – slide 10
    GLASSCOCK COUNTY WOLFCAMP A/B TYPE CURVE NORMALIZED TO 7,000 (UNRISKED) 1,000 Normalized Gross Production Rate (boepd) 100 EURs for Wolfcamp A/B development wells in Glasscock Co., Midland Basin 850 MBOE for 7,500 lateral…
  11. Scotia Howard Weil 2015 Energy Conference – Energen Corp. – slide 11
    WOLFCAMP A/B WELL RESULTS COMPARED TO NORMALIZED 7,000 TYPE CURVE 10,000 Normalized Gross Production Rate (boepd) 1,000 100 Production normalized for 7,000 lateral and operational downtime Day 0 = Peak Day 10 0 30 60 90…
  12. Scotia Howard Weil 2015 Energy Conference – Energen Corp. – slide 12
    2,127 POTENTIAL WOLFCAMP/CLINE LOCATIONS Martin Co. Glasscock Co. 8,010 Upper Spraberry 6,113 Potential Wells* 8,523 Lower Spraberry 6,619 4,400 6,700 7,500 9,328 Dean 7,525 9,550 Wolfcamp A 7,698 350 155 159 (66,333 net acres)…
  13. Scotia Howard Weil 2015 Energy Conference – Energen Corp. – slide 13
    2015 Drilling Program Wolfcamp Focus on retaining leasehold 36.8 MM to extend certain leases Drill 6 gross (6 net) Tier 1 wells and 2 gross (2 net) Tier 2 wells at estimated D&C of 10.0-11.0 MM Ron 56-8 1H 3 gross (3 net)…
  14. Scotia Howard Weil 2015 Energy Conference – Energen Corp. – slide 14
    2,898 POTENTIAL WOLFCAMP LOCATIONS 7,500 Delaware Mountain Group Bone Spring Potential Wells* Net Acres 10,500 869 113,297 703 110,266 Wolfcamp A 612 100,197 714 100,197 11,900 Wolfcamp B Wolfcamp C Pennsylvanian…
  15. Scotia Howard Weil 2015 Energy Conference – Energen Corp. – slide 15
    91,053 net acres 565 potential net locations, unrisked 1,320-foot spacing 4,400 lateral lengths Could compete with best Permian Basin returns PSA signed to sell majority of natural gas assets in Basin (close March 31, 2015)…
  16. Scotia Howard Weil 2015 Energy Conference – Energen Corp. – slide 16
    Pure-play E&P company Oil and NGL focus Successful Wolfcamp development program in Midland Basin Large, unrisked drilling inventory Wolfcamp and Cline shales in Permian Mancos oil formation in San Juan Additional potential in…
  17. Scotia Howard Weil 2015 Energy Conference – Energen Corp. – slide 17
    POTENTIAL BY COUNTY (unrisked, 660-foot spacing, 4,400/6,700/7,500 lateral lengths) Wolfcamp A Wolfcamp B Wolfcamp C Cline Net Net Net Net Net Acres Net Acres Net Acres Net Acres Locations Locations Locations Locations Glasscock 224…
  18. Scotia Howard Weil 2015 Energy Conference – Energen Corp. – slide 18
    POTENTIAL BY TIER & COUNTY (unrisked, 880-foot spacing, 4,400 lateral lengths) Wolfcamp A Wolfcamp B Wolfcamp BC Wolfcamp C Net Net Net Net Net Acres Net Acres Net Acres Net Acres Locations Locations Locations Locations Tier 1 575…
  19. Scotia Howard Weil 2015 Energy Conference – Energen Corp. – slide 19
    POTENTIAL BY COUNTY (unrisked, 1,320-foot spacing, 4,400 lateral lengths) Mancos Formation Net Locations Net Acres Southwest 125 20,154 South Central 53 8,609 Southeast/Jicarilla 387 62,290 Total 565 91,053 20
  20. Scotia Howard Weil 2015 Energy Conference – Energen Corp. – slide 20
    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 Glasscock A 4,132 17 861 519 192 898 699 417 159…
  21. Scotia Howard Weil 2015 Energy Conference – Energen Corp. – slide 21
    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 101H Martin WC A 6,675 27 1,171 842 190 836 843 630…
  22. Scotia Howard Weil 2015 Energy Conference – Energen Corp. – slide 22
    CY14 Results: 27 gross (26 net) wells Average peak 24-hour IP rate: 975 boepd (75% oil) Average peak 30-day avg. rate: 821 boepd (75% oil) 4Q14 Results: 12 gross (12 net) wells Average peak 24-hour IP rate: 977 boepd (77% oil)…
  23. Scotia Howard Weil 2015 Energy Conference – Energen Corp. – slide 23
    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 1H Winkler A 4,121 16 969 720 137 672 653 482…
  24. Scotia Howard Weil 2015 Energy Conference – Energen Corp. – slide 24
    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 1H Ward B 4,808 20 1,896 1,483 214 1,191 1,081…
  25. Scotia Howard Weil 2015 Energy Conference – Energen Corp. – slide 25
    Peak 24-Hour IP Peak 20-day Average Completed Frac Well Area Lateral Stages Oil NGL Gas Oil NGL Gas Length Boepd Boepd (Bopd) (Bpd) (Mcfd) (Bopd) (Bpd) (Mcfd) South Chaco 2308-09A 145H 4,500 14 1,155 717 225 1,275 752 466 147 829…
  26. Scotia Howard Weil 2015 Energy Conference – Energen Corp. – slide 26
    County WC A WC B WC C Spraberry Notes Glasscock 1 2 1 1 3 w/ 10,000 laterals Martin 2 0 0 4 Midland 1 1 0 1 Howard 0 0 0 1 TOTAL MIDLAND 4 3 1 7 County WC A WC B WC BC WC C Notes Tier 1 1 5 0 0 Tier 2 1 1 0 0 1 w/ 7,500 lateral…
  27. Scotia Howard Weil 2015 Energy Conference – Energen Corp. – slide 27
    Expenses (Pro Forma, Continuing Operations) * 1Q15e CY15e Lease operating expenses (per BOE) 11.70-12.50 10.15-11.25 Production & ad valorem taxes (% of revenues, excluding hedges) 10.3% 8.9% DD&A expense (per BOE) 24.65-26.15…
  28. Scotia Howard Weil 2015 Energy Conference – Energen Corp. – slide 28
    PDP DECLINE RATES (CAGR) OVER TIME; BASED ON CY14 PDP RESERVES (PRO FORMA SAN JUAN DIVESTITURE) 21.0 18.0 15.5 16.0 13.0 12.0 10.0 12.5 9.5 10.0 10.0 9.5 8.5 8.7 5Year 10Year 20Year DelawareBasin MidlandBasin…
  29. Scotia Howard Weil 2015 Energy Conference – Energen Corp. – slide 29
    JulieS.Ryland VicePresident InvestorRelations 2053268421 jrylandenergen.com www.energen.com 30

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