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BARCLAYSCEOENERGYPOWERCONFERENCE – Energen Corp.

Energen Corp. · Sep 11, 2013 · 25 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. BARCLAYSCEOENERGYPOWERCONFERENCE – Energen Corp. – slide 1
    3rd Bone Spring Wolfberry Wolfcamp Cline Drilling the Permian Basin BarclaysCEOEnergyPowerConference September1112,2013
  2. BARCLAYSCEOENERGYPOWERCONFERENCE – Energen Corp. – slide 2
    Energen Investment Highlights Domestic asset base High exposure to oil and NGL from 3P reserves Large resource potential in Midland and Delaware basins Permian Basin exploration Wolfcamp (horizontal) Cline (horizontal) Permian…
  3. BARCLAYSCEOENERGYPOWERCONFERENCE – Energen Corp. – slide 3
    Energen Profile NYSE:EGN SharesOutstanding(6.30.13) 72.2 MM 3P Reserves at YE12 MarketCap(9.5.13) 4.9 B CO by Area (excluding AdjustedEBITDA(NonGAAP) 801.8 MM SanJuanBasin: BWB assets) 2013eTotalDebt 1.8 B 339MMBOE(46%)…
  4. BARCLAYSCEOENERGYPOWERCONFERENCE – Energen Corp. – slide 4
    Double-Digit Liquids Production Growth Liquidsproductionexpectedto Wolfberry,3rd BoneSpringdrive double from2010to2013 2013productiongrowth 9.6 9.9 9.3 (MMBOE) (MMBOE) 24.5 22.0 2011 3.5 2012 2.6 18.4 2013eMidpoint 16.6 2.2…
  5. BARCLAYSCEOENERGYPOWERCONFERENCE – Energen Corp. – slide 5
    2013e E&P Capital, Drilling Plans CapitalInvestment: 1,000MM Midland Basin PermianDevelopment: 775MM Wolfberry Wolfcamp PermianExploration: 195MM 124 net wells 9 net wells SanJuan/Other: 30MM 9% 3% Delaware Basin 46% 3rd Bone…
  6. BARCLAYSCEOENERGYPOWERCONFERENCE – Energen Corp. – slide 6
    Energen After-Tax Cash Flows 907 937 30 802 760 740 E&Pestimateddevelopmentcapitalof 805MMapproximates2013eafter 786 taxcashflowsfromalloperations 568 592 669 Approximately160millionin proceedsfromsaleofBlackWarrior…
  7. BARCLAYSCEOENERGYPOWERCONFERENCE – Energen Corp. – slide 7
    2013 Guidance Exploration&Production SensitivitytoCommodityPrices Assumed pricesunhedged volumes: OIL 4.00gas90oil86NGL 400,000forevery1changefrom90/barrel Est.E&Pexpenses/BOE: NGL LOE: 11.45 11.65…
  8. BARCLAYSCEOENERGYPOWERCONFERENCE – Energen Corp. – slide 8
    Hedges Minimize Price Risk 2H2013e 73%of2H2013eproductionhedged Hedge% CY2013ecashcost(continuingoperations): Hedged (basedonestimated Average 19.00/barrel Volumes productionmidpointfrom Price* continuingoperations)…
  9. BARCLAYSCEOENERGYPOWERCONFERENCE – Energen Corp. – slide 9
    3P Reserves Total 735 MMBOE (Adjusted) ProvedReservesbyProduct 3PReservesbyAreaYE12 (ExcludesBlackWarriorBasinassets) (ExcludesBlackWarriorBasinassets) DelawareBasin 330 320 6% 56 26% 277 54 MidlandBasin 21% CentralBasin 232…
  10. BARCLAYSCEOENERGYPOWERCONFERENCE – Energen Corp. – slide 10
    Eastern Permian Legacy Assets Major Acquisitions, 200912 Shelf Overview NEW MEXICO Lea Yoakum Cline Play TEXAS Northwest Shelf Midland Basin Eddy Totalnetacres:300,000 Wolfberry Play Borden Delaware Basin Gaines…
  11. BARCLAYSCEOENERGYPOWERCONFERENCE – Energen Corp. – slide 11
    Vertical Wolfberry: Rust Outline Midland Basin Dawson Scurry Gaines Borden WOLFBERRY(VERTICAL) Andrews Howard Slickwaterstimulations Mitchell Martin NorthernwellsdrilledtoMississippian Atoka Barnett Coke MississippiLime…
  12. BARCLAYSCEOENERGYPOWERCONFERENCE – Energen Corp. – slide 12
    Average Wolfberry Type Curve 160 90,000 EUR:190MBOE 140 80,000 WorkingInterest:100% 70,000 120 CumulativeProduction(BOE) NetRevenueInterest:75% 60,000 Drill&completecost:100 BOE/day 2.5MM 50,000 80 Postplantproductmix:…
  13. BARCLAYSCEOENERGYPOWERCONFERENCE – Energen Corp. – slide 13
    Vertical Wolfberry: Rust Outline Scurry Gaines Dawson Borden Cline Play: Red Outline Midland Basin WOLFCAMPHORIZONTAL 70,000netacres Howard Mitchell Martin 2,005potentiallocations(80acrespacing) Andrews 9netWolfcamp…
  14. BARCLAYSCEOENERGYPOWERCONFERENCE – Energen Corp. – slide 14
    Midland Basin Wolfcamp, Cline Potential Potential Net 3,090PotentialLocations* Wells* Acres 7,700 Wolfcamp A 870 70,000 8,050 Wolfcamp B 800 64,000 8,600 Wolfcamp C 335 27,000 9,050 9,450 Cline 1,085 87,000 9,800…
  15. BARCLAYSCEOENERGYPOWERCONFERENCE – Energen Corp. – slide 15
    3rd Bone Spring Type Curve 700 350 EUR:475MBOE Workinginterest:100% 600 300 NetRevenueInterest:75% CumulativeProduction(MBOE) 500 250 Drill&complete: 6.9MM BOE/day 400 200 Postplantproductmix: 66%oil/18%NGL/16%gas 300…
  16. BARCLAYSCEOENERGYPOWERCONFERENCE – Energen Corp. – slide 16
    Wolfcamp Play Delaware Basin Rust Outline 3rd BONESPRING 30,000netacres New Mexico 7,500netundevelopedacres Texas 46potentiallocations(160acrespacing) Winkler Loving 2Q132streamResults Avg.Peak24Hr.IP(10net): 1,035boepd…
  17. BARCLAYSCEOENERGYPOWERCONFERENCE – Energen Corp. – slide 17
    Delaware Basin Wolfcamp Results University28211H Peak24hourIP(3stream): 969boepd (74%oil) Peak30dayAvg (3stream): 653boepd (74%oil) Loving Winkler Laterallength: 4,200 Stimulation:Slickwater University39171H…
  18. BARCLAYSCEOENERGYPOWERCONFERENCE – Energen Corp. – slide 18
    Delaware Wolfcamp Potential TopofDelawareMtn.Group 7,550 3,371Potential Locations* 8,450 9,1 00 Avalon Potential Net Wells* Acres 9,600 10,600 1,427 114,127 1,364 109,114 11,900 Wolfcamp A 580 46,379 Wolfcamp B…
  19. BARCLAYSCEOENERGYPOWERCONFERENCE – Energen Corp. – slide 19
    Oil Price ROR Impact 100% BoneSpring Wolfberry 90% 80% 80% 70% 66% 60% 50% 50% 40% 39% 40% 31% 30% 24% 19% 20% 10% 0% 80/Bbl; 90/Bbl; 100/Bbl; 110/Bbl; 4/MMBtu 4/MMBtu 4/MMBtu 4/MMBtu 20
  20. BARCLAYSCEOENERGYPOWERCONFERENCE – Energen Corp. – slide 20
    San Juan Basin: Long-term Optionality NiobraraShale DryGasPhase HBP Colorado Oilphase New Mexico 72,900netundeveloped acres Wetgasphase WetGasPhase Farmington 8,550netundevelopedacres Gasphase 58,300netundeveloped Encana…
  21. BARCLAYSCEOENERGYPOWERCONFERENCE – Energen Corp. – slide 21
    31 Years of Dividend Growth 2013dividendraised3.6% AnnualDividendRate Alagascofundsdividendatutilitypayout65% ERCmaymakesmallpayoutcontribution 0.58 0.56 0.52 0.54 0.50 0.48 2008 2009 2010 2011 2012 2013 22
  22. BARCLAYSCEOENERGYPOWERCONFERENCE – Energen Corp. – slide 22
    Reasons to Invest in EGN LiquidsFocus SubstantialPotentialDrillingInventory DoubledigitLiquidsGrowth SignificantHedgePosition StrongCashFlows 23
  23. BARCLAYSCEOENERGYPOWERCONFERENCE – Energen Corp. – slide 23
    Adjusted EBITDA Reconciliation to GAAP ENERGEN(MM) YearEnded12/31/12 Net income (GAAP) 253.6 Interest expense 65.6 Income tax expense 143.8 Depreciation, depletion and amortization 419.6 EBITDA (NonGAAP) 882.5 Adjustment for…
  24. BARCLAYSCEOENERGYPOWERCONFERENCE – Energen Corp. – slide 24
    Wolfcamp Potential by County MidlandBasin* Wolfcamp A Wolfcamp B Wolfcamp C Locations NetAcres Locations NetAcres Locations NetAcres Glasscock 347 27,727 296 23,657 291 23,271 Howard 84 6,722 84 6,722 Martin 227 18,198 227 18,188…
  25. BARCLAYSCEOENERGYPOWERCONFERENCE – Energen Corp. – slide 25
    For More Information JulieS.Ryland VicePresident InvestorRelations 2053268421 jrylandenergen.com www.energen.com 27

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