Energen’s First Jo Mill Wells Tracking 1,200 MBOE EUR Type Curve
Company Plans to Exit San Juan Basin and Sell Other Non-Core
Assets in Delaware Basin
Focus on Capital Discipline, Expense Reductions in 2016
Highlights
-
340 net engineered Jo Mill and Middle Spraberry locations added to
company’s Midland Basin inventory
-
Revised unrisked potential drilling inventory supports net
potential of more than 2 billion BOE in Permian Basin
-
Identified asset sales in San Juan and Delaware basins could
bolster 2016 cash flows by estimated $400 million
-
Horizontal well production in Midland Basin in 2015 increased 248%
year-over-year
-
Energen to be pure Permian Basin operator after exiting San Juan
Basin
-
Adjusting prior year for 1Q15 sale of San Juan Basin assets, YE15
proved reserves increased 16% to 355 MMBOE
-
2016 plans call for 47 net horizontal well completions in Midland
Basin; year-over-year production essentially flat
-
With modest price recovery later in year, Energen sees running
three rigs during 2H16
-
Cost-cutting measures estimated to decrease recurring G&A expense
in 2016 by 25%
For the 3 months ended December 31, 2015, Energen Corporation (NYSE:
EGN) reported a GAAP net loss from all operations of $(590.8) million,
or $(7.50) per diluted share. Excluding mark-to-market derivatives
losses, commodity price-driven impairments, and pension settlement
charges, Energen’s adjusted income in the 4th quarter of 2015 totaled
$21.3 million, or $0.27 per diluted share. This compares with adjusted
income from continuing operations in the 4th quarter of 2014 of $38.2
million, or $0.52 per diluted share. The variance between the periods
largely is attributable to lower realized commodity prices and higher
depreciation, depletion, and amortization expense (DD&A) associated with
increased drilling activity and the impact of lower year-end commodity
prices, partially offset by increased production, lower lease operating,
marketing and transportation expenses (LOE), and lower production and ad
valorem taxes. [See “Non-GAAP Financial Measures” beginning on pp 13
for more information and reconciliation.]
Energen’s adjusted EBITDAX totaled $205.0 million in the 4th quarter of
2015 and compared with adjusted EBITDAX from continuing operations in
the same period last year of $208.6 million. [See “Non-GAAP Financial
Measures” beginning on pp 13 for more information and reconciliation.]
Relative to internal expectations, Energen’s adjusted 4Q15 earnings were
negatively affected by a 4th quarter DD&A adjustment that
totaled $0.17 per share and was driven by the impact on reserves of low
commodity prices at year end. Otherwise, Energen’s adjusted 4Q15
earnings would have been $0.44 per diluted share. In addition, the
impact of slightly below-budget production was more than offset by
decreased LOE and ad valorem, production and other taxes,
greater-than-expected realized oil prices, lower exploration expense,
and less net salaries and general and administrative expense (G&A).
Production in 4Q15 fell just short of the company’s guidance midpoint
for a number of reasons, including the underperformance of primarily
Wolfcamp B wells in a select area near the Glasscock/Reagan county line
where higher gas rates and lower oil rates were encountered,
weather-related impacts, and the timing of flow back of 4th
quarter development wells; these factors were partially offset by
continued strong production from 3rd Bone Spring and Wolfcamp wells in
the Delaware Basin.
2016 Capital and Production Summary
Energen plans to invest approximately $250-$350 million of drilling and
development capital in 2016. At recent strip oil prices for the year
approximating $36 per barrel, the low end of the range reflects capital
investment to hold the company’s acreage in the Delaware and Midland
basins and to complete 47 gross (47 net) horizontal wells in the Midland
Basin, including 46 gross (46 net) wells that were drilled but
uncompleted (DUC) at YE15.
If oil prices increase later in the year, Energen likely would invest
capital at the higher end of the range in order to resume drilling in
the Midland Basin.
The company anticipates funding the estimated gap between capital
investment and after-tax cash flows of approximately $225-$325 million
with proceeds from the sale of non-core assets in the San Juan and
Delaware basins in 2016. After-tax cash flows will include a working
capital adjustment of $(79.0) million related to accrued capital at YE15.
Being largely unhedged, the company’s debt-to-EBITDAX ratio is highly
sensitive to changes in oil prices. At average 2016 oil prices of $40
per barrel, and assuming the sale of non-core assets for cash proceeds
of approximately $400 million, Energen’s capital investment of $250
million would result in an estimated total debt-to-EBITDAX multiple at
YE16 of approximately 2.5.
2016 Capital Summary
|
|
|
|
2016e Capital ($MM)
|
|
|
|
Wells to be Drilled
|
|
|
|
Wells to be Completed
|
|
|
|
|
|
|
Operated Gross (Net)
|
|
|
|
Operated Gross (Net)
|
Midland Basin
|
|
|
|
$
|
197
|
|
|
|
7 (7)
|
|
|
|
52 (52)
|
Delaware Basin
|
|
|
|
$
|
41
|
|
|
|
4 (4)
|
|
|
|
4 (4)
|
Other
|
|
|
|
$
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Carry/ARO/ Other
|
|
|
|
$
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Drilling & Development Capital
|
|
|
|
$
|
246
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energen’s capital plan includes approximately $168 million for
completion of 46 gross (46 net) DUCs in the Midland Basin and another
$6.6 million to drill and complete a Lower Spraberry well needed to
finish a pad. Approximately $48 million will be invested to drill 6
gross (6 net) vertical Wolfberry wells in the Midland Basin and 4 gross
(4 net) Wolfcamp shale wells in the Delaware Basin to hold leases.
Another $17 million will be invested in other drilling- and
development-related activities such as facilities and non-operated
drilling, including $10 million in the Midland Basin and $5 million in
the Delaware Basin.
2016 Production Guidance
Production in 2016 is estimated to be essentially flat relative to 2015,
as 25 percent production growth from horizontal drilling and development
activities in the Midland Basin is offset by natural declines in the
vertical Wolfberry, the 3rd Bone Spring sands in the Delaware
Basin, and the Central Basin Platform.
Excluding production from the planned sales of non-core assets in the
San Juan and Delaware basins, the company estimates that production in
2016 will range from 19.5-20.3 MMBOE, or 53,280-55,465 boepd. The
guidance midpoint is 19.9 MMBOE, or 54,437 boepd. With DUC completions
scheduled to occur in the first half of the year, 2016 production is
expected to peak in 3Q16. Energen’s 4Q16 exit rate is estimated to be
51,370 boepd, or 12 percent less than the comparable 4Q15 exit rate of
58,457 boepd.
Production by Product, Pro Forma to Exclude Planned Sales of Non-Core
Assets
|
|
|
|
2016e Guidance Midpoint
|
|
|
|
2015
|
|
|
|
Change from Midpoint
|
|
|
|
(mmboe)
|
|
|
|
(boepd)
|
|
|
|
(mmboe)
|
|
|
|
(boepd)
|
|
|
|
Oil
|
|
|
|
12.6
|
|
|
|
34,508
|
|
|
|
13.4
|
|
|
|
36,616
|
|
|
|
(6) %
|
Natural Gas Liquids
|
|
|
|
3.5
|
|
|
|
9,612
|
|
|
|
3.3
|
|
|
|
8,981
|
|
|
|
7 %
|
Natural Gas
|
|
|
|
3.8
|
|
|
|
10,317
|
|
|
|
3.6
|
|
|
|
9,797
|
|
|
|
5 %
|
Total
|
|
|
|
19.9
|
|
|
|
54,437
|
|
|
|
20.2
|
|
|
|
55,397
|
|
|
|
(2) %
|
NOTE: Totals may not sum due to rounding
|
|
Production by Play, Pro Forma to Exclude Planned Sales of Non-Core
Assets
|
|
|
|
2016e Guidance Midpoint
|
|
|
|
2015
|
|
|
|
Change % From Midpoint
|
|
|
|
(mmboe)
|
|
|
|
(boepd)
|
|
|
|
(mmboe)
|
|
|
|
(boepd)
|
|
|
|
Midland Basin
|
|
|
|
12.5
|
|
|
|
34,068
|
|
|
|
11.6
|
|
|
|
31,644
|
|
|
|
8 %
|
Horizontal
|
|
|
|
9.3
|
|
|
|
25,333
|
|
|
|
7.4
|
|
|
|
20,260
|
|
|
|
25 %
|
Vertical
|
|
|
|
3.2
|
|
|
|
8,735
|
|
|
|
4.2
|
|
|
|
11,384
|
|
|
|
(23) %
|
Delaware Basin
|
|
|
|
4.0
|
|
|
|
11,019
|
|
|
|
5.1
|
|
|
|
13,935
|
|
|
|
(21) %
|
Other
|
|
|
|
3.4
|
|
|
|
9,350
|
|
|
|
3.5
|
|
|
|
9,819
|
|
|
|
(5) %
|
Total
|
|
|
|
19.9
|
|
|
|
54,437
|
|
|
|
20.2
|
|
|
|
55,397
|
|
|
|
(2) %
|
NOTE: Totals may not sum due to rounding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plans to Monetize Non-Core Assets Announced
Energen plans to sell the remainder of its San Juan Basin assets in 2016
along with other non-core assets in the Delaware Basin. The company
estimates that proceeds from these asset sales could total $400 million.
Approximately 70 percent of the company’s assets in the San Juan Basin
were sold in March 2015. The remaining assets are primarily natural gas
production with upside potential in the Mancos oil play. Energen decided
to exit the San Juan Basin after assessing the early performance of
exploratory wells it drilled in 2015 to test the oil play’s potential on
portions of its acreage. The company concluded that these assets do not
compete with its high-quality assets in the Midland and Delaware basins.
In addition to exiting the San Juan Basin, Energen is marketing select,
non-core assets in the eastern Delaware Basin in Texas. Sales processes
are under way.
As a pure Permian Basin operator, Energen will focus on its high-quality
assets in the Midland and Delaware basins.
Cost-cutting Measures Implemented as Oil Prices
Drop
Energen has implemented a variety of cost-cutting measures, including a
workforce reduction, in response to the dramatic drop in oil prices.
Additional savings will occur with the disposition of the company’s
remaining San Juan Basin assets.
G&A expenses (excluding pension settlement charges and severance
payments) are estimated to decrease 25 percent year-over-year in 2016 to
approximately $89 million.
Other measures taken to enhance capital discipline include the recent
decision to discontinue paying the company’s cash dividend.
Updated Permian Basin Inventory Identifies Net
Potential of >2 Billion BOE
Energen’s updated, unrisked potential drilling inventory of horizontal
locations in the Permian Basin at year-end 2015 totals 4,440. Of that
amount, 2,504 net locations are in the Midland Basin, and 1,936 net
locations are in the Delaware Basin. The company estimates that the
associated net undeveloped resource potential is more than 1 billion BOE
in each basin. [See inventory and spacing slides at www.energen.com]
Adjustments to Energen’s inventory included the addition of 340 net Jo
Mill and Middle Spraberry locations in the Midland Basin along with the
identification of 477 net locations with 10,000’ lateral lengths in the
Midland Basin and 143 net locations in the Delaware Basin with an
average lateral length of 9,700’. The inventory also was adjusted for
locations drilled in 2015.
Potential drilling locations are engineered based on the company’s
existing acreage and spacing plans and may change over time as the
company and offset operators drill wells in each target zone. The
updated potential inventory excludes eastern Delaware Basin assets that
are targeted for sale in 2016.
Wolfcamp, Spraberry Drilling Drives Total
Proved Reserve Additions of ≈132 MMBOE
Energen’s proved reserves at year-end 2015 totaled 355 MMBOE. This
reflected only a 5 percent decrease from 2014 even though the company
lost 58 MMBOE primarily due to substantially lower commodity prices and
another 68 MMBOE due to the sale of proved reserves in the San Juan
Basin in March 2015. Adjusting 2014 year-end proved reserves just for
the 1Q15 San Juan Basin divestiture, proved reserves at year-end 2015
would have increased 16 percent.
Wolfcamp and Spraberry drilling in the Midland and Delaware basins was
the dominant driver of total proved reserve additions of approximately
132 MMBOE, which replaced 2015 production by 550 percent. Proved oil
reserves increased 17 percent in 2015 and represent 59 percent of total
proved reserves. Approximately 52 percent of Energen’s total proved
reserves are proved developed.
Commodity prices used for calculating reserves at year-end 2015 were
substantially lower than those at year-end 2014. WTI oil prices declined
47 percent to $50.28 per barrel, while NGL prices (before transportation
and fractionation) declined 45 percent to 41 cents per gallon and Henry
Hub natural gas prices dropped 40 percent to $2.59 per thousand cubic
feet (Mcf).
Proved Reserves by Basin (MMBOE)
Basin
|
|
|
YE14
|
|
|
2015 Production
|
|
|
2015 Acquisitions/ (Divestitures)
|
|
|
2015 Additions
|
|
|
2015 Price/Other Revisions
|
|
|
YE15
|
Permian
|
|
|
280.8
|
|
|
(20.7)
|
|
|
(0.1)
|
|
|
128.6
|
|
|
(51.7)
|
|
|
337.0
|
San Juan Basin
|
|
|
90.9
|
|
|
(3.3)
|
|
|
(67.6)
|
|
|
3.5
|
|
|
(6.6)
|
|
|
16.9
|
Other
|
|
|
1.0
|
|
|
(0.0)
|
|
|
(0.1)
|
|
|
0.1
|
|
|
(0.2)
|
|
|
0.8
|
TOTAL
|
|
|
372.7
|
|
|
(24.0)
|
|
|
(67.7)
|
|
|
132.2
|
|
|
(58.4)
|
|
|
354.7
|
NOTE: Totals may not sum due to rounding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved Reserves by Commodity (MMBOE)
Commodity
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
% Change
|
Oil
|
|
|
|
211
|
|
|
|
181
|
|
|
|
17
|
Natural gas liquids
|
|
|
|
72
|
|
|
|
73
|
|
|
|
(1)
|
Natural gas
|
|
|
|
72
|
|
|
|
119
|
|
|
|
(39)
|
TOTAL
|
|
|
|
355
|
|
|
|
373
|
|
|
|
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YE2015 3P Reserves & Contingent Resources (MMBOE)
Basin
|
|
|
|
Proved
|
|
|
|
Probable
|
|
|
|
Possible
|
|
|
|
Contingent Resources
|
|
|
|
Total
|
Midland Basin
|
|
|
|
225
|
|
|
|
87
|
|
|
|
194
|
|
|
|
846
|
|
|
|
1,352
|
Delaware Basin
|
|
|
|
70
|
|
|
|
6
|
|
|
|
18
|
|
|
|
1,359
|
|
|
|
1,452
|
Central Basin Platform
|
|
|
|
42
|
|
|
|
2
|
|
|
|
1
|
|
|
|
1
|
|
|
|
45
|
San Juan Basin/Other
|
|
|
|
18
|
|
|
|
1
|
|
|
|
12
|
|
|
|
278
|
|
|
|
309
|
TOTAL
|
|
|
|
355
|
|
|
|
95
|
|
|
|
226
|
|
|
|
2,483
|
|
|
|
3,159
|
Non-core assets for sale (included above)
|
Delaware Basin
|
|
|
|
25
|
|
|
|
0
|
|
|
|
0
|
|
|
|
375
|
|
|
|
400
|
San Juan Basin
|
|
|
|
17
|
|
|
|
1
|
|
|
|
12
|
|
|
|
278
|
|
|
|
308
|
NOTE: Totals may not sum due to rounding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The definitions of probable and possible reserves imply different
probabilities of potential recovery in each classification; the
quantities reported here are unrisked and based on the Company’s
estimate of current costs to drill wells in each basin/area and bring
associated production to market. [See Cautionary Statements on page
12].
Energen’s First Jo Mill Wells Highlight 4Q15
Appraisal Program Results
Energen’s latest appraisal wells in the Midland Basin were highlighted
by the company’s first two Jo Mill tests ̶ impressive wells that are
tracking at or above a 1.2 million BOE type curve. Drilled in Martin
County, these wells had an average peak 24-hour IP of 1,062 boepd and an
average peak 30-day average rate of 943 boepd, and were approximately 75
percent oil.
Another highlight was the company’s test of the Lower Spraberry in
Glasscock County north of its first Lower Spraberry well. With a 10,000’
lateral length, the Daniel SN 7-6 04 #504H generated a 24-hour IP of
1,460 boepd (74% oil) and a peak, 30-day average rate of 1,213 boepd
(70% oil). The company also drilled wells east and west of its first
Lower Spraberry well; while results were not as strong as the Daniel
well, these are solid wells that will be good additions to the Glasscock
County development program in a higher commodity price environment.
In northern Midland County, the company drilled a Wolfcamp A test well
that confirmed the positive results of the B-bench well drilled at that
location earlier in 2015. [See locator maps and graphs of the
cumulative oil production of Jo Mill, Middle Spraberry, and Lower
Spraberry wells over time at www.energen.com].
Midland Basin (3-Stream Results)
Well Name
|
|
|
Zone/ County
|
|
|
Lateral length (ft)
|
|
|
Frac Stages
|
|
|
Peak 24-Hour IP
|
|
|
Peak 30-day Avg.
|
|
|
|
|
Drilled*
|
|
|
Completed
|
|
|
|
|
Boepd
|
|
|
%Oil
|
|
|
%NGL
|
|
|
%Gas
|
|
|
Boepd
|
|
|
%Oil
|
|
|
%NGL
|
|
|
%Gas
|
JO MILL
|
Jones Holton #807H
|
|
|
Martin
|
|
|
7,501
|
|
|
7,137
|
|
|
34
|
|
|
1,137
|
|
|
76
|
|
|
15
|
|
|
9
|
|
|
1,032
|
|
|
75
|
|
|
15
|
|
|
10
|
Jones Holton #811H
|
|
|
Martin
|
|
|
7,476
|
|
|
7,048
|
|
|
33
|
|
|
987
|
|
|
74
|
|
|
16
|
|
|
10
|
|
|
853
|
|
|
72
|
|
|
18
|
|
|
10
|
LOWER SPRABERRY SHALE
|
Daniel SN 7-6 04 #504H
|
|
|
Glasscock
|
|
|
10,309
|
|
|
9,896
|
|
|
46
|
|
|
1,460
|
|
|
74
|
|
|
16
|
|
|
10
|
|
|
1,213
|
|
|
70
|
|
|
19
|
|
|
11
|
WOLFCAMP A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
L.B. Epley NS 39-36 06 #106H
|
|
|
Midland
|
|
|
6,476
|
|
|
6,469
|
|
|
31
|
|
|
948
|
|
|
69
|
|
|
18
|
|
|
13
|
|
|
712
|
|
|
72
|
|
|
16
|
|
|
12
|
* Represents distance from vertical departure to toe
|
|
Midland Basin Development Program Results
Development program wells drilled in 4Q15 (gross/net)
|
|
|
|
|
19/19
|
Development program wells completed in 4Q15 (gross/net)
|
|
|
|
|
2/2
|
Development program wells awaiting completion at end of 4Q15
(gross/net)
|
|
|
|
|
48/48
|
|
|
|
|
|
|
In its 2-well, pad-drilling development program in Glasscock County,
Energen tested 15 Wolfcamp A and B wells with lateral lengths of 7,500
feet during 4Q15. These wells generated average peak 24-hour IP rates
(3-stream) of 1,242 boepd (83% oil) and peak 30-day average rates
(3-stream) of 875 boepd (71% oil).
Since the development program’s inception in 2014, Energen has tested 90
gross (87 net) wells that generated average peak 24-hour IPs (3-stream)
of 1,002 boepd (80% oil) and peak 30-day average rates (3-stream) of 754
boepd (71% oil).
[See updated Glasscock County Wolfcamp A/B type curve, normalized
to 7,500’, at www.energen.com].
4th Quarter Financial Review
Reconciliation of Consolidated GAAP Net Income to Adjusted Income
from Continuing Operations [See “Non-GAAP Financial
Measures” beginning on pp 13 for more information]
|
|
|
|
4Q15
|
|
|
4Q14
|
|
|
|
|
$M
|
|
|
$/dil. sh.
|
|
|
$M
|
|
|
$/dil. sh.
|
Net Income/(Loss) All Operations (GAAP)
|
|
|
|
$
|
(590,806
|
)
|
|
|
$
|
(7.50
|
)
|
|
|
$
|
65,418
|
|
|
|
$
|
0.89
|
|
Less: Non-cash mark-to-market gains/(losses)
|
|
|
|
|
(66,984
|
)
|
|
|
|
(0.85
|
)
|
|
|
|
167,315
|
|
|
|
|
2.28
|
|
Less: Asset impairments, dry hole expenses
|
|
|
|
|
(528,145
|
)
|
|
|
|
(6.70
|
)
|
|
|
|
(141,945
|
)
|
|
|
|
(1.94
|
)
|
Less: Pension and pension settlement expenses
|
|
|
|
|
(16,884
|
)
|
|
|
|
(0.21
|
)
|
|
|
|
(3,558
|
)
|
|
|
|
(0.05
|
)
|
Less: Income/(loss) associated w/ San Juan Basin divestment
|
|
|
|
|
(65
|
)
|
|
|
|
0.00
|
|
|
|
|
6,522
|
|
|
|
|
0.09
|
|
Less: Gain/(loss) discontinued operations
|
|
|
|
|
--
|
|
|
|
|
--
|
|
|
|
|
(1,101
|
)
|
|
|
|
(0.02
|
)
|
Adj. Income Continuing Operations (Non-GAAP)
|
|
|
|
$
|
21,272
|
|
|
|
$
|
0.27
|
|
|
|
$
|
38,185
|
|
|
|
$
|
0.52
|
|
Note: Per share amounts may not sum due to rounding
|
|
Asset impairments in 4Q15 reflect price-driven write downs of proved
properties, primarily in the San Juan and Delaware basins, and a write
down to fair value of unproved leasehold in the San Juan Basin (which
has been designated as “held for sale” at year-end 2015). Pension and
pension settlement expenses relate to the termination and subsequent
distribution of benefits of Energen’s qualified defined pension plan and
non-qualified supplemental retirement plans. The bulk of these expenses
occurred in 4Q15.
Production from Continuing Operations (excludes
production associated with 1Q15 San Juan divestiture)
Commodity
|
|
|
|
4Q15
|
|
|
4Q14
|
|
|
Change
|
|
|
|
|
(mboe)
|
|
|
(boepd)
|
|
|
(mboe)
|
|
|
(boepd)
|
|
|
|
Oil
|
|
|
|
3,584
|
|
|
38,957
|
|
|
3,209
|
|
|
34,880
|
|
|
12 %
|
NGL
|
|
|
|
1,078
|
|
|
11,717
|
|
|
879
|
|
|
9,554
|
|
|
23 %
|
Natural Gas
|
|
|
|
1,305
|
|
|
14,185
|
|
|
1,033
|
|
|
11,228
|
|
|
26 %
|
Total
|
|
|
|
5,967
|
|
|
64,859
|
|
|
5,121
|
|
|
55,663
|
|
|
17 %
|
Note: Totals may not sum due to rounding
|
|
Production from Continuing Operations (excludes
production associated with 1Q15 San Juan divestiture)
Area
|
|
|
|
4Q15
|
|
|
4Q14
|
|
|
Change
|
|
|
|
|
(mboe)
|
|
|
(boepd)
|
|
|
(mboe)
|
|
|
(boepd)
|
|
|
|
Midland Basin
|
|
|
|
3,305
|
|
|
35,924
|
|
|
2,237
|
|
|
24,315
|
|
|
48 %
|
Wolfcamp/Spraberry
|
|
|
|
2,347
|
|
|
25,511
|
|
|
1,095
|
|
|
11,902
|
|
|
114 %
|
Wolfberry
|
|
|
|
958
|
|
|
10,413
|
|
|
1,142
|
|
|
12,413
|
|
|
(16)%
|
Delaware Basin
|
|
|
|
1,346
|
|
|
14,630
|
|
|
1,435
|
|
|
15,598
|
|
|
(6)%
|
3rd Bone Spring/Other
|
|
|
|
921
|
|
|
10,010
|
|
|
1,135
|
|
|
12,337
|
|
|
(19)%
|
Wolfcamp
|
|
|
|
425
|
|
|
4,620
|
|
|
300
|
|
|
3,261
|
|
|
42 %
|
Central Basin Platform
|
|
|
|
845
|
|
|
9,185
|
|
|
966
|
|
|
10,500
|
|
|
(13)%
|
Total Permian Basin
|
|
|
|
5,496
|
|
|
59,739
|
|
|
4,638
|
|
|
50,413
|
|
|
18 %
|
San Juan Basin/Other
|
|
|
|
471
|
|
|
5,120
|
|
|
483
|
|
|
5,250
|
|
|
(2)%
|
Total
|
|
|
|
5,967
|
|
|
64,859
|
|
|
5,121
|
|
|
55,663
|
|
|
17 %
|
Note: Totals may not sum due to rounding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Realized Sales Prices from Continuing Operations (excludes
production associated with 1Q15 San Juan divestiture)
Commodity
|
|
|
|
4Q15
|
|
|
|
4Q14
|
|
|
|
Change
|
Oil (per barrel)
|
|
|
|
$
|
71.43
|
|
|
|
$
|
81.86
|
|
|
|
(13
|
) %
|
NGL (per gallon)
|
|
|
|
$
|
0.27
|
|
|
|
$
|
0.62
|
|
|
|
(56
|
) %
|
Natural Gas (per Mcf)
|
|
|
|
$
|
3.65
|
|
|
|
$
|
4.10
|
|
|
|
(11
|
) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Prices from Continuing Operations Before Effects of Hedges (excludes
production associated with 1Q15 San Juan divestiture)
Commodity
|
|
|
|
4Q15
|
|
|
|
4Q14
|
|
|
|
Change
|
Oil (per barrel)
|
|
|
|
$
|
39.20
|
|
|
|
$
|
65.98
|
|
|
|
(41
|
) %
|
NGL (per gallon)
|
|
|
|
$
|
0.27
|
|
|
|
$
|
0.48
|
|
|
|
(44
|
) %
|
Natural Gas (per Mcf)
|
|
|
|
$
|
1.92
|
|
|
|
$
|
3.54
|
|
|
|
(46
|
) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses from Continuing Operations and Excluding San Juan Basin
Assets sold 1Q15 (per BOE, except interest expense)
Expenses
|
|
|
|
4Q15
|
|
|
|
4Q14
|
|
|
|
Change
|
LOE*
|
|
|
|
$
|
8.79
|
|
|
|
$
|
11.74
|
|
|
|
(25
|
) %
|
Production & ad valorem taxes
|
|
|
|
$
|
1.94
|
|
|
|
$
|
3.48
|
|
|
|
(44
|
) %
|
DD&A
|
|
|
|
$
|
26.54
|
|
|
|
$
|
26.47
|
|
|
|
0
|
%
|
Net G&A†
|
|
|
|
$
|
4.78
|
|
|
|
$
|
4.61
|
|
|
|
4
|
%
|
Interest ($MM)
|
|
|
|
$
|
10.0
|
|
|
|
$
|
10.4
|
|
|
|
(4
|
) %
|
* Production costs + workovers and repairs + marketing and
transportation
|
† Excludes $4.40 per BOE in 4Q15 and $1.08 per BOE in 4Q14 for
pension and pension settlement expenses
|
|
4th Quarter Comparisons, 2015 vs 2014 (excluding San Juan Basin
assets sold March 31, 2015)
-
The success of Energen’s Wolfcamp development program drove a 114
percent increase in production from horizontal plays in the Midland
Basin and more than offset natural declines in the vertical Wolfberry.
-
The company’s average realized oil price fell 13 percent to $71.43 per
barrel, while the realized price of NGL dropped 56 percent. Excluding
the impact of commodity and differential hedges, average realized
prices declined more than 40 percent for oil, NGL, and natural gas.
-
LOE per unit declined 25 percent to $8.79 per barrel largely due to
lower workover and repair expense, and lower water disposal and
gathering system costs.
-
Per-unit net G&A expense of $4.78 per BOE (excluding pension and
pension settlement expenses) increased 4 percent from the same period
a year ago primarily due to increased performance-based compensation.
2015 Financial Review
For the 12 months ended December 31, 2015, Energen reported a GAAP net
loss from all operations of $(945.7) million, or $(12.43) per diluted
share. Excluding mark-to-market derivatives losses, commodity
price-related impairments, and pension settlement charges, Energen’s
adjusted income in 2015 totaled $64.5 million, or $0.85 per diluted
share. This compares with adjusted income from continuing operations in
2014 of $135.8 million, or $1.85 per diluted share.
The variance between the periods largely is attributable to lower
realized commodity prices and higher DD&A associated with increased
drilling activity and the impact of lower prices at year-end, partially
offset by increased production, lower LOE, lower production and ad
valorem taxes, and decreased exploration expense. [See “Non-GAAP
Financial Measures” beginning on pp 13 for more information and
reconciliation.]
Energen’s adjusted 2015 EBITDAX totaled $739.8 million as compared with
adjusted EBITDAX from continuing operations in 2014 of $762.9 million. [See
“Non-GAAP Financial Measures” beginning on pp 13 for more information
and reconciliation.]
Reconciliation of Consolidated GAAP Net Income to Adjusted Income
from Continuing Operations [See “Non-GAAP Financial
Measures” beginning on pp 13 for more information]
|
|
|
2015
|
|
|
2014
|
|
|
|
$M
|
|
|
$/dil. sh.
|
|
|
$M
|
|
|
$/dil. sh.
|
Net Income/(Loss) All Operations (GAAP)
|
|
|
$
|
(945,731
|
)
|
|
|
$
|
(12.43
|
)
|
|
|
$
|
568,032
|
|
|
|
$
|
7.75
|
|
Less: Non-cash mark-to-market gains/(losses)
|
|
|
|
(181,251
|
)
|
|
|
|
(2.38
|
)
|
|
|
|
201,790
|
|
|
|
|
2.75
|
|
Less: Asset impairments, dry hole expenses
|
|
|
|
(830,957
|
)
|
|
|
|
(10.92
|
)
|
|
|
|
(263,189
|
)
|
|
|
|
(3.59
|
)
|
Less: Pension and pension settlement expenses
|
|
|
|
(20,148
|
)
|
|
|
|
(0.26
|
)
|
|
|
|
(12,179
|
)
|
|
|
|
(0.17
|
)
|
Less: Income/(loss) associated w/ San Juan Basin divestment
|
|
|
|
22,076
|
|
|
|
|
0.29
|
|
|
|
|
37,378
|
|
|
|
|
0.51
|
|
Less: Gain/(loss) discontinued operations
|
|
|
|
--
|
|
|
|
|
--
|
|
|
|
|
468,389
|
|
|
|
|
6.39
|
|
Adj. Income Continuing Operations (Non-GAAP)
|
|
|
$
|
64,549
|
|
|
|
$
|
0.85
|
|
|
|
$
|
135,843
|
|
|
|
$
|
1.85
|
|
Note: Per share amounts may not sum due to rounding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production from Continuing Operations (excludes
production associated with 1Q15 San Juan divestiture)
Commodity
|
|
|
2015
|
|
|
2014
|
|
|
Change
|
|
|
|
(mboe)
|
|
|
(boepd)
|
|
|
(mboe)
|
|
|
(boepd)
|
|
|
|
Oil
|
|
|
14,022
|
|
|
38,416
|
|
|
11,798
|
|
|
32,323
|
|
|
19 %
|
NGL
|
|
|
3,926
|
|
|
10,756
|
|
|
3,408
|
|
|
9,337
|
|
|
15 %
|
Natural Gas
|
|
|
4,587
|
|
|
12,567
|
|
|
3,891
|
|
|
10,660
|
|
|
18 %
|
Total
|
|
|
22,535
|
|
|
61,740
|
|
|
19,097
|
|
|
52,321
|
|
|
18 %
|
Note: Totals may not sum due to rounding
|
|
Production from Continuing Operations (excludes
production associated with 1Q15 San Juan divestiture)
Area
|
|
|
2015
|
|
|
2014
|
|
|
Change
|
|
|
|
(mboe)
|
|
|
(boepd)
|
|
|
(mboe)
|
|
|
(boepd)
|
|
|
|
Midland Basin
|
|
|
11,550
|
|
|
31,644
|
|
|
7,405
|
|
|
20,288
|
|
|
56 %
|
Wolfcamp/Spraberry
|
|
|
7,395
|
|
|
20,260
|
|
|
2,127
|
|
|
5,827
|
|
|
248 %
|
Wolfberry
|
|
|
4,155
|
|
|
11,384
|
|
|
5,278
|
|
|
14,460
|
|
|
(21)%
|
Delaware Basin
|
|
|
5,566
|
|
|
15,249
|
|
|
5,907
|
|
|
16,184
|
|
|
(6)%
|
3rd Bone Spring/Other
|
|
|
3,765
|
|
|
10,315
|
|
|
4,694
|
|
|
12,860
|
|
|
(20)%
|
Wolfcamp
|
|
|
1,801
|
|
|
4,934
|
|
|
1,213
|
|
|
3,323
|
|
|
48 %
|
Central Basin Platform
|
|
|
3,548
|
|
|
9,721
|
|
|
3,986
|
|
|
10,921
|
|
|
(11)%
|
Total Permian Basin
|
|
|
20,664
|
|
|
56,614
|
|
|
17,298
|
|
|
47,392
|
|
|
19 %
|
San Juan Basin/Other
|
|
|
1,871
|
|
|
5,126
|
|
|
1,799
|
|
|
4,929
|
|
|
4 %
|
Total
|
|
|
22,535
|
|
|
61,740
|
|
|
19,097
|
|
|
52,321
|
|
|
18 %
|
Note: Totals may not sum due to rounding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Realized Sales Prices from Continuing Operations (excludes
production associated with 1Q15 San Juan divestiture)
Commodity
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
|
Change
|
Oil (per barrel)
|
|
|
|
$
|
69.75
|
|
|
|
$
|
84.09
|
|
|
|
|
(17
|
) %
|
NGL (per gallon)
|
|
|
|
$
|
0.29
|
|
|
|
$
|
0.70
|
|
|
|
|
(59
|
) %
|
Natural Gas (per Mcf)
|
|
|
|
$
|
3.73
|
|
|
|
$
|
3.39
|
*
|
|
|
|
10
|
%
|
* Prior period hedges were left unallocated for current-year
San Juan Basin divestiture; as reported last year, the average
realized sales price of natural gas in 2014 was $4.32 per Mcf.
|
|
Average Prices from Continuing Operations Before Effects of Hedges (excludes
production associated with 1Q15 San Juan divestiture)
Commodity
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
Change
|
Oil (per barrel)
|
|
|
|
$
|
45.05
|
|
|
|
$
|
83.72
|
|
|
|
(46
|
) %
|
NGL (per gallon)
|
|
|
|
$
|
0.29
|
|
|
|
$
|
0.66
|
|
|
|
(56
|
) %
|
Natural Gas (per Mcf)
|
|
|
|
$
|
2.19
|
|
|
|
$
|
3.96
|
|
|
|
(45
|
) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses from Continuing Operations and Excluding San Juan Basin
Assets sold 1Q15 (per BOE, except interest expense)
Expenses
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
Change
|
LOE*
|
|
|
|
$
|
9.49
|
|
|
|
$
|
11.24
|
|
|
|
(16
|
) %
|
Production & ad valorem taxes
|
|
|
|
$
|
2.46
|
|
|
|
$
|
4.55
|
|
|
|
(46
|
) %
|
DD&A
|
|
|
|
$
|
25.73
|
|
|
|
$
|
25.55
|
|
|
|
1
|
%
|
Net G&A†
|
|
|
|
$
|
5.25
|
|
|
|
$
|
5.52
|
|
|
|
(5
|
) %
|
Interest ($MM)
|
|
|
|
$
|
43.1
|
|
|
|
$
|
37.8
|
|
|
|
14
|
%
|
* Production costs + workovers and repairs + marketing and
transportation
|
† Excludes $1.39 per BOE in CY15 and $0.99 per BOE in CY14 for
pension and pension settlement expenses
|
|
Liquidity Update
As of December 31, 2015, Energen had borrowings (net of cash) of $221.2
million on its line of credit, for total liquidity available on its $1.4
billion borrowing base of $1.18 billion. Long-term debt at the end of
December totaled $553.6 million. Total debt-to-2015 adjusted EBITDAX was
approximately 1.0 at YE15. [See “Non-GAAP Financial Measures”
beginning on pp 13 for more information and reconciliation.]
Capital
Drilling and development capital in 2015 totaled $1.0 billion, with
total capital investment of $1.1 billion, including approximately $0.1
billion for the acquisition of proved and unproved leasehold, primarily
in the Permian Basin.
1Q16 and CY16 Financial Guidance
Energen’s estimated expenses, pro forma for planned sales of non-core
assets:
Per BOE, except where noted
|
|
|
|
1Q16
|
|
|
|
CY16
|
LOE (production costs, marketing & transportation)
|
|
|
|
$10.00-$10.40
|
|
|
|
$9.50-$9.90*
|
Production & ad valorem taxes (% of revenues, excluding hedges)
|
|
|
|
10.3%
|
|
|
|
8.9%
|
DD&A expense
|
|
|
|
$22.60-$23.10
|
|
|
|
$23.25-$23.85
|
General & administrative expense, net†
|
|
|
|
$5.00-$5.60
|
|
|
|
$4.10-$4.80
|
Exploration expense (seismic, delay rentals, etc.)
|
|
|
|
$0.30-$0.35
|
|
|
|
$0.30-$0.35
|
Interest expense ($MM)
|
|
|
|
$10.0-$11.0
|
|
|
|
$38.7-$39.7
|
FF&E depreciation ($MM)
|
|
|
|
$1.1-$1.6
|
|
|
|
$5.0-$5.5
|
Accretion of discount on ARO ($MM)
|
|
|
|
$1.2-$1.8
|
|
|
|
$6.0-$6.5
|
Effective tax rate (%)
|
|
|
|
35%-37%
|
|
|
|
34%-36%
|
* LOE in the Midland Basin is estimated to range from
$6.10-$6.60 in CY16
|
† Excludes $1.36 per BOE in 1Q16 and $0.39 per BOE in CY16 for
pension and pension settlement and severance expenses.
|
|
|
|
|
|
|
|
|
|
Production by Commodity/Quarter, Pro Forma to Exclude Planned Sales
of Non-Core Assets
Commodity
|
|
|
|
1Q16 Guidance Midpoint
|
|
|
|
2016e Guidance Midpoint
|
|
|
|
|
(mmboe)
|
|
|
|
(boepd)
|
|
|
|
(mmboe)
|
|
|
|
(boepd)
|
Oil
|
|
|
|
3.0
|
|
|
|
32,945
|
|
|
|
12.6
|
|
|
|
34,508
|
NGL
|
|
|
|
0.9
|
|
|
|
9,637
|
|
|
|
3.5
|
|
|
|
9,612
|
Gas
|
|
|
|
1.0
|
|
|
|
10,462
|
|
|
|
3.8
|
|
|
|
10,317
|
Total Production
|
|
|
|
4.9
|
|
|
|
53,044
|
|
|
|
19.9
|
|
|
|
54,437
|
NOTE: Totals may not sum due to rounding
|
|
1Q16 Hedge Position
Commodity
|
|
|
|
Hedge Volumes
|
|
|
|
Production @ Midpoint
|
|
|
|
Hedge %
|
|
|
|
NYMEXe Price
|
Oil
|
|
|
|
0.3 mmbo
|
|
|
|
3.0 mmbo
|
|
|
|
9
|
|
|
|
$ 63.80 barrel
|
Natural Gas
|
|
|
|
1.2 bcf
|
|
|
|
5.7 bcf
|
|
|
|
21
|
|
|
|
$ 2.49 per mcf
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CY16 Hedge Position
Commodity
|
|
|
|
Hedge Volumes
|
|
|
|
Production @ Midpoint
|
|
|
|
Hedge %
|
|
|
|
NYMEXe Price
|
Oil
|
|
|
|
1.1 mmbo
|
|
|
|
12.6 mmbo
|
|
|
|
9
|
|
|
|
$ 63.80 barrel
|
Natural Gas
|
|
|
|
6.6 bcf
|
|
|
|
22.7 bcf
|
|
|
|
29
|
|
|
|
$ 2.47 per mcf
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In the tables above, basin-specific contract prices for natural gas have
been converted for comparability purposes to a NYMEX-equivalent price by
adding to them Energen’s assumed basis differentials.
Average realized oil and gas prices for Energen’s production associated
with NYMEX contracts as well as for unhedged production will reflect the
impact of basis differentials; average realized oil prices also will
reflect estimated 1Q16 and CY16 oil transportation charges of $2.60 per
barrel and $2.55 per barrel, respectively; and average realized NGL
prices will be net of transportation and fractionation fees that are
estimated to average $0.12 per gallon in 1Q16 and CY16.
The company also has hedges in place to limit its exposure to the
Midland to Cushing differential. For 1Q16 and CY16, Energen has hedged
the WTS Midland to WTI Cushing (sour oil) differential for 0.5 million
barrels and 2.1 million barrels of oil production, respectively, at an
average price of $(1.63) per barrel; WTI Midland to WTI Cushing (sweet
oil) differential hedges in 1Q16 and CY16 are for 1.9 million barrels
and 7.5 million barrels, respectively, at an average price of $(1.92)
per barrel.
Approximately 75 percent and 77 percent of Energen’s estimated oil
production in 1Q16 and CY16, respectively, will be sweet oil. Gas basis
assumptions for all open contracts (February-December) are $(0.17) per
Mcf.
Estimated Price Realizations (pre-hedge):
|
|
|
|
1Q16
|
|
|
|
CY16
|
Crude oil (% of NYMEX/WTI)
|
|
|
|
87%
|
|
|
|
90%
|
Natural gas (% of NYMEX/Henry Hub)
|
|
|
|
79%
|
|
|
|
81%
|
NGL (after T&F) (% of NYMEX/WTI)
|
|
|
|
30%
|
|
|
|
28%
|
|
|
|
|
|
|
|
|
|
Energen’s assumed commodity prices for unhedged production in 2016 are
$36.33 per barrel of oil (February-December), $0.38 per gallon of NGL
(February-December), and $2.39 per Mcf of gas (March-December). Assumed
prices for unhedged Midland to Cushing basis differentials for sweet and
sour oil (March-December) are $(0.30) and $(0.41), respectively.
Given Energen’s modest hedge position in 2016, its cash flows and
earnings are highly sensitive to changes in commodity prices. Relative
to the company’s price assumptions: every $1.00 per barrel change in the
price of oil is estimated to impact the company’s cash flows by
approximately $11.3 million; every $0.01 per gallon change in the
average price of NGL is estimated to have an impact of approximately
$1.2 million; and every $0.10 per Mcf change in the price of natural gas
is estimated to have an impact of approximately $950,000.
Conference Call
Energen will hold its quarterly conference call Friday, February 12, at
11:00 a.m. EDT. Members of the investment community may participate by
calling 1-877-407-8289 (reference Energen earnings call). A live audio
Webcast of the program as well as a replay may be accessed through Web
site, www.energen.com.
Energen Corporation is an oil and gas exploration and production
company with headquarters in Birmingham, Alabama. At year-end 2015, the
company had 355 million barrels of oil-equivalent proved reserves and
another 2.8 billion barrels of oil-equivalent probable and possible
reserves and contingent resources. These all-domestic reserves and
resources are located primarily in the Permian Basin in west Texas. For
more information, go to http://www.energen.com.
FORWARD LOOKING STATEMENTS: All statements, other than statements
of historical fact, appearing in this release constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements include, among
other things, statements about our expectations, beliefs, intentions or
business strategies for the future, statements concerning our outlook
with regard to the timing and amount of future production of oil,
natural gas liquids and natural gas, price realizations, the nature and
timing of capital expenditures for exploration and development, plans
for funding operations and drilling program capital expenditures, the
timing and success of specific projects, operating costs and other
expenses, proved oil and natural gas reserves, liquidity and capital
resources, outcomes and effects of litigation, claims and disputes and
derivative activities. Among other forward-looking statements in this
release are statements regarding our intention to engage in certain
assets sales and the estimated proceeds thereof. These sales processes
are at preliminary stages, and we do not have binding agreements for any
transactions; as a result, the estimate of proceeds from these
transactions is preliminary and may not be realized. Our ability to
consummate any transactions and their timing are subject to market
conditions and other factors, and we may not be able to consummate these
transactions at all or for the net proceeds we are estimating.
Forward-looking statements may include words such as “anticipate”,
“believe”, “could”, “estimate”, “expect”, “forecast”, “foresee”,
“intend”, “may”, “plan”, “potential”, “predict”, “project”, “seek”,
“will” or other words or expressions concerning matters that are not
historical facts. These statements involve certain risks and
uncertainties that may cause actual results to differ materially from
expectations as of the date of this news release. Except as otherwise
disclosed, the forward-looking statements do not reflect the impact of
possible or pending acquisitions, investments, divestitures or
restructurings. The absence of errors in input data, calculations and
formulas used in estimates, assumptions and forecasts cannot be
guaranteed. We base our forward-looking statements on information
currently available to us, and we undertake no obligation to correct or
update these statements whether as a result of new information, future
events or otherwise. Additional information regarding our
forward‐looking statements and related risks and uncertainties that
could affect future results of Energen, can be found in the Company’s
periodic reports filed with the Securities and Exchange Commission and
available on the Company’s website - www.energen.com.
CAUTIONARY STATEMENTS: The SEC permits oil and gas companies to
disclose in SEC filings only proved, probable and possible reserves that
meet the SEC’s definitions for such terms, and price and cost
sensitivities for such reserves, and prohibits disclosure of resources
that do not constitute such reserves. Outside of SEC filings, we use the
terms “estimated ultimate recovery” or “EUR,” reserve or resource
“potential,” “contingent resources” and other descriptions of volumes of
non-proved reserves or resources potentially recoverable through
additional drilling or recovery techniques. These estimates are
inherently more speculative than estimates of proved reserves and are
subject to substantially greater risk of actually being realized. We
have not risked EUR estimates, potential drilling locations, and
resource potential estimates. Actual locations drilled and quantities
that may be ultimately recovered may differ substantially from
estimates. We make no commitment to drill all of the drilling locations
that have been attributed these quantities. Factors affecting ultimate
recovery include the scope of our on-going drilling program, which will
be directly affected by the availability of capital, drilling, and
production costs, availability of drilling and completion services and
equipment, drilling results, lease expirations, regulatory approvals,
and geological and mechanical factors. Estimates of unproved reserves,
type/decline curves, per-well EURs, and resource potential may change
significantly as development of our oil and gas assets provides
additional data. Additionally, initial production rates contained in
this news release are subject to decline over time and should not be
regarded as reflective of sustained production levels.
Financial, operating, and support data pertaining to all reporting
periods included in this release are unaudited and subject to revision.
|
Non-GAAP Financial Measures
Adjusted Net Income is a Non-GAAP financial measure (GAAP refers
to generally accepted accounting principles) which excludes
certain non-cash mark-to-market derivative financial instruments.
Adjusted income from continuing operations further excludes
impairment losses, certain pension and pension settlement
expenses, income associated with the San Juan divestment
(completed in the first quarter of 2015), gains and losses on
disposal of discontinued operations and income and losses from
discontinued operations. Energen believes that excluding the
impact of these items is more useful to analysts and investors in
comparing the results of operations and operational trends between
reporting periods and relative to other oil and gas producing
companies.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended 12/31/2015
|
Energen Net Income ($ in millions except per share data)
|
|
|
Net Income
|
|
|
Per Diluted Share
|
Net Income (Loss) All Operations (GAAP)
|
|
|
(590.8
|
)
|
|
|
(7.50
|
)
|
Non-cash mark-to-market losses (net of $37.1 tax)
|
|
|
67.0
|
|
|
|
0.85
|
|
Asset impairment, other (net of $297.9 tax)
|
|
|
528.1
|
|
|
|
6.70
|
|
Pension and pension settlement expenses (net of $9.4 tax)
|
|
|
16.9
|
|
|
|
0.21
|
|
Loss associated w/ San Juan Basin divestment (net of $0.0 tax)
|
|
|
0.1
|
|
|
|
0.00
|
|
Adjusted Income from Continuing Operations (Non-GAAP)
|
|
|
21.3
|
|
|
|
0.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended 12/31/2014
|
Energen Net Income ($ in millions except per share data)
|
|
|
Net Income
|
|
|
Per Diluted Share
|
Net Income (Loss) All Operations (GAAP)
|
|
|
65.4
|
|
|
|
0.89
|
|
Non-cash mark-to-market gains (net of $94.1 tax)
|
|
|
(167.3
|
)
|
|
|
(2.28
|
)
|
Asset impairment, other (net of $93.9 tax)
|
|
|
141.9
|
|
|
|
1.94
|
|
Pension and pension settlement expenses (net of $2.0 tax)
|
|
|
3.6
|
|
|
|
0.05
|
|
Income associated w/ San Juan Basin divestment (net of $3.6 tax)
|
|
|
(6.5
|
)
|
|
|
(0.09
|
)
|
Adjusted Net Income from All Operations (Non-GAAP)
|
|
|
37.1
|
|
|
|
0.51
|
|
Loss from discontinued operations (net of $0.2 tax)
|
|
|
1.1
|
|
|
|
0.02
|
|
Gain from discontinued operations (net of $0.0 tax)
|
|
|
(0.0
|
)
|
|
|
(0.00
|
)
|
Adjusted Income from Continuing Operations (Non-GAAP)
|
|
|
38.2
|
|
|
|
0.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date Ended 12/31/2015
|
Energen Net Income ($ in millions except per share data)
|
|
|
Net Income
|
|
|
Per Diluted Share
|
Net Income (Loss) All Operations (GAAP)
|
|
|
(945.7
|
)
|
|
|
(12.43
|
)
|
Non-cash mark-to-market losses (net of $100.5 tax)
|
|
|
181.3
|
|
|
|
2.38
|
|
Asset impairment, other (net of $468.4 tax)
|
|
|
831.0
|
|
|
|
10.92
|
|
Pension and pension settlement expenses (net of $11.2 tax)
|
|
|
20.1
|
|
|
|
0.26
|
|
Loss associated w/ San Juan Basin divestment (net of $13.1 tax)
|
|
|
(22.1
|
)
|
|
|
(0.29
|
)
|
Adjusted Income from Continuing Operations (Non-GAAP)
|
|
|
64.5
|
|
|
|
0.85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date Ended 12/31/2014
|
Energen Net Income ($ in millions except per share data)
|
|
|
Net Income
|
|
|
Per Diluted Share
|
Net Income (Loss) All Operations (GAAP)
|
|
|
568.0
|
|
|
|
7.75
|
|
Non-cash mark-to-market gains (net of $113.7 tax)
|
|
|
(201.8
|
)
|
|
|
(2.75
|
)
|
Asset impairment, other (net of $162.9 tax)
|
|
|
263.2
|
|
|
|
3.59
|
|
Pension and pension settlement expenses (net of $6.8 tax)
|
|
|
12.2
|
|
|
|
0.17
|
|
Income associated w/ San Juan Basin divestment (net of $20.6 tax)
|
|
|
(37.4
|
)
|
|
|
(0.51
|
)
|
Adjusted Net Income from All Operations (Non-GAAP)
|
|
|
604.2
|
|
|
|
8.25
|
|
Income from discontinued operations (net of $17.9 tax)
|
|
|
(29.3
|
)
|
|
|
(0.40
|
)
|
Gain from discontinued operations (net of $285.5 tax)
|
|
|
(439.1
|
)
|
|
|
(5.99
|
)
|
Adjusted Income from Continuing Operations (Non-GAAP)
|
|
|
135.8
|
|
|
|
1.85
|
|
|
|
|
|
|
|
|
Note: Amounts may not sum due to rounding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures
Earnings before interest, taxes, depreciation, depletion,
amortization and exploration expenses (EBITDAX) is a Non-GAAP
financial measure (GAAP refers to generally accepted accounting
principles). Adjusted EBITDAX from continuing operations further
excludes income associated with the San Juan divestment (completed
in the first quarter of 2015), impairment losses, certain non-cash
mark-to-market derivative financial instruments, certain pension
and pension settlement expenses, income and losses from
discontinued operations and gains and losses on disposal of
discontinued operations. Energen believes these measures allow
analysts and investors to understand the financial performance of
the company from core business operations, without including the
effects of capital structure, tax rates and depreciation. Further,
this measure is useful in comparing the company and other oil and
gas producing companies.
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation To GAAP Information
|
|
|
Quarter Ended 12/31
|
($ in millions)
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
Energen Net Income (Loss) (GAAP)
|
|
|
(590.8
|
)
|
|
|
65.4
|
|
(Income) Loss associated w/ San Juan Basin divestment, net of tax
|
|
|
0.1
|
|
|
|
(6.5
|
)
|
Adjusted Net Income from Continuing Operations (Non-GAAP)
|
|
|
(590.7
|
)
|
|
|
58.9
|
|
Interest expense
|
|
|
10.0
|
|
|
|
10.4
|
|
Income tax expense (benefit) *
|
|
|
(334.6
|
)
|
|
|
13.8
|
|
Depreciation, depletion and amortization *
|
|
|
159.8
|
|
|
|
137.0
|
|
Accretion expense *
|
|
|
1.7
|
|
|
|
1.6
|
|
Exploration expense *
|
|
|
2.5
|
|
|
|
5.9
|
|
Dry hole expense *
|
|
|
0.1
|
|
|
|
0.5
|
|
Adjustment for asset impairment
|
|
|
825.9
|
|
|
|
235.3
|
|
Adjustment for mark-to-market (gains) losses *
|
|
|
104.1
|
|
|
|
(261.5
|
)
|
Adjustment for pension and pension settlement expenses
|
|
|
26.2
|
|
|
|
5.5
|
|
Adjustment for loss from discontinued operations, net of tax
|
|
|
0.0
|
|
|
|
1.1
|
|
Adjustment for gain on disposal from discontinued operations, net
of tax
|
|
|
0.0
|
|
|
|
(0.0
|
)
|
Energen Adjusted EBITDAX from Continuing Operations (Non-GAAP)
|
|
|
205.0
|
|
|
|
208.6
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation To GAAP Information
|
|
|
Year-to-Date Ended 12/31
|
($ in millions)
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
Energen Net Income (Loss) (GAAP)
|
|
|
(945.7
|
)
|
|
|
568.0
|
|
(Income) Loss associated w/ San Juan Basin divestment, net of tax
|
|
|
(22.1
|
)
|
|
|
(37.4
|
)
|
Adjusted Net Income from Continuing Operations (Non-GAAP)
|
|
|
(967.8
|
)
|
|
|
530.7
|
|
Interest expense
|
|
|
43.1
|
|
|
|
37.8
|
|
Income tax expense (benefit) *
|
|
|
(548.1
|
)
|
|
|
20.1
|
|
Depreciation, depletion and amortization *
|
|
|
585.7
|
|
|
|
492.5
|
|
Accretion expense *
|
|
|
6.7
|
|
|
|
6.0
|
|
Exploration expense *
|
|
|
7.8
|
|
|
|
14.6
|
|
Dry hole expense *
|
|
|
7.1
|
|
|
|
9.2
|
|
Adjustment for asset impairment
|
|
|
1,292.3
|
|
|
|
416.8
|
|
Adjustment for mark-to-market (gains) losses *
|
|
|
281.8
|
|
|
|
(315.4
|
)
|
Adjustment for pension and pension settlement expenses
|
|
|
31.3
|
|
|
|
18.9
|
|
Adjustment for loss from discontinued operations, net of tax
|
|
|
0.0
|
|
|
|
(29.3
|
)
|
Adjustment for gain on disposal from discontinued operations, net
of tax
|
|
|
0.0
|
|
|
|
(439.1
|
)
|
Energen Adjusted EBITDAX from Continuing Operations (Non-GAAP)
|
|
|
739.8
|
|
|
|
762.9
|
|
|
|
|
|
|
|
|
Note: Amounts may not sum due to rounding
|
|
|
|
|
|
|
|
* Amount adjusted to exclude San Juan Basin divestment in either
current or prior period. See reconciliation to GAAP Information for
the Quarter and Year-to-Date Ended 12/31/2015 and 12/31/2014.
|
|
|
Non-GAAP Financial Measures
The consolidated statement of income excluding certain divestments
is a Non-GAAP financial measure (GAAP refers to generally accepted
accounting principles). Energen believes excluding information
associated with the divestment of assets held in the San Juan
Basin (completed in the first quarter of 2015) provides analysts
and investors useful information to understand the financial
performance of the company from ongoing business operations.
Further, this information is useful in comparing the company and
other oil and gas producing companies operating primarily in the
Permian Basin.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energen Net Income (Loss) Excluding San Juan Divestment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to GAAP Information
|
|
|
Quarter Ended
|
|
|
|
December 31, 2015
|
(in thousands except per share and production data)
|
|
|
|
|
|
|
GAAP
|
|
|
$/BOE
|
|
|
San Juan Basin
|
|
|
$/BOE
|
|
|
Non-GAAP
|
|
|
$/BOE
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil, natural gas liquids and natural gas sales
|
|
|
$
|
167,751
|
|
|
|
|
|
|
$
|
11
|
|
|
|
|
|
|
$
|
167,740
|
|
|
|
|
Gain (loss) on derivative instruments
|
|
|
|
25,048
|
|
|
|
|
|
|
$
|
-
|
|
|
|
|
|
|
|
25,048
|
|
|
|
|
Total Revenues
|
|
|
|
192,799
|
|
|
|
|
|
|
|
11
|
|
|
|
|
|
|
|
192,788
|
|
|
|
|
Operating Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil, natural gas liquids & natural gas production
|
|
|
|
52,447
|
|
|
|
$8.79
|
|
|
|
(1
|
)
|
|
|
$0.00
|
|
|
|
52,448
|
|
|
|
$8.79
|
Production and ad valorem taxes
|
|
|
|
11,597
|
|
|
|
$1.94
|
|
|
|
1
|
|
|
|
$0.00
|
|
|
|
11,596
|
|
|
|
$1.94
|
O&G Depreciation, depletion and amortization
|
|
|
|
158,371
|
|
|
|
$26.54
|
|
|
|
-
|
|
|
|
$0.00
|
|
|
|
158,371
|
|
|
|
$26.54
|
FF&E Depreciation, depletion and amortization
|
|
|
|
1,413
|
|
|
|
$0.24
|
|
|
|
-
|
|
|
|
$0.00
|
|
|
|
1,413
|
|
|
|
$0.24
|
Asset impairment
|
|
|
|
825,918
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
825,918
|
|
|
|
|
Exploration
|
|
|
|
2,604
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
2,604
|
|
|
|
|
General and administrative
|
|
|
|
54,794
|
|
|
|
$9.18
|
|
|
|
-
|
|
|
|
$0.00
|
|
|
|
54,794
|
|
|
|
$9.18
|
Accretion of discount on asset retirement obligations
|
|
|
|
1,729
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
1,729
|
|
|
|
|
(Gain) loss on sale of assets and other
|
|
|
|
(524
|
)
|
|
|
|
|
|
|
113
|
|
|
|
|
|
|
|
(637
|
)
|
|
|
|
Total costs and expenses
|
|
|
|
1,108,349
|
|
|
|
|
|
|
|
113
|
|
|
|
|
|
|
|
1,108,236
|
|
|
|
|
Operating Income (Loss)
|
|
|
|
(915,550
|
)
|
|
|
|
|
|
|
(102
|
)
|
|
|
|
|
|
|
(915,448
|
)
|
|
|
|
Other Income/(Expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense
|
|
|
|
(10,022
|
)
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
(10,022
|
)
|
|
|
|
Other income
|
|
|
|
80
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
80
|
|
|
|
|
Total other expense
|
|
|
|
(9,942
|
)
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
(9,942
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from Continuing Operations Before Income Taxes
|
|
|
|
(925,492
|
)
|
|
|
|
|
|
|
(102
|
)
|
|
|
|
|
|
|
(925,390
|
)
|
|
|
|
Income tax expense (benefit)
|
|
|
|
(334,686
|
)
|
|
|
|
|
|
|
(37
|
)
|
|
|
|
|
|
|
(334,649
|
)
|
|
|
|
Income (Loss) From Continuing Operations
|
|
|
|
(590,806
|
)
|
|
|
|
|
|
|
(65
|
)
|
|
|
|
|
|
|
(590,741
|
)
|
|
|
|
Discontinued Operations, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from discontinued operations
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
|
Gain on Disposal of discontinued ops
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
|
Income from discontinued ops
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
|
Net Income (Loss)
|
|
|
$
|
(590,806
|
)
|
|
|
|
|
|
$
|
(65
|
)
|
|
|
|
|
|
$
|
(590,741
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per Average Common Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing Operations
|
|
|
$
|
(7.50
|
)
|
|
|
|
|
|
$
|
-
|
|
|
|
|
|
|
$
|
(7.50
|
)
|
|
|
|
Discontinued Operations
|
|
|
$
|
-
|
|
|
|
|
|
|
$
|
-
|
|
|
|
|
|
|
$
|
-
|
|
|
|
|
Net Income (Loss)
|
|
|
$
|
(7.50
|
)
|
|
|
|
|
|
$
|
-
|
|
|
|
|
|
|
$
|
(7.50
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earning Per Average Common Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing Operations
|
|
|
$
|
(7.50
|
)
|
|
|
|
|
|
$
|
-
|
|
|
|
|
|
|
$
|
(7.50
|
)
|
|
|
|
Discontinued Operations
|
|
|
$
|
-
|
|
|
|
|
|
|
$
|
-
|
|
|
|
|
|
|
$
|
-
|
|
|
|
|
Net Income (Loss)
|
|
|
$
|
(7.50
|
)
|
|
|
|
|
|
$
|
-
|
|
|
|
|
|
|
$
|
(7.50
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil
|
|
|
|
3,584
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
3,584
|
|
|
|
|
NGL
|
|
|
|
1,078
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
1,078
|
|
|
|
|
Natural Gas
|
|
|
|
1,305
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
1,305
|
|
|
|
|
Total Production (mboe)
|
|
|
|
5,967
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
5,967
|
|
|
|
|
Total Production (boepd)
|
|
|
|
64,859
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
64,859
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts may not sum due to rounding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures
The consolidated statement of income excluding certain divestments
is a Non-GAAP financial measure (GAAP refers to generally accepted
accounting principles). Energen believes excluding information
associated with the divestment of assets held in the San Juan
Basin (completed in the first quarter of 2015) provides analysts
and investors useful information to understand the financial
performance of the company from ongoing business operations.
Further, this information is useful in comparing the company and
other oil and gas producing companies operating primarily in the
Permian Basin.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energen Net Income (Loss) Excluding San Juan Divestment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to GAAP Information
|
|
|
Quarter Ended
|
|
|
|
December 31, 2014
|
(in thousands except per share and production data)
|
|
|
|
|
|
|
GAAP
|
|
|
$/BOE
|
|
|
San Juan Basin
|
|
|
$/BOE
|
|
|
Non-GAAP
|
|
|
$/BOE
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil, natural gas liquids and natural gas sales
|
|
|
$
|
286,747
|
|
|
|
|
|
|
$
|
35,307
|
|
|
|
|
|
|
$
|
251,440
|
|
|
|
|
Gain (loss) on derivative instruments
|
|
|
|
325,521
|
|
|
|
|
|
|
$
|
4,609
|
|
|
|
|
|
|
|
320,912
|
|
|
|
|
Total Revenues
|
|
|
|
612,268
|
|
|
|
|
|
|
|
39,916
|
|
|
|
|
|
|
|
572,352
|
|
|
|
|
Operating Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil, natural gas liquids & natural gas production
|
|
|
|
74,571
|
|
|
|
$11.16
|
|
|
|
14,471
|
|
|
|
$9.28
|
|
|
|
|
60,100
|
|
|
|
$11.74
|
Production and ad valorem taxes
|
|
|
|
20,961
|
|
|
|
$3.14
|
|
|
|
3,141
|
|
|
|
$2.01
|
|
|
|
|
17,820
|
|
|
|
$3.48
|
O&G Depreciation, depletion and amortization
|
|
|
|
147,487
|
|
|
|
$22.08
|
|
|
|
11,933
|
|
|
|
$7.65
|
|
|
|
|
135,554
|
|
|
|
$26.47
|
FF&E Depreciation, depletion and amortization
|
|
|
|
1,509
|
|
|
|
$0.23
|
|
|
|
70
|
|
|
|
$0.04
|
|
|
|
|
1,439
|
|
|
|
$0.28
|
Asset impairment
|
|
|
|
235,301
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
235,301
|
|
|
|
|
Exploration
|
|
|
|
6,872
|
|
|
|
|
|
|
|
396
|
|
|
|
|
|
|
|
6,476
|
|
|
|
|
General and administrative
|
|
|
|
28,553
|
|
|
|
$4.27
|
|
|
|
(611
|
)
|
|
|
($0.39
|
)
|
|
|
|
29,164
|
|
|
|
$5.69
|
Accretion of discount on asset retirement obligations
|
|
|
|
1,958
|
|
|
|
|
|
|
|
398
|
|
|
|
|
|
|
|
1,560
|
|
|
|
|
(Gain) loss on sale of assets and other
|
|
|
|
833
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
833
|
|
|
|
|
Total costs and expenses
|
|
|
|
518,045
|
|
|
|
|
|
|
|
29,798
|
|
|
|
|
|
|
|
488,247
|
|
|
|
|
Operating Income (Loss)
|
|
|
|
94,223
|
|
|
|
|
|
|
|
10,118
|
|
|
|
|
|
|
|
84,105
|
|
|
|
|
Other Income/(Expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense
|
|
|
|
(10,397
|
)
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
(10,397
|
)
|
|
|
|
Other income
|
|
|
|
134
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
134
|
|
|
|
|
Total other expense
|
|
|
|
(10,263
|
)
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
(10,263
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from Continuing Operations Before Income Taxes
|
|
|
|
83,960
|
|
|
|
|
|
|
|
10,118
|
|
|
|
|
|
|
|
73,842
|
|
|
|
|
Income tax expense (benefit)
|
|
|
|
17,441
|
|
|
|
|
|
|
|
3,596
|
|
|
|
|
|
|
|
13,845
|
|
|
|
|
Income (Loss) From Continuing Operations
|
|
|
|
66,519
|
|
|
|
|
|
|
|
6,522
|
|
|
|
|
|
|
|
59,997
|
|
|
|
|
Discontinued Operations, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from discontinued operations
|
|
|
|
(1,143
|
)
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
(1,143
|
)
|
|
|
|
Gain on Disposal of discontinued ops
|
|
|
|
42
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
42
|
|
|
|
|
Income from discontinued ops
|
|
|
|
(1,101
|
)
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
(1,101
|
)
|
|
|
|
Net Income (Loss)
|
|
|
$
|
65,418
|
|
|
|
|
|
|
$
|
6,522
|
|
|
|
|
|
|
$
|
58,896
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per Average Common Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing Operations
|
|
|
$
|
0.91
|
|
|
|
|
|
|
$
|
(0.09
|
)
|
|
|
|
|
|
$
|
0.82
|
|
|
|
|
Discontinued Operations
|
|
|
$
|
(0.02
|
)
|
|
|
|
|
|
$
|
-
|
|
|
|
|
|
|
$
|
(0.02
|
)
|
|
|
|
Net Income (Loss)
|
|
|
$
|
0.89
|
|
|
|
|
|
|
$
|
(0.09
|
)
|
|
|
|
|
|
$
|
0.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earning Per Average Common Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing Operations
|
|
|
$
|
0.91
|
|
|
|
|
|
|
$
|
(0.09
|
)
|
|
|
|
|
|
$
|
0.82
|
|
|
|
|
Discontinued Operations
|
|
|
$
|
(0.01
|
)
|
|
|
|
|
|
$
|
-
|
|
|
|
|
|
|
$
|
(0.01
|
)
|
|
|
|
Net Income (Loss)
|
|
|
$
|
0.90
|
|
|
|
|
|
|
$
|
(0.09
|
)
|
|
|
|
|
|
$
|
0.81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil
|
|
|
|
3,213
|
|
|
|
|
|
|
|
4
|
|
|
|
|
|
|
|
3,209
|
|
|
|
|
NGL
|
|
|
|
1,027
|
|
|
|
|
|
|
|
148
|
|
|
|
|
|
|
|
879
|
|
|
|
|
Natural Gas
|
|
|
|
2,441
|
|
|
|
|
|
|
|
1,408
|
|
|
|
|
|
|
|
1,033
|
|
|
|
|
Total Production (mboe)
|
|
|
|
6,681
|
|
|
|
|
|
|
|
1,560
|
|
|
|
|
|
|
|
5,121
|
|
|
|
|
Total Production (boepd)
|
|
|
|
72,620
|
|
|
|
|
|
|
|
16,957
|
|
|
|
|
|
|
|
55,663
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts may not sum due to rounding
|
|
|
Non-GAAP Financial Measures
The consolidated statement of income excluding certain divestments
is a Non-GAAP financial measure (GAAP refers to generally accepted
accounting principles). Energen believes excluding information
associated with the divestment of assets held in the San Juan
Basin (completed in the first quarter of 2015) provides analysts
and investors useful information to understand the financial
performance of the company from ongoing business operations.
Further, this information is useful in comparing the company and
other oil and gas producing companies operating primarily in the
Permian Basin.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energen Net Income (Loss) Excluding San Juan Divestment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to GAAP Information
|
|
|
Year-to-Date Ended
|
|
|
|
December 31, 2015
|
(in thousands except per share and production data)
|
|
|
|
|
|
|
GAAP
|
|
|
$/BOE
|
|
|
San Juan Basin
|
|
|
$/BOE
|
|
|
Non-GAAP
|
|
|
$/BOE
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil, natural gas liquids and natural gas sales
|
|
|
$
|
763,261
|
|
|
|
|
|
|
$
|
24,246
|
|
|
|
|
|
|
$
|
739,015
|
|
|
|
|
Gain (loss) on derivative instruments
|
|
|
|
115,293
|
|
|
|
|
|
|
$
|
8,369
|
|
|
|
|
|
|
|
106,924
|
|
|
|
|
Total Revenues
|
|
|
|
878,554
|
|
|
|
|
|
|
|
32,615
|
|
|
|
|
|
|
|
845,939
|
|
|
|
|
Operating Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil, natural gas liquids & natural gas production
|
|
|
|
228,380
|
|
|
|
$9.51
|
|
|
|
14,526
|
|
|
|
$9.77
|
|
|
|
|
213,854
|
|
|
|
$9.49
|
Production and ad valorem taxes
|
|
|
|
57,380
|
|
|
|
$2.39
|
|
|
|
1,908
|
|
|
|
$1.28
|
|
|
|
|
55,472
|
|
|
|
$2.46
|
O&G Depreciation, depletion and amortization
|
|
|
|
587,882
|
|
|
|
$24.47
|
|
|
|
8,068
|
|
|
|
$5.43
|
|
|
|
|
579,814
|
|
|
|
$25.73
|
FF&E Depreciation, depletion and amortization
|
|
|
|
5,907
|
|
|
|
$0.25
|
|
|
|
-
|
|
|
|
$0.00
|
|
|
|
|
5,907
|
|
|
|
$0.26
|
Asset impairment
|
|
|
|
1,292,308
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
1,292,308
|
|
|
|
|
Exploration
|
|
|
|
14,878
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
14,878
|
|
|
|
|
General and administrative
|
|
|
|
149,132
|
|
|
|
$6.21
|
|
|
|
(560
|
)
|
|
|
($0.38
|
)
|
|
|
|
149,692
|
|
|
|
$6.64
|
Accretion of discount on asset retirement obligations
|
|
|
|
7,108
|
|
|
|
|
|
|
|
433
|
|
|
|
|
|
|
|
6,675
|
|
|
|
|
(Gain) loss on sale of assets and other
|
|
|
|
(26,570
|
)
|
|
|
|
|
|
|
(26,969
|
)
|
|
|
|
|
|
|
399
|
|
|
|
|
Total costs and expenses
|
|
|
|
2,316,405
|
|
|
|
|
|
|
|
(2,594
|
)
|
|
|
|
|
|
|
2,318,999
|
|
|
|
|
Operating Income (Loss)
|
|
|
|
(1,437,851
|
)
|
|
|
|
|
|
|
35,209
|
|
|
|
|
|
|
|
(1,473,060
|
)
|
|
|
|
Other Income/(Expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense
|
|
|
|
(43,108
|
)
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
(43,108
|
)
|
|
|
|
Other income
|
|
|
|
223
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
223
|
|
|
|
|
Total other expense
|
|
|
|
(42,885
|
)
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
(42,885
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from Continuing Operations Before Income Taxes
|
|
|
|
(1,480,736
|
)
|
|
|
|
|
|
|
35,209
|
|
|
|
|
|
|
|
(1,515,945
|
)
|
|
|
|
Income tax expense (benefit)
|
|
|
|
(535,005
|
)
|
|
|
|
|
|
|
13,133
|
|
|
|
|
|
|
|
(548,138
|
)
|
|
|
|
Income (Loss) From Continuing Operations
|
|
|
|
(945,731
|
)
|
|
|
|
|
|
|
22,076
|
|
|
|
|
|
|
|
(967,807
|
)
|
|
|
|
Discontinued Operations, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from discontinued operations
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
|
Gain on Disposal of discontinued ops
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
|
Income from discontinued ops
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
|
Net Income (Loss)
|
|
|
$
|
(945,731
|
)
|
|
|
|
|
|
$
|
22,076
|
|
|
|
|
|
|
$
|
(967,807
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per Average Common Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing Operations
|
|
|
$
|
(12.43
|
)
|
|
|
|
|
|
$
|
(0.29
|
)
|
|
|
|
|
|
$
|
(12.72
|
)
|
|
|
|
Discontinued Operations
|
|
|
$
|
-
|
|
|
|
|
|
|
$
|
-
|
|
|
|
|
|
|
$
|
-
|
|
|
|
|
Net Income (Loss)
|
|
|
$
|
(12.43
|
)
|
|
|
|
|
|
$
|
(0.29
|
)
|
|
|
|
|
|
$
|
(12.72
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earning Per Average Common Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing Operations
|
|
|
$
|
(12.43
|
)
|
|
|
|
|
|
$
|
(0.29
|
)
|
|
|
|
|
|
$
|
(12.72
|
)
|
|
|
|
Discontinued Operations
|
|
|
$
|
-
|
|
|
|
|
|
|
$
|
-
|
|
|
|
|
|
|
$
|
-
|
|
|
|
|
Net Income (Loss)
|
|
|
$
|
(12.43
|
)
|
|
|
|
|
|
$
|
(0.29
|
)
|
|
|
|
|
|
$
|
(12.72
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil
|
|
|
|
14,023
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
14,022
|
|
|
|
|
NGL
|
|
|
|
4,065
|
|
|
|
|
|
|
|
139
|
|
|
|
|
|
|
|
3,926
|
|
|
|
|
Natural Gas
|
|
|
|
5,934
|
|
|
|
|
|
|
|
1,347
|
|
|
|
|
|
|
|
4,587
|
|
|
|
|
Total Production (mboe)
|
|
|
|
24,022
|
|
|
|
|
|
|
|
1,487
|
|
|
|
|
|
|
|
22,535
|
|
|
|
|
Total Production (boepd)
|
|
|
|
65,814
|
|
|
|
|
|
|
|
4,074
|
|
|
|
|
|
|
|
61,740
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts may not sum due to rounding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures
The consolidated statement of income excluding certain divestments
is a Non-GAAP financial measure (GAAP refers to generally accepted
accounting principles). Energen believes excluding information
associated with the divestment of assets held in the San Juan
Basin (completed in the first quarter of 2015) provides analysts
and investors useful information to understand the financial
performance of the company from ongoing business operations.
Further, this information is useful in comparing the company and
other oil and gas producing companies operating primarily in the
Permian Basin.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energen Net Income (Loss) Excluding San Juan Divestment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to GAAP Information
|
|
|
Year-to-Date Ended
|
|
|
|
December 31, 2014
|
(in thousands except per share and production data)
|
|
|
|
|
|
|
GAAP
|
|
|
$/BOE
|
|
|
San Juan Basin
|
|
|
$/BOE
|
|
|
Non-GAAP
|
|
|
$/BOE
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil, natural gas liquids and natural gas sales
|
|
|
$
|
1,344,194
|
|
|
|
|
|
|
$
|
169,997
|
|
|
|
|
|
|
$
|
1,174,197
|
|
|
|
|
Gain (loss) on derivative instruments
|
|
|
|
335,019
|
|
|
|
|
|
|
$
|
22,354
|
|
|
|
|
|
|
|
312,665
|
|
|
|
|
Total Revenues
|
|
|
|
1,679,213
|
|
|
|
|
|
|
|
192,351
|
|
|
|
|
|
|
|
1,486,862
|
|
|
|
|
Operating Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil, natural gas liquids & natural gas production
|
|
|
|
274,432
|
|
|
|
$10.68
|
|
|
|
59,736
|
|
|
|
$9.07
|
|
|
|
|
214,696
|
|
|
|
$11.24
|
Production and ad valorem taxes
|
|
|
|
102,063
|
|
|
|
$3.97
|
|
|
|
15,085
|
|
|
|
$2.29
|
|
|
|
|
86,978
|
|
|
|
$4.55
|
O&G Depreciation, depletion and amortization
|
|
|
|
543,738
|
|
|
|
$21.17
|
|
|
|
55,786
|
|
|
|
$8.47
|
|
|
|
|
487,952
|
|
|
|
$25.55
|
FF&E Depreciation, depletion and amortization
|
|
|
|
4,826
|
|
|
|
$0.19
|
|
|
|
246
|
|
|
|
$0.04
|
|
|
|
|
4,580
|
|
|
|
$0.24
|
Asset impairment
|
|
|
|
416,801
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
416,801
|
|
|
|
|
Exploration
|
|
|
|
28,090
|
|
|
|
|
|
|
|
4,244
|
|
|
|
|
|
|
|
23,846
|
|
|
|
|
General and administrative
|
|
|
|
122,052
|
|
|
|
$4.75
|
|
|
|
(2,294
|
)
|
|
|
($0.35
|
)
|
|
|
|
124,346
|
|
|
|
$6.51
|
Accretion of discount on asset retirement obligations
|
|
|
|
7,608
|
|
|
|
|
|
|
|
1,561
|
|
|
|
|
|
|
|
6,047
|
|
|
|
|
(Gain) loss on sale of assets and other
|
|
|
|
2,642
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
2,642
|
|
|
|
|
Total costs and expenses
|
|
|
|
1,502,252
|
|
|
|
|
|
|
|
134,364
|
|
|
|
|
|
|
|
1,367,888
|
|
|
|
|
Operating Income (Loss)
|
|
|
|
176,961
|
|
|
|
|
|
|
|
57,987
|
|
|
|
|
|
|
|
118,974
|
|
|
|
|
Other Income/(Expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense
|
|
|
|
(37,771
|
)
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
(37,771
|
)
|
|
|
|
Other income
|
|
|
|
1,181
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
1,181
|
|
|
|
|
Total other expense
|
|
|
|
(36,590
|
)
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
(36,590
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from Continuing Operations Before Income Taxes
|
|
|
|
140,371
|
|
|
|
|
|
|
|
57,987
|
|
|
|
|
|
|
|
82,384
|
|
|
|
|
Income tax expense (benefit)
|
|
|
|
40,728
|
|
|
|
|
|
|
|
20,609
|
|
|
|
|
|
|
|
20,119
|
|
|
|
|
Income (Loss) From Continuing Operations
|
|
|
|
99,643
|
|
|
|
|
|
|
|
37,378
|
|
|
|
|
|
|
|
62,265
|
|
|
|
|
Discontinued Operations, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from discontinued operations
|
|
|
|
29,292
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
29,292
|
|
|
|
|
Gain on Disposal of discontinued ops
|
|
|
|
439,097
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
439,097
|
|
|
|
|
Income from discontinued ops
|
|
|
|
468,389
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
468,389
|
|
|
|
|
Net Income (Loss)
|
|
|
$
|
568,032
|
|
|
|
|
|
|
$
|
37,378
|
|
|
|
|
|
|
$
|
530,654
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per Average Common Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing Operations
|
|
|
$
|
1.36
|
|
|
|
|
|
|
$
|
(0.51
|
)
|
|
|
|
|
|
$
|
0.85
|
|
|
|
|
Discontinued Operations
|
|
|
$
|
6.39
|
|
|
|
|
|
|
$
|
-
|
|
|
|
|
|
|
$
|
6.39
|
|
|
|
|
Net Income (Loss)
|
|
|
$
|
7.75
|
|
|
|
|
|
|
$
|
(0.51
|
)
|
|
|
|
|
|
$
|
7.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earning Per Average Common Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing Operations
|
|
|
$
|
1.37
|
|
|
|
|
|
|
$
|
(0.52
|
)
|
|
|
|
|
|
$
|
0.85
|
|
|
|
|
Discontinued Operations
|
|
|
$
|
6.42
|
|
|
|
|
|
|
$
|
0.01
|
|
|
|
|
|
|
$
|
6.43
|
|
|
|
|
Net Income (Loss)
|
|
|
$
|
7.79
|
|
|
|
|
|
|
$
|
(0.51
|
)
|
|
|
|
|
|
$
|
7.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil
|
|
|
|
11,814
|
|
|
|
|
|
|
|
16
|
|
|
|
|
|
|
|
11,798
|
|
|
|
|
NGL
|
|
|
|
4,103
|
|
|
|
|
|
|
|
695
|
|
|
|
|
|
|
|
3,408
|
|
|
|
|
Natural Gas
|
|
|
|
9,767
|
|
|
|
|
|
|
|
5,876
|
|
|
|
|
|
|
|
3,891
|
|
|
|
|
Total Production (mboe)
|
|
|
|
25,684
|
|
|
|
|
|
|
|
6,587
|
|
|
|
|
|
|
|
19,097
|
|
|
|
|
Total Production (boepd)
|
|
|
|
70,367
|
|
|
|
|
|
|
|
18,047
|
|
|
|
|
|
|
|
52,321
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts may not sum due to rounding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures
Excluding production associated with certain divestments is a
Non-GAAP financial measure (GAAP refers to generally accepted
accounting principles). Energen believes excluding data associated
with the divestment of assets in the San Juan Basin (including the
completed sale in the first quarter of 2015) and non-core
properties held for sale provides analysts and investors useful
information to understand the financial performance of the company
from ongoing business operations. Further, this measure is useful
in comparing the company and other oil and gas producing companies
operating primarily in the Permian Basin.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energen Production Excluding San Juan Divestment and Planned Sales
|
|
|
|
|
|
|
|
|
|
Reconciliation to GAAP Information
|
|
|
Year-to-Date Ended
|
|
|
|
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
|
|
|
San Juan Basin and Non-Core Assets
|
|
|
Non-GAAP
|
|
|
|
|
|
|
|
|
|
|
Oil
|
|
|
14,023
|
|
|
658
|
|
|
13,365
|
NGL
|
|
|
4,065
|
|
|
787
|
|
|
3,278
|
Natural Gas
|
|
|
5,934
|
|
|
2,358
|
|
|
3,576
|
Total Production (mboe)
|
|
|
24,022
|
|
|
3,803
|
|
|
20,219
|
Total Production (boepd)
|
|
|
65,814
|
|
|
10,420
|
|
|
55,397
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts may not sum due to rounding
|
|
|
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) For the
3 months ending December 31, 2015 and 2014
|
|
|
|
|
4th Quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands, except per share data)
|
|
|
2015
|
|
|
2014
|
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil, natural gas liquids and natural gas sales
|
|
|
$
|
167,751
|
|
|
|
$
|
286,747
|
|
|
|
$
|
(118,996
|
)
|
Gain on derivative instruments, net
|
|
|
|
25,048
|
|
|
|
|
325,521
|
|
|
|
|
(300,473
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
|
192,799
|
|
|
|
|
612,268
|
|
|
|
|
(419,469
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil, natural gas liquids and natural gas production
|
|
|
|
52,447
|
|
|
|
|
74,571
|
|
|
|
|
(22,124
|
)
|
Production and ad valorem taxes
|
|
|
|
11,597
|
|
|
|
|
20,961
|
|
|
|
|
(9,364
|
)
|
Depreciation, depletion and amortization
|
|
|
|
159,784
|
|
|
|
|
148,996
|
|
|
|
|
10,788
|
|
Asset impairment
|
|
|
|
825,918
|
|
|
|
|
235,301
|
|
|
|
|
590,617
|
|
Exploration
|
|
|
|
2,604
|
|
|
|
|
6,872
|
|
|
|
|
(4,268
|
)
|
General and administrative
|
|
|
|
54,794
|
|
|
|
|
28,553
|
|
|
|
|
26,241
|
|
Accretion of discount on asset retirement obligations
|
|
|
|
1,729
|
|
|
|
|
1,958
|
|
|
|
|
(229
|
)
|
(Gain) loss on sale of assets and other
|
|
|
|
(524
|
)
|
|
|
|
833
|
|
|
|
|
(1,357
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating costs and expenses
|
|
|
|
1,108,349
|
|
|
|
|
518,045
|
|
|
|
|
590,304
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss)
|
|
|
|
(915,550
|
)
|
|
|
|
94,223
|
|
|
|
|
(1,009,773
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
(10,022
|
)
|
|
|
|
(10,397
|
)
|
|
|
|
375
|
|
Other income
|
|
|
|
80
|
|
|
|
|
134
|
|
|
|
|
(54
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other expense
|
|
|
|
(9,942
|
)
|
|
|
|
(10,263
|
)
|
|
|
|
321
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) From Continuing Operations Before Income Taxes
|
|
|
|
(925,492
|
)
|
|
|
|
83,960
|
|
|
|
|
(1,009,452
|
)
|
Income tax expense (benefit)
|
|
|
|
(334,686
|
)
|
|
|
|
17,441
|
|
|
|
|
(352,127
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) From Continuing Operations
|
|
|
|
(590,806
|
)
|
|
|
|
66,519
|
|
|
|
|
(657,325
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued Operations, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations
|
|
|
|
−
|
|
|
|
|
(1,143
|
)
|
|
|
|
1,143
|
|
Gain on disposal of discontinued operations, net
|
|
|
|
−
|
|
|
|
|
42
|
|
|
|
|
(42
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss From Discontinued Operations
|
|
|
|
−
|
|
|
|
|
(1,101
|
)
|
|
|
|
1,101
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
|
|
|
$
|
(590,806
|
)
|
|
|
$
|
65,418
|
|
|
|
$
|
(656,224
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per Average Common Share
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
$
|
(7.50
|
)
|
|
|
$
|
0.91
|
|
|
|
$
|
(8.41
|
)
|
Discontinued operations
|
|
|
|
−
|
|
|
|
|
(0.02
|
)
|
|
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
|
|
|
$
|
(7.50
|
)
|
|
|
$
|
0.89
|
|
|
|
$
|
(8.39
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per Average Common Share
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
$
|
(7.50
|
)
|
|
|
|
0.91
|
|
|
|
$
|
(8.41
|
)
|
Discontinued operations
|
|
|
|
−
|
|
|
|
|
(0.01
|
)
|
|
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
|
|
|
$
|
(7.50
|
)
|
|
|
$
|
0.90
|
|
|
|
$
|
(8.40
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Avg. Common Shares Outstanding
|
|
|
|
78,783
|
|
|
|
|
73,343
|
|
|
|
|
5,440
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Avg. Common Shares Outstanding
|
|
|
|
78,783
|
|
|
|
|
72,988
|
|
|
|
|
5,795
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends Per Common Share
|
|
|
$
|
0.02
|
|
|
|
$
|
0.02
|
|
|
|
$
|
0.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) For
the 12 months ending December 31, 2015 and 2014
|
|
|
|
|
Year-to-date
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands, except per share data)
|
|
|
2015
|
|
|
2014
|
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil, natural gas liquids and natural gas sales
|
|
|
$
|
763,261
|
|
|
|
$
|
1,344,194
|
|
|
|
$
|
(580,933
|
)
|
Gain on derivative instruments, net
|
|
|
|
115,293
|
|
|
|
|
335,019
|
|
|
|
|
(219,726
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
|
878,554
|
|
|
|
|
1,679,213
|
|
|
|
|
(800,659
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil, natural gas liquids and natural gas production
|
|
|
|
228,380
|
|
|
|
|
274,432
|
|
|
|
|
(46,052
|
)
|
Production and ad valorem taxes
|
|
|
|
57,380
|
|
|
|
|
102,063
|
|
|
|
|
(44,683
|
)
|
Depreciation, depletion and amortization
|
|
|
|
593,789
|
|
|
|
|
548,564
|
|
|
|
|
45,225
|
|
Asset impairment
|
|
|
|
1,292,308
|
|
|
|
|
416,801
|
|
|
|
|
875,507
|
|
Exploration
|
|
|
|
14,878
|
|
|
|
|
28,090
|
|
|
|
|
(13,212
|
)
|
General and administrative
|
|
|
|
149,132
|
|
|
|
|
122,052
|
|
|
|
|
27,080
|
|
Accretion of discount on asset retirement obligations
|
|
|
|
7,108
|
|
|
|
|
7,608
|
|
|
|
|
(500
|
)
|
(Gain) loss on sale of assets and other
|
|
|
|
(26,570
|
)
|
|
|
|
2,642
|
|
|
|
|
(29,212
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating costs and expenses
|
|
|
|
2,316,405
|
|
|
|
|
1,502,252
|
|
|
|
|
814,153
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss)
|
|
|
|
(1,437,851
|
)
|
|
|
|
176,961
|
|
|
|
|
(1,614,812
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
(43,108
|
)
|
|
|
|
(37,771
|
)
|
|
|
|
(5,337
|
)
|
Other income
|
|
|
|
223
|
|
|
|
|
1,181
|
|
|
|
|
(958
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other expense
|
|
|
|
(42,885
|
)
|
|
|
|
(36,590
|
)
|
|
|
|
(6,295
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) From Continuing Operations Before Income Taxes
|
|
|
|
(1,480,736
|
)
|
|
|
|
140,371
|
|
|
|
|
(1,621,107
|
)
|
Income tax expense (benefit)
|
|
|
|
(535,005
|
)
|
|
|
|
40,728
|
|
|
|
|
(575,733
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) From Continuing Operations
|
|
|
|
(945,731
|
)
|
|
|
|
99,643
|
|
|
|
|
(1,045,374
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued Operations, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations
|
|
|
|
−
|
|
|
|
|
29,292
|
|
|
|
|
(29,292
|
)
|
Gain on disposal of discontinued operations, net
|
|
|
|
−
|
|
|
|
|
439,097
|
|
|
|
|
(439,097
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income From Discontinued Operations
|
|
|
|
−
|
|
|
|
|
468,389
|
|
|
|
|
(468,389
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
|
|
|
$
|
(945,731
|
)
|
|
|
$
|
568,032
|
|
|
|
$
|
(1,513,763
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per Average Common Share
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
$
|
(12.43
|
)
|
|
|
$
|
1.36
|
|
|
|
$
|
(13.79
|
)
|
Discontinued operations
|
|
|
|
−
|
|
|
|
|
6.39
|
|
|
|
|
(6.39
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
|
|
|
$
|
(12.43
|
)
|
|
|
$
|
7.75
|
|
|
|
$
|
(20.18
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per Average Common Share
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
$
|
(12.43
|
)
|
|
|
$
|
1.37
|
|
|
|
$
|
(13.80
|
)
|
Discontinued operations
|
|
|
|
−
|
|
|
|
|
6.42
|
|
|
|
|
(6.42
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
|
|
|
$
|
(12.43
|
)
|
|
|
$
|
7.79
|
|
|
|
$
|
(20.22
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Avg. Common Shares Outstanding
|
|
|
|
76,078
|
|
|
|
|
73,275
|
|
|
|
|
2,803
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Avg. Common Shares Outstanding
|
|
|
|
76,078
|
|
|
|
|
72,897
|
|
|
|
|
3,181
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends Per Common Share
|
|
|
$
|
0.08
|
|
|
|
$
|
0.47
|
|
|
|
$
|
(0.39
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEETS (UNAUDITED) As of
December 31, 2015 and December 31, 2014
|
|
|
|
|
|
|
|
|
|
(in thousands)
|
|
|
December 31, 2015
|
|
|
December 31, 2014
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current Assets
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
1,272
|
|
|
$
|
1,852
|
Accounts receivable, net
|
|
|
|
63,097
|
|
|
|
157,678
|
Inventories
|
|
|
|
11,255
|
|
|
|
14,251
|
Assets held for sale
|
|
|
|
93,739
|
|
|
|
395,797
|
Derivative instruments
|
|
|
|
56,963
|
|
|
|
322,337
|
Prepayments and other
|
|
|
|
20,014
|
|
|
|
27,445
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
|
246,340
|
|
|
|
919,360
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, Plant and Equipment
|
|
|
|
|
|
|
|
|
Oil and natural gas properties, net
|
|
|
|
4,302,332
|
|
|
|
5,152,748
|
Other property and equipment, net
|
|
|
|
48,358
|
|
|
|
46,389
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total property, plant and equipment, net
|
|
|
|
4,350,690
|
|
|
|
5,199,137
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other postretirement assets
|
|
|
|
3,881
|
|
|
|
−
|
Other assets
|
|
|
|
12,782
|
|
|
|
19,761
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
|
$
|
4,613,693
|
|
|
$
|
6,138,258
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
64,742
|
|
|
$
|
101,453
|
Accrued taxes
|
|
|
|
5,801
|
|
|
|
5,530
|
Accrued wages and benefits
|
|
|
|
28,563
|
|
|
|
21,553
|
Accrued capital costs
|
|
|
|
79,206
|
|
|
|
207,461
|
Revenue and royalty payable
|
|
|
|
60,493
|
|
|
|
72,047
|
Liabilities related to assets held for sale
|
|
|
|
12,789
|
|
|
|
24,230
|
Pension liabilities
|
|
|
|
15,685
|
|
|
|
24,609
|
Deferred income taxes
|
|
|
|
−
|
|
|
|
79,164
|
Derivative instruments
|
|
|
|
459
|
|
|
|
988
|
Other
|
|
|
|
19,783
|
|
|
|
23,288
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
|
287,521
|
|
|
|
560,323
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
|
|
776,087
|
|
|
|
1,038,563
|
Asset retirement obligations
|
|
|
|
89,990
|
|
|
|
94,060
|
Pension and other postretirement liabilities
|
|
|
|
−
|
|
|
|
15,935
|
Deferred income taxes
|
|
|
|
552,369
|
|
|
|
1,000,486
|
Other long-term liabilities
|
|
|
|
11,866
|
|
|
|
14,287
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
|
1,717,833
|
|
|
|
2,723,654
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Shareholders’ Equity
|
|
|
|
2,895,860
|
|
|
|
3,414,604
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
$
|
4,613,693
|
|
|
$
|
6,138,258
|
|
|
|
|
|
|
|
|
|
|
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 3 months ending December 31, 2015 and 2014
|
|
|
|
|
|
|
|
|
|
|
|
4th Quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands, except sales price and per unit data)
|
|
|
2015
|
|
|
2014
|
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating and production data from continuing operations
|
|
|
|
Oil, natural gas liquids and natural gas sales
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil
|
|
|
$
|
140,505
|
|
|
|
$
|
211,916
|
|
|
|
$
|
(71,411
|
)
|
Natural gas liquids
|
|
|
|
12,240
|
|
|
|
|
20,293
|
|
|
|
|
(8,053
|
)
|
Natural gas
|
|
|
|
15,006
|
|
|
|
|
54,538
|
|
|
|
|
(39,532
|
)
|
Total
|
|
|
$
|
167,751
|
|
|
|
$
|
286,747
|
|
|
|
$
|
(118,996
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Open non-cash mark-to-market gains (losses) on derivative instruments
|
|
|
|
Oil
|
|
|
$
|
(92,484
|
)
|
|
|
$
|
230,490
|
|
|
|
$
|
(322,974
|
)
|
Natural gas liquids
|
|
|
|
−
|
|
|
|
|
(1,316
|
)
|
|
|
|
1,316
|
|
Natural gas
|
|
|
|
(11,586
|
)
|
|
|
|
32,286
|
|
|
|
|
(43,872
|
)
|
Total
|
|
|
$
|
(104,070
|
)
|
|
|
$
|
261,460
|
|
|
|
$
|
(365,530
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closed gains (losses) on derivative instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil
|
|
|
$
|
115,519
|
|
|
|
$
|
50,945
|
|
|
|
$
|
64,574
|
|
Natural gas liquids
|
|
|
|
−
|
|
|
|
|
4,990
|
|
|
|
|
(4,990
|
)
|
Natural gas
|
|
|
|
13,599
|
|
|
|
|
8,126
|
|
|
|
|
5,473
|
|
Total
|
|
|
$
|
129,118
|
|
|
|
$
|
64,061
|
|
|
|
$
|
65,057
|
|
Total revenues
|
|
|
$
|
192,799
|
|
|
|
$
|
612,268
|
|
|
|
$
|
(419,469
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production volumes
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil (MBbl)
|
|
|
|
3,584
|
|
|
|
|
3,213
|
|
|
|
|
371
|
|
Natural gas liquids (MMgal)
|
|
|
|
45.3
|
|
|
|
|
43.1
|
|
|
|
|
2.2
|
|
Natural gas (MMcf)
|
|
|
|
7,830
|
|
|
|
|
14,646
|
|
|
|
|
(6,816
|
)
|
Total production volumes (MBOE)
|
|
|
|
5,967
|
|
|
|
|
6,681
|
|
|
|
|
(714
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily production volumes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil (MBbl/d)
|
|
|
|
39.0
|
|
|
|
|
34.9
|
|
|
|
|
4.1
|
|
Natural gas liquids (MMgal/d)
|
|
|
|
0.5
|
|
|
|
|
0.5
|
|
|
|
|
−
|
|
Natural gas (MMcf/d)
|
|
|
|
85.1
|
|
|
|
|
159.2
|
|
|
|
|
(74.1
|
)
|
Total average daily production volumes (MBOE/d)
|
|
|
|
64.9
|
|
|
|
|
72.6
|
|
|
|
|
(7.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average realized prices excluding effects of open non-cash
mark-to-market derivative instruments
|
|
|
|
Oil (per barrel)
|
|
|
$
|
71.44
|
|
|
|
$
|
81.81
|
|
|
|
$
|
(10.37
|
)
|
Natural gas liquids (per gallon)
|
|
|
$
|
0.27
|
|
|
|
$
|
0.59
|
|
|
|
$
|
(0.32
|
)
|
Natural gas (per Mcf)
|
|
|
$
|
3.65
|
|
|
|
$
|
4.28
|
|
|
|
$
|
(0.63
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average realized prices excluding effects of all derivative
instruments
|
|
|
|
Oil (per barrel)
|
|
|
$
|
39.20
|
|
|
|
$
|
65.96
|
|
|
|
$
|
(26.76
|
)
|
Natural gas liquids (per gallon)
|
|
|
$
|
0.27
|
|
|
|
$
|
0.47
|
|
|
|
$
|
(0.20
|
)
|
Natural gas (per Mcf)
|
|
|
$
|
1.92
|
|
|
|
$
|
3.72
|
|
|
|
$
|
(1.80
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs per BOE
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil, natural gas liquids and natural gas production expenses
|
|
|
$
|
8.79
|
|
|
|
$
|
11.16
|
|
|
|
$
|
(2.37
|
)
|
Production and ad valorem taxes
|
|
|
$
|
1.94
|
|
|
|
$
|
3.14
|
|
|
|
$
|
(1.20
|
)
|
Depreciation, depletion and amortization
|
|
|
$
|
26.54
|
|
|
|
$
|
22.08
|
|
|
|
$
|
4.46
|
|
Exploration expense
|
|
|
$
|
0.44
|
|
|
|
$
|
1.03
|
|
|
|
$
|
(0.59
|
)
|
General and administrative*
|
|
|
$
|
9.18
|
|
|
|
$
|
4.27
|
|
|
|
$
|
4.91
|
|
Net capital expenditures
|
|
|
$
|
149,119
|
|
|
|
$
|
425,045
|
|
|
|
$
|
(275,926
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Includes pension and pension settlement expenses of $4.40 and $0.83
for the three months ended December 31, 2015 and 2014, respectively.
|
|
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 12 months ending December 31, 2015 and 2014
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands, except sales price and per unit data)
|
|
|
2015
|
|
|
2014
|
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating and production data from continuing operations
|
|
|
|
Oil, natural gas liquids and natural gas sales
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil
|
|
|
$
|
631,663
|
|
|
|
$
|
988,868
|
|
|
$
|
(357,205
|
)
|
Natural gas liquids
|
|
|
|
48,856
|
|
|
|
|
110,918
|
|
|
|
(62,062
|
)
|
Natural gas
|
|
|
|
82,742
|
|
|
|
|
244,408
|
|
|
|
(161,666
|
)
|
Total
|
|
|
$
|
763,261
|
|
|
|
$
|
1,344,194
|
|
|
$
|
(580,933
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Open non-cash mark-to-market gains (losses) on derivative instruments
|
|
|
|
Oil
|
|
|
$
|
(242,227
|
)
|
|
|
$
|
271,200
|
|
|
$
|
(513,427
|
)
|
Natural gas liquids
|
|
|
|
−
|
|
|
|
|
287
|
|
|
|
(287
|
)
|
Natural gas
|
|
|
|
(39,525
|
)
|
|
|
|
43,958
|
|
|
|
(83,483
|
)
|
Total
|
|
|
$
|
(281,752
|
)
|
|
|
$
|
315,445
|
|
|
$
|
(597,197
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closed gains (losses) on derivative instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil
|
|
|
$
|
346,404
|
|
|
|
$
|
4,377
|
|
|
$
|
342,027
|
|
Natural gas liquids
|
|
|
|
−
|
|
|
|
|
6,218
|
|
|
|
(6,218
|
)
|
Natural gas
|
|
|
|
50,641
|
|
|
|
|
8,979
|
|
|
|
41,662
|
|
Total
|
|
|
$
|
397,045
|
|
|
|
$
|
19,574
|
|
|
$
|
377,471
|
|
Total revenues
|
|
|
$
|
878,554
|
|
|
|
$
|
1,679,213
|
|
|
$
|
(800,659
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production volumes
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil (MBbl)
|
|
|
|
14,023
|
|
|
|
|
11,814
|
|
|
|
2,209
|
|
Natural gas liquids (MMgal)
|
|
|
|
170.7
|
|
|
|
|
172.3
|
|
|
|
(1.6
|
)
|
Natural gas (MMcf)
|
|
|
|
35,604
|
|
|
|
|
58,602
|
|
|
|
(22,998
|
)
|
Total production volumes (MBOE)
|
|
|
|
24,022
|
|
|
|
|
25,684
|
|
|
|
(1,662
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily production volumes
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil (MBbl/d)
|
|
|
|
38.4
|
|
|
|
|
32.4
|
|
|
|
6.0
|
|
Natural gas liquids (MMgal/d)
|
|
|
|
0.5
|
|
|
|
|
0.5
|
|
|
|
-
|
|
Natural gas (MMcf/d)
|
|
|
|
97.5
|
|
|
|
|
160.6
|
|
|
|
(63.1
|
)
|
Total average daily production volumes (MBOE/d)
|
|
|
|
65.8
|
|
|
|
|
70.4
|
|
|
|
(4.6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average realized prices excluding effects of open non-cash
mark-to-market derivative instruments
|
|
|
|
Oil (per barrel)
|
|
|
$
|
69.75
|
|
|
|
$
|
84.07
|
|
|
$
|
(14.32
|
)
|
Natural gas liquids (per gallon)
|
|
|
$
|
0.29
|
|
|
|
$
|
0.68
|
|
|
$
|
(0.39
|
)
|
Natural gas (per Mcf)
|
|
|
$
|
3.75
|
|
|
|
$
|
4.32
|
|
|
$
|
(0.57
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average realized prices excluding effects of all derivative
instruments
|
|
|
|
Oil (per barrel)
|
|
|
$
|
45.04
|
|
|
|
$
|
83.70
|
|
|
$
|
(38.66
|
)
|
Natural gas liquids (per gallon)
|
|
|
$
|
0.29
|
|
|
|
$
|
0.64
|
|
|
$
|
(0.35
|
)
|
Natural gas (per Mcf)
|
|
|
$
|
2.32
|
|
|
|
$
|
4.17
|
|
|
$
|
(1.85
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs per BOE
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil, natural gas liquids and natural gas production expenses
|
|
|
$
|
9.51
|
|
|
|
$
|
10.68
|
|
|
$
|
(1.17
|
)
|
Production and ad valorem taxes
|
|
|
$
|
2.39
|
|
|
|
$
|
3.97
|
|
|
$
|
(1.58
|
)
|
Depreciation, depletion and amortization
|
|
|
$
|
24.72
|
|
|
|
$
|
21.36
|
|
|
$
|
3.36
|
|
Exploration expense
|
|
|
$
|
0.62
|
|
|
|
$
|
1.09
|
|
|
$
|
(0.47
|
)
|
General and administrative*
|
|
|
$
|
6.21
|
|
|
|
$
|
4.75
|
|
|
$
|
1.46
|
|
Net capital expenditures
|
|
|
$
|
1,040,610
|
|
|
|
$
|
1,372,510
|
|
|
$
|
(331,900
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Includes pension and pension settlement expenses of $1.30 and $0.74
for the twelve months ended December 31, 2015 and 2014, respectively.
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160211006323/en/ Copyright Business Wire 2016
Source: Business Wire
(February 11, 2016 - 4:30 PM EST)
News by QuoteMedia
www.quotemedia.com
|