LONDON, UK / ACCESSWIRE / June 13, 2018 / If you want access to our free earnings report on Energen Corp. (NYSE: EGN), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=EGN. The Company reported its financial and operating results on May 08, 2018, for the first quarter of the fiscal year 2018 (Q1 FY18) ended March 31, 2018. For Q1 FY18, Energen built on the strong execution, growth, and financial strength it demonstrated in 2017, as it surpassed analysts' estimates for earnings and revenues. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For Q1 FY18 , Energen's total revenues reached $356.17 million, reflecting an increase of 47.84% from $240.92 million in Q1 FY17. The Company's revenue numbers exceeded analysts' consensus estimates of $334.30 million.
Energen's production totaled 92.9 thousand barrels of oil equivalents per day (mboepd) in Q1 FY18, 4% higher than the guidance midpoint of 89.5 mboepd, mainly led by the outperformance of wells. Besides, Energen turned 15 gross (13 net) wells to production in the Midland Basin, and 10 gross (10 net) wells in the Delaware Basin in Q1 FY18, compared to its guidance of 9 gross (8 net) wells and 4 gross (4 net) wells, respectively. Energen's total oil production totaled 55.4 thousand barrels of oil per day (mbopd) in Q1 FY18, 5% higher than the Company's guidance midpoint of 53.0 mbopd.
For the quarter under review, Energen's oil, natural gas liquids (NGLs), and natural gas sales advanced 102.90% to $357.87 million. However, the Company had a loss of $1.70 million on derivative instruments in the reported quarter compared to a profit of $64.55 million in the prior year's same quarter.
During Q1 FY18, Energen incurred total operating costs and expenses of $191.06 million, 6.37% higher than $179.61 million in Q1 FY17. The Company's oil, NGLs, and natural gas production cost hiked 27.48% to $52.64 million on a y-o-y basis, while production and ad valorem taxes jumped 99.44% to $25.57 million on a y-o-y basis in the reported quarter. Energen's operating income advanced 169.31% to $165.12 million in Q1 FY18 from $61.31 million in Q1 FY17. The Company's adjusted earnings before interest, taxes, depreciation, depletion, amortization, and exploration expenses (EBITDAX) totaled $240.60 million in Q1 FY18, up 151.67% from $95.60 million in Q1 FY17.
Energen had a net income of $118.92 million in the quarter ended March 31, 2018, 256% higher than $33.40 million in Q1 FY17. The Company's diluted earnings per share (EPS) also rose 258.82% to $1.22 in the reported quarter from $0.34 in the year ago comparable quarter. The Company's reported quarter earnings included a gain on mark-to-market derivatives of $14.6 million; a gain associated with a property trade of $26.0 million; and miscellaneous losses of $1.1 million. Excluding these non-cash items, the Company had an adjusted income of $79.40 million, or $0.81 per diluted share, in Q1 FY18 compared to an adjusted loss of $12.40 million, or $0.13 loss per diluted share, in Q1 FY17. This was higher than analysts' consensus estimates for an income of $0.77 per share.
Segment Details
During Q1 FY18, Energen's Oil segment's net sales were $304 million, up 107.26% on a y-o-y basis. The segment had open non-cash mark-to-market gains of $11.20 million, and closed losses of $16.67 million on derivative instruments in Q1 FY18.
Energen's NGLs segment reported sales of $34.13 million in Q1 FY18, an increment of 118.33% from $15.63 million in Q1 FY17. The segment had open on-cash mark-to-market gains of $5.77 million, and closed losses of $3.98 million on derivative instruments in the reported quarter.
For Q1 FY18, Energen's Natural Gas segment had sales of $19.74 million, 40.27% higher than $14.07 million in Q1 FY17. The segment had open non-cash mark-to-market gains of $1.71 million, and closed gains of $0.27 million on derivative instruments in the quarter under review.
Cash Matters
Energen had cash and cash equivalents of $0.60 million as on March 31, 2018, an increase of 36.67% from $0.44 million as on December 31, 2017. The Company had a long-term debt of $755.96 million as on March 31, 2018, a decrease of 3.44% from $782.86 million as on December 31, 2017.
Outlook
For the full fiscal year 2018, Energen issued a production guidance of 92.0 to 99.0 mboepd.
Stock Performance Snapshot
June 12, 2018 - At Tuesday's closing bell, Energen's stock advanced 1.95%, ending the trading session at $64.21.
Volume traded for the day: 971.39 thousand shares.
Stock performance in the last three-month – up 10.80%; previous six-month period – up 18.14%; past twelve-month period – up 17.32%; and year-to-date – up 11.53%
After yesterday's close, Energen's market cap was at $6.25 billion.
Price to Earnings (P/E) ratio was at 43.36.
The stock is part of the Basic Materials sector, categorized under the Independent Oil & Gas industry.
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