LONDON, UK / ACCESSWIRE / August 12, 2016 / Active Wall St. announces its post-earnings coverage on Energen Corp. (NYSE: EGN). The stock released its second quarter fiscal 2016 results on August 08th, 2016. The oil-focused exploration and production company with operations in the Permian Basin in west Texas reported earnings better than market expectations and also topped its production guidance driven by Midland Basin horizontal plays. Register with us now for your free membership at: http://www.activewallst.com/register/.
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Earnings Reviewed
For the three month ended on June 30, 2016, Energen reported GAAP net income of 36.76 million, or $0.38 per diluted share, as compared to GAAP net loss of $111.60 million, or $1.52 per diluted share, in the year ago period. Energen had reported lower earnings in Q2 FY15 due to lower realized crude oil and natural gas prices. Excluding certain items, Energen's adjusted loss in Q2 FY16 totaled $27.1 million, or $0.28 per diluted share, against adjusted income of $11.9 million, or $0.16 per diluted share, in Q2 FY15, which was better than analysts' consensus estimate for a loss of $0.34 per share. For Q2 FY16, Energen reported GAAP total revenues of $105.77 million as compared to GAAP total revenues of $168.32 million in Q2 FY15.
Production Update
For Q2 FY16, Energen reported total production of 56.0 thousand barrels of oil equivalents per day (mboepd) and exceeded the company's production guidance mid-point of 53.9 mboepd by 3.9%, the production was also higher as compared to total production of 55.4 mboepd in Q2 FY15. The company attributed the increase in production to the outperformance of its Midland Basin horizontal plays. Energen's continuing operations exclude assets which the company has already divested or plans to sell in 2016. Energen plans to sell the remainder of its San Juan Basin assets in 2016 along with other non-core assets in the Delaware Basin.
For Q2 FY16, Average Realized Sales Prices for Oil plunged 43% to $39.52 per barrel from $69.39 in the year ago period. Average Realized Sales Prices for Natural Gas slumped 60% to $1.68 per Mcf as compared to $4.22 per Mcf in Q2 FY15.
Liquidity
As of June 30, 2016, Energen had cash of $309.9 million and long-term debt of $551.2 million. The company estimates that its total net debt-to-2016 adjusted EBITDAX will be approximately 0.5x.
Production guidance
For 2016, Energen has increased the production guidance mid-point for the year by approximately 2%, or 900 boepd, within a range of 53.6-54.4 mboepd. For Q3 FY16, Energen expects total production from continuing operations in a range of 55.2–55.6 mboepd and from 52.0-52.4 mboepd for Q4 FY16.
Stock Performance
Energen's shares climbed 2.04% on August 11, 2016, finishing the trading session at $52.92, with a total volume of 1.61 million shares being traded for the day. The company's stock price has advanced 22.84% in the past three month and gained 114.51% in the last six months on improvement in oil prices.
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