Attached files
| file | filename |
|---|---|
| EX-99.3 - EX-99.3 - ENERGEN CORP | d813612dex993.htm |
| EX-99.1 - EX-99.1 - ENERGEN CORP | d813612dex991.htm |
| 8-K - 8-K - ENERGEN CORP | d813612d8k.htm |
Exhibit 99.2
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the 3 months ending September 30, 2014 and 2013
| 3rd Quarter | ||||||||||||
| (in thousands, except per share data) |
2014 | 2013 | Change | |||||||||
| Revenues |
||||||||||||
| Oil, natural gas liquids and natural gas sales |
$ | 350,773 | $ | 360,507 | $ | (9,734 | ) | |||||
| Gain (loss) on derivative instruments, net Loss on sale of assets and other |
|
147,735 (747 |
) |
|
(88,192 (277 |
) ) |
|
235,927 (470 |
) | |||
|
|
|
|
|
|
|
|||||||
| Total revenues |
497,761 | 272,038 | 225,723 | |||||||||
|
|
|
|
|
|
|
|||||||
| Operating Costs and Expenses |
||||||||||||
| Oil, natural gas liquids and natural gas production |
67,720 | 65,795 | 1,925 | |||||||||
| Production and ad valorem taxes |
25,729 | 22,230 | 3,499 | |||||||||
| Depreciation, depletion and amortization |
139,104 | 124,911 | 14,193 | |||||||||
| Asset impairment |
179,074 | — | 179,074 | |||||||||
| Exploration |
8,255 | 8,949 | (694 | ) | ||||||||
| General and administrative Accretion of discount on asset retirement obligations |
|
27,784 1,924 |
|
|
30,947 1,771 |
|
|
(3,163 153 |
)
| |||
|
|
|
|
|
|
|
|||||||
| Total costs and expenses |
449,590 | 254,603 | 194,987 | |||||||||
|
|
|
|
|
|
|
|||||||
| Operating Income |
48,171 | 17,435 | 30,736 | |||||||||
|
|
|
|
|
|
|
|||||||
| Other Income (Expense) |
||||||||||||
| Interest expense |
(11,522 | ) | (10,149 | ) | (1,373 | ) | ||||||
| Other income |
37 | 1,249 | (1,212 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Total other expense |
(11,485 | ) | (8,900 | ) | (2,585 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Income From Continuing Operations Before Income Taxes |
36,686 | 8,535 | 28,151 | |||||||||
| Income tax expense |
16,055 | 3,128 | 12,927 | |||||||||
|
|
|
|
|
|
|
|||||||
| Income From Continuing Operations |
20,631 | 5,407 | 15,224 | |||||||||
|
|
|
|
|
|
|
|||||||
| Discontinued Operations, net of tax |
||||||||||||
| Loss from discontinued operations |
(3,485 | ) | (9,027 | ) | 5,542 | |||||||
| Gain (loss) on disposal of discontinued operations |
440,105 | (15,678 | ) | 455,783 | ||||||||
|
|
|
|
|
|
|
|||||||
| Income (Loss) From Discontinued Operations |
436,620 | (24,705 | ) | 461,325 | ||||||||
|
|
|
|
|
|
|
|||||||
| Net Income (Loss) |
$ | 457,251 | $ | (19,298 | ) | $ | 476,549 | |||||
|
|
|
|
|
|
|
|||||||
| Diluted Earnings Per Average Common Share |
||||||||||||
| Continuing operations |
$ | 0.28 | $ | 0.07 | $ | 0.21 | ||||||
| Discontinued operations |
5.94 | (0.34 | ) | 6.28 | ||||||||
|
|
|
|
|
|
|
|||||||
| Net Income (Loss) |
$ | 6.22 | $ | (0.27 | ) | $ | 6.49 | |||||
|
|
|
|
|
|
|
|||||||
| Basic Earnings Per Average Common Share |
||||||||||||
| Continuing operations |
$ | 0.28 | $ | 0.07 | $ | 0.21 | ||||||
| Discontinued operations |
5.98 | (0.34 | ) | 6.32 | ||||||||
|
|
|
|
|
|
|
|||||||
| Net Income (Loss) |
$ | 6.26 | $ | (0.27 | ) | $ | 6.53 | |||||
|
|
|
|
|
|
|
|||||||
| Diluted Avg. Common Shares Outstanding |
73,507 | 72,346 | 1,161 | |||||||||
|
|
|
|
|
|
|
|||||||
| Basic Avg. Common Shares Outstanding |
73,093 | 72,346 | 747 | |||||||||
|
|
|
|
|
|
|
|||||||
| Dividends Per Common Share |
$ | 0.150 | $ | 0.145 | $ | 0.005 | ||||||
|
|
|
|
|
|
|
|||||||
1
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the 9 months ending September 30, 2014 and 2013
| Year-to-date | ||||||||||||
| (in thousands, except per share data) |
2014 | 2013 | Change | |||||||||
| Revenues |
||||||||||||
| Oil, natural gas liquids and natural gas sales |
$ | 1,057,447 | $ | 927,746 | $ | 129,701 | ||||||
| Gain (loss) on derivative instruments, net Loss on sale of assets and other |
|
9,498 (1,809 |
) |
|
(51,904 (492 |
) ) |
|
61,402 (1,317 |
) | |||
|
|
|
|
|
|
|
|||||||
| Total revenues |
1,065,136 | 875,350 | 189,786 | |||||||||
|
|
|
|
|
|
|
|||||||
| Operating Costs and Expenses |
||||||||||||
| Oil, natural gas liquids and natural gas production |
199,861 | 190,944 | 8,917 | |||||||||
| Production and ad valorem taxes |
81,102 | 69,109 | 11,993 | |||||||||
| Depreciation, depletion and amortization |
399,568 | 332,247 | 67,321 | |||||||||
| Asset impairment |
179,074 | — | 179,074 | |||||||||
| Exploration |
23,644 | 13,902 | 9,742 | |||||||||
| General and administrative Accretion of discount on asset retirement obligations |
|
93,499 5,650 |
|
|
86,699 5,187 |
|
|
6,800 463 |
| |||
|
|
|
|
|
|
|
|||||||
| Total costs and expenses |
982,398 | 698,088 | 284,310 | |||||||||
|
|
|
|
|
|
|
|||||||
| Operating Income |
82,738 | 177,262 | (94,524 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Other Income (Expense) |
||||||||||||
| Interest expense |
(27,374 | ) | (30,232 | ) | 2,858 | |||||||
| Other income |
1,047 | 2,619 | (1,572 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Total other expense |
(26,327 | ) | (27,613 | ) | 1,286 | |||||||
|
|
|
|
|
|
|
|||||||
| Income From Continuing Operations Before Income Taxes |
56,411 | 149,649 | (93,238 | ) | ||||||||
| Income tax expense |
23,287 | 53,401 | (30,114 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Income From Continuing Operations |
33,124 | 96,248 | (63,124 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Discontinued Operations, net of tax |
||||||||||||
| Income from discontinued operations |
30,435 | 39,891 | (9,456 | ) | ||||||||
| Gain (loss) on disposal of discontinued operations |
439,055 | (15,678 | ) | 454,733 | ||||||||
|
|
|
|
|
|
|
|||||||
| Income From Discontinued Operations |
469,490 | 24,213 | 445,277 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net Income |
$ | 502,614 | $ | 120,461 | $ | 382,153 | ||||||
|
|
|
|
|
|
|
|||||||
| Diluted Earnings Per Average Common Share |
||||||||||||
| Continuing operations |
$ | 0.45 | $ | 1.33 | $ | (0.88 | ) | |||||
| Discontinued operations |
6.41 | 0.34 | 6.07 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net Income |
$ | 6.86 | $ | 1.67 | $ | 5.19 | ||||||
|
|
|
|
|
|
|
|||||||
| Basic Earnings Per Average Common Share |
||||||||||||
| Continuing operations |
$ | 0.45 | $ | 1.33 | $ | (0.88 | ) | |||||
| Discontinued operations |
6.45 | 0.34 | 6.11 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net Income |
$ | 6.90 | $ | 1.67 | $ | 5.23 | ||||||
|
|
|
|
|
|
|
|||||||
| Diluted Avg. Common Shares Outstanding |
73,238 | 72,272 | 966 | |||||||||
|
|
|
|
|
|
|
|||||||
| Basic Avg. Common Shares Outstanding |
72,861 | 72,220 | 641 | |||||||||
|
|
|
|
|
|
|
|||||||
| Dividends Per Common Share |
$ | 0.45 | $ | 0.435 | $ | 0.015 | ||||||
|
|
|
|
|
|
|
|||||||
2
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
As of September 30, 2014 and December 31, 2013
| (in thousands) |
September 30, 2014 | December 31, 2013 | ||||||
| ASSETS |
||||||||
| Current Assets |
||||||||
| Cash and cash equivalents |
$ | 1,321 | $ | 2,523 | ||||
| Short-term investments |
18,000 | — | ||||||
| Accounts receivable, net of allowance |
185,342 | 136,334 | ||||||
| Inventories |
14,373 | 11,130 | ||||||
| Assets held for sale with prior period comparable |
— | 1,242,872 | ||||||
| Derivative instruments |
30,195 | 17,463 | ||||||
| Prepayments and other |
39,289 | 31,239 | ||||||
|
|
|
|
|
|||||
| Total current assets |
288,520 | 1,441,561 | ||||||
|
|
|
|
|
|||||
| Property, Plant and Equipment |
||||||||
| Oil and natural gas properties, net |
5,457,875 | 5,087,573 | ||||||
| Other property and equipment, net |
43,355 | 30,515 | ||||||
|
|
|
|
|
|||||
| Total property, plant and equipment, net |
5,501,230 | 5,118,088 | ||||||
|
|
|
|
|
|||||
| Noncurrent derivative instruments |
5,758 | 5,439 | ||||||
| Other assets |
37,462 | 57,124 | ||||||
|
|
|
|
|
|||||
| TOTAL ASSETS |
$ | 5,832,970 | $ | 6,622,212 | ||||
|
|
|
|
|
|||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||
| Current Liabilities |
||||||||
| Long-term debt due within one year |
$ | — | $ | 60,000 | ||||
| Notes payable to banks |
— | 489,000 | ||||||
| Accounts payable |
110,955 | 78,178 | ||||||
| Accrued taxes |
227,180 | 8,201 | ||||||
| Liabilities related to assets held for sale with prior period comparable |
— | 831,570 | ||||||
| Derivative instruments |
808 | 30,302 | ||||||
| Other current liabilities |
254,495 | 193,974 | ||||||
|
|
|
|
|
|||||
| Total current liabilities |
593,438 | 1,691,225 | ||||||
|
|
|
|
|
|||||
| Long-term debt |
632,458 | 1,093,541 | ||||||
| Asset retirement obligations |
115,431 | 108,533 | ||||||
| Deferred income taxes |
1,074,690 | 807,614 | ||||||
| Noncurrent derivative instruments |
640 | 398 | ||||||
| Other long-term liabilities |
55,065 | 62,882 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
2,471,722 | 3,764,193 | ||||||
|
|
|
|
|
|||||
| Total Shareholders’ Equity |
3,361,248 | 2,858,019 | ||||||
|
|
|
|
|
|||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ | 5,832,970 | $ | 6,622,212 | ||||
|
|
|
|
|
|||||
3
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 3 months ending September 30, 2014 and 2013
| 3rd Quarter | ||||||||||||
| (in thousands, except sales price and per unit data) |
2014 | 2013 | Change | |||||||||
| Oil and Gas Operations |
||||||||||||
| Oil, natural gas liquids and natural gas sales from continuing operations |
||||||||||||
| Oil |
$ | 260,447 | $ | 285,308 | $ | (24,861 | ) | |||||
| Natural gas liquids |
31,259 | 24,785 | 6,474 | |||||||||
| Natural gas |
59,067 | 50,414 | 8,653 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total |
350,773 | 360,507 | (9,734 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Loss on sale of assets and other |
$ | (747 | ) | $ | (277 | ) | $ | (470 | ) | |||
|
|
|
|
|
|
|
|||||||
| Open non-cash mark-to-market gains (losses) on derivative instruments |
||||||||||||
| Oil |
$ | 128,346 | $ | (63,889 | ) | $ | 192,235 | |||||
| Natural gas liquids |
1,276 | (1,355 | ) | 2,631 | ||||||||
| Natural gas |
17,665 | 1,684 | 15,981 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total |
$ | 147,287 | $ | (63,560 | ) | $ | 210,847 | |||||
|
|
|
|
|
|
|
|||||||
| Closed gains (losses) on derivative instruments |
||||||||||||
| Oil |
$ | (6,012 | ) | $ | (37,469 | ) | $ | 31,457 | ||||
| Natural gas liquids |
873 | 2,862 | (1,989 | ) | ||||||||
| Natural gas |
5,587 | 9,975 | (4,388 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Total |
$ | 448 | $ | (24,632 | ) | $ | 25,080 | |||||
|
|
|
|
|
|
|
|||||||
| Total Revenues |
$ | 497,761 | $ | 272,038 | $ | 225,723 | ||||||
|
|
|
|
|
|
|
|||||||
| Production volumes from continuing operations |
||||||||||||
| Oil (MBbl) |
3,017 | 2,764 | 253 | |||||||||
| Natural gas liquids (MMgal) |
46.5 | 36.7 | 9.8 | |||||||||
| Natural gas (MMcf) |
15,156 | 14,868 | 288 | |||||||||
|
|
|
|
|
|
|
|||||||
| Production volumes from continuing operations(MBOE) |
6,651 | 6,116 | 535 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total production volumes (MBOE) |
6,652 | 6,758 | (106 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Average realized prices excluding effects of open non-cash mark-to-market derivative instruments |
||||||||||||
| Oil (per barrel) |
$ | 84.33 | $ | 89.67 | $ | (5.34 | ) | |||||
| Natural gas liquids (per gallon) |
$ | 0.69 | $ | 0.75 | $ | (0.06 | ) | |||||
| Natural gas (per Mcf) |
$ | 4.27 | $ | 4.06 | $ | 0.21 | ||||||
| Average realized prices excluding derivative instruments |
||||||||||||
| Oil (per barrel) |
$ | 86.33 | $ | 103.22 | $ | (16.89 | ) | |||||
| Natural gas liquids (per gallon) |
$ | 0.67 | $ | 0.68 | $ | (0.01 | ) | |||||
| Natural gas (per Mcf) |
$ | 3.90 | $ | 3.39 | $ | 0.51 | ||||||
| Other costs per BOE from continuing operations |
||||||||||||
| Oil, natural gas liquids and natural gas production expenses |
$ | 10.18 | $ | 10.76 | $ | (0.58 | ) | |||||
| Production and ad valorem taxes |
$ | 3.87 | $ | 3.63 | $ | 0.24 | ||||||
| Depreciation, depletion and amortization |
$ | 20.71 | $ | 20.27 | $ | 0.44 | ||||||
| Exploration expense |
$ | 1.24 | $ | 1.46 | $ | (0.22 | ) | |||||
| General and administrative |
$ | 4.18 | $ | 5.06 | $ | (0.88 | ) | |||||
| Capital expenditures |
$ | 356,725 | $ | 257,759 | $ | 98,966 | ||||||
4
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 9 months ending September 30, 2014 and 2013
| Year-to-date | ||||||||||||
| (in thousands, except sales price and per unit data) |
2014 | 2013 | Change | |||||||||
| Oil and Gas Operations |
||||||||||||
| Oil, natural gas liquids and natural gas sales from continuing operations |
||||||||||||
| Oil |
$ | 776,952 | $ | 710,937 | $ | 66,015 | ||||||
| Natural gas liquids |
90,625 | 64,311 | 26,314 | |||||||||
| Natural gas |
189,870 | 152,498 | 37,372 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total |
1,057,447 | 927,746 | 129,701 | |||||||||
|
|
|
|
|
|
|
|||||||
| Loss on sale of assets and other |
$ | (1,809 | ) | $ | (492 | ) | $ | (1,317 | ) | |||
|
|
|
|
|
|
|
|||||||
| Open non-cash mark-to-market gains (losses) on derivative instruments |
||||||||||||
| Oil |
$ | 40,710 | $ | (63,861 | ) | $ | 104,571 | |||||
| Natural gas liquids |
1,603 | (1,208 | ) | 2,811 | ||||||||
| Natural gas |
11,672 | 16,610 | (4,938 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Total |
$ | 53,985 | $ | (48,459 | ) | $ | 102,444 | |||||
|
|
|
|
|
|
|
|||||||
| Closed gains (losses) on derivative instruments |
||||||||||||
| Oil |
$ | (46,568 | ) | $ | (39,101 | ) | $ | (7,467 | ) | |||
| Natural gas liquids |
1,228 | 8,453 | (7,225 | ) | ||||||||
| Natural gas |
853 | 27,203 | (26,350 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Total |
$ | (44,487 | ) | $ | (3,445 | ) | $ | (41,042 | ) | |||
|
|
|
|
|
|
|
|||||||
| Total Revenues |
$ | 1,065,136 | $ | 875,350 | $ | 189,786 | ||||||
|
|
|
|
|
|
|
|||||||
| Production volumes from continuing operations |
||||||||||||
| Oil (MBbl) |
8,601 | 7,670 | 931 | |||||||||
| Natural gas liquids (MMgal) |
129.2 | 98.5 | 30.7 | |||||||||
| Natural gas (MMcf) |
43,956 | 43,428 | 528 | |||||||||
|
|
|
|
|
|
|
|||||||
| Production volumes from continuing operations(MBOE) |
19,003 | 17,253 | 1,750 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total production volumes (MBOE) |
19,168 | 19,159 | 9 | |||||||||
|
|
|
|
|
|
|
|||||||
| Average realized prices excluding effects of open non-cash mark-to-market derivative instruments |
||||||||||||
| Oil (per barrel) |
$ | 84.92 | $ | 87.59 | $ | (2.67 | ) | |||||
| Natural gas liquids (per gallon) |
$ | 0.71 | $ | 0.74 | $ | (0.03 | ) | |||||
| Natural gas (per Mcf) |
$ | 4.34 | $ | 4.14 | $ | 0.20 | ||||||
| Average realized prices excluding derivative instruments |
||||||||||||
| Oil (per barrel) |
$ | 90.33 | $ | 92.69 | $ | (2.36 | ) | |||||
| Natural gas liquids (per gallon) |
$ | 0.70 | $ | 0.65 | $ | 0.05 | ||||||
| Natural gas (per Mcf) |
$ | 4.32 | $ | 3.51 | $ | 0.81 | ||||||
| Other costs per BOE from continuing operations |
||||||||||||
| Oil, natural gas liquids and natural gas production expenses |
$ | 10.52 | $ | 11.07 | $ | (0.55 | ) | |||||
| Production and ad valorem taxes |
$ | 4.27 | $ | 4.00 | $ | 0.27 | ||||||
| Depreciation, depletion and amortization |
$ | 20.85 | $ | 19.10 | $ | 1.75 | ||||||
| Exploration expense |
$ | 1.24 | $ | 0.81 | $ | 0.43 | ||||||
| General and administrative |
$ | 4.92 | $ | 5.03 | $ | (0.11 | ) | |||||
| Capital expenditures |
$ | 950,993 | $ | 862,691 | $ | 88,302 | ||||||
5