Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - ENERGEN CORP | d922447d8k.htm |
| EX-99.1 - EXHIBIT 99.1 - ENERGEN CORP | d922447dex991.htm |
| EX-99.3 - EXHIBIT 99.3 - ENERGEN CORP | d922447dex993.htm |
Exhibit 99.2
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the 3 months ending March 31, 2015 and 2014
| 1st Quarter | ||||||||||||
| (in thousands, except per share data) |
2015 | 2014 | Change | |||||||||
| Revenues |
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| Oil, natural gas liquids and natural gas sales |
$ | 187,822 | $ | 350,822 | $ | (163,000 | ) | |||||
| Gain (loss) on derivative instruments, net |
34,036 | (53,391 | ) | 87,427 | ||||||||
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| Total revenues |
221,858 | 297,431 | (75,573 | ) | ||||||||
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| Operating Costs and Expenses |
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| Oil, natural gas liquids and natural gas production |
67,754 | 67,444 | 310 | |||||||||
| Production and ad valorem taxes |
19,065 | 27,324 | (8,259 | ) | ||||||||
| Depreciation, depletion and amortization |
134,381 | 124,220 | 10,161 | |||||||||
| Asset impairment |
6,583 | 1,246 | 5,337 | |||||||||
| Exploration |
763 | 11,568 | (10,805 | ) | ||||||||
| General and administrative |
32,055 | 32,173 | (118 | ) | ||||||||
| Accretion of discount on asset retirement obligations |
2,010 | 1,843 | 167 | |||||||||
| (Gain) loss on sale of assets and other |
(28,344 | ) | 153 | (28,497 | ) | |||||||
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| Total costs and expenses |
234,267 | 265,971 | (31,704 | ) | ||||||||
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| Operating Income (Loss) |
(12,409 | ) | 31,460 | (43,869 | ) | |||||||
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| Other Income (Expense) |
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| Interest expense |
(11,758 | ) | (7,888 | ) | (3,870 | ) | ||||||
| Other income |
46 | 323 | (277 | ) | ||||||||
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| Total other expense |
(11,712 | ) | (7,565 | ) | (4,147 | ) | ||||||
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| Income (Loss) From Continuing Operations Before Income Taxes |
(24,121 | ) | 23,895 | (48,016 | ) | |||||||
| Income tax expense (benefit) |
(8,701 | ) | 8,248 | (16,949 | ) | |||||||
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| Income (Loss) From Continuing Operations |
(15,420 | ) | 15,647 | (31,067 | ) | |||||||
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| Discontinued Operations, net of tax |
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| Income from discontinued operations |
— | 38,719 | (38,719 | ) | ||||||||
| Loss on disposal of discontinued operations |
— | (1,050 | ) | 1,050 | ||||||||
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| Income From Discontinued Operations |
— | 37,669 | (37,669 | ) | ||||||||
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| Net Income (Loss) |
$ | (15,420 | ) | $ | 53,316 | $ | (68,736 | ) | ||||
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| Diluted Earnings Per Average Common Share |
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| Continuing operations |
$ | (0.21 | ) | $ | 0.21 | $ | (0.42 | ) | ||||
| Discontinued operations |
— | 0.52 | (0.52 | ) | ||||||||
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| Net Income (Loss) |
$ | (0.21 | ) | $ | 0.73 | $ | (0.94 | ) | ||||
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| Basic Earnings Per Average Common Share |
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| Continuing operations |
$ | (0.21 | ) | $ | 0.21 | $ | (0.42 | ) | ||||
| Discontinued operations |
— | 0.52 | (0.52 | ) | ||||||||
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| Net Income (Loss) |
$ | (0.21 | ) | $ | 0.73 | $ | (0.94 | ) | ||||
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| Diluted Avg. Common Shares Outstanding |
72,830 | 73,045 | (215 | ) | ||||||||
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| Basic Avg. Common Shares Outstanding |
72,830 | 72,629 | 201 | |||||||||
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| Dividends Per Common Share |
$ | 0.02 | $ | 0.15 | $ | (0.13 | ) | |||||
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1
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
As of March 31, 2015 and December 31, 2014
| (in thousands) |
March 31, 2015 | December 31, 2014 | ||||||
| ASSETS |
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| Current Assets |
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| Cash and cash equivalents |
$ | 1,530 | $ | 1,852 | ||||
| Short-term investments |
309,000 | — | ||||||
| Accounts receivable, net of allowance |
137,720 | 157,678 | ||||||
| Inventories |
17,763 | 14,251 | ||||||
| Assets held for sale |
— | 395,797 | ||||||
| Derivative instruments |
272,675 | 322,337 | ||||||
| Prepayments and other |
18,009 | 27,445 | ||||||
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| Total current assets |
756,697 | 919,360 | ||||||
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| Property, Plant and Equipment |
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| Oil and natural gas properties, net |
5,410,933 | 5,152,748 | ||||||
| Other property and equipment, net |
46,248 | 46,389 | ||||||
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| Total property, plant and equipment, net |
5,457,181 | 5,199,137 | ||||||
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| Other assets |
14,865 | 19,761 | ||||||
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| TOTAL ASSETS |
$ | 6,228,743 | $ | 6,138,258 | ||||
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| LIABILITIES AND SHAREHOLDERS’ EQUITY |
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| Current Liabilities |
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| Accounts payable |
$ | 97,563 | $ | 101,453 | ||||
| Accrued taxes |
17,199 | 5,530 | ||||||
| Accrued wages and benefits |
16,089 | 21,553 | ||||||
| Accrued capital costs |
159,026 | 207,461 | ||||||
| Revenue and royalty payable |
66,761 | 72,047 | ||||||
| Liabilities related to assets held for sale |
— | 24,230 | ||||||
| Pension liabilities |
29,442 | 24,609 | ||||||
| Deferred income taxes |
53,867 | 79,164 | ||||||
| Derivative instruments |
12,870 | 988 | ||||||
| Other |
17,658 | 23,288 | ||||||
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| Total current liabilities |
470,475 | 560,323 | ||||||
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| Long-term debt |
1,238,569 | 1,038,563 | ||||||
| Asset retirement obligations |
97,315 | 94,060 | ||||||
| Deferred income taxes |
1,010,770 | 1,000,486 | ||||||
| Noncurrent derivative instruments |
1,018 | — | ||||||
| Other long-term liabilities |
11,419 | 30,222 | ||||||
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| Total liabilities |
2,829,566 | 2,723,654 | ||||||
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| Total Shareholders’ Equity |
3,399,177 | 3,414,604 | ||||||
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| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ | 6,228,743 | $ | 6,138,258 | ||||
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2
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 3 months ending March 31, 2015 and 2014
| 1st Quarter | ||||||||||||
| (in thousands, except sales price and per unit data) |
2015 | 2014 | Change | |||||||||
| Operating and production data from continuing operations |
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| Oil, natural gas liquids and natural gas sales |
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| Oil |
$ | 142,028 | $ | 253,759 | $ | (111,731 | ) | |||||
| Natural gas liquids |
10,834 | 28,203 | (17,369 | ) | ||||||||
| Natural gas |
34,960 | 68,860 | (33,900 | ) | ||||||||
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| Total |
$ | 187,822 | $ | 350,822 | $ | (163,000 | ) | |||||
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| Open non-cash mark-to-market gains (losses) on derivative instruments |
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| Oil |
$ | (51,769 | ) | $ | (21,464 | ) | $ | (30,305 | ) | |||
| Natural gas liquids |
— | 287 | (287 | ) | ||||||||
| Natural gas |
(7,882 | ) | (12,504 | ) | 4,622 | |||||||
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| Total |
$ | (59,651 | ) | $ | (33,681 | ) | $ | (25,970 | ) | |||
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| Closed gains (losses) on derivative instruments |
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| Oil |
$ | 77,483 | $ | (14,802 | ) | $ | 92,285 | |||||
| Natural gas liquids |
— | 196 | (196 | ) | ||||||||
| Natural gas |
16,204 | (5,104 | ) | 21,308 | ||||||||
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| Total |
$ | 93,687 | $ | (19,710 | ) | $ | 113,397 | |||||
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| Total revenues |
$ | 221,858 | $ | 297,431 | $ | (75,573 | ) | |||||
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| Production volumes |
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| Oil (MBbl) |
3,235 | 2,751 | 484 | |||||||||
| Natural gas liquids (MMgal) |
36.2 | 37.9 | (1.7 | ) | ||||||||
| Natural gas (MMcf) |
13,278 | 14,124 | (846 | ) | ||||||||
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| Total production volumes (MBOE) |
6,309 | 6,008 | 301 | |||||||||
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| Average daily production volumes |
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| Oil (MBbl/d) |
35.9 | 30.6 | 5.3 | |||||||||
| Natural gas liquids (MMgal/d) |
0.4 | 0.4 | 0.0 | |||||||||
| Natural gas (MMcf/d) |
147.5 | 156.9 | (9.4 | ) | ||||||||
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| Total average daily production volumes (MBOE/d) |
70.1 | 66.8 | 3.3 | |||||||||
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| Average realized prices excluding effects of open non-cash mark-to-market derivative instruments |
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| Oil (per barrel) |
$ | 67.86 | $ | 86.86 | $ | (19.00 | ) | |||||
| Natural gas liquids (per gallon) |
$ | 0.30 | $ | 0.75 | $ | (0.45 | ) | |||||
| Natural gas (per Mcf) |
$ | 3.85 | $ | 4.51 | $ | (0.66 | ) | |||||
| Average realized prices excluding effects of all derivative instruments |
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| Oil (per barrel) |
$ | 43.90 | $ | 92.24 | $ | (48.34 | ) | |||||
| Natural gas liquids (per gallon) |
$ | 0.30 | $ | 0.74 | $ | (0.44 | ) | |||||
| Natural gas (per Mcf) |
$ | 2.63 | $ | 4.88 | $ | (2.25 | ) | |||||
| Costs per BOE |
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| Oil, natural gas liquids and natural gas production expenses |
$ | 10.74 | $ | 11.23 | $ | (0.49 | ) | |||||
| Production and ad valorem taxes |
$ | 3.02 | $ | 4.55 | $ | (1.53 | ) | |||||
| Depreciation, depletion and amortization |
$ | 21.30 | $ | 20.68 | $ | 3.04 | ||||||
| Exploration expense |
$ | 0.12 | $ | 1.93 | $ | (1.81 | ) | |||||
| General and administrative |
$ | 5.08 | $ | 5.36 | $ | (0.28 | ) | |||||
| Net capital expenditures |
$ | 375,827 | $ | 271,696 | $ | 104,131 | ||||||
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3