Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - ENERGEN CORP | d139431d8k.htm |
| EX-99.1 - EX-99.1 - ENERGEN CORP | d139431dex991.htm |
| EX-99.3 - EX-99.3 - ENERGEN CORP | d139431dex993.htm |
Exhibit 99.2
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. |