Attached files
| file | filename |
|---|---|
| EX-99.3 - EX-99.3 - ENERGEN CORP | d390276dex993.htm |
| EX-99.1 - EX-99.1 - ENERGEN CORP | d390276dex991.htm |
| 8-K - 8-K - ENERGEN CORP | d390276d8k.htm |
Exhibit 99.2
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
For the 3 months ending March 31, 2017 and 2016
| 1st Quarter | ||||||||||||
| (in thousands, except per share data) |
2017 | 2016 | Change | |||||||||
| Revenues |
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| Oil, natural gas liquids and natural gas sales |
$ | 176,375 | $ | 122,764 | $ | 53,611 | ||||||
| Gain on derivative instruments, net |
64,546 | 5,455 | 59,091 | |||||||||
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| Total revenues |
240,921 | 128,219 | 112,702 | |||||||||
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| Operating Costs and Expenses |
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| Oil, natural gas liquids and natural gas production |
41,288 | 47,727 | (6,439 | ) | ||||||||
| Production and ad valorem taxes |
12,820 | 11,170 | 1,650 | |||||||||
| Depreciation, depletion and amortization |
99,652 | 119,362 | (19,710 | ) | ||||||||
| Asset impairment |
1,460 | 220,025 | (218,565 | ) | ||||||||
| Exploration |
3,636 | 242 | 3,394 | |||||||||
| General and administrative (including non-cash stock based compensation of $3,197 and $2,471 for the three months ended March 31, 2017, and 2016, respectively) |
20,399 | 29,525 | (9,126 | ) | ||||||||
| Accretion of discount on asset retirement obligations |
1,414 | 1,757 | (343 | ) | ||||||||
| (Gain) loss on sale of assets and other |
(1,175 | ) | 222 | (1,397 | ) | |||||||
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| Total operating costs and expenses |
179,494 | 430,030 | (250,536 | ) | ||||||||
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| Operating Income (Loss) |
61,427 | (301,811 | ) | 363,238 | ||||||||
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| Other Income (Expense) |
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| Interest expense |
(8,966 | ) | (9,833 | ) | 867 | |||||||
| Other income |
383 | 95 | 288 | |||||||||
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| Total other expense |
(8,583 | ) | (9,738 | ) | 1,155 | |||||||
| Income (Loss) Before Income Taxes |
52,844 | (311,549 | ) | 364,393 | ||||||||
| Income tax expense (benefit) |
19,441 | (108,433 | ) | 127,874 | ||||||||
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| Net Income (Loss) |
$ | 33,403 | $ | (203,116 | ) | $ | 236,519 | |||||
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| Diluted Earnings Per Average Common Share |
$ | 0.34 | $ | (2.34 | ) | $ | 2.68 | |||||
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| Basic Earnings Per Average Common Share |
$ | 0.34 | $ | (2.34 | ) | $ | 2.68 | |||||
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| Diluted Average Common Shares Outstanding |
97,607 | 86,632 | 10,975 | |||||||||
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| Basic Average Common Shares Outstanding |
97,140 | 86,632 | 10,508 | |||||||||
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CONSOLIDATED BALANCE SHEETS (UNAUDITED)
As of March 31, 2017 and December 31, 2016
| (in thousands) |
March 31, 2017 | December 31, 2016 | ||||||
| ASSETS |
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| Current Assets |
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| Cash and cash equivalents |
$ | 88,658 | $ | 386,093 | ||||
| Accounts receivable, net |
90,100 | 73,322 | ||||||
| Inventories, net |
15,365 | 14,222 | ||||||
| Derivative instruments |
7,594 | 50 | ||||||
| Income tax receivable |
26,246 | 27,153 | ||||||
| Prepayments and other |
5,024 | 5,071 | ||||||
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| Total current assets |
232,987 | 505,911 | ||||||
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| Property, Plant and Equipment |
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| Oil and natural gas properties, net |
4,298,911 | 4,016,683 | ||||||
| Other property and equipment, net |
45,606 | 44,869 | ||||||
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| Total property, plant and equipment, net |
4,344,517 | 4,061,552 | ||||||
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| Other postretirement assets |
3,607 | 3,619 | ||||||
| Noncurrent derivative instruments |
9,293 | — | ||||||
| Other assets |
8,311 | 8,741 | ||||||
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| TOTAL ASSETS |
$ | 4,598,715 | $ | 4,579,823 | ||||
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| LIABILITIES AND SHAREHOLDERS’ EQUITY |
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| Current Liabilities |
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| Long-term debt due within one year |
17,000 | 24,000 | ||||||
| Accounts payable |
79,644 | 65,031 | ||||||
| Accrued taxes |
10,153 | 7,252 | ||||||
| Accrued wages and benefits |
14,047 | 25,089 | ||||||
| Accrued capital costs |
120,825 | 79,988 | ||||||
| Revenue and royalty payable |
44,314 | 51,217 | ||||||
| Derivative instruments |
8,324 | 65,467 | ||||||
| Other |
14,368 | 20,160 | ||||||
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| Total current liabilities |
308,675 | 338,204 | ||||||
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| Long-term debt |
527,557 | 527,443 | ||||||
| Asset retirement obligations |
83,256 | 81,544 | ||||||
| Deferred income taxes |
516,295 | 495,888 | ||||||
| Noncurrent derivative instruments |
— | 3,006 | ||||||
| Other long-term liabilities |
8,381 | 13,136 | ||||||
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| Total liabilities |
1,444,164 | 1,459,221 | ||||||
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| Total Shareholders’ Equity |
3,154,551 | 3,120,602 | ||||||
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| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ | 4,598,715 | $ | 4,579,823 | ||||
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SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 3 months ending March 31, 2017 and 2016
| 1st Quarter | ||||||||||||
| (in thousands, except sales price and per unit data) |
2017 | 2016 | Change | |||||||||
| Operating and production data |
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| Oil, natural gas liquids and natural gas sales |
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| Oil |
$ | 146,670 | $ | 102,157 | $ | 44,513 | ||||||
| Natural gas liquids |
15,634 | 8,589 | 7,045 | |||||||||
| Natural gas |
14,071 | 12,018 | 2,053 | |||||||||
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| Total |
$ | 176,375 | $ | 122,764 | $ | 53,611 | ||||||
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| Open non-cash mark-to-market gains (losses) on derivative instruments |
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| Oil |
$ | 58,058 | $ | (1,699 | ) | $ | 59,757 | |||||
| Natural gas liquids |
7,087 | — | 7,087 | |||||||||
| Natural gas |
7,224 | 1,442 | 5,782 | |||||||||
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| Total |
$ | 72,369 | $ | (257 | ) | $ | 72,626 | |||||
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| Closed gains (losses) on derivative instruments |
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| Oil |
$ | (6,010 | ) | $ | 5,094 | $ | (11,104 | ) | ||||
| Natural gas liquids |
(1,465 | ) | — | (1,465 | ) | |||||||
| Natural gas |
(348 | ) | 618 | (966 | ) | |||||||
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| Total |
$ | (7,823 | ) | $ | 5,712 | $ | (13,535 | ) | ||||
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| Total revenues |
$ | 240,921 | $ | 128,219 | $ | 112,702 | ||||||
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| Production volumes |
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| Oil (MBbl) |
2,996 | 3,386 | (390 | ) | ||||||||
| Natural gas liquids (MMgal) |
33.7 | 40.0 | (6.3 | ) | ||||||||
| Natural gas (MMcf) |
5,730 | 7,446 | (1,716 | ) | ||||||||
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| Total production volumes (MBOE) |
4,754 | 5,580 | (826 | ) | ||||||||
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| Average daily production volumes |
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| Oil (MBbl/d) |
33.3 | 37.2 | (3.9 | ) | ||||||||
| Natural gas liquids (MMgal/d) |
0.4 | 0.4 | — | |||||||||
| Natural gas (MMcf/d) |
63.7 | 81.8 | (18.1 | ) | ||||||||
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| Total average daily production volumes (MBOE/d) |
52.8 | 61.3 | (8.5 | ) | ||||||||
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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) |
$ | 46.95 | $ | 31.67 | $ | 15.28 | ||||||
| Natural gas liquids (per gallon) |
$ | 0.42 | $ | 0.21 | $ | 0.21 | ||||||
| Natural gas (per Mcf) |
$ | 2.39 | $ | 1.70 | $ | 0.69 | ||||||
| Average realized prices excluding effects of all derivative instruments |
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| Oil (per barrel) |
$ | 48.96 | $ | 30.17 | $ | 18.79 | ||||||
| Natural gas liquids (per gallon) |
$ | 0.46 | $ | 0.21 | $ | 0.25 | ||||||
| Natural gas (per Mcf) |
$ | 2.46 | $ | 1.61 | $ | 0.85 | ||||||
| Costs per BOE |
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| Oil, natural gas liquids and natural gas production expenses |
$ | 8.68 | $ | 8.56 | $ | 0.12 | ||||||
| Production and ad valorem taxes |
$ | 2.70 | $ | 2.00 | $ | 0.70 | ||||||
| Depreciation, depletion and amortization |
$ | 20.96 | $ | 21.39 | $ | (0.43 | ) | |||||
| Exploration expense |
$ | 0.76 | $ | 0.04 | $ | 0.72 | ||||||
| General and administrative |
$ | 4.29 | $ | 5.29 | $ | (1.0 | ) | |||||
| Capital expenditures (includes acquisitions) |
$ | 384,135 | $ | 124,088 | $ | 260,047 | ||||||