Attached files
| file | filename |
|---|---|
| EX-99.3 - EX-99.3 - ENERGEN CORP | d581751dex993.htm |
| EX-99.1 - EX-99.1 - ENERGEN CORP | d581751dex991.htm |
| 8-K - 8-K - ENERGEN CORP | d581751d8k.htm |
Exhibit 99.2
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
For the 3 months ending March 31, 2018 and 2017
| 1st Quarter | ||||||||||||
| (in thousands, except per share data) |
2018 | 2017 | Change | |||||||||
| Revenues |
||||||||||||
| Oil, natural gas liquids and natural gas sales |
$ | 357,866 | $ | 176,375 | $ | 181,491 | ||||||
| Gain (loss) on derivative instruments, net |
(1,695 | ) | 64,546 | (66,241 | ) | |||||||
|
|
|
|
|
|
|
|||||||
| Total revenues |
356,171 | 240,921 | 115,250 | |||||||||
|
|
|
|
|
|
|
|||||||
| Operating Costs and Expenses |
||||||||||||
| Oil, natural gas liquids and natural gas production |
52,635 | 41,288 | 11,347 | |||||||||
| Production and ad valorem taxes |
22,568 | 12,820 | 9,748 | |||||||||
| Depreciation, depletion and amortization |
124,210 | 99,652 | 24,558 | |||||||||
| Asset impairment |
177 | 1,460 | (1,283 | ) | ||||||||
| Exploration |
1,398 | 3,636 | (2,238 | ) | ||||||||
| General and administrative (including stock-based compensation of $4,145 and $3,197 for the three months ended March 31, 2018 and 2017, respectively) |
22,257 | 20,516 | 1,741 | |||||||||
| Accretion of discount on asset retirement obligations |
1,533 | 1,414 | 119 | |||||||||
| Gain on sale of assets and other, net |
(33,723 | ) | (1,175 | ) | (32,548 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Total operating costs and expenses |
191,055 | 179,611 | 11,444 | |||||||||
|
|
|
|
|
|
|
|||||||
| Operating Income |
165,116 | 61,310 | 103,806 | |||||||||
|
|
|
|
|
|
|
|||||||
| Other Income (Expense) |
||||||||||||
| Interest expense |
(10,248 | ) | (9,023 | ) | (1,225 | ) | ||||||
| Other income |
227 | 557 | (330 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Total other expense |
(10,021 | ) | (8,466 | ) | (1,555 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Income Before Income Taxes |
155,095 | 52,844 | 102,251 | |||||||||
| Income tax expense |
36,180 | 19,441 | 16,739 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net Income |
$ | 118,915 | $ | 33,403 | $ | 85,512 | ||||||
|
|
|
|
|
|
|
|||||||
| Diluted Earnings Per Average Common Share |
$ | 1.22 | $ | 0.34 | $ | 0.88 | ||||||
|
|
|
|
|
|
|
|||||||
| Basic Earnings Per Average Common Share |
$ | 1.22 | $ | 0.34 | $ | 0.88 | ||||||
|
|
|
|
|
|
|
|||||||
| Diluted Average Common Shares Outstanding |
97,818 | 97,607 | 211 | |||||||||
|
|
|
|
|
|
|
|||||||
| Basic Average Common Shares Outstanding |
97,321 | 97,140 | 181 | |||||||||
|
|
|
|
|
|
|
|||||||
1
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
As of March 31, 2018 and December 31, 2017
| (in thousands) |
March 31, 2018 | December 31, 2017 | ||||||
| ASSETS |
||||||||
| Current Assets |
||||||||
| Cash and cash equivalents |
$ | 600 | $ | 439 | ||||
| Accounts receivable, net |
150,813 | 158,787 | ||||||
| Inventories, net |
19,586 | 13,177 | ||||||
| Derivative instruments |
4,984 | — | ||||||
| Income tax receivable |
6,899 | 6,905 | ||||||
| Prepayments and other |
9,773 | 12,085 | ||||||
|
|
|
|
|
|||||
| Total current assets |
192,655 | 191,393 | ||||||
|
|
|
|
|
|||||
| Property, Plant and Equipment |
||||||||
| Oil and natural gas properties, net |
4,887,737 | 4,718,939 | ||||||
| Other property and equipment, net |
44,427 | 44,581 | ||||||
|
|
|
|
|
|||||
| Total property, plant and equipment, net |
4,932,164 | 4,763,520 | ||||||
|
|
|
|
|
|||||
| Other postretirement assets |
2,627 | 2,646 | ||||||
| Noncurrent derivative instruments |
3,261 | — | ||||||
| Noncurrent income tax receivable, net |
70,716 | 70,716 | ||||||
| Other assets |
4,341 | 5,620 | ||||||
|
|
|
|
|
|||||
| TOTAL ASSETS |
$ | 5,205,764 | $ | 5,033,895 | ||||
|
|
|
|
|
|||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||
| Current Liabilities |
||||||||
| Accounts payable |
$ | 104,430 | $ | 75,167 | ||||
| Accrued taxes |
6,411 | 2,631 | ||||||
| Accrued wages and benefits |
8,936 | 26,170 | ||||||
| Accrued capital costs |
111,887 | 74,909 | ||||||
| Revenue and royalty payable |
62,517 | 54,072 | ||||||
| Derivative instruments |
57,478 | 71,379 | ||||||
| Other |
12,239 | 17,916 | ||||||
|
|
|
|
|
|||||
| Total current liabilities |
363,898 | 322,244 | ||||||
|
|
|
|
|
|||||
| Long-term debt |
755,964 | 782,861 | ||||||
| Asset retirement obligations |
90,295 | 88,378 | ||||||
| Noncurrent derivative instruments |
11,563 | 8,886 | ||||||
| Deferred income taxes |
423,228 | 387,807 | ||||||
| Other long-term liabilities |
5,969 | 5,262 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
1,650,917 | 1,595,438 | ||||||
|
|
|
|
|
|||||
| Total Shareholders’ Equity |
3,554,847 | 3,438,457 | ||||||
|
|
|
|
|
|||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ | 5,205,764 | $ | 5,033,895 | ||||
|
|
|
|
|
|||||
2
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 3 months ending March 31, 2018 and 2017
| 1st Quarter | ||||||||||||
| (in thousands, except sales price and per unit data) |
2018 | 2017 | Change | |||||||||
| Operating and production data |
| |||||||||||
| Oil, natural gas liquids and natural gas sales |
||||||||||||
| Oil |
$ | 303,995 | $ | 146,670 | $ | 157,325 | ||||||
| Natural gas liquids |
34,133 | 15,634 | 18,499 | |||||||||
| Natural gas |
19,738 | 14,071 | 5,667 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total |
$ | 357,866 | $ | 176,375 | $ | 181,491 | ||||||
|
|
|
|
|
|
|
|||||||
| Open non-cash mark-to-market gains (losses) on derivative instruments |
| |||||||||||
| Oil |
$ | 11,202 | $ | 58,058 | $ | (46,856 | ) | |||||
| Natural gas liquids |
5,766 | 7,087 | (1,321 | ) | ||||||||
| Natural gas |
1,712 | 7,224 | (5,512 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Total |
$ | 18,680 | $ | 72,369 | $ | (53,689 | ) | |||||
|
|
|
|
|
|
|
|||||||
| Closed gains (losses) on derivative instruments |
||||||||||||
| Oil |
$ | (16,667 | ) | $ | (6,010 | ) | $ | (10,657 | ) | |||
| Natural gas liquids |
(3,981 | ) | (1,465 | ) | (2,516 | ) | ||||||
| Natural gas |
273 | (348 | ) | 621 | ||||||||
|
|
|
|
|
|
|
|||||||
| Total |
$ | (20,375 | ) | $ | (7,823 | ) | $ | (12,552 | ) | |||
|
|
|
|
|
|
|
|||||||
| Total revenues |
$ | 356,171 | $ | 240,921 | $ | 115,250 | ||||||
|
|
|
|
|
|
|
|||||||
| Production volumes |
||||||||||||
| Oil (MBbl) |
4,984 | 2,996 | 1,988 | |||||||||
| Natural gas liquids (MMgal) |
68.8 | 33.7 | 35.1 | |||||||||
| Natural gas (MMcf) |
10,422 | 5,730 | 4,692 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total production volumes (MBOE) |
8,358 | 4,754 | 3,604 | |||||||||
|
|
|
|
|
|
|
|||||||
| Average daily production volumes |
||||||||||||
| Oil (MBbl/d) |
55.4 | 33.3 | 22.1 | |||||||||
| Natural gas liquids (MMgal/d) |
0.8 | 0.4 | 0.4 | |||||||||
| Natural gas (MMcf/d) |
115.8 | 63.7 | 52.1 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total average daily production volumes (MBOE/d) |
92.9 | 52.8 | 40.1 | |||||||||
|
|
|
|
|
|
|
|||||||
| Average realized prices excluding effects of open non-cash mark-to-market derivative instruments |
||||||||||||
| Oil (per barrel) |
$ | 57.65 | $ | 46.95 | $ | 10.7 | ||||||
| Natural gas liquids (per gallon) |
$ | 0.44 | $ | 0.42 | $ | 0.02 | ||||||
| Natural gas (per Mcf) |
$ | 1.92 | $ | 2.39 | $ | (0.47 | ) | |||||
| Average realized prices excluding effects of all derivative instruments |
| |||||||||||
| Oil (per barrel) |
$ | 60.99 | $ | 48.96 | $ | 12.03 | ||||||
| Natural gas liquids (per gallon) |
$ | 0.50 | $ | 0.46 | $ | 0.04 | ||||||
| Natural gas (per Mcf) |
$ | 1.89 | $ | 2.46 | $ | (0.57 | ) | |||||
| Costs per BOE |
||||||||||||
| Oil, natural gas liquids and natural gas production expenses |
$ | 6.30 | $ | 8.68 | $ | (2.38 | ) | |||||
| Production and ad valorem taxes |
$ | 2.70 | $ | 2.70 | $ | — | ||||||
| Depreciation, depletion and amortization |
$ | 14.86 | $ | 20.96 | $ | (6.10 | ) | |||||
| Exploration expense |
$ | 0.17 | $ | 0.76 | $ | (0.59 | ) | |||||
| General and administrative |
$ | 2.66 | $ | 4.32 | $ | (1.66 | ) | |||||
| Capital expenditures (including acquisitions) |
$ | 260,533 | $ | 384,135 | $ | (123,602 | ) | |||||
3