Attached files
| file | filename |
|---|---|
| 8-K - 8-K - ENERGEN CORP | d96948d8k.htm |
| EX-99.1 - EX-99.1 - ENERGEN CORP | d96948dex991.htm |
| EX-99.3 - EX-99.3 - ENERGEN CORP | d96948dex993.htm |
Exhibit 99.2
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the 3 months ending September 30, 2015 and 2014
| 3rd Quarter | ||||||||||||
| (in thousands, except per share data) |
2015 | 2014 | Change | |||||||||
| Revenues |
||||||||||||
| Oil, natural gas liquids and natural gas sales |
$ | 188,398 | $ | 350,773 | $ | (162,375 | ) | |||||
| Gain on derivative instruments, net |
107,173 | 147,735 | (40,562 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Total revenues |
295,571 | 498,508 | (202,937 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Operating Costs and Expenses |
||||||||||||
| Oil, natural gas liquids and natural gas production |
54,598 | 67,720 | (13,122 | ) | ||||||||
| Production and ad valorem taxes |
13,366 | 25,729 | (12,363 | ) | ||||||||
| Depreciation, depletion and amortization |
149,781 | 139,104 | 10,677 | |||||||||
| Asset impairment |
399,394 | 178,912 | 220,482 | |||||||||
| Exploration |
493 | 8,417 | (7,924 | ) | ||||||||
| General and administrative |
23,631 | 27,784 | (4,153 | ) | ||||||||
| Accretion of discount on asset retirement obligations |
1,700 | 1,924 | (224 | ) | ||||||||
| Loss on sale of assets and other |
822 | 747 | 75 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total costs and expenses |
643,785 | 450,337 | 193,448 | |||||||||
|
|
|
|
|
|
|
|||||||
| Operating Income (Loss) |
(348,214 | ) | 48,171 | (396,385 | ) | |||||||
|
|
|
|
|
|
|
|||||||
| Other Income (Expense) |
||||||||||||
| Interest expense |
(10,084 | ) | (11,522 | ) | 1,438 | |||||||
| Other income |
56 | 37 | 19 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total other expense |
(10,028 | ) | (11,485 | ) | 1,457 | |||||||
|
|
|
|
|
|
|
|||||||
| Income (Loss) From Continuing Operations Before Income Taxes |
(358,242 | ) | 36,686 | (394,928 | ) | |||||||
| Income tax expense (benefit) |
(130,338 | ) | 16,055 | (146,393 | ) | |||||||
|
|
|
|
|
|
|
|||||||
| Income (Loss) From Continuing Operations |
(227,904 | ) | 20,631 | (248,535 | ) | |||||||
|
|
|
|
|
|
|
|||||||
| Discontinued Operations, net of tax |
||||||||||||
| Loss from discontinued operations |
— | (3,485 | ) | 3,485 | ||||||||
| Gain on disposal of discontinued operations |
— | 440,105 | (440,105 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Income From Discontinued Operations |
— | 436,620 | (436,620 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Net Income (Loss) |
$ | (227,904 | ) | $ | 457,251 | $ | (685,155 | ) | ||||
|
|
|
|
|
|
|
|||||||
| Diluted Earnings Per Average Common Share |
||||||||||||
| Continuing operations |
$ | (2.89 | ) | $ | 0.28 | $ | (3.17 | ) | ||||
| Discontinued operations |
— | 5.94 | (5.94 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Net Income (Loss) |
$ | (2.89 | ) | $ | 6.22 | $ | (9.11 | ) | ||||
|
|
|
|
|
|
|
|||||||
| Basic Earnings Per Average Common Share |
||||||||||||
| Continuing operations |
$ | (2.89 | ) | 0.28 | $ | (3.17 | ) | |||||
| Discontinued operations |
— | 5.98 | (5.98 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Net Income (Loss) |
$ | (2.89 | ) | $ | 6.26 | $ | (9.15 | ) | ||||
|
|
|
|
|
|
|
|||||||
| Diluted Avg. Common Shares Outstanding |
78,742 | 73,507 | 5,235 | |||||||||
|
|
|
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|
|
|
|||||||
| Basic Avg. Common Shares Outstanding |
78,742 | 73,093 | 5,649 | |||||||||
|
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|
|
|
|
|
|||||||
| Dividends Per Common Share |
$ | 0.02 | $ | 0.15 | $ | (0.13 | ) | |||||
|
|
|
|
|
|
|
|||||||
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the 9 months ending September 30, 2015 and 2014
| Year-to-date | ||||||||||||
| (in thousands, except per share data) |
2015 | 2014 | Change | |||||||||
| Revenues |
||||||||||||
| Oil, natural gas liquids and natural gas sales |
$ | 595,510 | $ | 1,057,447 | $ | (461,937 | ) | |||||
| Gain on derivative instruments, net |
90,245 | 9,498 | 80,747 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total revenues |
685,755 | 1,066,945 | (381,190 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Operating Costs and Expenses |
||||||||||||
| Oil, natural gas liquids and natural gas production |
175,933 | 199,861 | (23,928 | ) | ||||||||
| Production and ad valorem taxes |
45,783 | 81,102 | (35,319 | ) | ||||||||
| Depreciation, depletion and amortization |
434,005 | 399,568 | 34,437 | |||||||||
| Asset impairment |
466,390 | 181,500 | 284,890 | |||||||||
| Exploration |
12,274 | 21,218 | (8,944 | ) | ||||||||
| General and administrative |
94,338 | 93,499 | 839 | |||||||||
| Accretion of discount on asset retirement obligations |
5,379 | 5,650 | (271 | ) | ||||||||
| (Gain) loss on sale of assets and other |
(26,046 | ) | 1,809 | (27,855 | ) | |||||||
|
|
|
|
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|
|||||||
| Total costs and expenses |
1,208,056 | 984,207 | 223,849 | |||||||||
|
|
|
|
|
|
|
|||||||
| Operating Income (Loss) |
(522,301 | ) | 82,738 | (605,039 | ) | |||||||
|
|
|
|
|
|
|
|||||||
| Other Income (Expense) |
||||||||||||
| Interest expense |
(33,086 | ) | (27,374 | ) | (5,712 | ) | ||||||
| Other income |
143 | 1,047 | (904 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Total other expense |
(32,943 | ) | (26,327 | ) | (6,616 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Income (Loss) From Continuing Operations Before Income Taxes |
(555,244 | ) | 56,411 | (611,655 | ) | |||||||
| Income tax expense (benefit) |
(200,319 | ) | 23,287 | (223,606 | ) | |||||||
|
|
|
|
|
|
|
|||||||
| Income (Loss) From Continuing Operations |
(354,925 | ) | 33,124 | (388,049 | ) | |||||||
|
|
|
|
|
|
|
|||||||
| Discontinued Operations, net of tax |
||||||||||||
| Income from discontinued operations |
— | 30,435 | (30,435 | ) | ||||||||
| Gain on disposal of discontinued operations |
— | 439,055 | (439,055 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Income From Discontinued Operations |
— | 469,490 | (469,490 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Net Income (Loss) |
$ | (354,925 | ) | $ | 502,614 | $ | (857,539 | ) | ||||
|
|
|
|
|
|
|
|||||||
| Diluted Earnings Per Average Common Share |
||||||||||||
| Continuing operations |
$ | (4.72 | ) | $ | 0.45 | $ | (5.17 | ) | ||||
| Discontinued operations |
— | 6.41 | (6.41 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Net Income (Loss) |
$ | (4.72 | ) | $ | 6.86 | $ | (11.58 | ) | ||||
|
|
|
|
|
|
|
|||||||
| Basic Earnings Per Average Common Share |
||||||||||||
| Continuing operations |
$ | (4.72 | ) | $ | 0.45 | $ | (5.17 | ) | ||||
| Discontinued operations |
— | 6.45 | (6.45 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Net Income (Loss) |
$ | (4.72 | ) | $ | 6.90 | $ | (11.62 | ) | ||||
|
|
|
|
|
|
|
|||||||
| Diluted Avg. Common Shares Outstanding |
75,125 | 73,238 | 1,887 | |||||||||
|
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|
|
|
|
|
|||||||
| Basic Avg. Common Shares Outstanding |
75,125 | 72,861 | 2,264 | |||||||||
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|
|
|
|
|
|||||||
| Dividends Per Common Share |
$ | 0.06 | $ | 0.45 | $ | (0.39 | ) | |||||
|
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|
|
|
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|
|||||||
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
As of September 30, 2015 and December 31, 2014
| (in thousands) |
September 30, 2015 |
December 31, 2014 |
||||||
| ASSETS |
||||||||
| Current Assets |
||||||||
| Cash and cash equivalents |
$ | 701 | $ | 1,852 | ||||
| Accounts receivable, net of allowance |
99,297 | 157,678 | ||||||
| Inventories |
18,184 | 14,251 | ||||||
| Assets held for sale |
— | 395,797 | ||||||
| Derivative instruments |
153,816 | 322,337 | ||||||
| Prepayments and other |
12,667 | 27,445 | ||||||
|
|
|
|
|
|||||
| Total current assets |
284,665 | 919,360 | ||||||
|
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|
|
|
|||||
| Property, Plant and Equipment |
||||||||
| Oil and natural gas properties, net |
5,182,497 | 5,152,748 | ||||||
| Other property and equipment, net |
48,739 | 46,389 | ||||||
|
|
|
|
|
|||||
| Total property, plant and equipment, net |
5,231,236 | 5,199,137 | ||||||
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|
|
|
|
|||||
| Other assets |
15,646 | 19,761 | ||||||
|
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|
|
|
|||||
| TOTAL ASSETS |
$ | 5,531,547 | $ | 6,138,258 | ||||
|
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|
|
|
|||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||
| Current Liabilities |
||||||||
| Accounts payable |
$ | 79,623 | $ | 101,453 | ||||
| Accrued taxes |
27,555 | 5,530 | ||||||
| Accrued wages and benefits |
25,103 | 21,553 | ||||||
| Accrued capital costs |
101,486 | 207,461 | ||||||
| Revenue and royalty payable |
58,480 | 72,047 | ||||||
| Liabilities related to assets held for sale |
— | 24,230 | ||||||
| Pension liabilities |
29,789 | 24,609 | ||||||
| Deferred income taxes |
9,908 | 79,164 | ||||||
| Derivative instruments |
3,079 | 988 | ||||||
| Other |
13,513 | 23,288 | ||||||
|
|
|
|
|
|||||
| Total current liabilities |
348,536 | 560,323 | ||||||
|
|
|
|
|
|||||
| Long-term debt |
750,081 | 1,038,563 | ||||||
| Asset retirement obligations |
100,781 | 94,060 | ||||||
| Deferred income taxes |
853,360 | 1,000,486 | ||||||
| Noncurrent derivative instruments |
2,924 | — | ||||||
| Other long-term liabilities |
10,968 | 30,222 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
2,066,650 | 2,723,654 | ||||||
|
|
|
|
|
|||||
| Total Shareholders’ Equity |
3,464,897 | 3,414,604 | ||||||
|
|
|
|
|
|||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ | 5,531,547 | $ | 6,138,258 | ||||
|
|
|
|
|
|||||
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 3 months ending September 30, 2015 and 2014
| 3rd 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 |
$ | 160,531 | $ | 260,447 | $ | (99,916 | ) | |||||
| Natural gas liquids |
11,001 | 31,259 | (20,258 | ) | ||||||||
| Natural gas |
16,866 | 59,067 | (42,201 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Total |
$ | 188,398 | $ | 350,773 | $ | (162,375 | ) | |||||
|
|
|
|
|
|
|
|||||||
| Open non-cash mark-to-market gains (losses) on derivative instruments |
||||||||||||
| Oil |
$ | 5,760 | $ | 128,346 | $ | (122,586 | ) | |||||
| Natural gas liquids |
— | 1,276 | (1,276 | ) | ||||||||
| Natural gas |
(6,924 | ) | 17,665 | (24,589 | ) | |||||||
|
|
|
|
|
|
|
|||||||
| Total |
$ | (1,164 | ) | $ | 147,287 | $ | (148,451 | ) | ||||
|
|
|
|
|
|
|
|||||||
| Closed gains (losses) on derivative instruments |
||||||||||||
| Oil |
$ | 98,072 | $ | (6,012 | ) | $ | 104,084 | |||||
| Natural gas liquids |
— | 873 | (873 | ) | ||||||||
| Natural gas |
10,265 | 5,587 | 4,678 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total |
$ | 108,337 | $ | 448 | $ | 107,889 | ||||||
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|
|
|
|
|
|||||||
| Total revenues |
$ | 295,571 | $ | 498,508 | $ | (202,937 | ) | |||||
|
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|
|
|
|
|
|||||||
| Production volumes |
||||||||||||
| Oil (MBbl) |
3,610 | 3,017 | 593 | |||||||||
| Natural gas liquids (MMgal) |
44.4 | 46.5 | (2.1 | ) | ||||||||
| Natural gas (MMcf) |
7,362 | 15,156 | (7,794 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Total production volumes (MBOE) |
5,893 | 6,651 | (758 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Average daily production volumes |
||||||||||||
| Oil (MBbl/d) |
39.2 | 32.8 | 6.4 | |||||||||
| Natural gas liquids (MMgal/d) |
0.5 | 0.5 | — | |||||||||
| Natural gas (MMcf/d) |
80.0 | 164.7 | (84.7 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Total average daily production volumes (MBOE/d) |
64.1 | 72.3 | (8.2 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Average realized prices excluding effects of open non-cash mark-to-market derivative instruments |
||||||||||||
| Oil (per barrel) |
$ | 71.64 | $ | 84.33 | $ | (12.69 | ) | |||||
| Natural gas liquids (per gallon) |
$ | 0.25 | $ | 0.69 | $ | (0.44 | ) | |||||
| Natural gas (per Mcf) |
$ | 3.69 | $ | 4.27 | $ | (0.58 | ) | |||||
| Average realized prices excluding effects of all derivative instruments |
||||||||||||
| Oil (per barrel) |
$ | 44.47 | $ | 86.33 | $ | (41.86 | ) | |||||
| Natural gas liquids (per gallon) |
$ | 0.25 | $ | 0.67 | $ | (0.42 | ) | |||||
| Natural gas (per Mcf) |
$ | 2.29 | $ | 3.90 | $ | (1.61 | ) | |||||
| Costs per BOE |
||||||||||||
| Oil, natural gas liquids and natural gas production expenses |
$ | 9.26 | $ | 10.18 | $ | (0.92 | ) | |||||
| Production and ad valorem taxes |
$ | 2.27 | $ | 3.87 | $ | (1.60 | ) | |||||
| Depreciation, depletion and amortization |
$ | 25.42 | $ | 20.91 | $ | 4.51 | ||||||
| Exploration expense |
$ | 0.08 | $ | 1.27 | $ | (1.19 | ) | |||||
| General and administrative* |
$ | 4.01 | $ | 4.18 | $ | (0.17 | ) | |||||
| Net capital expenditures |
$ | 230,900 | $ | 356,725 | $ | (125,825 | ) | |||||
|
|
|
|
|
|
|
|||||||
| * | Includes pension and pension settlement expenses of $0.16 and $0.53 for the three months ended September 30, 2015 and 2014, respectively. |
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 9 months ending September 30, 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 |
$ | 491,158 | $ | 776,952 | $ | (285,794 | ) | |||||
| Natural gas liquids |
36,616 | 90,625 | (54,009 | ) | ||||||||
| Natural gas |
67,736 | 189,870 | (122,134 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Total |
$ | 595,510 | $ | 1,057,447 | $ | (461,937 | ) | |||||
|
|
|
|
|
|
|
|||||||
| Open non-cash mark-to-market gains (losses) on derivative instruments |
||||||||||||
| Oil |
$ | (149,743 | ) | $ | 40,710 | $ | (190,453 | ) | ||||
| Natural gas liquids |
— | 1,603 | (1,603 | ) | ||||||||
| Natural gas |
(27,939 | ) | 11,672 | (39,611 | ) | |||||||
|
|
|
|
|
|
|
|||||||
| Total |
$ | (177,682 | ) | $ | 53,985 | $ | (231,667 | ) | ||||
|
|
|
|
|
|
|
|||||||
| Closed gains (losses) on derivative instruments |
||||||||||||
| Oil |
$ | 230,885 | $ | (46,568 | ) | $ | 277,453 | |||||
| Natural gas liquids |
— | 1,228 | (1,228 | ) | ||||||||
| Natural gas |
37,042 | 853 | 36,189 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total |
$ | 267,927 | $ | (44,487 | ) | $ | 312,414 | |||||
|
|
|
|
|
|
|
|||||||
| Total revenues |
$ | 685,755 | $ | 1,066,945 | $ | (381,190 | ) | |||||
|
|
|
|
|
|
|
|||||||
| Production volumes |
||||||||||||
| Oil (MBbl) |
10,439 | 8,601 | 1,838 | |||||||||
| Natural gas liquids (MMgal) |
125.5 | 129.2 | (3.7 | ) | ||||||||
| Natural gas (MMcf) |
27,774 | 43,956 | (16,182 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Total production volumes (MBOE) |
18,055 | 19,003 | (948 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Average daily production volumes |
||||||||||||
| Oil (MBbl/d) |
38.2 | 31.5 | 6.7 | |||||||||
| Natural gas liquids (MMgal/d) |
0.5 | 0.5 | — | |||||||||
| Natural gas (MMcf/d) |
101.7 | 161.0 | (59.30 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Total average daily production volumes (MBOE/d) |
66.1 | 69.6 | (3.50 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Average realized prices excluding effects of open non-cash mark-to-market derivative instruments |
||||||||||||
| Oil (per barrel) |
$ | 69.17 | $ | 84.92 | $ | (15.75 | ) | |||||
| Natural gas liquids (per gallon) |
$ | 0.29 | $ | 0.71 | $ | (0.42 | ) | |||||
| Natural gas (per Mcf) |
$ | 3.77 | $ | 4.34 | $ | (0.57 | ) | |||||
| Average realized prices excluding effects of all derivative instruments |
||||||||||||
| Oil (per barrel) |
$ | 47.05 | $ | 90.33 | $ | (43.28 | ) | |||||
| Natural gas liquids (per gallon) |
$ | 0.29 | $ | 0.70 | $ | (0.41 | ) | |||||
| Natural gas (per Mcf) |
$ | 2.44 | $ | 4.32 | $ | (1.88 | ) | |||||
| Costs per BOE |
||||||||||||
| Oil, natural gas liquids and natural gas production expenses |
$ | 9.75 | $ | 10.52 | $ | (0.77 | ) | |||||
| Production and ad valorem taxes |
$ | 2.54 | $ | 4.27 | $ | (1.73 | ) | |||||
| Depreciation, depletion and amortization |
$ | 24.04 | $ | 21.03 | $ | 3.01 | ||||||
| Exploration expense |
$ | 0.68 | $ | 1.12 | $ | (0.44 | ) | |||||
| General and administrative* |
$ | 5.23 | $ | 4.92 | $ | 0.31 | ||||||
| Net capital expenditures |
$ | 891,491 | $ | 950,993 | $ | (59,502 | ) | |||||
|
|
|
|
|
|
|
|||||||
| * | Includes pension and pension settlement expenses of $0.28 and $0.71 for the nine months ended September 30, 2015 and 2014, respectively. |