Attached files
| file | filename |
|---|---|
| EX-99.1 - EX-99.1 - ENERGEN CORP | d356856dex991.htm |
| EX-99.3 - EX-99.3 - ENERGEN CORP | d356856dex993.htm |
| 8-K - 8-K - ENERGEN CORP | d356856d8k.htm |
Exhibit 99.2
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the 3 months ending March 31, 2016 and 2015
| 1st Quarter | ||||||||||||
| (in thousands, except per share data) |
2016 | 2015 | Change | |||||||||
| Revenues |
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| Oil, natural gas liquids and natural gas sales |
$ | 122,764 | $ | 187,822 | $ | (65,058 | ) | |||||
| Gain on derivative instruments, net |
5,455 | 34,036 | (28,581 | ) | ||||||||
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| Total revenues |
128,219 | 221,858 | (93,639 | ) | ||||||||
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| Operating Costs and Expenses |
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| Oil, natural gas liquids and natural gas production |
47,727 | 67,754 | (20,027 | ) | ||||||||
| Production and ad valorem taxes |
11,170 | 19,065 | (7,895 | ) | ||||||||
| Depreciation, depletion and amortization |
119,362 | 134,381 | (15,019 | ) | ||||||||
| Asset impairment |
220,025 | 6,583 | 213,442 | |||||||||
| Exploration |
242 | 763 | (521 | ) | ||||||||
| General and administrative (including non-cash stock based compensation of $2,471 and $5,080 for the three months ended March 31, 2016, and 2015, respectively) |
29,525 | 32,055 | (2,530 | ) | ||||||||
| Accretion of discount on asset retirement obligations |
1,757 | 2,010 | (253 | ) | ||||||||
| (Gain) loss on sale of assets and other |
222 | (28,344 | ) | 28,566 | ||||||||
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| Total operating costs and expenses |
430,030 | 234,267 | 195,763 | |||||||||
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| Operating Loss |
(301,811 | ) | (12,409 | ) | (289,402 | ) | ||||||
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| Other Income (Expense) |
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| Interest expense |
(9,833 | ) | (11,758 | ) | 1,925 | |||||||
| Other income |
95 | 46 | 49 | |||||||||
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| Total other expense |
(9,738 | ) | (11,712 | ) | 1,974 | |||||||
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| Loss Before Income Taxes |
(311,549 | ) | (24,121 | ) | (287,428 | ) | ||||||
| Income tax benefit |
(108,433 | ) | $ | (8,701 | ) | (99,732 | ) | |||||
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| Net Loss |
$ | (203,116 | ) | $ | (15,420 | ) | $ | (187,696 | ) | |||
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| Diluted Earnings Per Average Common Share |
$ | (2.34 | ) | $ | (0.21 | ) | $ | (2.13 | ) | |||
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| Basic Earnings Per Average Common Share |
$ | (2.34 | ) | $ | (0.21 | ) | $ | (2.13 | ) | |||
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| Diluted Average Common Shares Outstanding |
86,632 | 72,830 | 13,802 | |||||||||
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| Basic Average Common Shares Outstanding |
86,632 | 72,830 | 13,802 | |||||||||
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| Dividends Per Common Share |
$ | — | $ | 0.02 | $ | (0.02 | ) | |||||
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13
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
As of March 31, 2016 and December 31, 2015
| (in thousands) |
March 31, 2016 |
December 31, 2015 |
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| ASSETS |
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| Current Assets |
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| Cash and cash equivalents |
$ | 35,806 | $ | 1,272 | ||||
| Accounts receivable, net |
61,434 | 63,097 | ||||||
| Inventories |
12,185 | 11,255 | ||||||
| Assets held for sale |
183,234 | 93,739 | ||||||
| Derivative instruments |
18,810 | 56,963 | ||||||
| Prepayments and other |
21,772 | 20,014 | ||||||
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| Total current assets |
333,241 | 246,340 | ||||||
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| Property, Plant and Equipment |
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| Oil and natural gas properties, net |
3,997,990 | 4,302,332 | ||||||
| Other property and equipment, net |
47,186 | 48,358 | ||||||
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| Total property, plant and equipment, net |
4,045,176 | 4,350,690 | ||||||
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| Other postretirement assets |
4,366 | 3,881 | ||||||
| Noncurrent derivative instruments |
148 | — | ||||||
| Other assets |
10,087 | 10,245 | ||||||
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| TOTAL ASSETS |
$ | 4,393,018 | $ | 4,611,156 | ||||
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| LIABILITIES AND SHAREHOLDERS’ EQUITY |
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| Current Liabilities |
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| Accounts payable |
$ | 47,550 | $ | 64,742 | ||||
| Accrued taxes |
13,230 | 5,801 | ||||||
| Accrued wages and benefits |
9,127 | 28,563 | ||||||
| Accrued capital costs |
58,221 | 79,206 | ||||||
| Revenue and royalty payable |
56,949 | 60,493 | ||||||
| Liabilities related to assets held for sale |
14,102 | 12,789 | ||||||
| Pension liabilities |
— | 15,685 | ||||||
| Derivative instruments |
5,468 | 459 | ||||||
| Other |
13,215 | 19,783 | ||||||
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| Total current liabilities |
217,862 | 287,521 | ||||||
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| Long-term debt |
551,147 | 773,550 | ||||||
| Asset retirement obligations |
90,223 | 89,990 | ||||||
| Deferred income taxes |
446,335 | 552,369 | ||||||
| Noncurrent derivative instruments |
273 | — | ||||||
| Other long-term liabilities |
10,718 | 11,866 | ||||||
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| Total liabilities |
1,316,558 | 1,715,296 | ||||||
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| Total Shareholders’ Equity |
3,076,460 | 2,895,860 | ||||||
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| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ | 4,393,018 | $ | 4,611,156 | ||||
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14
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 3 months ending March 31, 2016 and 2015
| 1st Quarter | ||||||||||||
| (in thousands, except sales price and per unit data) |
2016 | 2015 | Change | |||||||||
| Operating and production data |
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| Oil, natural gas liquids and natural gas sales |
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| Oil |
$ | 102,157 | $ | 142,028 | $ | (39,871 | ) | |||||
| Natural gas liquids |
8,589 | 10,834 | (2,245 | ) | ||||||||
| Natural gas |
12,018 | 34,960 | (22,942 | ) | ||||||||
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| Total |
$ | 122,764 | $ | 187,822 | $ | (65,058 | ) | |||||
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| Open non-cash mark-to-market gains (losses) on derivative instruments |
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| Oil |
$ | (1,699 | ) | $ | (51,769 | ) | $ | 50,070 | ||||
| Natural gas liquids |
— | — | — | |||||||||
| Natural gas |
1,442 | (7,882 | ) | 9,324 | ||||||||
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| Total |
$ | (257 | ) | $ | (59,651 | ) | $ | 59,394 | ||||
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| Closed gains (losses) on derivative instruments |
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| Oil |
$ | 5,094 | $ | 77,483 | $ | (72,389 | ) | |||||
| Natural gas liquids |
— | — | — | |||||||||
| Natural gas |
618 | 16,204 | (15,586 | ) | ||||||||
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| Total |
$ | 5,712 | $ | 93,687 | $ | (87,975 | ) | |||||
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| Total revenues |
$ | 128,219 | $ | 221,858 | $ | (93,639 | ) | |||||
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| Production volumes |
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| Oil (MBbl) |
3,386 | 3,235 | 151 | |||||||||
| Natural gas liquids (MMgal) |
40.0 | 36.2 | 3.8 | |||||||||
| Natural gas (MMcf) |
7,446 | 13,278 | (5,832 | ) | ||||||||
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| Total production volumes (MBOE) |
5,580 | 6,309 | (729 | ) | ||||||||
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| Average daily production volumes |
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| Oil (MBbl/d) |
37.2 | 35.9 | 1.3 | |||||||||
| Natural gas liquids (MMgal/d) |
0.4 | 0.4 | — | |||||||||
| Natural gas (MMcf/d) |
81.8 | 147.5 | (65.7 | ) | ||||||||
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| Total average daily production volumes (MBOE/d) |
61.3 | 70.1 | (8.8 | ) | ||||||||
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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) |
$ | 31.67 | $ | 67.86 | $ | (36.19 | ) | |||||
| Natural gas liquids (per gallon) |
$ | 0.21 | $ | 0.30 | $ | (0.09 | ) | |||||
| Natural gas (per Mcf) |
$ | 1.70 | $ | 3.85 | $ | (2.15 | ) | |||||
| Average realized prices excluding effects of all derivative instruments |
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| Oil (per barrel) |
$ | 30.17 | $ | 43.90 | $ | (13.73 | ) | |||||
| Natural gas liquids (per gallon) |
$ | 0.21 | $ | 0.30 | $ | (0.09 | ) | |||||
| Natural gas (per Mcf) |
$ | 1.61 | $ | 2.63 | $ | (1.02 | ) | |||||
| Costs per BOE |
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| Oil, natural gas liquids and natural gas production expenses |
$ | 8.56 | $ | 10.74 | $ | (2.18 | ) | |||||
| Production and ad valorem taxes |
$ | 2.00 | $ | 3.02 | $ | (1.02 | ) | |||||
| Depreciation, depletion and amortization |
$ | 21.39 | $ | 21.30 | $ | 0.09 | ||||||
| Exploration expense |
$ | 0.04 | $ | 0.12 | $ | (0.08 | ) | |||||
| General and administrative |
$ | 5.29 | $ | 5.08 | $ | 0.21 | ||||||
| Net capital expenditures |
$ | 119,896 | $ | 375,827 | $ | (255,931 | ) | |||||
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15