Attached files
file | filename |
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EX-99.3 - EX-99.3 - ENERGEN CORP | d438554dex993.htm |
EX-99.1 - EX-99.1 - ENERGEN CORP | d438554dex991.htm |
8-K - FORM 8-K - ENERGEN CORP | d438554d8k.htm |
Exhibit 99.2
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
For the 3 months ending June 30, 2017 and 2016
2nd Quarter | ||||||||||||
(in thousands, except per share data) |
2017 | 2016 | Change | |||||||||
Revenues |
||||||||||||
Oil, natural gas liquids and natural gas sales |
$ | 218,723 | $ | 171,637 | $ | 47,086 | ||||||
Gain (loss) on derivative instruments, net |
38,101 | (65,872 | ) | 103,973 | ||||||||
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Total revenues |
256,824 | 105,765 | 151,059 | |||||||||
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Operating Costs and Expenses |
||||||||||||
Oil, natural gas liquids and natural gas production |
43,909 | 42,840 | 1,069 | |||||||||
Production and ad valorem taxes |
13,218 | 11,265 | 1,953 | |||||||||
Depreciation, depletion and amortization |
121,549 | 117,035 | 4,514 | |||||||||
Asset impairment |
29 | | 29 | |||||||||
Exploration |
1,998 | 1,520 | 478 | |||||||||
General and administrative (including stock based compensation of $3,191 and $5,504 for the three months ended June 30, 2017, and 2016, respectively) |
19,792 | 23,548 | (3,756 | ) | ||||||||
Accretion of discount on asset retirement obligations |
1,443 | 1,779 | (336 | ) | ||||||||
(Gain) loss on sale of assets and other |
172 | (161,097 | ) | 161,269 | ||||||||
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Total operating costs and expenses |
202,110 | 36,890 | 165,220 | |||||||||
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Operating Income |
54,714 | 68,875 | (14,161 | ) | ||||||||
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Other Income (Expense) |
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Interest expense |
(9,145 | ) | (9,038 | ) | (107 | ) | ||||||
Other income |
45 | 63 | (18 | ) | ||||||||
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Total other expense |
(9,100 | ) | (8,975 | ) | (125 | ) | ||||||
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Income Before Income Taxes |
45,614 | 59,900 | (14,286 | ) | ||||||||
Income tax expense |
16,133 | 23,141 | (7,008 | ) | ||||||||
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Net Income |
$ | 29,481 | $ | 36,759 | $ | (7,278 | ) | |||||
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Diluted Earnings Per Average Common Share |
$ | 0.30 | $ | 0.38 | $ | (0.08 | ) | |||||
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Basic Earnings Per Average Common Share |
$ | 0.30 | $ | 0.38 | $ | (0.08 | ) | |||||
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Diluted Average Common Shares Outstanding |
97,693 | 97,389 | 304 | |||||||||
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Basic Average Common Shares Outstanding |
97,189 | 97,067 | 122 | |||||||||
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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
For the 6 months ending June 30, 2017 and 2016
Year-to-date | ||||||||||||
(in thousands, except per share data) |
2017 | 2016 | Change | |||||||||
Revenues |
||||||||||||
Oil, natural gas liquids and natural gas sales |
$ | 395,098 | $ | 294,401 | $ | 100,697 | ||||||
Gain (loss) on derivative instruments, net |
102,647 | (60,417 | ) | 163,064 | ||||||||
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Total revenues |
497,745 | 233,984 | 263,761 | |||||||||
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Operating Costs and Expenses |
||||||||||||
Oil, natural gas liquids and natural gas production |
85,197 | 90,567 | (5,370 | ) | ||||||||
Production and ad valorem taxes |
26,038 | 22,435 | 3,603 | |||||||||
Depreciation, depletion and amortization |
221,201 | 236,397 | (15,196 | ) | ||||||||
Asset impairment |
1,489 | 220,025 | (218,536 | ) | ||||||||
Exploration |
5,634 | 1,762 | 3,872 | |||||||||
General and administrative (including stock based compensation of $6,388 and $7,975 for the six months ended June 30, 2017, and 2016, respectively) |
40,191 | 53,073 | (12,882 | ) | ||||||||
Accretion of discount on asset retirement obligations |
2,857 | 3,536 | (679 | ) | ||||||||
Gain on sale of assets and other |
(1,003 | ) | (160,875 | ) | 159,872 | |||||||
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Total operating costs and expenses |
381,604 | 466,920 | (85,316 | ) | ||||||||
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Operating Income (Loss) |
116,141 | (232,936 | ) | 349,077 | ||||||||
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Other Income (Expense) |
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Interest expense |
(18,111 | ) | (18,871 | ) | 760 | |||||||
Other income |
428 | 159 | 269 | |||||||||
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Total other expense |
(17,683 | ) | (18,712 | ) | 1,029 | |||||||
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Income (Loss) Before Income Taxes |
98,458 | (251,648 | ) | 350,106 | ||||||||
Income tax expense (benefit) |
35,574 | (85,291 | ) | 120,865 | ||||||||
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Net Income (Loss) |
$ | 62,884 | $ | (166,357 | ) | $ | 229,241 | |||||
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Diluted Earnings Per Average Common Share |
$ | 0.64 | $ | (1.81 | ) | $ | 2.45 | |||||
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Basic Earnings Per Average Common Share |
$ | 0.65 | $ | (1.81 | ) | $ | 2.46 | |||||
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Diluted Average Common Shares Outstanding |
97,648 | 91,850 | 5,798 | |||||||||
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Basic Average Common Shares Outstanding |
97,165 | 91,850 | 5,315 | |||||||||
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CONSOLIDATED BALANCE SHEETS (UNAUDITED)
As of June 30, 2017 and December 31, 2016
(in thousands) |
June 30, 2017 | December 31, 2016 | ||||||
ASSETS |
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Current Assets |
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Cash and cash equivalents |
$ | 498 | $ | 386,093 | ||||
Accounts receivable, net |
104,359 | 73,322 | ||||||
Inventories, net |
18,263 | 14,222 | ||||||
Derivative instruments |
39,063 | 50 | ||||||
Income tax receivable |
301 | 27,153 | ||||||
Prepayments and other |
4,410 | 5,071 | ||||||
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Total current assets |
166,894 | 505,911 | ||||||
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Property, Plant and Equipment |
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Oil and natural gas properties, net |
4,513,743 | 4,016,683 | ||||||
Other property and equipment, net |
45,241 | 44,869 | ||||||
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Total property, plant and equipment, net |
4,558,984 | 4,061,552 | ||||||
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Other postretirement assets |
3,595 | 3,619 | ||||||
Noncurrent derivative instruments |
9,534 | | ||||||
Other assets |
7,725 | 8,741 | ||||||
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TOTAL ASSETS |
$ | 4,746,732 | $ | 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 |
65,770 | 65,031 | ||||||
Accrued taxes |
12,734 | 7,252 | ||||||
Accrued wages and benefits |
15,709 | 25,089 | ||||||
Accrued capital costs |
95,509 | 79,988 | ||||||
Revenue and royalty payable |
48,332 | 51,217 | ||||||
Derivative instruments |
481 | 65,467 | ||||||
Other |
17,778 | 20,160 | ||||||
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Total current liabilities |
273,313 | 338,204 | ||||||
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Long-term debt |
659,158 | 527,443 | ||||||
Asset retirement obligations |
84,867 | 81,544 | ||||||
Deferred income taxes |
532,605 | 495,888 | ||||||
Noncurrent derivative instruments |
502 | 3,006 | ||||||
Other long-term liabilities |
8,545 | 13,136 | ||||||
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Total liabilities |
1,558,990 | 1,459,221 | ||||||
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Total Shareholders Equity |
3,187,742 | 3,120,602 | ||||||
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TOTAL LIABILITIES AND SHAREHOLDERS EQUITY |
$ | 4,746,732 | $ | 4,579,823 | ||||
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SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 3 months ending June 30, 2017 and 2016
2nd 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 |
$ | 182,701 | $ | 146,360 | $ | 36,341 | ||||||
Natural gas liquids |
18,634 | 13,928 | 4,706 | |||||||||
Natural gas |
17,388 | 11,349 | 6,039 | |||||||||
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Total |
$ | 218,723 | $ | 171,637 | $ | 47,086 | ||||||
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Open non-cash mark-to-market gains (losses) on derivative instruments |
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Oil |
$ | 31,067 | $ | (54,729 | ) | $ | 85,796 | |||||
Natural gas liquids |
4,530 | | 4,530 | |||||||||
Natural gas |
1,737 | (5,896 | ) | 7,633 | ||||||||
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Total |
$ | 37,334 | $ | (60,625 | ) | $ | 97,959 | |||||
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Closed gains (losses) on derivative instruments |
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Oil |
$ | 152 | $ | (6,297 | ) | $ | 6,449 | |||||
Natural gas liquids |
(80 | ) | | (80 | ) | |||||||
Natural gas |
695 | 1,050 | (355 | ) | ||||||||
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Total |
$ | 767 | $ | (5,247 | ) | $ | 6,014 | |||||
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Total revenues |
$ | 256,824 | $ | 105,765 | $ | 151,059 | ||||||
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Production volumes |
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Oil (MBbl) |
4,102 | 3,558 | 544 | |||||||||
Natural gas liquids (MMgal) |
51.6 | 44.8 | 6.8 | |||||||||
Natural gas (MMcf) |
7,596 | 7,296 | 300 | |||||||||
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Total production volumes (MBOE) |
6,596 | 5,841 | 755 | |||||||||
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Average daily production volumes |
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Oil (MBbl/d) |
45.1 | 39.1 | 6.0 | |||||||||
Natural gas liquids (MMgal/d) |
0.6 | 0.5 | 0.1 | |||||||||
Natural gas (MMcf/d) |
83.5 | 80.2 | 3.3 | |||||||||
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Total average daily production volumes (MBOE/d) |
72.5 | 64.2 | 8.3 | |||||||||
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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) |
$ | 44.58 | $ | 39.37 | $ | 5.21 | ||||||
Natural gas liquids (per gallon) |
$ | 0.36 | $ | 0.31 | $ | 0.05 | ||||||
Natural gas (per Mcf) |
$ | 2.38 | $ | 1.70 | $ | 0.68 | ||||||
Average realized prices excluding effects of all derivative instruments |
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Oil (per barrel) |
$ | 44.54 | $ | 41.14 | $ | 3.40 | ||||||
Natural gas liquids (per gallon) |
$ | 0.36 | $ | 0.31 | $ | 0.05 | ||||||
Natural gas (per Mcf) |
$ | 2.29 | $ | 1.56 | $ | 0.73 | ||||||
Costs per BOE |
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Oil, natural gas liquids and natural gas production expenses |
$ | 6.66 | $ | 7.34 | $ | (0.68 | ) | |||||
Production and ad valorem taxes |
$ | 2.00 | $ | 1.93 | $ | 0.07 | ||||||
Depreciation, depletion and amortization |
$ | 18.43 | $ | 20.04 | $ | (1.61 | ) | |||||
Exploration expense |
$ | 0.30 | $ | 0.26 | $ | 0.04 | ||||||
General and administrative |
$ | 3.00 | $ | 4.03 | $ | (1.03 | ) | |||||
Capital expenditures (including acquisitions) |
$ | 336,111 | $ | 92,962 | $ | 243,149 |
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 6 months ending June 30, 2017 and 2016
Year-to-date | ||||||||||||
(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 |
$ | 329,371 | $ | 248,517 | $ | 80,854 | ||||||
Natural gas liquids |
34,268 | 22,517 | 11,751 | |||||||||
Natural gas |
31,459 | 23,367 | 8,092 | |||||||||
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Total |
$ | 395,098 | $ | 294,401 | $ | 100,697 | ||||||
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Open non-cash mark-to-market gains (losses) on derivative instruments |
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Oil |
$ | 89,125 | $ | (56,428 | ) | $ | 145,553 | |||||
Natural gas liquids |
11,617 | | 11,617 | |||||||||
Natural gas |
8,961 | (4,454 | ) | 13,415 | ||||||||
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Total |
$ | 109,703 | $ | (60,882 | ) | $ | 170,585 | |||||
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Closed gains (losses) on derivative instruments |
||||||||||||
Oil |
$ | (5,858 | ) | $ | (1,203 | ) | $ | (4,655 | ) | |||
Natural gas liquids |
(1,545 | ) | | (1,545 | ) | |||||||
Natural gas |
347 | 1,668 | (1,321 | ) | ||||||||
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Total |
$ | (7,056 | ) | $ | 465 | $ | (7,521 | ) | ||||
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Total revenues |
$ | 497,745 | $ | 233,984 | $ | 263,761 | ||||||
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Production volumes |
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Oil (MBbl) |
7,098 | 6,944 | 154 | |||||||||
Natural gas liquids (MMgal) |
85.3 | 84.8 | 0.5 | |||||||||
Natural gas (MMcf) |
13,326 | 14,742 | (1,416 | ) | ||||||||
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Total production volumes (MBOE) |
11,350 | 11,421 | (71 | ) | ||||||||
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Average daily production volumes |
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Oil (MBbl/d) |
39.2 | 38.2 | 1.0 | |||||||||
Natural gas liquids (MMgal/d) |
0.5 | 0.5 | | |||||||||
Natural gas (MMcf/d) |
73.6 | 81.0 | (7.4 | ) | ||||||||
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Total average daily production volumes (MBOE/d) |
62.7 | 62.8 | (0.1 | ) | ||||||||
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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) |
$ | 45.58 | $ | 35.62 | $ | 9.96 | ||||||
Natural gas liquids (per gallon) |
$ | 0.38 | $ | 0.27 | $ | 0.11 | ||||||
Natural gas (per Mcf) |
$ | 2.39 | $ | 1.70 | $ | 0.69 | ||||||
Average realized prices excluding effects of all derivative instruments |
||||||||||||
Oil (per barrel) |
$ | 46.40 | $ | 35.79 | $ | 10.61 | ||||||
Natural gas liquids (per gallon) |
$ | 0.40 | $ | 0.27 | $ | 0.13 | ||||||
Natural gas (per Mcf) |
$ | 2.36 | $ | 1.59 | $ | 0.77 | ||||||
Costs per BOE |
||||||||||||
Oil, natural gas liquids and natural gas production expenses |
$ | 7.51 | $ | 7.93 | $ | (0.42 | ) | |||||
Production and ad valorem taxes |
$ | 2.29 | $ | 1.96 | $ | 0.33 | ||||||
Depreciation, depletion and amortization |
$ | 19.49 | $ | 20.70 | $ | (1.21 | ) | |||||
Exploration expense |
$ | 0.50 | $ | 0.15 | $ | 0.35 | ||||||
General and administrative |
$ | 3.54 | $ | 4.65 | $ | (1.11 | ) | |||||
Capital expenditures (includes acquisitions) |
$ | 720,246 | $ | 217,050 | $ | 503,196 |