News Release

Production Beats 1Q18 Guidance Midpoint by 4%
Gen 3 Delaware Basin Wells Continue to Outperform
Commodity and Differential Hedges Added in 2018 and 2019 to Help Mitigate Risk
****NOTE: 1Q18 conference call slides available at www.energen.com****
FINANCIAL AND OPERATING HIGHLIGHTS
CY18 OFF TO EXCELLENT START IN 1Q
- Total production of 92.9 mboepd surpasses guidance midpoint by 4% primarily due to well outperformance
- Oil production of 55.4 mbopd exceeds top end of 1Q18 guidance range – up 5% from midpoint
- Per-unit net SG&A expense of
$2.66 /boe beats guidance midpoint by 11% - Adjusted EBITDAX totaled
$240.6 million , exceeding internal expectations by ≈10% - >70% of estimated oil production (at guidance mdpt) for ROY hedged as well as ≈58% of the basis differential
- Bolt-on acquisitions in 1Q18 add ≈1,100 net leasehold acres for ≈$18 million
STRONG EXECUTION SHOWCASED IN 1Q18
- 25 gross (23 net) wells turned to production in 1Q18 as efficiencies help drive above-budget pace
- 8 new Gen 3 Wolfcamp wells in
Delaware Basin deliver average peak 24-hour IP rates of >440 boepd/1,000’ - Performance of new Gen 3 Wolfcamp wells in central
Midland Basin in line with type curve First Gen 3 Cline tests generate excellent results in north and centralMidland Basin
Comments from the CEO
“In the first quarter of 2018,
“We are pleased to report that we have all of the rigs and services lined up to execute on our 2018 drilling and development plans. We have strong arrangements in place to provide flow assurance for our oil and gas production. And we have high-quality, oil-focused assets with attractive rates of return and an outstanding balance sheet,” McManus added. “In short, we are extremely pleased with our performance in the quarter and confident that
1Q18 Operations Update
Energen’s production in 1Q18 totaled 92.9 mboepd, or 4 percent higher than the guidance midpoint of 89.5 mboepd; this primarily was due to the outperformance of wells. A secondary contributor was wells being placed on production ahead of schedule but generally late in the quarter.
1Q18 Production (mboepd) |
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Commodity | 1Q18 | ||||||||||||||||
Actual | Guidance Mdpt | % ∆ | |||||||||||||||
Oil | 55.4 |
53.0 |
5 | ||||||||||||||
NGL | 18.2 | 17.5 | 4 | ||||||||||||||
Natural Gas | 19.3 | 19.0 | 2 | ||||||||||||||
Total | 92.9 | 89.5 | 4 | ||||||||||||||
Note: Totals above may not sum due to rounding. |
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1Q18 Wells Turned to Production |
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Area | # Wells |
Avg. |
Avg. Peak 24-Hr IP |
Avg. Peak 30-Day IP |
||||||||||||||||||||||||||||||||||||||||||||
Boepd |
Boepd/ |
% Oil | Boepd |
Boepd/ |
% Oil | |||||||||||||||||||||||||||||||||||||||||||
Delaware Basin1 | 8 |
Wolfcamp A (3) |
5,529 | 2,440 | 441 | 53 | % | 1,669* | 392* |
58 |
%* |
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N. Midland Basin2 | 1 | Wolfcamp B | 11,053 | 1,930 | 175 | 88 | % | |||||||||||||||||||||||||||||||||||||||||
N. Midland Basin | 1 | Cline | 7,531 | 1,593 | 212 | 87 | % | |||||||||||||||||||||||||||||||||||||||||
C. Midland Basin | 11 | Wolfcamp A/B | 8,736 | 1,600 | 188 | 81 | % | 1,186 | 136 | 75 | % | |||||||||||||||||||||||||||||||||||||
C. Midland Basin3 | 1 | Cline | 6,572 | 2,318 | 353 | 69 | % | 1,233 | 188 | 65 | % |
1 |
Excludes 1 well for which there is insufficient production history and 1 test well |
|
* 30-day peak data for 5 wells with sufficient production history |
||
2 |
Excludes 2 wells (a Lower Spraberry and a Jo Mill) for which there is insufficient production history |
|
3 |
Turned to production in late 4Q17 but not previously disclosed due to timing of first production |
|
Of the wells placed on production in 1Q18, 40 percent (all of which are in the
Among the operating highlights in the quarter was a 9,350’ lateral Wolfcamp A in the
1Q18 Financial Results
For the 3 months ended
Energen’s adjusted 1Q18 earnings exceeded internal expectations by
Drilling and development capital invested in 1Q18 totaled
1Q18 Expenses |
||||||||||||||||||||||
Per BOE, except where noted | 1Q18 | |||||||||||||||||||||
Actual |
Guidance |
% ∆ | ||||||||||||||||||||
LOE (production costs, marketing & transportation) | $ | 6.30 | $ | 6.30 | -- | |||||||||||||||||
Production & ad valorem taxes (% of revenues excl. hedges) |
6.3 | % | 6.4 | % | NM | |||||||||||||||||
DD&A | $ | 14.72 | $ | 14.95 | (2 | ) | ||||||||||||||||
SG&A | $ | 2.66 | $ | 3.00 | (11 | ) | ||||||||||||||||
Exploration (incudes seismic, delay rentals, etc.) | $ | 0.14 | $ | 0.18 | (22 | ) | ||||||||||||||||
Effective tax rate (%) | 23 | % | 23 | % | -- | |||||||||||||||||
1Q18 Average Realized Prices |
||||||||||||||
Commodity | With Hedges | W/O Hedges | ||||||||||||
Oil (per barrel) | $ | 57.65 | $ | 60.99 | ||||||||||
NGL (per gallon) | $ | 0.44 | $ | 0.50 | ||||||||||
Natural Gas (per mcf) | $ | 1.92 | $ | 1.89 | ||||||||||
NOTE: Average prices for oil are net of transportation costs. Average prices for NGLs and natural gas in 1Q18 were impacted by the adoption of Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASC 606”), which requires certain transportation, gathering, processing, and compression fees paid to be recorded as a deduction to revenues. Prior to 2018, certain of these fees were recorded as gathering and transportation, which are included in lease operating expenses. Additional information can be found in the Company’s Form 10-Q filing with the
Liquidity and Leverage Update
As of
Effective
2018 Overview
Estimated total capital spending for drilling and development activities in 2018 remains unchanged from prior guidance of
The company estimates its YE18 DUCs will total approximately 35 gross/32 net.
2018 Production Guidance
Estimated 2018 production guidance of 92.0 – 99.0 mboepd reflects the impact of 1Q18 actual results, while guidance ranges for the rest of the year remain unchanged.
1Q18a | 2Q18e | 3Q18e | 4Q18e | CY18e | |||||||||||||||||||||||
Oil | 55.4 | 51.5 - 54.5 | 54.0 - 57.0 | 65.0 - 68.0 | 56.0 - 59.0 | ||||||||||||||||||||||
NGL | 18.2 | 17.0 - 19.0 | 16.5 - 18.5 | 18.0 - 20.0 | 17.0 - 19.0 | ||||||||||||||||||||||
Gas | 19.3 | 19.0 - 21.0 | 19.0 - 21.0 | 20.0 - 22.0 | 19.0 - 21.0 | ||||||||||||||||||||||
Total | 92.9 | 87.5 - 94.5 | 89.5 - 96.5 | 103.5 - 110.5 | 92.0 - 99.0 | ||||||||||||||||||||||
Note: Totals in production table above may not sum due to rounding. |
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2018 First Production/Flow back (Operated Horizontal Wells – Gross/Net) |
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1Q18a | 2Q18e | 3Q18e | 4Q18e | CY18e | |||||||||||||||||||||||
Midland Basin | 15/13 | 10/9 | 20/20 | 20/17 | 65/59 | ||||||||||||||||||||||
Delaware Basin | 10/10 | 8/6 | 9/8 | 22/21 | 49/46 | ||||||||||||||||||||||
NOTE: Totals may not sum due to rounding |
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CY18 Operating Expenses |
|||||||||||||||||||||||||||
Per BOE, except where noted | 1Q18a | 2Q18e | 3Q18e | 4Q18e | CY18e | ||||||||||||||||||||||
LOE | $ 6.30 | $6.80 - $7.00 | $6.50 - $6.70 | $6.10 -$6.30 | $6.40 - $6.60 | ||||||||||||||||||||||
Prod. & ad valorem taxes* | 6.3% | 6.2% | 6.2% | 6.2% | 6.2% | ||||||||||||||||||||||
DD&A expense | $ 14.72 | $14.75 - $15.25 | $14.15 - $14.65 | $13.40 - $13.90 | $14.15 - $14.65 | ||||||||||||||||||||||
SG&A, net | $ 2.66 | $2.50 - $2.90 | $2.30 - $2.70 | $1.80 - $2.20 | $2.30 - $2.70 | ||||||||||||||||||||||
Exploration expense | $ 0.14 | $0.15 - $0.20 | $0.15 - $0.20 | $0.15 - $0.20 | $0.15 - $0.20 | ||||||||||||||||||||||
Effective tax rate (%) | 23% | 22% - 24% | 22% - 24% | 22% - 24% | 22% - 24% | ||||||||||||||||||||||
* % of revenues, excluding hedges |
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LOE per boe in CY18 is estimated to range from
Hedges
Since reporting year-end 2018 results,
Energen’s total oil hedge position for the remainder of 2018 is as follows: |
||||||||||||
Oil | Hedge Volumes | Avg. NYMEX Price | ||||||||||
Swaps | 1.4 mmbo | $ 60.24 per barrel | ||||||||||
Three way Collars¹ | 10.1 mmbo | |||||||||||
Call Price | $ 60.04 per barrel | |||||||||||
Put Price | $ 45.47 per barrel | |||||||||||
Short Put Price | $ 35.47 per barrel |
1 |
When the NYMEX price is above the call price, Energen receives the call price; when the NYMEX price is between the call price and the put price, Energen receives the NYMEX price; when the NYMEX price is between the put price and the short put price, Energen receives the put price; and when the NYMEX price is below the short put price, Energen receives the NYMEX price plus the difference between the put price and the short put price. |
|
Energen’s total natural gas and NGL hedge positions for the remainder of 2018 are as follows: |
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Commodity | Hedge Volumes | Production Guidance | % Hedged | Avg. Price | ||||||||||||||||||
NGL | 102.1 mm gallons | 209.8 mm gallons | 49% | $ 0.61 per gallon | ||||||||||||||||||
Natural gas |
8.1 bcf |
33.6 bcf | 24% | $ 1.98 per Mcf | ||||||||||||||||||
Note: The average price reflected for natural gas represents a basin-specific net Permian price |
||||||||||||||||||||||
2Q18 Hedges
For the three months ended
Oil | Hedge Volumes | Avg. NYMEX Price | ||||||||||
Swaps | 0.4 mmbo | $ 60.17 per barrel | ||||||||||
Three way Collars | 3.4 mmbo | |||||||||||
Call Price | $ 60.04 per barrel | |||||||||||
Put Price | $ 45.47 per barrel | |||||||||||
Short Put Price | $ 35.47 per barrel | |||||||||||
Energen’s total natural gas and NGL hedge positions for 2Q18 are as follows: |
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Commodity | Hedge Volumes | Production Guidance | Hedge % | Avg. Price | ||||||||||||||||||
NGL | 34.0 mm gallons | 68.8 mm gallons | 49% | $ 0.61 per gallon | ||||||||||||||||||
Natural Gas | 2.7 bcf | 10.9 bcf | 25% | $ 1.98 per mcf | ||||||||||||||||||
Note: The average price reflected for natural gas represents a basin-specific net Permian price |
||||||||||||||||||||||
The company’s average realized prices in the last nine months of 2018 (and in 2Q18) will reflect commodity and basis hedges, oil transportation charges of approximately
The assumed gas basis is
Estimated Price Realizations (pre-hedge): |
||||||||||||
2Q18 | ROY 2018 | |||||||||||
Crude oil (% of NYMEX/WTI) | 93 | 91 | ||||||||||
NGL (after T&F) (% of NYMEX/WTI) | 31 | 31 | ||||||||||
Natural gas (% of NYMEX/Henry Hub) | 38 | 36 | ||||||||||
2019 Hedges
Energen’s total oil hedge position for 2019 is as follows: |
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Oil | 2019 Hedge Volumes | Avg. NYMEX Price | ||||||||||
Swaps | 3.6 mmbo | $ 57.28 per barrel | ||||||||||
Three-way Collars | 5.8 mmbo | |||||||||||
Call Price | $ 61.65 per barrel | |||||||||||
Put Price | $ 45.94 per barrel | |||||||||||
Short Put Price | $ 35.94 per barrel | |||||||||||
Energen’s NGL hedge position for 2019 is as follows: |
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Commodity | Hedge Volumes | Avg. Price | ||||||||||
NGL | 85.7 mm gallons | $ 0.64 per gallon | ||||||||||
Supplemental Slides and Conference Call
1Q18 supplemental slides associated with Energen’s quarterly release and conference call are available at www.energen.com.
FORWARD LOOKING STATEMENTS: All statements, other than statements of historical fact, appearing in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among other things, statements about our expectations, beliefs, intentions or business strategies for the future, statements concerning our outlook with regard to the timing and amount of future production of oil, natural gas liquids and natural gas, price realizations, the nature and timing of capital expenditures for exploration and development, plans for funding operations and drilling program capital expenditures, the timing and success of specific projects, operating costs and other expenses, proved oil and natural gas reserves, liquidity and capital resources, outcomes and effects of litigation, claims and disputes and derivative activities. Forward-looking statements may include words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “forecast”, “foresee”, “intend”, “may”, “plan”, “potential”, “predict”, “project”, “seek”, “will” or other words or expressions concerning matters that are not historical facts. These statements involve certain risks and uncertainties that may cause actual results to differ materially from expectations as of the date of this news release. Except as otherwise disclosed, the forward-looking statements do not reflect the impact of possible or pending acquisitions, investments, divestitures or restructurings. The absence of errors in input data, calculations and formulas used in estimates, assumptions and forecasts cannot be guaranteed. We base our forward-looking statements on information currently available to us, and we undertake no obligation to correct or update these statements whether as a result of new information, future events or otherwise. Additional information regarding our forward‐looking statements and related risks and uncertainties that could affect future results of
CAUTIONARY STATEMENTS: The
Financial, operating, and support data pertaining to all reporting periods included in this release are unaudited and subject to revision.
Non-GAAP Financial Measures |
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Adjusted Net Income is a Non-GAAP financial measure (GAAP refers to generally accepted accounting principles) which excludes the effects of certain non-cash mark-to-market derivative financial instruments. Adjusted income from continuing operations further excludes impairment losses, income associated with acreage swaps, and losses associated with the Tax Cuts and Jobs Act. Energen believes that excluding the impact of these items is more useful to analysts and investors in comparing the results of operations and operational trends between reporting periods and relative to other oil and gas producing companies. |
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Three Months Ended 3/31/18 | ||||||||||||||
Energen Net Income ($ in millions except per share data) | Net Income | Per Diluted Share | ||||||||||||
Net Income (Loss) All Operations (GAAP) | 118.9 | 1.22 | ||||||||||||
Non-cash mark-to-market gains (net of $4.1 tax) | (14.6 | ) | (0.15 | ) | ||||||||||
Asset impairment, other (net of $0.1 tax) * | 0.3 |
nm |
||||||||||||
Income associated with 2018 acreage swaps (net of $7.4 tax) | (26.0 | ) | (0.27 | ) | ||||||||||
Expense associated with Tax Cuts and Jobs Act | 0.8 | 0.01 | ||||||||||||
Adjusted Income from Continuing Operations (Non-GAAP) | 79.4 | 0.81 | ||||||||||||
Three Months Ended 3/31/17 | ||||||||||||||
Energen Net Income ($ in millions except per share data) | Net Income | Per Diluted Share | ||||||||||||
Net Income (Loss) All Operations (GAAP) | 33.4 | 0.34 | ||||||||||||
Non-cash mark-to-market gains (net of $25.7 tax) | (46.7 | ) | (0.48 | ) | ||||||||||
Asset impairment, other (net of $0.5 tax)* | 0.9 | 0.01 | ||||||||||||
Adjusted Income from Continuing Operations (Non-GAAP) | (12.4 | ) | (0.13 | ) | ||||||||||
Note: Amounts may not sum due to rounding | ||||||||||||||
* This may include impairments, lease expirations, and dry hole expense. | ||||||||||||||
Non-GAAP Financial Measures |
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Earnings before interest, taxes, depreciation, depletion, amortization and exploration expenses (EBITDAX) is a Non-GAAP financial measure (GAAP refers to generally accepted accounting principles). Adjusted EBITDAX from continuing operations further excludes impairment losses, certain non-cash mark-to-market derivative financial instruments, income associated with acreage swaps, and losses associated with the Tax Cuts and Jobs Act . Energen believes these measures allow analysts and investors to understand the financial performance of the company from core business operations, without including the effects of capital structure, tax rates and depreciation. Further, this measure is useful in comparing the company and other oil and gas producing companies. |
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Reconciliation To GAAP Information | Three Months Ended 3/31 | |||||||||||||
($ in millions) | 2018 | 2017 | ||||||||||||
Energen Net Income (Loss) (GAAP) | 118.9 | 33.4 | ||||||||||||
Interest expense | 10.2 | 9.0 | ||||||||||||
Income tax expense | 35.4 | 19.4 | ||||||||||||
Depreciation, depletion and amortization | 124.2 | 99.7 | ||||||||||||
Accretion expense | 1.5 | 1.4 | ||||||||||||
Exploration expense | 1.2 | 3.6 | ||||||||||||
Adjustment for asset impairment, other * | 0.4 | 1.5 | ||||||||||||
Adjustment for mark-to-market gains | (18.7 | ) | (72.4 | ) | ||||||||||
Expense associated with Tax Cuts and Jobs Act | 0.8 | 0.0 | ||||||||||||
Income associated with 2018 acreage swaps | (33.4 | ) | 0.0 | |||||||||||
Energen Adjusted EBITDAX from Continuing Operations (Non-GAAP) | 240.6 | 95.6 | ||||||||||||
Note: Amounts may not sum due to rounding | ||||||||||||||
* This may include impairments, lease expirations, and dry hole expense. | ||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
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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 | ||||||||||||||
CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
||||||||||
|
||||||||||
(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 | ||||||
SELECTED BUSINESS SEGMENT DATA (UNAUDITED) For the 3 months ending March 31, 2018 and 2017 |
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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 | ) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20180508005324/en/
Source:
Energen Corporation
Julie S. Ryland, 205-326-8421