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Energen Corporation's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Stocks in this article: EGN

All statements based on future expectations are forward-looking statements that are dependent on certain events, risks and uncertainties that may be outside the company’s control and could cause actual results to differ materially from those anticipated. Please refer to the company’s periodic reports filed with the Securities and Exchange Commission for a more complete discussion of the risks and uncertainties that could affect the future results of Energen and its subsidiaries.

At this time, I will turn the call over to Energen’s Chairman and Chief Executive Officer, James McManus. James?

James T. McManus, II

Thanks, Julie, and good afternoon to all of you. There is a lot of news and a number of very positive developments to cover today. So I am going to jump in and talk first about our Permian Basin activities. In short, we remain very pleased with our Permian Basin operations, our vertical Wolfberry Wells in Midland Basin and our third Bone Spring Wells in the Delaware Basin continue to meet or exceed our expectations.

In the Delaware Basin, the performance of our third Bone Spring wells continues to improve as we focus operations in our core area in Ward, Winkler and Loving counties far east of the Pecos River.

In the first three months of 2012 we tested seven gross 3rd Bone Spring wells. Their initial stabilized rates ranged from 514 BOE per day with 61% oil to 1,737 BOE per day with 76% oil. The average rate was 1,004 BOE per day, of which 73% was oil. At 1,737 BOE per day this Ward County well is our top initial performer today. The well is tested on a 16/64" choke at a pressure of 4,400 PSI. Five of the seven wells we tested in the first quarter had sufficient production history to generate an average 30-day production rate of 783 BOE per day with 72% oil.

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