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Energen Reports Third Quarter 2012 Operating And Financial Results

Stocks in this article: EGN

Energen Corporation (NYSE: EGN) announced today that its earnings in the three months ended September 30, 2012, totaled $2.0 million, or $0.03 per diluted share. Excluding non-cash mark-to-market losses on certain financial commodity contracts, Energen’s adjusted net income (a non-GAAP measure) totaled $31.8 million, or $0.44 per diluted share, and compared with 3 rd quarter 2011 adjusted net income of $54.5 million, or $0.75 per diluted share.

Non-cash, mark-to-market revenue losses in the 3 rd quarter 2012 were $46.8 million ($29.7 million after tax, or $0.41 per diluted share). Non-cash, market-to-market revenue gains in the same period in 2011 totaled $53.2 million ($33.1 million after tax, or $0.46 per diluted share). [See “Non-GAAP Financial Measures” for more information and reconciliation.]

A 15 percent production increase in the third quarter of 2012 as compared with the same period a year ago was more than offset by significantly lower natural gas and natural gas liquids (NGL) prices, increased depreciation expense (DD&A), and higher lease operating expense (LOE). Realized oil prices in the third quarter were down 2 percent year-over-year, while oil production increased 33 percent.

Consolidated adjusted EBITDA (a non-GAAP measure) totaled $172.0 million and compared with $168.6 million in the prior-year third quarter. Energen’s oil and gas exploration and production company, Energen Resources Corporation, had adjusted EBITDA of $173.6 million in the third quarter of 2012 and $170.1 million in the same period a year ago. [ See “Non-GAAP Financial Measures” for more information and reconciliation.]

2013 Capital, Production Outlook

Energen Resources’ preliminary 2013 budget includes capital investment of $875 million to drill and develop its assets in the liquids-rich Permian Basin, including approximately $130 million for horizontal test drilling in the Midland and Delaware sub-basins. An additional $25 million is being allocated primarily for 40 pay-adds in the San Juan Basin. In response to continued low natural gas prices, the company does not plan to invest drilling capital in any of its dry gas basins.

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