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Energen Reports 4th Quarter And CY12 Operating And Financial Results

Stocks in this article: EGN

Non-cash items in 2012 were mark-to-market revenue gains on certain financial commodity contracts of $58.8 million ($37.2 million after tax, or 52 cents per diluted share) and a commodity price-related write-down of natural gas properties in East Texas of $21.5 million ($13.4 million after tax, or 19 cents per diluted share). Mark-to-market revenue losses in 2011 totaled $37.6 million ($23.4 million after tax, or 32 cents per diluted share). [ See “Non-GAAP Financial Measures” for explanation and reconciliation.]

Excluding non-cash items, Energen Resources’ adjusted 2012 net income totaled $180.3 million as compared with $236.4 million in 2011.

Consolidated adjusted EBITDA (a non-GAAP measure) in 2012 totaled $845.3 million and increased 10 percent from 2011 adjusted EBITDA of $771.7 million. Energen Resources’ adjusted 2012 EBITDA totaled $708.6 million and compared with 2011 adjusted EBITDA of $645.7 million. [ See “Non-GAAP Financial Measures” for more information and reconciliation.].

Production in 2012 increased 18 percent year-over-year, including a 40 percent increase in oil production; and the average realized sales price of oil increased 5 percent. The company’s decreased net income relative to 2011 was driven largely by substantially lower natural gas and NGL prices, increased DD&A expense, and higher LOE.


Production (MMBOE)

Commodity     2012     2011     Change
Oil     8.8     6.3     40 %
NGL 2.6 2.2 18 %
Natural Gas       12.7       12.0     6 %
Total       24.1       20.5     18 %

Production by Area (MMBOE)

Area     2012     2011     Change
Permian Basin 11.2 7.8 44 %
San Juan Basin 9.9 9.6 3 %
Other       3.0       3.1     (3



Average Realized Sales Prices

Commodity     2012     2011     Change
Oil (per barrel) $ 83.45 $ 79.72 5 %
NGL (per gallon) $ 0.79 $ 0.96 (18


Natural Gas (per Mcf)     $ 3.79     $ 5.39     (30



Total LOE per unit in 2012 increased approximately 1 percent from the prior year to $12.73 per BOE. Base LOE and marketing and transportation expenses increased 5 percent to $10.41 per BOE largely due to increased water disposal costs, ad valorem taxes, and equipment rental partially offset by lower operations and maintenance expense. Commodity price-driven production taxes declined approximately 14 percent on a per-unit basis to $2.32 per unit.

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