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 $645.7 million. [ See “Non-GAAP Financial Measures” for more information and reconciliation.].
Production in 2012 increased 18 percent year-over-year, including a 40 percent increase in oil production; and the average realized sales price of oil increased 5 percent. The company’s decreased net income relative to 2011 was driven largely by substantially lower natural gas and NGL prices, increased DD&A expense, and higher LOE.
|Production by Area (MMBOE)|
|San Juan Basin||9.9||9.6||3||%|
|Average Realized Sales Prices|
|Oil (per barrel)||$||83.45||$||79.72||5||%|
|NGL (per gallon)||$||0.79||$||0.96||(18||)%|
|Natural Gas (per Mcf)||$||3.79||$||5.39||(30||)%|
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