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Energen Reports 4th Quarter And CY12 Operating And Financial Results

Stocks in this article: EGN

The bulk of proved reserves added through acquisition were vertical Wolfberry in the Midland Basin. Of reserves that moved from unproved to proved, approximately 50 percent were 3 rd Bone Spring sands in the Delaware Basin, approximately 45 percent were vertical Wolfberry in the Midland Basin, and approximately 5 percent were waterfloods in the Central Basin Platform. Twenty-five percent of Energen’s proved reserves are undeveloped.


Proved Reserves by Basin (MMBOE)

Basin     YE11    

2012 Production


2012 Acquisitions


Price/Other Revisions

Permian     183.6     (11.2 )     12.3     56.9     (16.6 )     225.0
San Juan Basin 129.6 (9.9 ) 0.0 0.9 (19.7 ) 100.9
Black Warrior/Other     29.9     (3.0 )     0.0     0.1     (6.5 )     20.5
TOTAL     343.1     (24.1 )     12.3     57.9     (42.8 )     346.4

Proved Reserves by Commodity (MMBOE)

Commodity     2012     2011     % Change
Oil     155.3     129.6     19.8
Natural gas liquids 56.2 54.0 4.1
Natural gas     134.9     159.5     (15.4 )
TOTAL     346.4     343.1     1.0  

100 Net Upper Wolfcamp Locations Added to Midland Basin Unproved Reserves

Probable and possible reserves at year-end 2012 declined to 407 MMBOE. Substantially lower gas and NGL prices resulted in the loss of approximately 137 MMBOE of unproved San Juan reserves at the end of the 2012. In the Delaware Basin, 3 rd Bone Spring reserves west side of the Pecos River were revised down by some 64 MMBOE. Approximately 54 MMBOE of prior-year unproved reserves – primarily in the Delaware and Midland basins – were proved up.

The company added net reserves of approximately 36 MMBOE for 100 net Upper Wolfcamp locations in Glasscock County; this represents gross EURs of 460 MBOE per well assuming 160-acre spacing and 4,400’ horizontal lengths. Energen also gained 18 MMBOE of unproved Wolfberry reserves through acquisition.

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