Energen Reports 4th Quarter And CY12 Operating And Financial Results

2013 Capital, Production Outlook Affirmed

Energen today affirmed its guidance for 2013 capital, production, cash flows, and earnings.

2013e Capital, Drilling, and Production Summary
			2013e Capital					2013e Wells				2013e			Production
			($MM)					Gross (Net)				Rig Count			2013e			2012
Midland Basin			$	465				185 (173	)			10-11			5.6			3.5
Wolfberry			$	420				179 (167	)			9-10
Wolfcamp/Cline			$	45				6 (6	)			1
Delaware Basin			$	325				44 (38	)			6			4.6			2.9
3 rd Bone Spring			$	240				32 (28	)			4
Wolfcamp/Wolfbone			$	85				12 (10	)			2
Other Permian*			$	85				110 (88	)			1-2			4.5			4.8
San Juan Basin/Other			$	25				0				0			11.4			12.9
TOTAL			$	900				339 (299	)			17-19			26.1			24.1
* Includes 5 gross (4 net) injector wells

Production (MMBOE)
Commodity			2013e			2012			Change
Oil			10.6			8.8			20	%
NGL			3.4			2.6			31	%
Natural Gas			12.1			12.7			(5	)%
Total			26.1			24.1			8	%

Energen’s guidance range for 2013 consolidated after-tax cash flows is $917-$946 million. Energen Resources’ after-tax cash flows are estimated to be $822-$851 million, and Alagasco’s utility operations are expected to generate after-tax cash flows of approximately $95 million. Net income in 2013 is estimated to be $219-$248 million, or $3.03-$3.43 per diluted share, and includes $22.2 million, or 31 cents per diluted share, of potential dry hole expense. Guidance does not include non-cash, mark-to-market gains or losses. [See “Non-GAAP Financial Measures” for more information and reconciliation.]

Energen Resources’ estimated exploration and production expenses per BOE in 2013 are:
Lease Operating expense
Base, marketing, and transportation			$	10.25
Production taxes			$	2.48
DD&A expense			$	18.46
General & Administrative expense, net			$	3.57
Interest expense			$	2.27

Approximately 70 percent of the company’s total estimated production in 2013 is hedged, including 84 percent of estimated oil production, 31 percent of estimated NGL production, and 69 percent of estimated natural gas. Assumed prices applicable to Energen Resources unhedged volumes are $90.00 per barrel of oil, $0.89 per gallon of NGL, and $3.50 per Mcf of natural gas.

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