Energen (EGN) Tops Q3 EPS by 14c, Offers Guidance

Energen (NYSE: EGN) reported Q3 EPS of $0.62, $0.14 better than the analyst estimate of $0.48.

4th Quarter and Full-year 2014 Capital, Production and Financial Guidance

Energen’s 2014 drilling and development capital is estimated to remain under $1.4 billion, in keeping with prior guidance. The company production guidance midpoint, however, is estimated to increase 0.5 MMBOE to 25.9 MMBOE (70,950 boepd). Energen is both raising and narrowing its 2014 production guidance range to 25.6 to 26.2 MMBOE (70,135-71,780 boepd). The company is maintaining its 4th quarter production guidance midpoint of 6.9 MMBOE (75,000 boepd) within a range of 6.6 to 7.2 MMBOE (71,740-78,260 boepd).

Approximately 72 percent of the company’s 4th quarter production guidance midpoint of 6.9 MMBOE is hedged. Hedges also are in place that limit the company’s exposure in the 4th quarter to the Midland to Cushing differential. Energen has hedged the WTS Midland to WTI Cushing (sour oil) differential for 0.3 million barrels of oil production at an average price of $3.30 per barrel and the WTI Midland to WTI Cushing differential for 0.6 million barrels at an average price of $3.08 per barrel. Energen estimates that approximately 76 percent of its oil production for the remainder of 2014 will be sweet. Gas basis assumptions are $0.05 per Mcf in the Permian and San Juan basins.

For earnings history and earnings-related data on Energen (EGN) click here.

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Zeo Energy Corp (ZEO) Misses Q2 EPS by 7c
• Algorhythm Holdings (RIME) Tops Q2 EPS by 54c