Energen (EGN) 8-K Energen Adds 676 Net Lower Spraberry Locationsto Drilling Inventory

Exhibit 99.2

CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)

For the 3 months ending March 31, 2015 and 2014

	1st Quarter
(in thousands, except per share data)	2015			2014			Change
Revenues
Oil, natural gas liquids and natural gas sales	$	187,822		$	350,822		$	(163,000	)
Gain (loss) on derivative instruments, net		34,036			(53,391	)		87,427
Total revenues		221,858			297,431			(75,573	)
Operating Costs and Expenses
Oil, natural gas liquids and natural gas production		67,754			67,444			310
Production and ad valorem taxes		19,065			27,324			(8,259	)
Depreciation, depletion and amortization		134,381			124,220			10,161
Asset impairment		6,583			1,246			5,337
Exploration		763			11,568			(10,805	)
General and administrative		32,055			32,173			(118	)
Accretion of discount on asset retirement obligations		2,010			1,843			167
(Gain) loss on sale of assets and other		(28,344	)		153			(28,497	)
Total costs and expenses		234,267			265,971			(31,704	)
Operating Income (Loss)		(12,409	)		31,460			(43,869	)
Other Income (Expense)
Interest expense		(11,758	)		(7,888	)		(3,870	)
Other income		46			323			(277	)
Total other expense		(11,712	)		(7,565	)		(4,147	)
Income (Loss) From Continuing Operations Before Income Taxes		(24,121	)		23,895			(48,016	)
Income tax expense (benefit)		(8,701	)		8,248			(16,949	)
Income (Loss) From Continuing Operations		(15,420	)		15,647			(31,067	)
Discontinued Operations, net of tax
Income from discontinued operations		—			38,719			(38,719	)
Loss on disposal of discontinued operations		—			(1,050	)		1,050
Income From Discontinued Operations		—			37,669			(37,669	)
Net Income (Loss)	$	(15,420	)	$	53,316		$	(68,736	)
Diluted Earnings Per Average Common Share
Continuing operations	$	(0.21	)	$	0.21		$	(0.42	)
Discontinued operations		—			0.52			(0.52	)
Net Income (Loss)	$	(0.21	)	$	0.73		$	(0.94	)
Basic Earnings Per Average Common Share
Continuing operations	$	(0.21	)	$	0.21		$	(0.42	)
Discontinued operations		—			0.52			(0.52	)
Net Income (Loss)	$	(0.21	)	$	0.73		$	(0.94	)
Diluted Avg. Common Shares Outstanding		72,830			73,045			(215	)
Basic Avg. Common Shares Outstanding		72,830			72,629			201
Dividends Per Common Share	$	0.02		$	0.15		$	(0.13	)

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CONSOLIDATED BALANCE SHEETS (UNAUDITED)

As of March 31, 2015 and December 31, 2014

(in thousands)	March 31, 2015		December 31, 2014
ASSETS
Current Assets
Cash and cash equivalents	$	1,530	$	1,852
Short-term investments		309,000		—
Accounts receivable, net of allowance		137,720		157,678
Inventories		17,763		14,251
Assets held for sale		—		395,797
Derivative instruments		272,675		322,337
Prepayments and other		18,009		27,445
Total current assets		756,697		919,360
Property, Plant and Equipment
Oil and natural gas properties, net		5,410,933		5,152,748
Other property and equipment, net		46,248		46,389
Total property, plant and equipment, net		5,457,181		5,199,137
Other assets		14,865		19,761
TOTAL ASSETS	$	6,228,743	$	6,138,258
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	97,563	$	101,453
Accrued taxes		17,199		5,530
Accrued wages and benefits		16,089		21,553
Accrued capital costs		159,026		207,461
Revenue and royalty payable		66,761		72,047
Liabilities related to assets held for sale		—		24,230
Pension liabilities		29,442		24,609
Deferred income taxes		53,867		79,164
Derivative instruments		12,870		988
Other		17,658		23,288
Total current liabilities		470,475		560,323
Long-term debt		1,238,569		1,038,563
Asset retirement obligations		97,315		94,060
Deferred income taxes		1,010,770		1,000,486
Noncurrent derivative instruments		1,018		—
Other long-term liabilities		11,419		30,222
Total liabilities		2,829,566		2,723,654
Total Shareholders’ Equity		3,399,177		3,414,604
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	6,228,743	$	6,138,258

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SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 3 months ending March 31, 2015 and 2014

	1st Quarter
(in thousands, except sales price and per unit data)	2015			2014			Change
Operating and production data from continuing operations
Oil, natural gas liquids and natural gas sales
Oil	$	142,028		$	253,759		$	(111,731	)
Natural gas liquids		10,834			28,203			(17,369	)
Natural gas		34,960			68,860			(33,900	)
Total	$	187,822		$	350,822		$	(163,000	)
Open non-cash mark-to-market gains (losses) on derivative instruments
Oil	$	(51,769	)	$	(21,464	)	$	(30,305	)
Natural gas liquids		—			287			(287	)
Natural gas		(7,882	)		(12,504	)		4,622
Total	$	(59,651	)	$	(33,681	)	$	(25,970	)
Closed gains (losses) on derivative instruments
Oil	$	77,483		$	(14,802	)	$	92,285
Natural gas liquids		—			196			(196	)
Natural gas		16,204			(5,104	)		21,308
Total	$	93,687		$	(19,710	)	$	113,397
Total revenues	$	221,858		$	297,431		$	(75,573	)
Production volumes
Oil (MBbl)		3,235			2,751			484
Natural gas liquids (MMgal)		36.2			37.9			(1.7	)
Natural gas (MMcf)		13,278			14,124			(846	)
Total production volumes (MBOE)		6,309			6,008			301
Average daily production volumes
Oil (MBbl/d)		35.9			30.6			5.3
Natural gas liquids (MMgal/d)		0.4			0.4			0.0
Natural gas (MMcf/d)		147.5			156.9			(9.4	)
Total average daily production volumes (MBOE/d)		70.1			66.8			3.3
Average realized prices excluding effects of open non-cash mark-to-market derivative instruments
Oil (per barrel)	$	67.86		$	86.86		$	(19.00	)
Natural gas liquids (per gallon)	$	0.30		$	0.75		$	(0.45	)
Natural gas (per Mcf)	$	3.85		$	4.51		$	(0.66	)
Average realized prices excluding effects of all derivative instruments
Oil (per barrel)	$	43.90		$	92.24		$	(48.34	)
Natural gas liquids (per gallon)	$	0.30		$	0.74		$	(0.44	)
Natural gas (per Mcf)	$	2.63		$	4.88		$	(2.25	)
Costs per BOE
Oil, natural gas liquids and natural gas production expenses	$	10.74		$	11.23		$	(0.49	)
Production and ad valorem taxes	$	3.02		$	4.55		$	(1.53	)
Depreciation, depletion and amortization	$	21.30		$	20.68		$	3.04
Exploration expense	$	0.12		$	1.93		$	(1.81	)
General and administrative	$	5.08		$	5.36		$	(0.28	)
Net capital expenditures	$	375,827		$	271,696		$	104,131

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