Energen (EGN) 8-K Strong Results Generated by 9 Appraisal Wells in Delaware, Midland basins

Exhibit 99.2

CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)

For the 3 months ending June 30, 2015 and 2014

	2nd Quarter						Change
(in thousands, except per share data)	2015			2014
Revenues
Oil, natural gas liquids and natural gas sales	$	219,290		$	355,852		$	(136,562	)
Loss on derivative instruments, net		(50,964	)		(84,846	)		33,882
Total revenues		168,326			271,006			(102,680	)
Operating Costs and Expenses
Oil, natural gas liquids and natural gas production		53,581			64,697			(11,116	)
Production and ad valorem taxes		13,352			28,049			(14,697	)
Depreciation, depletion and amortization		149,843			136,244			13,599
Asset impairment		60,413			1,342			59,071
Exploration		11,018			1,233			9,785
General and administrative		38,652			33,542			5,110
Accretion of discount on asset retirement obligations		1,669			1,883			(214	)
(Gain) loss on sale of assets and other		1,476			909			567
Total costs and expenses		330,004			267,899			62,105
Operating Income (Loss)		(161,678	)		3,107			(164,785	)
Other Income (Expense)
Interest expense		(11,244	)		(7,964	)		(3,280	)
Other income		41			687			(646	)
Total other expense		(11,203	)		(7,277	)		(3,926	)
Loss From Continuing Operations Before Income Taxes		(172,881	)		(4,170	)		(168,711	)
Income tax expense (benefit)		(61,280	)		(1,016	)		(60,264	)
Loss From Continuing Operations		(111,601	)		(3,154	)		(108,447	)
Discontinued Operations, net of tax
Loss from discontinued operations		—			(4,799	)		4,799
Loss From Discontinued Operations		—			(4,799	)		4,799
Net Income (Loss)	$	(111,601	)	$	(7,953	)	$	(103,648	)
Diluted Earnings Per Average Common Share
Continuing operations	$	(1.52	)	$	(0.04	)	$	(1.48	)
Discontinued operations		—			(0.07	)		0.07
Net Income (Loss)	$	(1.52	)	$	(0.11	)	$	(1.41	)
Basic Earnings Per Average Common Share
Continuing operations	$	(1.52	)	$	(0.04	)	$	(1.48	)
Discontinued operations		—			(0.07	)		0.07
Net Income (Loss)	$	(1.52	)	$	(0.11	)	$	(1.41	)
Diluted Avg. Common Shares Outstanding		73,452			72,851			601
Basic Avg. Common Shares Outstanding		73,452			72,851			601
Dividends Per Common Share	$	0.02		$	0.15		$	(0.13	)

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CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)

For the 6 months ending June 30, 2015 and 2014

	Year-to-date						Change
(in thousands, except per share data)	2015			2014
Revenues
Oil, natural gas liquids and natural gas sales	$	407,112		$	706,674		$	(299,562	)
Loss on derivative instruments, net		(16,928	)		(138,237	)		121,309
Total revenues		390,184			568,437			(178,253	)
Operating Costs and Expenses
Oil, natural gas liquids and natural gas production		121,335			132,141			(10,806	)
Production and ad valorem taxes		32,417			55,373			(22,956	)
Depreciation, depletion and amortization		284,224			260,464			23,760
Asset impairment		66,996			2,588			64,408
Exploration		11,781			12,801			(1,020	)
General and administrative		70,707			65,715			4,992
Accretion of discount on asset retirement obligations		3,679			3,726			(47	)
(Gain) loss on sale of assets and other		(26,868	)		1,062			(27,930	)
Total costs and expenses		564,271			533,870			30,401
Operating Income (Loss)		(174,087	)		34,567			(208,654	)
Other Income (Expense)
Interest expense		(23,002	)		(15,852	)		(7,150	)
Other income		87			1,010			(923	)
Total other expense		(22,915	)		(14,842	)		(8,073	)
Income (Loss) From Continuing Operations Before Income Taxes		(197,002	)		19,725			(216,727	)
Income tax expense (benefit)		(69,981	)		7,232			(77,213	)
Income (Loss) From Continuing Operations		(127,021	)		12,493			(139,514	)
Discontinued Operations, net of tax
Income from discontinued operations		—			33,920			(33,920	)
Loss on disposal of discontinued operations		—			(1,050	)		1,050
Income From Discontinued Operations		—			32,870			(32,870	)
Net Income (Loss)	$	(127,021	)	$	45,363		$	(172,384	)
Diluted Earnings Per Average Common Share
Continuing operations	$	(1.74	)	$	0.17		$	(1.91	)
Discontinued operations		—			0.45			(0.45	)
Net Income (Loss)	$	(1.74	)	$	0.62		$	(2.36	)
Basic Earnings Per Average Common Share
Continuing operations	$	(1.74	)	$	0.17		$	(1.91	)
Discontinued operations		—			0.45			(0.45	)
Net Income (Loss)	$	(1.74	)	$	0.62		$	(2.36	)
Diluted Avg. Common Shares Outstanding		73,143			73,031			112
Basic Avg. Common Shares Outstanding		73,143			72,737			406
Dividends Per Common Share	$	0.04		$	0.30		$	(0.26	)

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CONSOLIDATED BALANCE SHEETS (UNAUDITED)

As of June 30, 2015 and December 31, 2014

(in thousands)	June 30, 2015		December 31, 2014
ASSETS
Current Assets
Cash and cash equivalents	$	1,510	$	1,852
Accounts receivable, net of allowance		128,564		157,678
Inventories		17,988		14,251
Assets held for sale		—		395,797
Derivative instruments		147,789		322,337
Prepayments and other		22,419		27,445
Total current assets		318,270		919,360
Property, Plant and Equipment
Oil and natural gas properties, net		5,493,509		5,152,748
Other property and equipment, net		46,773		46,389
Total property, plant and equipment, net		5,540,282		5,199,137
Other assets		14,094		19,761
TOTAL ASSETS	$	5,872,646	$	6,138,258
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	94,953	$	101,453
Accrued taxes		14,055		5,530
Accrued wages and benefits		22,217		21,553
Accrued capital costs		110,485		207,461
Revenue and royalty payable		62,179		72,047
Liabilities related to assets held for sale		—		24,230
Pension liabilities		29,616		24,609
Deferred income taxes		11,970		79,164
Derivative instruments		10,220		988
Other		23,220		23,288
Total current liabilities		378,915		560,323
Long-term debt		686,575		1,038,563
Asset retirement obligations		99,049		94,060
Deferred income taxes		1,001,251		1,000,486
Noncurrent derivative instruments		3,902		—
Other long-term liabilities		12,906		30,222
Total liabilities		2,182,598		2,723,654
Total Shareholders’ Equity		3,690,048		3,414,604
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	5,872,646	$	6,138,258

16

SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 3 months ending June 30, 2015 and 2014

	2nd Quarter						Change
(in thousands, except sales price and per unit data)	2015			2014
Operating and production data from continuing operations
Oil, natural gas liquids and natural gas sales
Oil	$	188,599		$	262,746		$	(74,147	)
Natural gas liquids		14,781			31,163			(16,382	)
Natural gas		15,910			61,943			(46,033	)
Total	$	219,290		$	355,852		$	(136,562	)
Open non-cash mark-to-market gains (losses) on derivative instruments
Oil	$	(103,734	)	$	(66,172	)	$	(37,562	)
Natural gas liquids		—			40			(40	)
Natural gas		(13,133	)		6,511			(19,644	)
Total	$	(116,867	)	$	(59,621	)	$	(57,246	)
Closed gains (losses) on derivative instruments
Oil	$	55,330		$	(25,754	)	$	81,084
Natural gas liquids		—			159			(159	)
Natural gas		10,573			370			10,203
Total	$	65,903		$	(25,225	)	$	91,128
Total revenues	$	168,326		$	271,006		$	(102,680	)
Production volumes
Oil (MBbl)		3,594			2,833			761
Natural gas liquids (MMgal)		44.9			44.7			0.20
Natural gas (MMcf)		7,134			14,676			(7,542	)
Total production volumes (MBOE)		5,853			6,344			(491	)
Average daily production volumes
Oil (MBbl/d)		39.5			31.1			8.4
Natural gas liquids (MMgal/d)		0.5			0.5			—
Natural gas (MMcf/d)		78.4			161.3			(82.9	)
Total average daily production volumes (MBOE/d)		64.3			69.7			(5.4	)
Average realized prices excluding effects of open non-cash mark-to-market derivative instruments
Oil (per barrel)	$	67.87		$	83.65		$	(15.78	)
Natural gas liquids (per gallon)	$	0.33		$	0.70		$	(0.37	)
Natural gas (per Mcf)	$	3.71		$	4.25		$	(0.54	)
Average realized prices excluding effects of all derivative instruments
Oil (per barrel)	$	52.48		$	92.74		$	(40.26	)
Natural gas liquids (per gallon)	$	0.33		$	0.70		$	(0.37	)
Natural gas (per Mcf)	$	2.23		$	4.22		$	(1.99	)
Costs per BOE
Oil, natural gas liquids and natural gas production expenses	$	9.15		$	10.20		$	(1.05	)
Production and ad valorem taxes	$	2.28		$	4.42		$	(2.14	)
Depreciation, depletion and amortization	$	25.60		$	21.48		$	4.12
Exploration expense	$	1.88		$	0.19		$	1.69
General and administrative*	$	6.60		$	5.29		$	1.31
Net capital expenditures	$	284,764		$	322,572		$	(37,808	)

* Includes pension and pension settlement expenses of $0.19 and $0.50 for the three months ended June 30, 2015 and 2014, respectively.

17

SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 6 months ending June 30, 2015 and 2014

	Year-to-date						Change
(in thousands, except sales price and per unit data)	2015			2014
Operating and production data from continuing operations
Oil, natural gas liquids and natural gas sales
Oil	$	330,627		$	516,505		$	(185,878	)
Natural gas liquids		25,615			59,366			(33,751	)
Natural gas		50,870			130,803			(79,933	)
Total	$	407,112		$	706,674		$	(299,562	)
Open non-cash mark-to-market gains (losses) on derivative instruments
Oil	$	(155,503	)	$	(87,636	)	$	(67,867	)
Natural gas liquids		—			327			(327	)
Natural gas		(21,015	)		(5,993	)		(15,022	)
Total	$	(176,518	)	$	(93,302	)	$	(83,216	)
Closed gains (losses) on derivative instruments
Oil	$	132,813		$	(40,556	)	$	173,369
Natural gas liquids		—			355			(355	)
Natural gas		26,777			(4,734	)		31,511
Total	$	159,590		$	(44,935	)	$	204,525
Total revenues	$	390,184		$	568,437		$	(178,253	)
Production volumes
Oil (MBbl)		6,829			5,584			1,245
Natural gas liquids (MMgal)		81.1			82.7			(1.6	)
Natural gas (MMcf)		20,412			28,800			(8,388	)
Total production volumes (MBOE)		12,162			12,352			(190	)
Average daily production volumes
Oil (MBbl/d)		37.7			30.9			6.8
Natural gas liquids (MMgal/d)		0.5			0.5			—
Natural gas (MMcf/d)		112.8			159.1			(46.3	)
Total average daily production volumes (MBOE/d)		67.2			68.2			(1.0	)
Average realized prices excluding effects of open non-cash mark-to-market derivative instruments
Oil (per barrel)	$	67.86		$	85.23		$	(17.37	)
Natural gas liquids (per gallon)	$	0.32		$	0.72		$	(0.40	)
Natural gas (per Mcf)	$	3.80		$	4.38		$	(0.58	)
Average realized prices excluding effects of all derivative instruments
Oil (per barrel)	$	48.42		$	92.50		$	(44.08	)
Natural gas liquids (per gallon)	$	0.32		$	0.72		$	(0.40	)
Natural gas (per Mcf)	$	2.49		$	4.54		$	(2.05	)
Costs per BOE
Oil, natural gas liquids and natural gas production expenses	$	9.98		$	10.70		$	(0.72	)
Production and ad valorem taxes	$	2.67		$	4.48		$	(1.81	)
Depreciation, depletion and amortization	$	23.37		$	21.09		$	2.28
Exploration expense	$	0.97		$	1.04		$	(0.07	)
General and administrative*	$	5.81		$	5.32		$	0.49
Net capital expenditures	$	660,591		$	594,268		$	66,323

* Includes pension and pension settlement expenses of $0.34 and $0.79 for the six months ended June 30, 2015 and 2014, respectively.

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