Energen (EGN) 8-K Results of Operations and Financial Condition

Exhibit 99.2

CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)

For the 3 months ending March 31, 2016 and 2015

	1st Quarter
(in thousands, except per share data)	2016			2015			Change
Revenues
Oil, natural gas liquids and natural gas sales	$	122,764		$	187,822		$	(65,058	)
Gain on derivative instruments, net		5,455			34,036			(28,581	)
Total revenues		128,219			221,858			(93,639	)
Operating Costs and Expenses
Oil, natural gas liquids and natural gas production		47,727			67,754			(20,027	)
Production and ad valorem taxes		11,170			19,065			(7,895	)
Depreciation, depletion and amortization		119,362			134,381			(15,019	)
Asset impairment		220,025			6,583			213,442
Exploration		242			763			(521	)
General and administrative(including non-cash stock based compensation of $2,471 and $5,080 for the three months ended March 31, 2016, and 2015, respectively)		29,525			32,055			(2,530	)
Accretion of discount on asset retirement obligations		1,757			2,010			(253	)
(Gain) loss on sale of assets and other		222			(28,344	)		28,566
Total operating costs and expenses		430,030			234,267			195,763
Operating Loss		(301,811	)		(12,409	)		(289,402	)
Other Income (Expense)
Interest expense		(9,833	)		(11,758	)		1,925
Other income		95			46			49
Total other expense		(9,738	)		(11,712	)		1,974
Loss Before Income Taxes		(311,549	)		(24,121	)		(287,428	)
Income tax benefit		(108,433	)	$	(8,701	)		(99,732	)
Net Loss	$	(203,116	)	$	(15,420	)	$	(187,696	)
Diluted Earnings Per Average Common Share	$	(2.34	)	$	(0.21	)	$	(2.13	)
Basic Earnings Per Average Common Share	$	(2.34	)	$	(0.21	)	$	(2.13	)
Diluted Average Common Shares Outstanding		86,632			72,830			13,802
Basic Average Common Shares Outstanding		86,632			72,830			13,802
Dividends Per Common Share	$	—		$	0.02		$	(0.02	)

13

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

As of March 31, 2016 and December 31, 2015

(in thousands)	March 31, 2016		December 31, 2015
ASSETS
Current Assets
Cash and cash equivalents	$	35,806	$	1,272
Accounts receivable, net		61,434		63,097
Inventories		12,185		11,255
Assets held for sale		183,234		93,739
Derivative instruments		18,810		56,963
Prepayments and other		21,772		20,014
Total current assets		333,241		246,340
Property, Plant and Equipment
Oil and natural gas properties, net		3,997,990		4,302,332
Other property and equipment, net		47,186		48,358
Total property, plant and equipment, net		4,045,176		4,350,690
Other postretirement assets		4,366		3,881
Noncurrent derivative instruments		148		—
Other assets		10,087		10,245
TOTAL ASSETS	$	4,393,018	$	4,611,156
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	47,550	$	64,742
Accrued taxes		13,230		5,801
Accrued wages and benefits		9,127		28,563
Accrued capital costs		58,221		79,206
Revenue and royalty payable		56,949		60,493
Liabilities related to assets held for sale		14,102		12,789
Pension liabilities		—		15,685
Derivative instruments		5,468		459
Other		13,215		19,783
Total current liabilities		217,862		287,521
Long-term debt		551,147		773,550
Asset retirement obligations		90,223		89,990
Deferred income taxes		446,335		552,369
Noncurrent derivative instruments		273		—
Other long-term liabilities		10,718		11,866	��
Total liabilities		1,316,558		1,715,296
Total Shareholders’ Equity		3,076,460		2,895,860
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	4,393,018	$	4,611,156

14

SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 3 months ending March 31, 2016 and 2015

	1st Quarter
(in thousands, except sales price and per unit data)	2016			2015			Change
Operating and production data
Oil, natural gas liquids and natural gas sales
Oil	$	102,157		$	142,028		$	(39,871	)
Natural gas liquids		8,589			10,834			(2,245	)
Natural gas		12,018			34,960			(22,942	)
Total	$	122,764		$	187,822		$	(65,058	)
Open non-cash mark-to-market gains (losses) on derivative instruments
Oil	$	(1,699	)	$	(51,769	)	$	50,070
Natural gas liquids		—			—			—
Natural gas		1,442			(7,882	)		9,324
Total	$	(257	)	$	(59,651	)	$	59,394
Closed gains (losses) on derivative instruments
Oil	$	5,094		$	77,483		$	(72,389	)
Natural gas liquids		—			—			—
Natural gas		618			16,204			(15,586	)
Total	$	5,712		$	93,687		$	(87,975	)
Total revenues	$	128,219		$	221,858		$	(93,639	)
Production volumes
Oil (MBbl)		3,386			3,235			151
Natural gas liquids (MMgal)		40.0			36.2			3.8
Natural gas (MMcf)		7,446			13,278			(5,832	)
Total production volumes (MBOE)		5,580			6,309			(729	)
Average daily production volumes
Oil (MBbl/d)		37.2			35.9			1.3
Natural gas liquids (MMgal/d)		0.4			0.4			—
Natural gas (MMcf/d)		81.8			147.5			(65.7	)
Total average daily production volumes (MBOE/d)		61.3			70.1			(8.8	)
Average realized prices excluding effects of open non-cash mark-to-market derivative instruments
Oil (per barrel)	$	31.67		$	67.86		$	(36.19	)
Natural gas liquids (per gallon)	$	0.21		$	0.30		$	(0.09	)
Natural gas (per Mcf)	$	1.70		$	3.85		$	(2.15	)
Average realized prices excluding effects of all derivative instruments
Oil (per barrel)	$	30.17		$	43.90		$	(13.73	)
Natural gas liquids (per gallon)	$	0.21		$	0.30		$	(0.09	)
Natural gas (per Mcf)	$	1.61		$	2.63		$	(1.02	)
Costs per BOE
Oil, natural gas liquids and natural gas production expenses	$	8.56		$	10.74		$	(2.18	)
Production and ad valorem taxes	$	2.00		$	3.02		$	(1.02	)
Depreciation, depletion and amortization	$	21.39		$	21.30		$	0.09
Exploration expense	$	0.04		$	0.12		$	(0.08	)
General and administrative	$	5.29		$	5.08		$	0.21
Net capital expenditures	$	119,896		$	375,827		$	(255,931	)

15