Energen (EGN) 8-K First Midland Basin Wellswith Gen 3 Completions Show Substantial, Early Production Uplift

Exhibit 99.2

CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)

For the 3 months ending December 31, 2016 and 2015

	4th Quarter
(in thousands, except per share data)	2016			2015			Change
Revenues
Oil, natural gas liquids and natural gas sales	$	162,992		$	167,751		$	(4,759	)
Gain (loss) on derivative instruments, net		(48,472	)		25,048			(73,520	)
Total revenues		114,520			192,799			(78,279	)
Operating Costs and Expenses
Oil, natural gas liquids and natural gas production		38,867			52,447			(13,580	)
Production and ad valorem taxes		9,516			11,597			(2,081	)
Depreciation, depletion and amortization		103,397			159,784			(56,387	)
Asset impairment		40			825,918			(825,878	)
Exploration		3,635			2,604			1,031
General and administrative(including non-cash stock based compensation of $5,148 and $870 for the three months ended Dec. 31, 2016, and 2015, respectively)		20,906			54,794			(33,888	)
Accretion of discount on asset retirement obligations		1,580			1,729			(149	)
(Gain) loss on sale of assets and other		5,175			(524	)		5,699
Total operating costs and expenses		183,116			1,108,349			(925,233	)
Operating Loss		(68,596	)		(915,550	)		846,954
Other Income (Expense)
Interest expense		(9,041	)		(10,022	)		981
Other income		398			80			318
Total other expense		(8,643	)		(9,942	)		1,299
Loss Before Income Taxes		(77,239	)		(925,492	)		848,253
Income tax benefit		(22,769	)		(334,686	)		311,917
Net Loss	$	(54,470	)	$	(590,806	)	$	536,336
Diluted Earnings Per Average Common Share	$	(0.56	)	$	(7.50	)	$	6.94
Basic Earnings Per Average Common Share	$	(0.56	)	$	(7.50	)	$	6.94
Diluted Average Common Shares Outstanding		97,074			78,783			18,291
Basic Average Common Shares Outstanding		97,074			78,783			18,291
Dividends Per Common Share	$	—		$	0.02		$	(0.02	)

CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)

For the 12 months ending December 31, 2016 and 2015

	Year-to-date
(in thousands, except per share data)	2016			2015			Change
Revenues
Oil, natural gas liquids and natural gas sales	$	621,366		$	763,261		$	(141,895	)
Gain (loss) on derivative instruments, net		(88,477	)		115,293			(203,770	)
Total revenues		532,889			878,554			(345,665	)
Operating Costs and Expenses
Oil, natural gas liquids and natural gas production		171,714			228,380			(56,666	)
Production and ad valorem taxes		42,938			57,380			(14,442	)
Depreciation, depletion and amortization		447,961			593,789			(145,828	)
Asset impairment		220,652			1,292,308			(1,071,656	)
Exploration		5,415			14,878			(9,463	)
General and administrative(including non-cash stock based compensation of $19,641 and $12,910 for the years ended December 31, 2016, and 2015, respectively)		95,689			149,132			(53,443	)
Accretion of discount on asset retirement obligations		6,672			7,108			(436	)
Gain on sale of assets and other		(246,922	)		(26,570	)		(220,352	)
Total operating costs and expenses		744,119			2,316,405			(1,572,286	)
Operating Loss		(211,230	)		(1,437,851	)		1,226,621
Other Income (Expense)
Interest expense		(36,899	)		(43,108	)		6,209
Other income		978			223			755
Total other expense		(35,921	)		(42,885	)		6,964
Loss Before Income Taxes		(247,151	)		(1,480,736	)		1,233,585
Income tax benefit		(79,638	)		(535,005	)		455,367
Net Loss	$	(167,513	)	$	(945,731	)	$	778,218
Diluted Earnings Per Average Common Share	$	(1.77	)	$	(12.43	)	$	10.66
Basic Earnings Per Average Common Share	$	(1.77	)	$	(12.43	)	$	10.66
Diluted Average Common Shares Outstanding		94,476			76,078			18,398
Basic Average Common Shares Outstanding		94,476			76,078			18,398
Dividends Per Common Share	$	—		$	0.08		$	(0.08	)

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

As of December 31, 2016 and December 31, 2015

(in thousands)	December 31, 2016		December 31, 2015
ASSETS
Current Assets
Cash and cash equivalents	$	386,093	$	1,272
Accounts receivable, net		73,322		63,097
Inventories		14,222		11,255
Assets held for sale		—		93,739
Derivative instruments		50		56,963
Income tax receivable		27,153		8,376
Prepayments and other		5,071		11,638
Total current assets		505,911		246,340
Property, Plant and Equipment
Oil and natural gas properties, net		4,016,683		4,302,332
Other property and equipment, net		44,869		48,358
Total property, plant and equipment, net		4,061,552		4,350,690
Other postretirement assets		3,619		3,881
Other assets		8,741		10,245
TOTAL ASSETS	$	4,579,823	$	4,611,156
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Long-term debt due within one year		24,000		—
Accounts payable		65,031		64,742
Accrued taxes		7,252		5,801
Accrued wages and benefits		25,089		28,563
Accrued capital costs		79,988		79,206
Revenue and royalty payable		51,217		60,493
Liabilities related to assets held for sale		—		12,789
Pension liabilities		—		15,685
Derivative instruments		65,467		459
Other		20,160		19,783
Total current liabilities		338,204		287,521
Long-term debt		527,443		773,550
Asset retirement obligations		81,544		89,990
Noncurrent derivative instruments		3,006		—
Deferred income taxes		495,888		552,369
Other		13,136		11,866
Total liabilities		1,459,221		1,715,296
Total Shareholders’ Equity		3,120,602		2,895,860
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	4,579,823	$	4,611,156

SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 3 months ending December 31, 2016 and 2015

	4th 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	$	134,112		$	140,505		$	(6,393	)
Natural gas liquids		14,068			12,240			1,828
Natural gas		14,812			15,006			(194	)
Total	$	162,992		$	167,751		$	(4,759	)
Open non-cash mark-to-market gains (losses) on derivative instruments
Oil	$	(23,704	)	$	(92,484	)	$	68,780
Natural gas liquids		(5,914	)		—			(5,914	)
Natural gas		(5,712	)		(11,586	)		5,874
Total	$	(35,330	)	$	(104,070	)	$	68,740
Closed gains (losses) on derivative instruments
Oil	$	(12,380	)	$	115,519		$	(127,899	)
Natural gas		(762	)		13,599			(14,361	)
Total	$	(13,142	)	$	129,118		$	(142,260	)
Total revenues	$	114,520		$	192,799		$	(78,279	)
Production volumes
Oil (MBbl)		2,944			3,584			(640	)
Natural gas liquids (MMgal)		37.5			45.3			(7.8	)
Natural gas (MMcf)		6,504			7,830			(1,326	)
Total production volumes (MBOE)		4,920			5,967			(1,047	)
Average daily production volumes
Oil (MBbl/d)		32.0			39.0			(7.0	)
Natural gas liquids (MMgal/d)		0.4			0.5			(0.1	)
Natural gas (MMcf/d)		70.7			85.1			(14.4	)
Total average daily production volumes (MBOE/d)		53.5			64.9			(11.4	)
Average realized prices excluding effects of open non-cash mark-to-market derivative instruments
Oil (per barrel)	$	41.35		$	71.44		$	(30.09	)
Natural gas liquids (per gallon)	$	0.38		$	0.27		$	0.11
Natural gas (per Mcf)	$	2.16		$	3.65		$	(1.49	)
Average realized prices excluding effects of all derivative instruments
Oil (per barrel)	$	45.55		$	39.20		$	6.35
Natural gas liquids (per gallon)	$	0.38		$	0.27		$	0.11
Natural gas (per Mcf)	$	2.28		$	1.92		$	0.36
Costs per BOE
Oil, natural gas liquids and natural gas production expenses	$	7.90		$	8.79		$	(0.89	)
Production and ad valorem taxes	$	1.93		$	1.94		$	(0.01	)
Depreciation, depletion and amortization	$	21.02		$	26.78		$	(5.76	)
Exploration expense	$	0.74		$	0.44		$	0.30
General and administrative	$	4.25		$	9.18		$	(4.93	)
Capital expenditures	$	154,455		$	196,010		$	(41,555	)

SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 12 months ending December 31, 2016 and 2015

	Year-to-Date
(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	$	521,017		$	631,663		$	(110,646	)
Natural gas liquids		48,652			48,856			(204	)
Natural gas		51,697			82,742			(31,045	)
Total	$	621,366		$	763,261		$	(141,895	)
Open non-cash mark-to-market gains (losses) on derivative instruments
Oil	$	(57,148	)	$	(242,227	)	$	185,079
Natural gas liquids		(6,868	)		—			(6,868	)
Natural gas		(7,174	)		(39,525	)		32,351
Total	$	(71,190	)	$	(281,752	)	$	210,562
Closed gains (losses) on derivative instruments
Oil	$	(17,701	)	$	346,404		$	(364,105	)
Natural gas		414			50,641			(50,227	)
Total	$	(17,287	)	$	397,045		$	(414,332	)
Total revenues	$	532,889		$	878,554		$	(345,665	)
Production volumes
Oil (MBbl)		13,213			14,023			(810	)
Natural gas liquids (MMgal)		163.5			170.7			(7.2	)
Natural gas (MMcf)		27,204			35,604			(8,400	)
Total production volumes (MBOE)		21,639			24,022			(2,383	)
Average daily production volumes
Oil (MBbl/d)		36.1			38.4			(2.3	)
Natural gas liquids (MMgal/d)		0.4			0.5			(0.1	)
Natural gas (MMcf/d)		74.3			97.5			(23.2	)
Total average daily production volumes (MBOE/d)		59.1			65.8			(6.7	)
Average realized prices excluding effects of open non-cash mark-to-market derivative instruments
Oil (per barrel)	$	38.09		$	69.75		$	(31.66	)
Natural gas liquids (per gallon)	$	0.30		$	0.29		$	0.01
Natural gas (per Mcf)	$	1.92		$	3.75		$	(1.83	)
Average realized prices excluding effects of all derivative instruments
Oil (per barrel)	$	39.43		$	45.04		$	(5.61	)
Natural gas liquids (per gallon)	$	0.30		$	0.29		$	0.01
Natural gas (per Mcf)	$	1.90		$	2.32		$	(0.42	)
Costs per BOE
Oil, natural gas liquids and natural gas production expenses	$	7.93		$	9.51		$	(1.58	)
Production and ad valorem taxes	$	1.98		$	2.39		$	(0.41	)
Depreciation, depletion and amortization	$	20.70		$	24.72		$	(4.02	)
Exploration expense	$	0.25		$	0.62		$	(0.37	)
General and administrative	$	4.42		$	6.21		$	(1.79	)
Capital expenditures	$	582,898		$	1,114,808		$	(531,910	)