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

Exhibit 99.2

CONSOLIDATED STATEMENTSOF OPERATIONS (UNAUDITED)

For the 3 months ending March 31, 2017 and 2016

	1st Quarter
(in thousands, except per share data)	2017			2016			Change
Revenues
Oil, natural gas liquids and natural gas sales	$	176,375		$	122,764		$	53,611
Gain on derivative instruments, net		64,546			5,455			59,091
Total revenues		240,921			128,219			112,702
Operating Costs and Expenses
Oil, natural gas liquids and natural gas production		41,288			47,727			(6,439	)
Production and ad valorem taxes		12,820			11,170			1,650
Depreciation, depletion and amortization		99,652			119,362			(19,710	)
Asset impairment		1,460			220,025			(218,565	)
Exploration		3,636			242			3,394
General and administrative(includingnon-cash stock based compensation of $3,197 and $2,471 for the three months ended March 31, 2017, and 2016, respectively)		20,399			29,525			(9,126	)
Accretion of discount on asset retirement obligations		1,414			1,757			(343	)
(Gain) loss on sale of assets and other		(1,175	)		222			(1,397	)
Total operating costs and expenses		179,494			430,030			(250,536	)
Operating Income (Loss)		61,427			(301,811	)		363,238
Other Income (Expense)
Interest expense		(8,966	)		(9,833	)		867
Other income		383			95			288
Total other expense		(8,583	)		(9,738	)		1,155
Income (Loss) Before Income Taxes		52,844			(311,549	)		364,393
Income tax expense (benefit)		19,441			(108,433	)		127,874
Net Income (Loss)	$	33,403		$	(203,116	)	$	236,519
Diluted Earnings Per Average Common Share	$	0.34		$	(2.34	)	$	2.68
Basic Earnings Per Average Common Share	$	0.34		$	(2.34	)	$	2.68
Diluted Average Common Shares Outstanding		97,607			86,632			10,975
Basic Average Common Shares Outstanding		97,140			86,632			10,508

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

As of March 31, 2017 and December 31, 2016

(in thousands)	March 31, 2017		December 31, 2016
ASSETS
Current Assets
Cash and cash equivalents	$	88,658	$	386,093
Accounts receivable, net		90,100		73,322
Inventories, net		15,365		14,222
Derivative instruments		7,594		50
Income tax receivable		26,246		27,153
Prepayments and other		5,024		5,071
Total current assets		232,987		505,911
Property, Plant and Equipment
Oil and natural gas properties, net		4,298,911		4,016,683
Other property and equipment, net		45,606		44,869
Total property, plant and equipment, net		4,344,517		4,061,552
Other postretirement assets		3,607		3,619
Noncurrent derivative instruments		9,293		—
Other assets		8,311		8,741
TOTAL ASSETS	$	4,598,715	$	4,579,823
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Long-term debt due within one year		17,000		24,000
Accounts payable		79,644		65,031
Accrued taxes		10,153		7,252
Accrued wages and benefits		14,047		25,089
Accrued capital costs		120,825		79,988
Revenue and royalty payable		44,314		51,217
Derivative instruments		8,324		65,467
Other		14,368		20,160
Total current liabilities		308,675		338,204
Long-term debt		527,557		527,443
Asset retirement obligations		83,256		81,544
Deferred income taxes		516,295		495,888
Noncurrent derivative instruments		—		3,006
Other long-term liabilities		8,381		13,136
Total liabilities		1,444,164		1,459,221
Total Shareholders’ Equity		3,154,551		3,120,602
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	4,598,715	$	4,579,823

SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 3 months ending March 31, 2017 and 2016

	1st Quarter
(in thousands, except sales price and per unit data)	2017			2016			Change
Operating and production data
Oil, natural gas liquids and natural gas sales
Oil	$	146,670		$	102,157		$	44,513
Natural gas liquids		15,634			8,589			7,045
Natural gas		14,071			12,018			2,053
Total	$	176,375		$	122,764		$	53,611
Opennon-cashmark-to-market gains (losses) on derivative instruments
Oil	$	58,058		$	(1,699	)	$	59,757
Natural gas liquids		7,087			—			7,087
Natural gas		7,224			1,442			5,782
Total	$	72,369		$	(257	)	$	72,626
Closed gains (losses) on derivative instruments
Oil	$	(6,010	)	$	5,094		$	(11,104	)
Natural gas liquids		(1,465	)		—			(1,465	)
Natural gas		(348	)		618			(966	)
Total	$	(7,823	)	$	5,712		$	(13,535	)
Total revenues	$	240,921		$	128,219		$	112,702
Production volumes
Oil (MBbl)		2,996			3,386			(390	)
Natural gas liquids (MMgal)		33.7			40.0			(6.3	)
Natural gas (MMcf)		5,730			7,446			(1,716	)
Total production volumes (MBOE)		4,754			5,580			(826	)
Average daily production volumes
Oil (MBbl/d)		33.3			37.2			(3.9	)
Natural gas liquids (MMgal/d)		0.4			0.4			—
Natural gas (MMcf/d)		63.7			81.8			(18.1	)
Total average daily production volumes (MBOE/d)		52.8			61.3			(8.5	)
Average realized prices excluding effects of opennon-cashmark-to-market derivative instruments
Oil (per barrel)	$	46.95		$	31.67		$	15.28
Natural gas liquids (per gallon)	$	0.42		$	0.21		$	0.21
Natural gas (per Mcf)	$	2.39		$	1.70		$	0.69
Average realized prices excluding effects of all derivative instruments
Oil (per barrel)	$	48.96		$	30.17		$	18.79
Natural gas liquids (per gallon)	$	0.46		$	0.21		$	0.25
Natural gas (per Mcf)	$	2.46		$	1.61		$	0.85
Costs per BOE
Oil, natural gas liquids and natural gas production expenses	$	8.68		$	8.56		$	0.12
Production and ad valorem taxes	$	2.70		$	2.00		$	0.70
Depreciation, depletion and amortization	$	20.96		$	21.39		$	(0.43	)
Exploration expense	$	0.76		$	0.04		$	0.72
General and administrative	$	4.29		$	5.29		$	(1.0	)
Capital expenditures (includes acquisitions)	$	384,135		$	124,088		$	260,047