Energen (EGN) 8-K Energen’s Gen 3 Wells Continueto Deliver Outstanding Results

Exhibit 99.2

CONSOLIDATED STATEMENTSOF OPERATIONS (UNAUDITED)

For the 3 months ending September 30, 2017 and 2016

	3rd Quarter
(in thousands, except per share data)	2017			2016			Change
Revenues
Oil, natural gas liquids and natural gas sales	$	249,114		$	163,973		$	85,141
Gain (loss) on derivative instruments, net		(57,610	)		20,412			(78,022	)
Total revenues		191,504			184,385			7,119
Operating Costs and Expenses
Oil, natural gas liquids and natural gas production		44,549			42,280			2,269
Production and ad valorem taxes		15,326			10,987			4,339
Depreciation, depletion and amortization		131,756			108,167			23,589
Asset impairment		100			587			(487	)
Exploration		625			18			607
General and administrative(including stock based compensation of $4,713 and $6,518 for the three months ended September 30, 2017, and 2016, respectively)		21,474			21,710			(236	)
Accretion of discount on asset retirement obligations		1,473			1,556			(83	)
Gain on sale of assets and other		(5,977	)		(91,222	)		85,245
Total operating costs and expenses		209,326			94,083			115,243
Operating Income (Loss)		(17,822	)		90,302			(108,124	)
Other Income (Expense)
Interest expense		(9,928	)		(8,987	)		(941	)
Other income		58			421			(363	)
Total other expense		(9,870	)		(8,566	)		(1,304	)
Income (Loss) Before Income Taxes		(27,692	)		81,736			(109,428	)
Income tax expense (benefit)		(9,206	)		28,422			(37,628	)
Net Income (Loss)	$	(18,486	)	$	53,314		$	(71,800	)
Diluted Earnings Per Average Common Share	$	(0.19	)	$	0.55		$	(0.74	)
Basic Earnings Per Average Common Share	$	(0.19	)	$	0.55		$	(0.74	)
Diluted Average Common Shares Outstanding		97,198			97,511			(313	)
Basic Average Common Shares Outstanding		97,198			97,068			130

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CONSOLIDATED STATEMENTSOF OPERATIONS (UNAUDITED)

For the 9 months ending September 30, 2017 and 2016

	Year-to-date
(in thousands, except per share data)	2017			2016			Change
Revenues
Oil, natural gas liquids and natural gas sales	$	644,212		$	458,374		$	185,838
Gain (loss) on derivative instruments, net		45,037			(40,005	)		85,042
Total revenues		689,249			418,369			270,880
Operating Costs and Expenses
Oil, natural gas liquids and natural gas production		129,746			132,847			(3,101	)
Production and ad valorem taxes		41,364			33,422			7,942
Depreciation, depletion and amortization		352,957			344,564			8,393
Asset impairment		1,589			220,612			(219,023	)
Exploration		6,259			1,780			4,479
General and administrative(including stock based compensation of $11,101 and $14,493 for the nine months ended September 30, 2017, and 2016, respectively)		61,665			74,783			(13,118	)
Accretion of discount on asset retirement obligations		4,330			5,092			(762	)
Gain on sale of assets and other		(6,980	)		(252,097	)		245,117
Total operating costs and expenses		590,930			561,003			29,927
Operating Income (Loss)		98,319			(142,634	)		240,953
Other Income (Expense)
Interest expense		(28,039	)		(27,858	)		(181	)
Other income		486			580			(94	)
Total other expense		(27,553	)		(27,278	)		(275	)
Income (Loss) Before Income Taxes		70,766			(169,912	)		240,678
Income tax expense (benefit)		26,368			(56,869	)		83,237
Net Income (Loss)	$	44,398		$	(113,043	)	$	157,441
Diluted Earnings Per Average Common Share	$	0.45		$	(1.21	)	$	1.66
Basic Earnings Per Average Common Share	$	0.46		$	(1.21	)	$	1.67
Diluted Average Common Shares Outstanding		97,678			93,602			4,076
Basic Average Common Shares Outstanding		97,176			93,602			3,574

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CONSOLIDATED BALANCE SHEETS (UNAUDITED)

As of September 30, 2017 and December 31, 2016

(in thousands)	September 30, 2017		December 31, 2016
ASSETS
Current Assets
Cash and cash equivalents	$	252	$	386,093
Accounts receivable, net		129,219		73,322
Inventories, net		14,538		14,222
Derivative instruments		3,895		50
Income tax receivable		9,598		27,153
Prepayments and other		5,838		5,071
Total current assets		163,340		505,911
Property, Plant and Equipment
Oil and natural gas properties, net		4,633,512		4,016,683
Other property and equipment, net		45,198		44,869
Total property, plant and equipment, net		4,678,710		4,061,552
Other postretirement assets		3,583		3,619
Noncurrent derivative instruments		1,064		—
Other assets		6,879		8,741
TOTAL ASSETS	$	4,853,576	$	4,579,823
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Long-term debt due within one year	$	—	$	24,000
Accounts payable		101,819		65,031
Accrued taxes		14,585		7,252
Accrued wages and benefits		21,268		25,089
Accrued capital costs		67,176		79,988
Revenue and royalty payable		48,429		51,217
Derivative instruments		18,089		65,467
Other		11,402		20,160
Total current liabilities		282,768		338,204
Long-term debt		765,759		527,443
Asset retirement obligations		86,643		81,544
Deferred income taxes		535,002		495,888
Noncurrent derivative instruments		2,962		3,006
Other long-term liabilities		7,162		13,136
Total liabilities		1,680,296		1,459,221
Total Shareholders’ Equity		3,173,280		3,120,602
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	4,853,576	$	4,579,823

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SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 3 months ending September 30, 2017 and 2016

	3rd 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	$	203,281		$	138,388		$	64,893
Natural gas liquids		25,508			12,067			13,441
Natural gas		20,325			13,518			6,807
Total	$	249,114		$	163,973		$	85,141
Open non-cash mark-to-market gains (losses) on derivative instruments
Oil	$	(46,395	)	$	22,984		$	(69,379	)
Natural gas liquids		(15,765	)		(954	)		(14,811	)
Natural gas		(105	)		2,992			(3,097	)
Total	$	(62,265	)	$	25,022		$	(87,287	)
Closed gains (losses) on derivative instruments
Oil	$	5,388		$	(4,118	)	$	9,506
Natural gas liquids		(1,923	)		—			(1,923	)
Natural gas		1,190			(492	)		1,682
Total	$	4,655		$	(4,610	)	$	9,265
Total revenues	$	191,504		$	184,385		$	7,119
Production volumes
Oil (MBbl)		4,510			3,325			1,185
Natural gas liquids (MMgal)		60.6			41.2			19.4
Natural gas (MMcf)		9,174			5,958			3,216
Total production volumes (MBOE)		7,483			5,298			2,185
Average daily production volumes
Oil (MBbl/d)		49.0			36.1			12.9
Natural gas liquids (MMgal/d)		0.7			0.4			0.3
Natural gas (MMcf/d)		99.7			64.8			34.9
Total average daily production volumes (MBOE/d)		81.3			57.6			23.7
Average realized prices excluding effects of open non-cash mark-to-market derivative instruments
Oil (per barrel)	$	46.27		$	40.38		$	5.89
Natural gas liquids (per gallon)	$	0.39		$	0.29		$	0.10
Natural gas (per Mcf)	$	2.35		$	2.19		$	0.16
Average realized prices excluding effects of all derivative instruments
Oil (per barrel)	$	45.07		$	41.62		$	3.45
Natural gas liquids (per gallon)	$	0.42		$	0.29		$	0.13
Natural gas (per Mcf)	$	2.22		$	2.27		$	(0.05	)
Costs per BOE
Oil, natural gas liquids and natural gas production expenses	$	5.95		$	7.98		$	(2.03	)
Production and ad valorem taxes	$	2.05		$	2.07		$	(0.02	)
Depreciation, depletion and amortization	$	17.61		$	20.42		$	(2.81	)
Exploration expense	$	0.08		$	—		$	0.08
General and administrative	$	2.87		$	4.10		$	(1.23	)
Capital expenditures (including acquisitions)	$	251,621		$	211,393		$	40,228

4

SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 9 months ending September 30, 2017 and 2016

	Year-to-date
(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	$	532,652		$	386,905		$	145,747
Natural gas liquids		59,776			34,584			25,192
Natural gas		51,784			36,885			14,899
Total	$	644,212		$	458,374		$	185,838
Open non-cash mark-to-market gains (losses) on derivative instruments
Oil	$	42,730		$	(33,444	)	$	76,174
Natural gas liquids		(4,148	)		(954	)		(3,194	)
Natural gas		8,856			(1,462	)		10,318
Total	$	47,438		$	(35,860	)	$	83,298
Closed gains (losses) on derivative instruments
Oil	$	(470	)	$	(5,321	)	$	4,851
Natural gas liquids		(3,468	)		—			(3,468	)
Natural gas		1,537			1,176			361
Total	$	(2,401	)	$	(4,145	)	$	1,744
Total revenues	$	689,249		$	418,369		$	270,880
Production volumes
Oil (MBbl)		11,608			10,269			1,339
Natural gas liquids (MMgal)		146.0			126.0			20.0
Natural gas (MMcf)		22,500			20,700			1,800
Total production volumes (MBOE)		18,833			16,719			2,114
Average daily production volumes
Oil (MBbl/d)		42.5			37.5			5.0
Natural gas liquids (MMgal/d)		0.5			0.5			—
Natural gas (MMcf/d)		82.4			75.5			6.9
Total average daily production volumes (MBOE/d)		69.0			61.0			8.0
Average realized prices excluding effects of open non-cash mark-to-market derivative instruments
Oil (per barrel)	$	45.85		$	37.16		$	8.69
Natural gas liquids (per gallon)	$	0.39		$	0.27		$	0.12
Natural gas (per Mcf)	$	2.37		$	1.84		$	0.53
Average realized prices excluding effects of all derivative instruments
Oil (per barrel)	$	45.89		$	37.68		$	8.21
Natural gas liquids (per gallon)	$	0.41		$	0.27		$	0.14
Natural gas (per Mcf)	$	2.30		$	1.78		$	0.52
Costs per BOE
Oil, natural gas liquids and natural gas production expenses	$	6.89		$	7.94		$	(1.05	)
Production and ad valorem taxes	$	2.20		$	2.00		$	0.20
Depreciation, depletion and amortization	$	18.74		$	20.61		$	(1.87	)
Exploration expense	$	0.33		$	0.11		$	0.22
General and administrative	$	3.27		$	4.47		$	(1.20	)
Capital expenditures (includes acquisitions)	$	971,867		$	428,443		$	543,424

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