Energen Corporation Reports Unaudited Consolidated Earnings and Production Results for the Third Quarter and Nine Months Ended September 30, 2017; Provides Earnings and Production Guidance for the Fourth Quarter and Full Year of 2017; Reports Asset Impairments for the Third Quarter Ended September 30, 2017
For the nine months, the company reported total revenues of $689,249,000 against $418,369,000 a year ago. Operating income was $98,319,000 against loss of $142,634,000 a year ago. Income before income taxes was $70,766,000 against loss of $169,912,000 a year ago. Net income was $44,398,000 or $0.45 per diluted share against loss of $113,043,000 or $1.21 per basic and diluted share a year ago. Capital expenditures were $971,867,000 compared to $428,443,000 for the same period a year ago.
For the quarter, total production volumes were 7,483 MBOE against 5,298 MBOE a year ago. Total average daily production volumes were 81.3 MBOE/d against 57.6 MBOE/d a year ago.
For the nine months, total production volumes were 18,833 MBOE against 16,719 MBOE a year ago. Total average daily production volumes were 69.0 MBOE/d against 61.0 MBOE/d a year ago.
The company raised its production guidance for 2017 by 4% to 73.2 mboepd to reflect the company's strong third quarter of 2017 performance.
The company now expects fourth quarter of 2017 volumes to reach 85.7 mboepd for an increase of 60% from the same period a year ago. On the strength of its Generation 3 frac design, the company sees year on year production growth in 2017 of 34%, up from the prior estimate of 29%.
For the third quarter of 2017, the company reported asset impairment of $100,000 against $587,000 a year ago.
For the fourth quarter of 2017, the company expects interest to be in the range of $9.5 million to $10.5 million. The company expects effective tax rate to be in the range of 36% to 38%, exploration to be in the range of $0.15 million to $0.25 million.
For the full year of 2017, the company expected interest to be in the range of $38.0 million to $39.0 million. The company expects effective tax rate to be in the range of 37% to 39%, exploration to be in the range of $0.25 million to $0.35 million. The company estimates that drilling and development capital range is unchanged at $850 million to $900 million.