Energen Corp. Q4 2007 Earnings Call Transcript

  • download
  • Print
  • Recommend
  • 4

2008-01-24 11:35:03.0

Tags: Energen Corp.

Question-and-Answer Session

[Operator Instructions]. Your first question comes from the line of John Freeman with Raymond James.

John Freeman - Raymond James

Very nice quarter. First question I had last year and just kind of ballpark is all I am looking for. What percentage of the wells that were drilled last year were drilled on undeveloped versus PUD? And then kind of along those lines, do we expect excluding obviously the Alabama shales any material change to that mix this year.

James T. McManus, II - Chairman and Chief Executive Officer

John, let me give you the best answer I can, but I can't tell you the number of wells, but we did move a 100 b’s from the unproved category. I mean probable or possible into proved category this year. So, that gives you some flavor for that. I don’t have the exact split for you.

John Freeman - Raymond James

Okay. On the CapEx $310 million on the E&P side this year, what is the break down of that between like drilling and land etc?

Charles W. Porter, Jr. - Vice President and Chief Financial Officer

Okay, the biggest portion of that is going to be on drilling. We have got John some budgeted for land and exploration this year, but frankly that may be $10 million to $15 million of total budget, the rest is going to be spent on drilling.

John Freeman - Raymond James

Okay. I was just trying to see if the drop from '08 to '09 in CapEx is mainly just? the difference just being land and drilling is about the same, obviously again excluding Alabama.

James T. McManus, II - Chairman and Chief Executive Officer

Once you run into? again we are coming out with the '09 number here at the beginning of '08, and of course our plans can change as we move through the year, and we dramatically increased '08 once we got close to budget time by $100 million. I am not saying we are going to increase '09 by that amount again, but again we are projecting that number very early. Those numbers do tend to move upward, but it is going to be more of a drop in drilling activity than it is anything else.

John Freeman - Raymond James

Okay. And then last quarter, you all mentioned possibly picking up an extra rig in San Juan and Permian. Did that happen and then on those rigs you picked up, what were kind of the rates versus what your current fleet with that?

 

BNET TalkbackShare your ideas and expertise on this topic

Please add your comment:

  1. You are currently: a Guest |
  2.  

Basic HTML tags that work in comments are: bold (<b></b>), italic (<i></i>), underline (<u></u>), and hyperlink (<a href></a)

advertisement
advertisement
  • Click Here
  • Click Here
  • Click Here
advertisement