Energen Corp. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, total revenues were $192,799,000 against $612,268,000 a year ago. Operating loss was $915,550,000 against operating income of $94,223,000 a year ago. Loss from continuing operations before income taxes was $925,492,000 against income from continuing operations before income taxes of $83,960,000 a year ago. Loss from continuing operations was $590,806,000 or $7.50 per diluted share against income from continuing operations of $66,519,000 or $0.91 per diluted share a year ago. Net loss was $590,806,000 or $7.50 per diluted share against net income of $65,418,000 or $0.90 per basic and diluted share a year ago. Adjusted net income from continuing operations (Non-GAAP) was $21.3 million or $0.27 per diluted share against $38.2 million or $0.52 per diluted share a year ago. Adjusted EBITDAX from Continuing Operations (Non-GAAP) was $205.0 million compared to $208.6 million year ago.

For the year, total revenues were $878,554,000 against $1,679,213,000 a year ago. Operating loss was $1,437,851,000 against operating income of $176,961,000 a year ago. Loss from continuing operations before income taxes was $1,480,736,000 against income from continuing operations before income taxes of $140,371,000 a year ago. Income from continuing operations was $945,731,000 or $12.43 per basic and diluted share against $99,643,000 or $1.36 per basic and diluted share a year ago. Net loss was $945,731,000 or $12.43 per diluted share against net income of $568,032,000 or $1.37 per basic and diluted share a year ago. Adjusted income from continuing operations (Non-GAAP) was $64.5 million or $0.85 per diluted share against $135.8 million or $1.85 per diluted share a year ago. Adjusted EBITDAX from Continuing Operations (Non-GAAP) was $739.8 million compared to $762.9 million year ago.

For the quarter, total production volumes were 5,967 MBOE against 6,681 MBOE a year ago. Net capital expenditures were $149,119,000 compared to $425,045,000 a year ago.

For the year, total production volumes were 24,022 MBOE against 25,684 MBOE a year ago. Net capital expenditures were $1,040,610,000 compared to $1,372,510,000 a year ago.

For the fourth quarter of 2015, the company reported asset impairment, other of $528,145 million against $141,945 million a year ago.

The company plans to invest approximately $250 to $350 million of drilling and development capital in 2016. The company anticipates funding the estimated gap between capital investment and after-tax cash flows of approximately $225 to $325 million with proceeds from the sale of non-core assets in the San Juan and Delaware basins in 2016. After-tax cash flows will include a working capital adjustment of $79.0 million related to accrued capital at 2015.

Production in 2016 is estimated to be essentially flat relative to 2015, as 25% production growth from horizontal drilling and development activities in the Midland Basin is offset by natural declines in the vertical Wolfberry, the 3rd Bone Spring sands in the Delaware Basin, and the Central Basin Platform. The company estimates that production in 2016 will range from 19.5 MMBOE to 20.3 MMBOE, or 53,280 boepd to 55,465 boepd. The guidance midpoint is 19.9 MMBOE, or 54,437 boepd. With DUC completions scheduled to occur in the first half of the year, 2016 production is expected to peak in third quarter of 2016. Effective tax rate to be 34% to 36%.

For the first quarter of 2015, the effective tax rate is expected to be 34% to 36%.