Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

The following is a summary of information relating to Energen’s interest expense:

	Three months ended March 31,
(in thousands)	2018		2017
Interest expense	$	10,248	$	9,023
Amortization of debt issuance costs related to long-term debt, including our credit facility*	$	831	$	842
Commitment fees*	$	617	$	788

*Included in Energen’s total interest expense. Energen had no capitalized interest for the three months ended March 31, 2018 and 2017. At March 31, 2018, Energen paid commitment fees on the unused portion of the available credit facility at a current annual rate of 30 basis points.

Long-term debt consisted of the following:

(in thousands)	March 31, 2018		December 31, 2017
Credit facility	$	228,000	$	255,000
4.625% Notes, due September 1, 2021	400,000		400,000
7.32% Medium-term Notes, Series A, due July 28, 2022	20,000		20,000
7.35% Medium-term Notes, Series A, due July 28, 2027	10,000		10,000
7.125% Medium-term Notes, Series B, due February 15, 2028	100,000		100,000
Total	758,000		785,000
Less unamortized debt discount	353		360
Less unamortized debt issuance costs	1,683		1,779
Total	$	755,964	$	782,861

Summary of Credit Facilities

The following is a summary of information relating to Energen’s credit facility:

(in thousands)	March 31, 2018		December 31, 2017
Credit facility outstanding	$	228,000	$	255,000
Available for borrowings	822,000		795,000
Total borrowing commitments*	$	1,050,000	$	1,050,000

*Effective April 30, 2018, borrowing commitments were increased to $1.25 billion.

	Three months ended March 31,
(in thousands)	2018			2017
Maximum amount outstanding at any month-end	$	240,000		$	—
Average daily amount outstanding	$	249,172		$	28
Weighted average interest rates based on:
Average daily amount outstanding	2.89		%	2.05		%
Amount outstanding at period-end	3.09		%	—		%