Energen

Energen Corporation

Type	Public company
Traded as	NYSE: EGN S&P 400 Component
Industry	Oil and gas
Founded	1979
Headquarters	Birmingham, Alabama
Key people	James T. McManus II, CEO Charles W. Porter, Jr., CFO[1]
Products	Petroleum Natural gas Natural gas liquids
Production output	24 thousand barrels of oil equivalent per day (1,700 MW)[1]
Revenue	United States dollar 878 million (2015)[1]
Operating income	-United States dollar 945 million (2015)[1]
Net income	-United States dollar 945 million (2015)[1]
Total assets	United States dollar 4.614 billion (2015)[1]
Total equity	United States dollar 2.896 billion (2015)[1]
Number of employees	470 (2015)[1]
Website	http://www.energen.com/

Energen Corporation is an oil and gas exploration and production company headquartered in Birmingham, Alabama.

History

The company was originally called Alabama Gas Corporation and was spun off from Southern Natural Gas (later, Sonat Inc.) in 1953 as part of an antitrust agreement.

In 1985, the company was renamed as Energen Corporation. Its subsidiaries included its natural gas utility division, Alagasco (Alabama Gas Corporation), which was sold in 2014, and its oil and gas exploration division, Taurus Exploration (now Energen Resources), which is the main asset of the company.

In 2002, a subsidiary of the company acquired properties in the Permian Basin for $120 million in cash and $70 million in stock.^[2]

In 2003, a subsidiary of the company acquired 93 billion cubic feet of gas equivalent of proved reserves in the San Juan Basin of New Mexico and southern Colorado for $39 million.^[3]

In 2004, a subsidiary of the company acquired San Juan Basin coalbed methane properties from a private company for $273 million.^[4]

In 2014, the company sold its natural gas utility business, Alabama Gas Corporation (Alagasco), to Laclede Group for $1.35 billion in cash and the assumption of $250 million in debt.^[5]

In 2015, the company sold the majority of its assets in the San Juan Basin for $395 million.^[6]

Operations

(As of December 2015), the company had 355 million barrels of oil equivalent (2.17×10⁹ GJ) of estimated proved reserves, of which 61% was oil and 39% was natural gas and natural gas liquids. Of these reserves, 95% were located in the Permian Basin and 5% were located in the San Juan Basin in northern New Mexico.^[1]

Of the company's 2015 production of 24 thousand barrels of oil equivalent per day (1,700 MW), 21 thousand barrels of oil equivalent per day (1,500 MW) was in the Permian Basin and 3 thousand barrels of oil equivalent per day (210 MW) was in the San Juan Basin in northern New Mexico.^[1]

The company's properties in the San Juan Basin are classified as being held for sale.^[1]

In 2015, an affiliate of Plains All American Pipeline accounted for 33% of the company's revenue.^[1]

External links

• Energen Website
• Energen Corporation 2015 Form 10-K Annual Report

References

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