Energen

Energen Corporation
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 Decrease US$878 million (2015)[1]
Decrease -US$945 million (2015)[1]
Decrease -US$945 million (2015)[1]
Total assets Decrease US$4.614 billion (2015)[1]
Total equity Decrease US$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 31 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]

References

  1. 1 2 3 4 5 6 7 8 9 10 11 12 Energen Corporation 2015 Form 10-K Annual Report
  2. ↑ "Energen Resources to Acquire Permian Basin Properties for Cash, Equity". PRNewswire. March 7, 2002.
  3. ↑ "Energen Unit Completes Acquisition of San Juan Properties". April 1, 2003.
  4. ↑ "Energen Unit to Acquire San Juan Properties for $273 MM". Securities and Exchange Commission. March 7, 2002.
  5. ↑ "The Laclede Group Acquires Alabama Gas Corporation". PRNewswire. September 2, 2014.
  6. ↑ "Energen Targets Capital Investment in CY15 of $1.0 Billion". Business Wire. February 12, 2015.
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