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Last $70.00 USD
Change Today -0.41 / -0.58%
Volume 197.3K
EGN On Other Exchanges
Symbol
Exchange
New York
As of 10:45 AM 06/3/15 All times are local (Market data is delayed by at least 15 minutes).

energen corp (EGN) Key Developments

Energen Corp. Presents at Morgan Stanley E&P and Oil Services Conference, May-12-2015

Energen Corp. Presents at Morgan Stanley E&P and Oil Services Conference, May-12-2015 . Venue: JW Marriott Downtown, 806 Main Street, Houston TX 77002, United States.

Energen Corp. Reports Unaudited Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2015; Provides Production and Interest Expense Guidance for the Second Quarter of 2015 and Full Year 2015; Reports Asset Impairment Charges for the First Quarter of 2015

Energen Corp. reported unaudited consolidated earnings and production results for the first quarter ended March 31, 2015. For the quarter, the company reported total revenues of $221,858,000 compared to $297,431,000 a year ago. Operating loss was $12,409,000 compared to operating income of $31,460,000 a year ago. Loss from continuing operations before income taxes was $24,121,000 compared to earnings from continuing operations before income taxes of $23,895,000 a year ago. Net loss was $15,420,000 or $0.21 per basic and diluted share compared to net income of $53,316,000 or $0.73 per basic and diluted share a year ago. Net capital expenditures were $375,827,000 compared to $271,696,000 a year ago. After adjusting for mark-to-market losses on derivatives, impairment losses, and income from the sale of the majority of the company’s San Juan Basin assets, adjusted income for the first quarter of 2015 totaled $3.7 million, or $0.05 per diluted share compared with adjusted income from continuing operations in the first quarter of 2014 of $24.2 million, or $0.33 per diluted share. The variance between the periods largely is attributable to a 23% decline in realized oil and natural gas liquids (NGL) prices partially offset by a 14% increase in oil and NGL production. Adjusted EBITDAX totaled $145.0 million compared with prior-year adjusted EBITDAX from continuing operations of $168.1 million. For the quarter, the company reported operating and production data from continuing operations of $187,822,000 compared to $350,822,000 a year ago. Total production volumes were 6,309 MBbl/d compared to 6,008 MBbl/d a year ago. Total average daily production volumes were 70.1 MBOE/d compared to 66.8 MBOE/d a year ago. Production in the first quarter of 2015 (excluding production from the San Juan Basin divestiture) exceeded the guidance range midpoint by 6% (approximately 300,000 BOE) largely due to accelerated completions in the Delaware and Midland basins, less-than-expected negative impact from a third party gas handling issue in the Delaware Basin, and better-than-expected well performance from Wolfcamp and third Bone Spring wells in the Delaware Basin. The company provided production and interest expense guidance for the second quarter of 2015 and full year 2015. For the second quarter of 2015, the company expects LOE (production costs, marketing & transportation) $10.15 Per BOE to $10.95 Per BOE. Interest expense expects to be $10.5 million to $11.5 million. For the full year 2015, the company expects LOE (production costs, marketing & transportation) $10.15 Per BOE to $10.95 Per BOE. Interest expense expects to be $40.0 million to $50.0 million. The company reported asset impairment of $6,583,000 in the first quarter of 2015 compared to $1,246,000 in the first quarter of 2014.

Energen Mulls Acquisitions

Energen Corp. (NYSE:EGN), which has filed for shelf registration, is looking for acquisitions. The company intends to use the proceeds for acquiring assets or companies in businesses related to ours, including acquiring oil and natural gas properties.

Energen Corporation Declares Quarterly Dividend Payable June 1, 2015

The Board of Directors of Energen Corporation declared a quarterly cash dividend of 2 cents per share payable June 1, 2015, to shareholders of record on May 15, 2015.

Energen Corporation Announces Executive Appointments

Energen Corporation announced that its shareholders have elected two oil and gas industry veterans -- William G. Hargett and Alan A. Kleier to the company’s Board of Directors. William G. Hargett, 65, of Florence, AL, has 35 years of North American oil and gas industry experience. He retired in 2008 as Chairman, President and CEO of publically-traded Houston Exploration Company. He joined Houston Exploration in 2001 as President and CEO and was elected Chairman in 2004. Hargett served in numerous executive and management position's during his career, including roles at Tenneco Oil, North Central Oil Company, Amax Oil and Gas, Greenhill Petroleum and Snyder Oil Company. Alan A. Kleier, 61, of Seminole, FL, retired in 2013 as Vice President of Chevron’s Mid-Continent Business Unit, a position which he had held since 2011. Prior to that, he held a variety of leadership roles in both the U.S. and abroad for Chevron and for Texaco, prior to the merger of the two companies.

 

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EGN

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Valuation EGN Industry Range
Price/Earnings 74.7x
Price/Sales 4.3x
Price/Book 1.5x
Price/Cash Flow 3.5x
TEV/Sales 3.0x
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