Energen Corporation, through its subsidiary Energen Resources Corporation, explores for, develops, and produces oil, natural gas, and natural gas liquids in the United States. As of December 31, 2014, the company had approximately 372.7 million barrels of oil equivalent reserves located in the Permian Basin in west Texas, and the San Juan Basin in New Mexico and Colorado. Energen Corporation was founded in 1929 and is headquartered in Birmingham, Alabama.
605 Richard Arrington Jr. Boulevard North
Birmingham, AL 35203
Founded in 1929
Energen Corp. Presents at Morgan Stanley E&P and Oil Services Conference, May-12-2015
May 11 15
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
May 6 15
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
May 6 15
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.