Energen Corporation, an oil and natural gas exploration and production company, engages in the exploration, development and production of oil, natural gas liquids and natural gas in the Permian Basin in west Texas and the San Juan Basin in New Mexico. The company’s operations are conducted through its subsidiary, Energen Resources Corporation (Energen Resources). The company’s operations focus on increasing production and adding proved reserves through the development of oil, natural gas liquids and natural gas properties. In addition, the company explores for and develops new reservoirs, primarily in areas in which it has an operating presence. All oil, natural gas liquids and natural gas production is sold to third parties. The company operates its properties for its own interest and that of its joint interest owners. As of December 31, 2015, the company’s proved reserves totaled 354.7 MMBOE (one million barrels of oil equivalent). All of these proved reserves are located in the Permian Basin in west Texas and the San Juan Basin in New Mexico. As of December 31, 2015, the company was participating in the drilling of 1 gross (1 net) development and 1 gross (1 net) exploratory wells. In addition to the development wells drilled, the company drilled 12.9 net service wells during 2015. Also, as of December 31, 2015, the company had 48 gross (48 net) drilled but uncompleted wells in the Midland Basin. The two major purchasers of the company’s oil and natural gas, Plains Marketing, LP (Plains) and Shell Trading (US) Company, accounted for approximately 47 percent and 21 percent, respectively, of the company’s accounts receivable for commodity sales as of December 31, 2015. During the year ended December 31, 2015, Plains accounted for approximately 33 percent of total revenues, excluding the impact of non-cash mark-to-market open derivatives. Strategy The company’s strategy focuses on increasing its oil, natural gas liquids and natural gas production and proved reserves largely through active development and/or exploratory programs in the Permian Basin. Dispositions In 2015, the company completed the sale of the majority of its natural gas assets in the San Juan Basin in New Mexico and Colorado. Environmental Matters The existing laws and regulations include the Clean Air Act; the Clean Water Act; Oil Pollution Prevention: Spill Prevention, Control, and Countermeasure regulations; Toxic Substances Control Act; Resource Conservation and Recovery Act; and the Federal Endangered Species Act. Compliance with these and other environmental laws and regulations is undertaken as part of the company’s routine operations. History Energen Corporation was founded in 1929.
energen corp (EGN:New York)
605 Richard Arrington Jr. Boulevard North
Birmingham, AL 35203
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