Energen Corporation, an oil and natural gas exploration and production company, is engaged in the exploration, development and production of oil and natural gas liquids-rich properties and natural gas in the Permian Basin in west Texas and the San Juan Basin in New Mexico and Colorado. The company’s operations are conducted through its subsidiary, Energen Resources Corporation (Energen Resources). Oil and Natural Gas Operations 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, 2014, the company’s proved reserves totaled 372.7 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 and Colorado. As of December 31, 2014, the company was participating in the drilling of 3 gross (2.9 net) development and 20 gross (14.1 net) exploratory wells. In addition to the development wells drilled, Energen drilled 22.5, 9.8 and 47.8 net service wells during 2014, 2013 and 2012, respectively. As of December 31, 2014, Energen was participating in the drilling of 1 gross (1 net) service well. Strategy The company is focused on increasing its oil, natural gas liquids and natural gas production and proved reserves largely through the drill bit. The company engages in active development and/or exploratory programs in the Permian and San Juan basins and seeks to expand its footprint in its areas of existing operation primarily through tuck acquisitions of proved properties and unproved leasehold. Customers The company’s customers, Plains Marketing, LP (Plains) and HollyFrontier Corporation (HollyFrontier), accounted for approximately 39 percent and 15 percent, respectively, of accounts receivable for commodity sales, as of December 31, 2014. 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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