- Contact Us
- EGN 53.41 (.23%) 0.12
Energen Corporation is a growing oil and gas exploration and production company complemented by a single-state natural gas utility. Headquartered in Birmingham, Alabama, Energen has approximately 900 million barrels of oil-equivalent proved, probable, and possible reserves. The bulk of these all-domestic, all-onshore reserves are located in the Permian and San Juan basins.
Over the last several years, Energen has positioned itself as a major producer of oil and natural gas liquids through acquisitions and drilling in the Permian Basin. Total liquids production in 2013 is estimated to increase more than 86 percent from 2010 levels and reflect a three-year compound average growth rate of 23-26 percent.
A top 20 independent producer on the basis of U.S. proved reserves at year-end 2010, Energen’s exploration and production subsidiary is capitalizing on its balance sheet strength and financial capacity to embark in 2012 on another record year of capital investment to drill and develop its liquids-rich Permian assets. The company plans to continue developing its extensive Wolfberry inventory while pursuing multiple opportunities in the Permian’s Delaware Basin; these include the 3rd Bone Spring sands, the Avalon and Wolfcamp shales, and the Wolfbone play.
Energen’s legacy business is natural gas distribution in Alabama. Regulated by the Alabama Public Service Commission, the largest gas utility in Alabama provides clean-burning, energy-efficient natural gas to more than 425,000 homes, businesses and industries.
The utility is the primary contributor to Energen’s dividend, returning more than 65 percent of its net income to shareholders each year. Energen has paid a dividend each year since its inception in 1953, and the Energen Board of Directors has increased the cash dividend for 29 consecutive years.