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- EGN 81.40 (-1%) -0.82
Energen Corporation is an oil and gas exploration and production company with headquarters in Birmingham, Alabama.Through Energen Resources Corporation, the company has approximately 750 million barrels of oil-equivalent proved, probable, and possible reserves. These all-domestic reserves are located mainly in the Permian and San Juan basins.
Over the last several years, Energen has established 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 100 percent from 2010 levels and reflects a three-year compound average growth rate of approximately 26 percent.
Energen continues to focus on increasing its production of oil in the liquids-rich Permian Basin of west Texas. The company's 3rd Bone Spring and Wolfberry wells generated excellent performances in 2012 and are expected to continue to drive double-digit oil and natural gas liquids growth in 2013. Energen also plans to test multiple horizontal drilling opportunities that are bringing new life to one of the oldest oil-producing regions in the United States.
Energen’s legacy business is natural gas distribution. Regulated by the Alabama Public Service Commission, Alabama Gas Corporation (Alagasco) is the largest gas utility in Alabama, providing clean-burning, energy-efficient natural gas to approximately 425,000 homes, businesses and industries in central and parts of north Alabama.
Alagasco 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 cash dividend each year since its inception in 1953, and the Energen Board of Directors has increased the dividend in each of the last 31 years.