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- EGN 70.54 (-1.48%) -1.06
Headquartered in Birmingham, Alabama, Energen Corporation is a growing oil and gas exploration and production company complemented by its legacy natural gas distribution business.
Oil and Gas Exploration and Production
Energen Resources Corporation (ERC) is an independent producer of oil, natural gas liquids, and natural gas in the continental United States. Approximately 95 percent of the company's 346 million barrels of oil equivalent (MMBOE) proved reserves are located in the Permian Basin in Texas and in the San Juan Basin in New Mexico and Colorado.
Over the last several years, ERC 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 100% from 2010 levels and reflects a three-year compound average growth rate of approximately 26 percent.
Supported by an aggressive hedging strategy that generates more predictable cash flows, in 2013 ERC is again capitalizing on its balance sheet strength and financial capacity with plans to spend approximately $1.0 billion of capital investment to primarily drill and develop its liquids-rich Permian assets.
Natural Gas Distribution
Alagasco provides Energen with the strength and stability of a mature natural gas utility. Regulated by the Alabama Public Service Commission, Alagasco is the largest distributor of natural gas in Alabama. It provides clean-burning, energy-efficient natural gas to approximately 425,000 homes, businesses and industries in central and parts of north Alabama.
With an Alabama heritage spanning some 160 years, Alagasco today remains focused on its three core processes: customer service, new growth, and system integrity.