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| Our Subsidiaries A dozen years ago, Energen Corporation was a small natural gas utility with an even smaller oil and gas company and a market capitalization of less than $300 million. Today, Energen is a $4.5 billion market cap energy firm with a Top 20* independent U.S. oil and gas exploration and production company complemented by a strong, stable natural gas utility. Energen Resources Corporation Contributing 85 percent of consolidated net income, Energen Resources, Energen’s oil and gas exploration and production subsidiary, is the dominant driver of corporate growth…past, present and future. The bulk of Energen Resources’ 1.75 trillion cubic feet equivalent of natural gas, oil and natural gas liquids reserves is in the San Juan Basin in New Mexico, the Permian Basin in west Texas, and the Black Warrior Basin in Alabama. Energen Resources also has another 1.9 Tcfe of probable and possible reserves and is pursuing the exploration of multiple shale opportunities in Alabama in conjunction with Chesapeake Energy Corporation. Over the last 12 years, Energen Resources has invested approximately $2.7 billion to acquire and develop 2.6 Tcfe of U.S. reserves. The company’s reserve additions have added 54 percent to its as-acquired reserves and outpaced cumulative production of more than 850 billion cubic feet equivalent. Over the next several years, Energen Resources expects to generate organic production growth of 4 percent to 5 percent a year by accelerating the development of its probable and possible reserve inventory. And, during 2008, Energen Resources and Chesapeake Energy plan to undertake a 5- to 10-well test program to help define the productive potential of their extensive joint acreage position in Alabama shales. Alabama Gas Corporation (Alagasco) Energen’s regulated subsidiary provides Energen with the strength and stability of a mature natural gas utility. Alabama Gas Corporation is the largest natural gas distributor in Alabama, providing clean-burning, energy-efficient natural gas to approximately 450,000 homes, businesses and industries. As an Alabama utility, Alagasco is subject to regulation by the Alabama Public Service Commission and operates under a progressive rate-setting mechanism called Rate Stabilization and Equalization. With roots dating back more than 150 years, Alagasco has operating divisions in Anniston, Birmingham, Gadsden, Montgomery, Opelika, Selma and Tuscaloosa. * On the basis of U.S. proved reserves |
View Subsidiary Sites: » EnergenResources.com » Alagasco.com |
