Energen Announces 3rd Quarter Results, Raises Earnings GuidanceBIRMINGHAM, Ala., Oct 30, 2002 (BUSINESS WIRE) -- Energen Corporation (NYSE:
EGN) today announced third quarter 2002 financial results and raised its
earnings guidance for both 2002 and 2003.
For the three months ended September 30, 2002, Energen's net income and income
from continuing operations totaled $0.2 million, or 1 cent per diluted share,
including a $1.6 million, or 4 cents per diluted share, non-cash benefit
associated with accounting for the company's previous hedges with Enron
Corporation. In the same period last year, Energen recorded a net loss of $3.2
million, or 10 cents per diluted share, and a net loss from continuing
operations of $3.5 million, or 11 cents per diluted share.
"In light of our year-to-date results, the outlook for oil and gas commodity
prices for the remainder of 2002, and prospects for better-than-expected utility
performance, we are raising Energen's earnings guidance from a range of $1.85 to
$1.95 per diluted share to a range of $1.95 to $2.05 per diluted share," said
Mike Warren, Energen's chairman and chief executive officer. "Additionally, we
are adjusting upward our guidance for 2003 from a range of $1.90 to $2 per
diluted share to a range of $2.10 to $2.25 per diluted share. The new guidance
for 2003 reflects the impact of recent additions to our oil and gas hedge
positions, higher price assumptions for our estimated oil and gas production
that remains unhedged, and anticipated changes in realized San Juan gas prices
resulting from a higher expected basis differential.
"We are very pleased to be revising upward Energen's earnings guidance,
particularly for 2003," Warren said. "Through the major acquisition this year of
Permian Basin properties, a highly encouraging coalbed methane down-spacing
program and prospects for continued commodity price strength, Energen is
well-positioned to generate meaningful earnings growth in 2003 despite the
expiration of tax credits on our coalbed methane production of about 40 cents
per diluted share. This is a significant achievement, and one of which we are
very proud."
Third Quarter Results
Increases in oil and gas production volumes and in the average sales price of
natural gas contributed to a significant increase in third quarter earnings at
Energen Resources Corporation, the oil and gas acquisition and exploitation
subsidiary of Energen. The increase would have been even greater had it not been
for some substantive timing issues.
For the three months ended September 30, 2002, Energen Resources' net income
from continuing operations totaled $8 million and compared with net income from
continuing operations in the same period last year of $2.6 million. Oil, gas and
natural gas liquids (NGL) production from continuing operations increased 3
billion cubic feet equivalent (Bcfe) to 20.2 Bcfe. Energen Resources' average
sales price for its natural gas production increased 20.5 percent from $2.68 per
thousand cubic feet (Mcf) to $3.23 per Mcf, including the non-cash accounting
benefit associated with its previous Enron hedge position. The company's average
oil sales price declined 6.6 percent from $25.39 per barrel to $23.72 per
barrel, and the average NGL sales price remained virtually unchanged at $12.68
per barrel.
Energen Resources' earnings were negatively affected by increased depreciation,
depletion and amortization (DD&A) expense as well as the timing of recognition
of nonconventional fuels tax credits on an interim basis and the mark-to-market
of open hedge contracts scheduled to close this year.
Energen's natural gas utility, Alabama Gas Corporation (Alagasco), generated a
net loss in the quarter of $7.7 million as compared with a net loss of $5.9
million in the same period a year ago. While the utility continued to earn on a
higher level of equity for the year, Alagasco's third quarter earnings were
negatively affected by the timing of revenue recovery between quarters.
YEAR-TO-DATE RESULTS
Energen's year-to-date net income and income from continuing operations totaled
$52 million, or $1.55 per diluted share, as compared with net income of $54.2
million, or $1.74 per diluted share, and income from continuing operations of
$53 million, or $1.70 per diluted share, in the same period last year. The
current year results include a $5.6 million, or 17 cents per diluted share,
non-cash benefit associated with accounting for the company's previous hedges
with Enron.
Energen Resources' income from continuing operations for the year-to-date fell
10 percent to $28.5 million from $31.5 million a year ago. A 7.2 Bcfe increase
in production was more than offset by significantly lower average sales prices,
increased DD&A expense and lower operating fees. The average natural gas sales
price for the current year-to-date fell 6 percent from the same period a year
ago to $3.02 per Mcf (including the non-cash accounting benefit from the former
Enron hedges); for the same periods, the average sales price of oil was down 4
percent to $23.24 per barrel; and the average NGL sales price dropped 28
percent, period to period, to $11.88 per barrel. Energen Resources' production
from continuing operations in the nine-months period rose 14.5 percent over the
same period last year to 56.8 Bcfe, largely due to the April acquisition of
Permian Basin oil properties.
Alagasco's net income for the year-to-date totaled $23.8 million as compared
with $22 million in the same period last year, primarily due to the utility
earning on a higher level of equity.
12-MONTHS EARNINGS
For the 12 months ended September 30, 2002, Energen's net income totaled $55.7
million, or $1.69 per diluted share, as compared with $67.9 million, or $2.18
per diluted share, in the same period a year ago. Income from continuing
operations for the 12-months period totaled $55.6 million, or $1.69 per diluted
share, and compared with income from continuing operations of $66.1 million, or
$2.13 per diluted share, in the same period last year.
Energen Resources' current-period income from continuing operations totaled
$29.6 million and compared with $40.8 million in the prior-year 12 months.
Current 12-months earnings were negatively affected by lower average sales
prices for natural gas, oil and NGLs, increased DD&A expense and lower operating
fees, partially offset by increased production and lower lease operating
expense.
Alagasco's net income for the 12-month period was $26.5 million as compared with
$26 million in the same period last year. While the utility earned on a higher
level of equity, its return on average equity (ROE) for the period was 12
percent as compared with 12.3 percent in the same period a year ago. Alagasco's
ROE in the current period, which coincides with the utility's rate year, was
negatively affected by lower industrial and retail gas demand.
2002 EARNINGS OUTLOOK INCREASED TO $1.95-$2.05 PER DILUTED SHARE
With one quarter remaining, Energen is increasing its 2002 earnings outlook
range by 10 cents to $1.95 to $2.05 per diluted share (including a 17 cents per
share non-cash gain associated with the accounting for the company's previous
Enron hedges). This higher earnings range reflects the impact of
greater-than-previously expected commodity prices on Energen Resources'
remaining unhedged volumes and greater-than-anticipated utility performance.
In addition to year-to-date results, Energen's new guidance is based largely on
Energen Resources' fourth quarter hedge position, gas prices applicable to its
unhedged volumes of $3.69 per Mcf in October and $4 per Mcf in November and
December, and oil prices applicable to its unhedged volumes of $27 per barrel in
the last three months of the year, partially offset by lower NGL prices and an
increase in the expected basis differential in the San Juan Basin. This guidance
also includes utility earnings that are now expected to reflect a 13 percent ROE
on the basis of higher-than-anticipated throughput in the fourth quarter and the
impact of cost-control measures implemented during the year.
Current properties classified as discontinued are not expected to have a
measurable impact on Energen's earnings in 2002. The company announced last
quarter that it is considering the sale of some properties. Energen's guidance
does not reflect any impact of such property sales. Additionally, on the basis
of current oil and gas prices, Energen Resources' DD&A look-back adjustment,
which is influenced by year-end reserve valuations, may increase actual
earnings.
Energen's guidance also is based on Energen Resources' plans to invest in 2002
approximately $95 million for well drilling and other exploitation activities.
Production from continuing operations is estimated to be 76 Bcfe, with another
0.6 Bcfe generated by discontinued operations. Lease operating expense in 2002
is expected to be approximately $1.06 per Mcfe, while DD&A expense is estimated
to be 94 cents per Mcfe. Additionally, Energen Resources' current-year coalbed
methane production is expected to generate some $14 million of nonconventional
fuels tax credits in 2002.
For the fourth quarter of 2002, the company estimates that earnings will range
from 40 to 50 cents per diluted share. Approximately 85 percent of Energen
Resources' estimated gas production in the fourth quarter of 11.5 Bcf is hedged
at an average NYMEX price $3.47 per Mcf. Given this significant hedge position
and taking into account the actual NYMEX price for October of $3.69 per Mcf,
Energen's net income exposure during November and December to every 10-cent
change in the NYMEX price of gas from the guidance assumption of $4 per Mcf per
month is expected to be $271,000.
Energen Resources' oil production in the fourth quarter of 2002 is estimated to
be 856,000 barrels; of that amount, approximately 80 percent is hedged at an
average NYMEX price of $27.06 per barrel. Energen's net income exposure during
the fourth quarter to every $1 change in the NYMEX price of oil (together with a
corresponding change in the NGL price) from the assumption of $27 per barrel per
month is expected to be approximately $200,000.
THE 2003 OUTLOOK
Energen's recent and significant additions to its oil and gas hedge position for
2003, combined with the expectation of higher commodity prices applicable to its
unhedged volumes, has resulted in the diversified energy company raising its
2003 earnings guidance to a range of $2.10 to $2.25 per diluted share on 35.3
million average diluted shares outstanding.
Including hedges added just this week, Energen Resources now has 32.4 Bcf of
natural gas, or 65 percent of its estimated gas production for the year of
approximately 50 Bcf, hedged at an average NYMEX-equivalent price of $4.04 per
Mcf and 1,500,000 barrels of oil, or 41 percent of its estimated oil production
for the year of approximately 3.6 million barrels, hedged at an average NYMEX
price of $26.26 per barrel. Estimated NGL production of 1.8 million barrels is
unhedged.
Assuming the NYMEX price for Energen Resources' unhedged production in 2003
averages $4 per Mcf for gas and $25 per barrel for oil, Energen's earnings could
well reach the high end of its earnings guidance range.
Relative to the company's unhedged volumes:
- Every 10-cent change in the 2003 average NYMEX price of gas from $4 per
Mcf is estimated to have a net income impact of $1 million (3 cents per diluted
share).
- Every $1 change in the 2003 average NYMEX price of oil -- together with
a corresponding change in the price of NGLS -- from $25 per barrel is estimated
to have a net income impact of $1.6 million (4 cents per diluted share).
In addition to its hedge position and its pricing assumptions for unhedged
production, Energen's new guidance for 2003 factors in the expectation of lower
NGL prices and a higher basis differential in the San Juan Basin. Alagasco also
is expected to earn within its allowed return range on 13-month average equity
of approximately $235 million.
Current properties classified as discontinued are not expected to have a
measurable impact on Energen's earnings in 2003. The company announced last
quarter that it is considering the sale of some properties. Energen's guidance
for 2003 does not reflect any impact of such property sales.
Energen's guidance also is based on Energen Resources' plans to invest in 2003
approximately $85 million for well drilling and other development activities and
on Alagasco's plans to invest approximately $56 million for normal system needs
and a financial accounting software system.
Energen has not completed its 2003 budget, and all guidance is subject to
additional near-term fine-tuning as a result of this internal process.
Energen Corporation is a diversified energy holding company with headquarters in
Birmingham, Alabama. Its two lines of business are natural gas distribution in
central and north Alabama and the acquisition, exploitation, exploration and
production of natural gas, oil and natural gas liquids onshore in North America.
Additional information on Energen is available at www.energen.com.
FORWARD-LOOKING STATEMENTS
This release contains statements expressing expectations of future plans,
objectives and performance that constitute forward-looking statements made
pursuant to the Safe Harbor provision of the Private Securities Litigation
Reform Act of 1995. Except as otherwise disclosed, the Company's forward-looking
statements do not reflect the impact of possible or pending acquisitions,
divestitures or restructurings. We undertake no obligation to correct or update
any forward-looking statements, whether as a result of new information, future
events or otherwise. All statements based on future expectations rather than on
historical facts are forward-looking statements that are dependent on certain
events, risks and uncertainties that could cause actual results to differ
materially from those anticipated. In addition, the Company cannot guarantee the
absence of errors in input data, calculations and formulas used in its
estimates, assumptions and forecasts. A discussion of risks and uncertainties,
which could affect future results of Energen and its subsidiaries, is included
in the Company's periodic reports filed with the Securities and Exchange
Commission.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the 3 months ending September 30, 2002 and 2001
3rd Quarter
-----------------
(in thousands, except per share data) 2002 2001 Change
----------------------------------------------------------------------
Operating Revenues
Oil and gas operations $ 66,727 $ 51,382 $ 15,345
Natural gas distribution 50,225 60,671 (10,446)
----------------------------------------------------------------------
Total operating revenues 116,952 112,053 4,899
----------------------------------------------------------------------
Operating Expenses
Cost of gas 17,897 28,902 (11,005)
Operations & maintenance 48,859 45,559 3,300
DD&A 27,980 24,511 3,469
Taxes, other than income taxes 9,382 9,429 (47)
----------------------------------------------------------------------
Total operating expenses 104,118 108,401 (4,283)
----------------------------------------------------------------------
Operating Income 12,834 3,652 9,182
----------------------------------------------------------------------
Other Income (Expense)
Interest expense (10,987) (10,716) (271)
Other, net (135) 512 (647)
----------------------------------------------------------------------
Total other expense (11,122) (10,204) (918)
----------------------------------------------------------------------
Income Before Income Taxes 1,712 (6,552) 8,264
Income tax expense 1,509 (3,008) 4,517
----------------------------------------------------------------------
Income from Continuing Operations 203 (3,544) 3,747
----------------------------------------------------------------------
Discontinued Operations, Net of Taxes
Income (loss) from operations 39 356 (317)
Gain on disposal (36) - (36)
----------------------------------------------------------------------
Income from Discontinued Operations 3 356 (353)
----------------------------------------------------------------------
Net Income $ 206 $ (3,188) $ 3,394
----------------------------------------------------------------------
Diluted Earnings Per Share
Continuing Operations $ 0.01 $ (0.11) $ 0.12
Discontinued Operations - 0.01 (0.01)
----------------------------------------------------------------------
Net Income $ 0.01 $ (0.10) $ 0.11
----------------------------------------------------------------------
Basic Earnings Per Share
Continuing Operations $ 0.01 $ (0.11) $ 0.12
Discontinued Operations - 0.01 (0.01)
----------------------------------------------------------------------
Net Income $ 0.01 $ (0.10) $ 0.11
----------------------------------------------------------------------
Diluted Avg. Common Shares Outstanding 34,731 31,244 3,487
----------------------------------------------------------------------
Basic Avg. Common Shares Outstanding 34,425 30,948 3,477
----------------------------------------------------------------------
Dividends Per Share $ 0.18 $ 0.175 $ 0.005
----------------------------------------------------------------------
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the 9 months ending September 30, 2002 and 2001
Year to Date
--------------
(in thousands, except per share data) 2002 2001 Change
----------------------------------------------------------------------
Operating Revenues
Oil and gas operations $177,341 $168,650 $ 8,691
Natural gas distribution 322,458 434,736 (112,278)
----------------------------------------------------------------------
Total operating revenues 499,799 603,386 (103,587)
----------------------------------------------------------------------
Operating Expenses
Cost of gas 144,038 260,348 (116,310)
Operations & maintenance 140,811 137,117 3,694
DD&A 79,214 65,357 13,857
Taxes, other than income taxes 36,749 46,254 (9,505)
----------------------------------------------------------------------
Total operating expenses 400,812 509,076 (108,264)
----------------------------------------------------------------------
Operating Income 98,987 94,310 4,677
----------------------------------------------------------------------
Other Income (Expense)
Interest expense (32,828) (31,830) (998)
Other, net (31) 1,270 (1,301)
----------------------------------------------------------------------
Total other expense (32,859) (30,560) (2,299)
----------------------------------------------------------------------
Income Before Income Taxes 66,128 63,750 2,378
Income tax expense 14,114 10,778 3,336
----------------------------------------------------------------------
Income from Continuing Operations 52,014 52,972 (958)
----------------------------------------------------------------------
Discontinued Operations, Net of Taxes
Income (loss) from operations (270) 1,205 (1,475)
Gain on disposal 270 - 270
----------------------------------------------------------------------
Income (loss) from Discontinued
Operations - 1,205 (1,205)
----------------------------------------------------------------------
Net Income $ 52,014 $ 54,177 $ (2,163)
----------------------------------------------------------------------
Diluted Earnings Per Share
Continuing Operations $ 1.55 $ 1.70 $ (0.15)
Discontinued Operations - 0.04 (0.04)
----------------------------------------------------------------------
Net Income $ 1.55 $ 1.74 $ (0.19)
----------------------------------------------------------------------
Basic Earnings Per Share
Continuing Operations $ 1.56 $ 1.72 $ (0.16)
Discontinued Operations - 0.04 (0.04)
----------------------------------------------------------------------
Net Income $ 1.56 $ 1.76 $ (0.20)
----------------------------------------------------------------------
Diluted Avg. Common Shares Outstanding 33,543 31,171 2,372
----------------------------------------------------------------------
Basic Avg. Common Shares Outstanding 33,245 30,814 2,431
----------------------------------------------------------------------
Dividends Per Share $ 0.53 $ 0.515 $ 0.015
----------------------------------------------------------------------
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the 12 months ending September 30, 2002 and 2001
Trailing 12 Months
------------------
(in thousands, except per share data) 2002 2001 Change
----------------------------------------------------------------------
Operating Revenues
Oil and gas operations $226,827 $223,512 $ 3,315
Natural gas distribution 419,136 553,862 (134,726)
----------------------------------------------------------------------
Total operating revenues 645,963 777,374 (131,411)
----------------------------------------------------------------------
Operating Expenses
Cost of gas 189,329 327,531 (138,202)
Operations & maintenance 188,804 182,917 5,887
DD&A 103,716 84,779 18,937
Taxes, other than income taxes 54,267 61,112 (6,845)
----------------------------------------------------------------------
Total operating expenses 536,116 656,339 (120,223)
----------------------------------------------------------------------
Operating Income 109,847 121,035 (11,188)
----------------------------------------------------------------------
Other Income (Expense)
Interest expense (43,462) (42,070) (1,392)
Other, net (62) 1,933 (1,995)
----------------------------------------------------------------------
Total other expense (43,524) (40,137) (3,387)
----------------------------------------------------------------------
Income Before Income Taxes 66,323 80,898 (14,575)
Income tax expense 10,730 14,811 (4,081)
----------------------------------------------------------------------
Income From Continuing Operations 55,593 66,087 (10,494)
----------------------------------------------------------------------
Discontinued Operations, Net of Taxes
Income from operations (191) 1,809 (2,000)
Gain on disposal 270 - 270
----------------------------------------------------------------------
Income From Discontinued Operations 79 1,809 (1,730)
----------------------------------------------------------------------
Net Income $ 55,672 $ 67,896 $ (12,224)
----------------------------------------------------------------------
Diluted Earnings Per Share
Continuing Operations $ 1.69 $ 2.13 $ (0.44)
Discontinued Operations - 0.05 (0.05)
----------------------------------------------------------------------
Net Income $ 1.69 $ 2.18 $ (0.49)
----------------------------------------------------------------------
Basic Earnings Per Share
Continuing Operations $ 1.70 $ 2.15 $ (0.45)
Discontinued Operations - 0.06 (0.06)
----------------------------------------------------------------------
Net Income $ 1.70 $ 2.21 $ (0.51)
----------------------------------------------------------------------
Diluted Avg. Common Shares Outstanding 32,965 31,084 1,881
----------------------------------------------------------------------
Basic Avg. Common Shares Outstanding 32,692 30,726 1,966
----------------------------------------------------------------------
Dividends Per Share $ 0.705 $ 0.685 $ 0.02
----------------------------------------------------------------------
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 3 months ending September 30, 2002 and 2001
3rd Quarter
-------------
(in thousands, except sales price data) 2002 2001 Change
----------------------------------------------------------------------
Oil and Gas Operations
Operating revenues
Natural gas $39,035 $30,810 $ 8,225
Oil 20,691 13,427 7,264
Natural gas liquids 6,004 5,219 785
Other 997 1,926 (929)
----------------------------------------------------------------------
Total $66,727 $51,382 $ 15,345
----------------------------------------------------------------------
Sales volume from continuing operations
Natural gas (MMcf) 12,085 11,495 590
Oil (MBbl) 872 529 343
Natural gas liquids (MBbl) 473 412 61
Sales volume from continuing ops. (MMcfe) 20,159 17,139 3,020
Total sales volume (MMcfe) 20,188 17,548 2,640
Average sales price from continuing ops.
Natural gas (Mcf) $ 3.23 $ 2.68 $ 0.55
Oil (barrel) $ 23.72 $ 25.39 $ (1.67)
Natural gas liquids (barrel) $ 12.68 $ 12.67 $ 0.01
Other data
DD&A $ 19,488 $16,604 $ 2,884
Capital expenditures $25,639 $45,320 $(19,681)
Exploration expense $ 355 $ 1,418 $ (1,063)
Operating income $22,161 $10,644 $ 11,517
----------------------------------------------------------------------
Natural Gas Distribution
Operating revenues
Residential $27,829 $33,243 $ (5,414)
Commercial and industrial - small 13,214 17,698 (4,484)
Transportation 8,163 7,783 380
Other 1,019 1,947 (928)
----------------------------------------------------------------------
Total $50,225 $60,671 $(10,446)
----------------------------------------------------------------------
Gas delivery volumes (MMcf)
Residential 1,906 1,984 (78)
Commercial and industrial - small 1,430 1,524 (94)
Transportation 14,885 14,239 646
----------------------------------------------------------------------
Total 18,221 17,747 474
----------------------------------------------------------------------
Other data
Depreciation and amortization $ 8,492 $ 7,907 $ 585
Capital expenditures $20,575 $15,469 $ 5,106
Operating income $(8,907) $(6,534) $ (2,373)
----------------------------------------------------------------------
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 9 months ending September 30, 2002 and 2001
Year to Date
---------------
(in thousands, except sales price data) 2002 2001 Change
----------------------------------------------------------------------
Oil and Gas Operations
Operating revenues
Natural gas $ 106,622 $ 109,189 $ (2,567)
Oil 52,709 36,430 16,279
Natural gas liquids 15,503 17,831 (2,328)
Other 2,507 5,200 (2,693)
----------------------------------------------------------------------
Total $ 177,341 $ 168,650 $ 8,691
----------------------------------------------------------------------
Sales volume from continuing
operations
Natural gas (MMcf) 35,321 34,051 1,270
Oil (MBbl) 2,268 1,503 765
Natural gas liquids (MBbl) 1,305 1,082 223
Sales volume from continuing ops.
(MMcfe) 56,760 49,559 7,201
Total sales volume (MMcfe) 57,372 50,783 6,589
Average sales price from continuing
ops.
Natural gas (Mcf) $ 3.02 $ 3.21 $ (0.19)
Oil (barrel) $ 23.24 $ 24.24 $ (1.00)
Natural gas liquids (barrel) $ 11.88 $ 16.48 $ (4.60)
Other data
DD&A $ $ 54,179 $ 41,978 $ 12,201
Capital expenditures $ 241,838 $ 126,799 $ 115,039
Exploration expense $ 2,295 $ 3,129 $ (834)
Operating income $ 51,710 $ 53,844 $ (2,134)
----------------------------------------------------------------------
Natural Gas Distribution
Operating revenues
Residential $ 211,316 $ 289,634 $ (78,318)
Commercial and industrial - small 79,550 116,601 (37,051)
Transportation 28,265 24,456 3,809
Other 3,327 4,045 (718)
----------------------------------------------------------------------
Total $ 322,458 $ 434,736 $(112,278)
----------------------------------------------------------------------
Gas delivery volumes (MMcf)
Residential 20,003 23,834 (3,831)
Commercial and industrial - small 8,991 10,716 (1,725)
Transportation 44,486 40,138 4,348
----------------------------------------------------------------------
Total 73,480 74,688 (1,208)
----------------------------------------------------------------------
Other data
Depreciation and amortization $ 25,035 $ 23,379 $ 1,656
Capital expenditures $ 50,171 $ 42,947 $ 7,224
Operating income $ 48,625 $ 41,696 $ 6,929
----------------------------------------------------------------------
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 12 months ending September 30, 2002 and 2001
Trailing 12 Months
------------------
(in thousands, except sales price data) 2002 2001 Change
----------------------------------------------------------------------
Oil and Gas Operations
Operating revenues
Natural gas $141,946 $141,505 $ 441
Oil 65,084 48,016 17,068
Natural gas liquids 20,036 26,011 (5,975)
Other (239) 7,980 (8,219)
----------------------------------------------------------------------
Total $226,827 $223,512 $ 3,315
----------------------------------------------------------------------
Sales volume from continuing operations
Natural gas (MMcf) 47,207 45,847 1,360
Oil (MBbl) 2,780 2,019 761
Natural gas liquids (MBbl) 1,755 1,477 278
Sales volume from continuing ops.
(MMcfe) 74,416 66,623 7,793
Total sales volume (MMcfe) 75,394 68,478 6,916
Average sales price from continuing ops.
Natural gas (Mcf) $ 3.01 $ 3.09 $ (0.08)
Oil (barrel) $ 23.41 $ 23.78 $ (0.37)
Natural gas liquids (barrel) $ 11.42 $ 17.61 $ (6.19)
Other data
DD&A $ $ 70,530 $ 53,846 $ 16,684
Capital expenditures $266,889 $136,886 $ 130,003
Exploration expense $ 3,122 $ 4,226 $ (1,104)
Operating income $ 54,953 $ 72,425 $ (17,472)
----------------------------------------------------------------------
Natural Gas Distribution
Operating revenues
Residential $275,040 $367,109 $ (92,069)
Commercial and industrial - small 101,995 147,636 (45,641)
Transportation 38,031 33,972 4,059
Other 4,070 5,145 (1,075)
----------------------------------------------------------------------
Total $419,136 $553,862 $(134,726)
----------------------------------------------------------------------
Gas delivery volumes (MMcf)
Residential 25,131 31,064 (5,933)
Commercial and industrial - small 11,185 14,054 (2,869)
Transportation 57,459 53,989 3,470
----------------------------------------------------------------------
Total 93,775 99,107 (5,332)
----------------------------------------------------------------------
Other data
Depreciation and amortization $ 33,186 $ 30,933 $ 2,253
Capital expenditures $ 63,044 $ 53,073 $ 9,971
Operating income $ 56,659 $ 50,288 $ 6,371
----------------------------------------------------------------------
CONTACT:
Energen Corporation, Birmingham
Julie S. Ryland, 205/326-8421
|
Energen
