Energen

Energen Corporation was a company engaged in hydrocarbon exploration. In 2018, the company was acquired by Diamondback Energy.

Energen Corporation
IndustryPetroleum industry
Founded1979 (1979)
DefunctNovember 29, 2018 (2018-11-29)
FateAcquired by Diamondback Energy
HeadquartersBirmingham, Alabama, United States
Key people
 James T. McManus II, CEO
Charles W. Porter, Jr., CFO
ProductsPetroleum
Natural gas
Natural gas liquids
Production output
24 thousand barrels of oil equivalent per day (1,700 MW)
RevenueDecrease $878 million (2015)
Decrease -$945 million (2015)
Decrease -$945 million (2015)
Total assetsDecrease $4.614 billion (2015)
Total equityDecrease $2.896 billion (2015)
Number of employees
470 (2015)
Footnotes / references
[1]

As of 31 December 2017, the company had 444 million barrels of oil equivalent (2.72×109 GJ) of proved reserves, of which 58% was petroleum, 22% was natural gas, and 20% was and natural gas liquids and all of which were in the Permian Basin.[1]

History

The company, originally called Alabama Gas Corporation, was spun off from Southern Natural Gas (later, Sonat Inc.) in 1953 as part of an antitrust agreement.

In 1985, the company was renamed Energen Corporation. Its subsidiaries included its natural gas utility division, Alagasco (Alabama Gas Corporation), which was sold in 2014, and its oil and gas exploration division, Taurus Exploration (later Energen Resources).

In 2002, Energen Resources acquired properties in the Permian Basin for $120 million in cash and $70 million in stock.[2]

In 2003, Energen Resources acquired 93 billion cubic feet of gas equivalent of proved reserves in the San Juan Basin of New Mexico and southern Colorado for $39 million.[3]

In 2004, Energen Resources acquired San Juan Basin coalbed methane properties from a private company for $273 million.[4]

In 2009, the company acquired assets in the Permian Basin from Range Resources for $182 million.[5]

In 2014, the company sold its natural gas utility business, Alabama Gas Corporation (Alagasco), to Laclede Group for $1.35 billion in cash and the assumption of $250 million in debt.[6]

In 2015, the company sold the majority of its assets in the San Juan Basin for $395 million.[7]

In 2018, the company was acquired by Diamondback Energy.[8]

References
  1. "Energen Corporation 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "Energen Resources to Acquire Permian Basin Properties for Cash, Equity" (Press release). PR Newswire. March 7, 2002.
  3. "Energen Unit Completes Acquisition of San Juan Properties". American City Business Journals. April 1, 2003.
  4. "Energen Unit to Acquire San Juan Properties for $273 MM". Securities and Exchange Commission. March 7, 2002.
  5. "Energen Completes Acquisition of Permian Property" (Press release). Business Wire. June 30, 2009.
  6. "The Laclede Group Acquires Alabama Gas Corporation" (Press release). PR Newswire. September 2, 2014.
  7. "Energen Targets Capital Investment in CY15 of $1.0 Billion" (Press release). Business Wire. February 12, 2015.
  8. "Diamondback Energy, Inc. Completes Acquisition of Energen Corporation" (Press release). Globe Newswire. November 29, 2018.
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