Energen
{{Short description|Defunct company engaged in hydrocarbon exploration}}
{{Infobox company
| name = Energen Corporation
| logo = Energen Logo.gif
| fate = Acquired by Diamondback Energy
| caption =
| foundation = {{start date and age|1979}}
| defunct = {{end date and age|2018|11|29}}
| hq_location = Birmingham, Alabama, United States
| key_people = {{nowrap| James T. McManus II, CEO
Charles W. Porter, Jr., CFO}}
| industry = Petroleum industry
| products = Petroleum
Natural gas
Natural gas liquids
| production = {{convert|24|e3BOE/d|MW|lk=in}}
| revenue = {{decrease}} $878 million (2015)
| operating_income = {{decrease}} -$945 million (2015)
| net_income = {{decrease}} -$945 million (2015)
| assets = {{decrease}} $4.614 billion (2015)
| equity = {{decrease}} $2.896 billion (2015)
| num_employees = 470 (2015)
| footnotes = {{cite web | url=https://www.sec.gov/Archives/edgar/data/277595/000027759518000014/egn1231201710k.htm | title=Energen Corporation 2017 Form 10-K Annual Report | publisher=U.S. Securities and Exchange Commission}}
}}
Energen Corporation was a company engaged in hydrocarbon exploration. In 2018, the company was acquired by Diamondback Energy.
{{As of|2017|12|31}}, the company had {{convert|444|e6BOE|lk=in}} 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.
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.{{cite press release | url=http://ir.energen.com/news-releases/news-release-details/energen-resources-acquire-permian-basin-properties-cash-equity | title=Energen Resources to Acquire Permian Basin Properties for Cash, Equity | publisher=PR Newswire | date=March 7, 2002}}
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.{{cite news | url=https://www.bizjournals.com/birmingham/stories/2003/03/31/daily14.html | title=Energen Unit Completes Acquisition of San Juan Properties | work=American City Business Journals | date=April 1, 2003}}
In 2004, Energen Resources acquired San Juan Basin coalbed methane properties from a private company for $273 million.{{cite web | url=https://www.sec.gov/Archives/edgar/data/277595/000027759504000024/exhibit99.htm | title=Energen Unit to Acquire San Juan Properties for $273 MM | publisher=Securities and Exchange Commission | date=March 7, 2002}}
In 2009, the company acquired assets in the Permian Basin from Range Resources for $182 million.{{cite press release | url=http://ir.energen.com/news-releases/news-release-details/energen-completes-acquisition-permian-property | title=Energen Completes Acquisition of Permian Property | publisher=Business Wire | date=June 30, 2009}}
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.{{cite press release | url=https://www.prnewswire.com/news-releases/the-laclede-group-acquires-alabama-gas-corporation-273556051.html | title=The Laclede Group Acquires Alabama Gas Corporation | publisher=PR Newswire | date=September 2, 2014 }}
In 2015, the company sold the majority of its assets in the San Juan Basin for $395 million.{{cite press release | url=https://www.businesswire.com/news/home/20150212006524/en/Energen-Targets-Capital-Investment-CY15-1.0-Billion | title=Energen Targets Capital Investment in CY15 of $1.0 Billion | publisher=Business Wire | date=February 12, 2015}}
In 2018, the company was acquired by Diamondback Energy.{{cite press release | url=https://globenewswire.com/news-release/2018/11/29/1659678/0/en/Diamondback-Energy-Inc-Completes-Acquisition-of-Energen-Corporation.html | title=Diamondback Energy, Inc. Completes Acquisition of Energen Corporation | publisher=Globe Newswire | date=November 29, 2018}}
References
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Category:1979 establishments in Alabama
Category:2018 mergers and acquisitions
Category:Defunct oil companies of the United States
Category:Energy companies established in 1979
Category:Energy companies disestablished in 2018
Category:Non-renewable resource companies established in 1979