Energen 1Q Profit Slides 18 Percent, Beats Street

BIRMINGHAM, Ala. (AP) — Energen Corp. said Wednesday its first-quarter profit slid 18 percent as the energy market reeled from depressed commodity prices, but the oil and natural gas producer reiterated its full-year outlook.

Quarterly earnings fell to $95.6 million, or $1.33 per share, from $116.7 million, or $1.63 per share, in the year-ago period.

Analysts polled by Thomson Reuters expected profit of $1.28 per share.

Revenue dropped 7 percent to $484.1 million from $521.6 million. Analysts forecast revenue of $443.7 million.

Production for the quarter increased 9 percent from the same period last year, the company said. For the full year, Energen expects production will grow 4 percent despite plans to reduce capital spending by 50 percent compared with 2008. The company plans to spend about $305 million on capital projects this year.

Energen affirmed its 2009 profit outlook between $3.10 and $3.50 per share. Analysts project income of $3.24 per share for the year.

Shares of Energen climbed $1.18, or 3.8 percent, to $32.58 in afternoon trading.