This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Energen Reports Third Quarter 2012 Operating And Financial Results

Energen Corporation (NYSE: EGN) announced today that its earnings in the three months ended September 30, 2012, totaled $2.0 million, or $0.03 per diluted share. Excluding non-cash mark-to-market losses on certain financial commodity contracts, Energen’s adjusted net income (a non-GAAP measure) totaled $31.8 million, or $0.44 per diluted share, and compared with 3 rd quarter 2011 adjusted net income of $54.5 million, or $0.75 per diluted share.

Non-cash, mark-to-market revenue losses in the 3 rd quarter 2012 were $46.8 million ($29.7 million after tax, or $0.41 per diluted share). Non-cash, market-to-market revenue gains in the same period in 2011 totaled $53.2 million ($33.1 million after tax, or $0.46 per diluted share). [See “Non-GAAP Financial Measures” for more information and reconciliation.]

A 15 percent production increase in the third quarter of 2012 as compared with the same period a year ago was more than offset by significantly lower natural gas and natural gas liquids (NGL) prices, increased depreciation expense (DD&A), and higher lease operating expense (LOE). Realized oil prices in the third quarter were down 2 percent year-over-year, while oil production increased 33 percent.

Consolidated adjusted EBITDA (a non-GAAP measure) totaled $172.0 million and compared with $168.6 million in the prior-year third quarter. Energen’s oil and gas exploration and production company, Energen Resources Corporation, had adjusted EBITDA of $173.6 million in the third quarter of 2012 and $170.1 million in the same period a year ago. [ See “Non-GAAP Financial Measures” for more information and reconciliation.]

2013 Capital, Production Outlook

Energen Resources’ preliminary 2013 budget includes capital investment of $875 million to drill and develop its assets in the liquids-rich Permian Basin, including approximately $130 million for horizontal test drilling in the Midland and Delaware sub-basins. An additional $25 million is being allocated primarily for 40 pay-adds in the San Juan Basin. In response to continued low natural gas prices, the company does not plan to invest drilling capital in any of its dry gas basins.

1 of 13

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs