By Birmingham Business Journal

Energen reported a slight increase in profits in the second quarter of 2010 of $55.5 million, compared to $55 million in the second quarter 2009.

Included in the second quarter 2010 numbers is a non-cash, $10 million write-off related to a leasehold associated with the companyâ¿¿s deep Conasauga shale acreage.

The first half produced greater earnings for the energy company compared to last year totals. First half profits summed up to $172.2 million in 2010 compared to $150.5 million in 2009.

Energenâ¿¿s natural gas subsidiary, Alagasco recorded a net loss of $300,000 in the second quarter, down from net income of $900,000 in the prior-year second quarter.

Energen (NYSE: EGN) reported an earnings drop over the last 12 months ended June 30, 2010, compared to the previous 12 months. Profits dropped nearly $11 million in that period.

Copyright 2010 American City Business Journals

http://birmingham.bizjournals.com/birmingham/stories/2010/07/26/daily32.html?ana=thestreet

Copyright bizjournals.com 2010

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