By Birmingham Business Journal

Energen Corp. (NYSE: EGN) recorded $290.8 million in net income for 2010, according to a release from the company.

That's an increase from the $256.3 million in net income the company reported in 2009.

That profit included a $24.75 million after-tax write-off that was previously announced by Birmingham-based Energen. Excluding the write-off, the company had net income of $315.6 million.

For the fourth quarter, Energen reported net income of $80.3 million, compared to $58.6 million in the fourth quarter of 2009.

The 37-percent increase in fourth quarter earnings was due to rising sales prices and a 6 percent increase in productivity, a company release said.

Energen made multiple acquisitions of land in the natural resource-rich Permian Basin in 2010 including a $75 million purchase of 10,000 acres of land in November and a 40,000 acre, $110 million buy in December.

The company also reported record production for the year of record of 18.8 million barrels of oil equivalents and record year-end proved reserves of 303 million barrels of oil equivalents.

Copyright 2011 American City Business Journals

http://www.bizjournals.com/birmingham/news/2011/01/26/energen-corp-posts-290m-profit.html?ana=thestreet
Copyright bizjournals.com 2010