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ENERGEN REPORTS INCREASED SECOND QUARTER EARNINGS

 BIRMINGHAM, Ala., April 28 /PRNewswire/ -- Energen Corporation (NYSE: EGN) today announced that earnings for the quarter ended March 31 increased 8 percent over the same period last year due primarily to improved performance of Taurus Exploration, Energen's oil and gas exploration and production company.
 Net income for the second fiscal quarter totaled $19,945,000, or $1.95 per share, compared with $18,440,000, or $1.81 per share, for the same period last year. Taurus's contribution increased significantly due largely to: increased coalbed methane consulting and operating fees, higher oil and natural gas prices, decreased administrative expense, and increased tax credit recognition on an interim basis. Net income of Alagasco, Energen's utility subsidiary, remained virtually unchanged.
 For the 12 months ended March 31, net income totaled $20,594,000, or $2.02 per share, compared with reported net income of $11,918,000, or $1.18 per share, for the same period last year. This increase was due primarily to Taurus, which benefited from a one-time gain of $1.8 million from the August 1992 sale of a portion of its coalbed methane interests, increased tax credit recognition, decreased exploration expense, increased consulting and operating fees, and decreased administrative expense. Slightly offsetting Taurus's increased contribution was increased utility operations and maintenance expense.
 Energen's board of directors today declared a quarterly cash dividend of 26 cents per share payable June 1 to shareholders of record on May 15.
 Energen is a diversified energy company based in Birmingham. Its two major lines of business are natural gas distribution and oil and gas exploration and production.
 FINANCIAL RESULTS
 Second Quarter Ended March 31 1993 1992
 Revenue $149,646,000 $140,068,000
 Net income 19,945,000 18,440,000
 Earnings per share 1.95 1.81
 Dividends paid 0.26 0.25
 Average shares outstanding 10,211,000 10,173,000
 12 Months Ended March 31 1993 1992
 Revenue $346,236,000 $327,746,000
 Net income from current
 year operations 20,594,000 11,918,000
 Net income after cumulative
 effect of accounting change 20,594,000 12,859,000
 E.P.S. from current year
 operations 2.02 1.18
 E.P.S. after cumulative effect
 of accounting change 2.02 1.28
 Dividends paid 1.03 0.985
 Average shares outstanding 10,190,000 10,096,000
 NOTE: The cumulative effect of the change in accounting for income taxes has been restated into the results of the first quarter of fiscal 1992, as required by FAS 109.
 -0- 4/28/93
 /CONTACT: Julie S. Ryland of Energen, 205-326-8421/
 (EGN)


CO: Energen Corporation ST: Alabama IN: OIL SU: ERN

RA-BR -- AT014 -- 2144 04/28/93 14:33 EDT
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Publication:PR Newswire
Date:Apr 28, 1993
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