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ENERGEN REPORTS RESULTS

 ENERGEN REPORTS RESULTS
 BIRMINGHAM, Ala., Jan. 22 /PRNewswire/ -- The long-term outlook


for natural gas supply and demand is good, but the short-term industry outlook is less optimistic as spot gas prices remain low, said Rex J. Lysinger, chairman and chief executive officer of Energen Corporation (NYSE: EGN) at Wednesday's annual meeting of shareholders in Birmingham.
 For Energen -- a diversified energy company involved primarily in natural gas distribution through Alabama Gas Corporation (Alagasco) and oil and gas exploration and production through Taurus Exploration -- Lysinger said the long-term outlook is positive. "The outlook for Alagasco is strong market demand and an ample supply of natural gas at reasonable prices," he said. For the long-term, Taurus will pursue opportunities for nonconventional gas development without the tax credit outside Alabama as well as continue its commitment to its Alabama Black Warrior Basin properties while pursuing additional coalbed methane consulting and operating opportunities. Taurus also will develop conventional oil and natural gas, capitalizing on opportunities generated in today's low-cost environment, Lysinger added.
 For the short term, fiscal 1992 represents a transition year in Energen's exploration and production business, Lysinger said, outlining three key issues: pursuing nonconventional gas development outside Alabama, selling or trading partial interest in some of the company's coalbed methane projects in order to recognize the value of related tax credits, and implementing a new focus for conventional oil and gas activities which concentrates on producing property acquisitions and associated development drilling.
 Lysinger also reported results of the first quarter of fiscal 1992 at the annual meeting. For the three months ended Dec. 31, Energen had a net loss of $(732,000), or $(.07) per share, compared with net income of $1,997,000, or $.20 per share, for the same period last year. This decrease primarily reflects timing differences in the recognition of nonconventional fuel tax credits on an interim basis; lower natural gas prices; the prior year benefit of fees associated with unusually active coalbed methane well drilling; and increased oil and gas exploration and interest expenses. To a lesser extent, Alagasco's contribution to net income declined as a result of timing differences in the recognition of rate adjustments.
 For the 12 months ended Dec. 31, net income totaled $11,383,000, or $1.13 per share. This compares with net income for the same period last year of $11,511,000, or $1.17 per share. The slight decrease was primarily due to lower natural gas sales prices and costs associated with increased coalbed methane activity, largely offset by improvements in Alagasco's rate-setting mechanism.
 At the monthly meeting of the board of directors which followed the annual meeting, the board declared a quarterly cash dividend of 25 cents per share payable March 2 to shareholders of record on Feb. 14.
 In other annual meeting business, shareholders elected Dr. Stephen D. Ban, president and chief executive officer of Gas Research Institute in Chicago, to a three-year term. Ban replaces Emory O. Cunningham, retired chairman of Southern Progress Corporation in Birmingham, who is retiring from the board after having served as a director since May 1977. Shareholders also re-elected two members of the board of directors to three-year terms. They are George S. Shirley, city board chairman of AmSouth Bank of Tuskaloosa in Tuscaloosa, Ala., and Wm. Michael Warren Jr., president and chief operating officer of Energen and Alagasco.
 Results of the First Fiscal Quarter and 12 Months
 3 mos. ended Dec. 31 1991 1990
 Revenues $ 79,432,000 $ 74,267,000
 Net income/(loss) (732,000) 1,997,000
 Earnings/(loss) per share (.07) .20
 Dividends paid per share .25 .235
 Average shares outstanding 10,134,000 9,886,000
 12 mos. ended Dec. 31 1991 1990
 Revenues $330,808,000 $314,373,000
 Net income 11,383,000 11,511,000
 Earnings per share 1.13 1.17
 Dividends paid per share .97 .91
 Average shares outstanding 10,034,000 9,831,000
 -0- 1/22/92
 /CONTACT: Julie Spafford of Energen, 205-326-8421/
 (EGN) CO: Energen Corporation ST: Alabama IN: OIL SU: ERN DIV PER


BR-BN -- AT012 -- 2500 01/22/92 17:02 EST
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Date:Jan 22, 1992
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