Energen Resources Adds Oil and Gas Hedges.Business Editors & Energy Writers Energen Corporation (NYSE NYSE See: New York Stock Exchange :EGN EGN External Gateway Network (WorldCom) EGN East Gate News EGN European Games Network ) announced today that its oil and gas acquisition and exploitation subsidiary, Energen Resources Corporation Energen Resources Corporation is the largest subsidiary of Energen Corporation, a diversified energy company headquartered in Birmingham, Alabama. It is a growing oil and gas acquisition and development company that has approximately 1. , has again capitalized on commodity price volatility by adding to its crude oil hedge position for 2002 and natural gas hedge position for 2003. The 60 new oil contracts in each month of the fourth quarter of 2002 represent 180,000 barrels of oil production at an average New York Mercantile Exchange New York Mercantile Exchange (NYMEX) The world's largest physical commodity futures exchange. (NYMEX See New York Mercantile Exchange. NYMEX See New York Mercantile Exchange (NYM). ) price of $26 per barrel. Additionally, the energy company has entered into basin-specific collars for 4.8 billion cubic feet of 2003 natural gas production at a NYMEX-equivalent price of approximately $3.75 to $4.75 per thousand cubic feet. Management said that it continues to monitor the commodity price environment and remains prepared to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. volatility by entering into additional hedges, in keeping with its past practice. Energen Corporation is a diversified energy holding company with headquarters in Birmingham, Alabama. Its two lines of business are natural gas distribution in central and north Alabama and the acquisition, exploitation, exploration and production of natural gas, oil and natural gas liquids onshore in North America. Additional information on Energen is available at www.energen.com. FORWARD-LOOKING STATEMENTS This release contains statements expressing expectations of future plans, objectives and performance that constitute forward-looking statements made pursuant to the Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provision of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Except as otherwise disclosed, the Company's forward-looking statements do not reflect the impact of possible or pending acquisitions, divestitures or restructurings. We undertake no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise. All statements based on future expectations rather than on historical facts are forward-looking statements that are dependent on certain events, risks and uncertainties that could cause actual results to differ materially from those anticipated. In addition, the Company cannot guarantee the absence of errors in input data, calculations and formulas used in its estimates, assumptions and forecasts. A discussion of risks and uncertainties, which could affect future results of Energen and its subsidiaries, is included in the Company's periodic reports filed with the Securities and Exchange Commission. |
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