Energen Resources Doubles 2003 Oil Hedge Position, Increases Gas Hedges.Business Editors & Energy Writers BIRMINGHAM, Ala.--(BUSINESS WIRE)--Oct. 16, 2002 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 increased its oil and gas hedge position for 2003. Capitalizing on continued commodity price strength, the Company has hedged an additional 765,000 barrels of oil in 2003 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. The new hedges include 45,000 barrels per month for the entire year (540,000 barrels total) at an average NYMEX price of $26.10 per barrel; 15,000 barrels per month for April through December 2003 (135,000 barrels total) at an average NYMEX price of $25.36; and 30,000 barrels per month for April, May and June (90,000 barrels total) at an average NYMEX price of $26.36. These hedges bring Energen Resources' 2003 oil hedge position to 1,500,000 barrels at an average NYMEX price of $26.26 per barrel. Energen Resources also has hedged an additional 0.52 billion cubic feet (Bcf) of natural gas in each month of 2003 (6.24 Bcf total) at an average NYMEX price of $4.11 per thousand cubic feet (Mcf). Energen Resources' natural gas hedges in 2003 now total 22.5 Bcf at an average NYMEX price of $4.02 per Mcf. Energen continues to monitor the commodity price environment and remains prepared to enter into additional 2003 oil and gas hedges, in keeping with its past hedging practices. Energen Corporation is a diversified energy holding company with headquarters in Birmingham, Alabama Birmingham (pronounced [ˈbɝmɪŋˌhæm]) is the largest city in the U.S. state of Alabama and is the county seat of Jefferson County. . Its two lines of business are natural gas distribution in central and north Alabama North Alabama is a region of the U.S. state of Alabama, generally thought to include these 12 counties: Cherokee, Colbert, DeKalb, Franklin, Jackson, Lauderdale, Lawrence, Limestone, Madison, Marshall, Morgan, and Winston, with a combined population of 953,247, or 20. 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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