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ENERGEN ANNOUNCES DIVIDEND, QUARTER EARNINGS INCREASE

 ENERGEN ANNOUNCES DIVIDEND, QUARTER EARNINGS INCREASE
 BIRMINGHAM, Ala., July 22 /PRNewswire/ -- The board of directors of


Energen Corporation (NYSE: EGN) today approved a 4 percent increase in the quarterly cash dividend and announced improved financial results for the third fiscal quarter ended June 30.
 The quarterly cash dividend was increased from 25 cents per share to 26 cents per share and is payable Sept. 1 to shareholders of record on Aug. 14. Energen's annual dividend rate increases from $1 per share to $1.04 per share.
 For the three months ended June 30, Energen's net income totaled $442,000, or 4 cents per share, compared with a net loss of $195,000, or 2 cents per share, for the same period last year. Contribution from Alagasco, Energen's natural gas utility, remained essentially unchanged, while Energen's oil and gas exploration and production company, Taurus Exploration, improved its performance primarily due to increased coalbed methane consulting and operating fees and increased oil and gas prices. Energen's group of other activities also increased its contribution to Energen's third quarter earnings.
 For the 12 months ended June 30, net income totaled $12,555,000, or $1.24 per share, compared with $16,487,000, or $1.66 per share, for the same period last year. Contribution from Alagasco remained essentially unchanged. Taurus's contribution for the current 12 months decreased for several reasons, primarily: lower natural gas prices; less fees associated with decreased coalbed methane drilling; and less recognition of coalbed methane tax credits resulting from timing differences associated with anticipated credit recognition in the fourth fiscal quarter. Energen's group of other activities increased its contribution to consolidated earnings for the latest 12 months.
 With one quarter remaining in the fiscal year, Energen officials noted that negotiations continue for the sale of partial interest in some of Taurus's coalbed methane projects. "We remain optimistic that a profitable sale will be completed by the end of the fiscal year," said President Wm. Michael Warren Jr. "As we've discussed previously, the sale is not only important to Energen's fiscal 1992 earnings potential but also is a key element in our strategic plan to revitalize Taurus's conventional oil and gas program. Proceeds from the sale will be used, in large part, to acquire producing conventional oil and gas properties with associated development potential," he said.
 Energen is a diversified energy company based in Birmingham, Ala. Its two major lines of business are natural gas distribution and oil and gas exploration and production.
 Results of the Third Fiscal Quarter and 12 Months
 3 mos. ended 6/30/92 6/30/91
 Revenues $ 67,920,000 $ 64,919,000
 Net income 442,000 (195,000)
 Earnings per share .04 (.02)
 Dividends paid per share .25 .235
 Average shares outstanding 10,183,000 9,998,000
 12 mos. ended 6/30/92 6/30/91
 Revenues $330,748,000 $328,202,000
 Net income 12,555,000 16,487,000
 Earnings per share 1.24 1.66
 Dividends paid per share 1.00 .94
 Average shares outstanding 10,142,000 9,916,000
 -0- 7/22/92
 /CONTACT: Julie Spafford Ryland of Energen, 205-326-8421/
 (EGN) CO: Energen Corporation ST: Alabama IN: OIL SU: ERN DIV


BR-BN -- AT013 -- 2139 07/22/92 17:04 EDT
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Publication:PR Newswire
Date:Jul 22, 1992
Words:543
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