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ENERGEN ANNOUNCES IMPROVED FIRST QUARTER RESULTS AT ANNUAL MEETING

 BIRMINGHAM, Ala., Jan. 27 /PRNewswire/ -- Energen Corporation's (NYSE: EGN) successful financial, strategic and operating performances in fiscal 1992 "reinforce Energen's historic low downside risk and good upside potential," said Chairman and Chief Executive Officer Rex J. Lysinger in his report to shareholders at today's Annual Stockholders Meeting.
 Lysinger noted that despite a poor economy, warmer-than-normal weather and volatile energy industry business conditions, Energen successfully completed a year of transition in its oil and gas exploration and production business and achieved record net income for the second year in a row. "We assessed industry conditions, adjusted our strategies as necessary, and continued to manage change and the risks inherent in today's exciting marketplace," Lysinger said.
 Given current business conditions, fiscal 1993 should show continued financial improvement, he said, noting that the quality of earnings from Taurus Exploration's oil and gas exploration and production operations "is significantly improved for 1993 and beyond as we become less reliant on tax credits (on nonconventional gas production)."
 In 1993 Energen's gas utility operations under Alagasco will be dealing with the implementation of new federal regulation which restructures the industry and places more responsibility with the utilities for managing their own gas purchases. "Alagasco is comfortable with this increased responsibility," Lysinger said, "because we've been doing it for several years now since the diversification of our gas supply during the last half of the 1980s."
 Energen's fiscal 1993 is off to a good start, Lysinger said, reporting an increase in earnings for the first quarter ended Dec. 31. Net income totaled $2.7 million, or 26 cents per share, compared with a reported net loss of $732,000, or 7 cents per share, for the same period last year.
 "This significant increase," Lysinger said, "is primarily due to Taurus's increased coalbed methane consulting and operating fees, increase coalbed methane drilling fees resulting from a 40-well addition (in the Black Warrior Basin) for our joint project with TECO and Chevron U.S.A., decreased exploration expense and increased nonconventional fuels tax credit recognition on an interim basis."
 Lysinger also announced at the annual meeting that Energen has achieved its third successful exploratory discovery in seven months in the shallow, offshore waters of the Gulf of Mexico, and he praised Alagasco for its recognition as one of "The 100 Best Companies to Work for in America."
 For the 12 months ended Dec. 31, Energen's net income totaled $19.1 million, or $1.88 per share, compared with reported net income for the same period last year of $11.4 million, or $1.13 per share. The major reasons for this increase are a one-time gain of $1.8 million from the August 1992 sale of a portion of the company's coalbed methane interests, decreased exploration expense in Taurus's operations, increased tax credit recognition and increased coalbed methane consulting and operating fees.
 In other annual meeting business, shareholders re-elected four directors to three-year terms. They are J. Mason Davis Jr., a partner with the law firm of Sirote & Permutt; James S.M. French, president, chief executive officer and a director of Dunn Investment Company; Harris Saunders Jr., chairman of Saunders Inc.; and W. Robbins Taylor, chairman and president of Standard/Taylor Industries Inc.
 At the regular meeting of the board of directors following the annual meeting, the board declared a dividend of 26 cents per share payable March 1 to shareholders of record on Feb. 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
 1st qtr. ended Dec. 31 1992 1991
 Revenues $ 84,108,000 $ 79,432,000
 Net income from current year
 operations 2,670,000 (732,000)
 Net income after cumulative effect
 of change in accounting 2,670,000 209,000
 E.P.S. from current year operation 0.26 (0.07)
 E.P.S. after cumulative effect of
 change in accounting 0.26 0.03
 Dividends paid 0.26 0.25
 Average shares outstanding 10,184,000 10,134,000
 12 mos. ended Dec. 31 1992 1991
 Revenues $336,658,000 $330,808,000
 Net income from current year
 operations 19,089,000 11,383,000
 Net income after cumulative effect
 of change in accounting 19,089,000 12,324,000
 E.P.S. from current year operation 1.88 1.13
 E.P.S. after cumulative effect of
 change in accounting 1.88 1.23
 Dividends paid 1.02 0.97
 Average shares outstanding 10,181,000 10,034,000
 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- 1/27/93
 /CONTACT: Julie S. Ryland of Energen, 205-326-8421/
 (EGN)


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

BN-BR -- AT013 -- 9831 01/27/93 15:55 EST
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