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ENERGEN CORPORATION ANNOUNCES QUARTERLY RESULTS, DIVIDEND

 ENERGEN CORPORATION ANNOUNCES QUARTERLY RESULTS, DIVIDEND
 BIRMINGHAM, Ala., April 22 /PRNewswire/ -- Energen Corporation (NYSE: EGN) today announced that net income and earnings per share increased slightly for the second fiscal quarter ended March 31.
 Net income totaled $18,440,000, or $1.81 per share, compared with $17,905,000, or $1.80 per share, for the same period last year.
 Increased gas sales to large commercial and industrial customers were largely responsible for the improved contribution from Alagasco, Energen's natural gas utility. Sales and transportation volumes increased approximately 1 billion cubic feet over the same period last year, with large commercial and industrial sales volumes accounting for 3/4 of the increase.
 The contribution to consolidated earnings from Taurus Exploration, Energen's oil and gas exploration and production company, decreased significantly. While increased production offset decreased natural gas prices, earnings were negatively affected by less fees associated with reduced coalbed methane drilling and less recognition of tax credits on coalbed methane production.
 Energen's group of other activities, led by Basin Pipeline Corp. and American Heat Tech, also increased its contribution to consolidated earnings.
 For the 12 months ended March 31, net income totaled $11,918,000, or $1.18 per share. This compares with net income for the same period last year of $18,279,000, or $1.85 per share. Alagasco's contribution was essentially unchanged. Taurus' contribution decreased significantly, however, primarily due to decreased natural gas prices, less fees associated with decreased coalbed methane drilling, and less recognition of tax credits primarily due to timing differences associated with anticipated credit recognition for the remainder of fiscal 1992. Energen's group of other activities increased its contribution to consolidated earnings for the latest 12 months.
 Energen's board of directors today declared a quarterly cash dividend of 25 cents per share payable June 1 to shareholders of record on May 15.
 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 Second Fiscal Quarter and 12 Months
 3 mos. ended 3/31/92 3/31/91
 Revenues $140,068,000 $143,130,000
 Net income $ 18,440,000 $ 17,905,000
 Earnings per share $ 1.81 $ 1.80
 Dividends paid per share $ .25 .235
 Average shares outstanding 10,173,000 $ 9,923,000
 12 mos. ended 3/31/92 3/31/91
 Revenues $327,746,000 $328,661,000
 Net income $ 11,905,000 $ 18,279,000
 Earnings per share $ 1.18 $ 1.85
 Dividends paid per share $ .985 $ .925
 Average shares outstanding 10,096,000 9,873,000
 -0- 4/22/92
 /CONTACT: Julie Spafford Ryland of Energen, 205-326-8421/
 (EGN) CO: Energen ST: Alabama IN: OIL SU: ERN


EA-BR -- AT015 -- 1516 04/22/92 17:41 EDT
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Publication:PR Newswire
Date:Apr 22, 1992
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