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ENERGEN DIVIDEND, EARNINGS INCREASE

 BIRMINGHAM, Ala., July 28 /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 three months and 12 months ended June 30.
 The quarterly dividend was raised from 26 cents per share to 27 cents per share and is payable Sept. 1 to shareholders of record on Aug. 13. Energen's annual dividend rate increased from $1.04 per share to $1.08 per share. "We are proud of our dividend history," said Energen Chairman and Chief Executive Officer Rex J. Lysinger. "Energen has paid a dividend every quarter since the company became independent in 1953, and today's action marks the 11th, consecutive, annual dividend increase."
 For the three months ended June 30, Energen's net income totaled $1,081,000, or 11 cents per share, compared with net income of $442,000, or 4 cents per share, for the same period last year. The 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 due largely to increased oil production, increased coalbed methane operating fees, higher natural gas prices, and increased recognition of coalbed methane tax credits on an interim basis.
 For the 12 months ended June 30, net income totaled $21,233,000, or $2.08 per share, compared with $12,555,000, or $1.24 per share, for the same period last year. Alagasco's contribution remained essentially unchanged. Taurus's contribution increased substantially due primarily to a one-time gain of $1.8 million from the August 1992 sale of a portion of its coalbed methane interests and to the recognition of nonconventional fuel tax credits resulting from the tax gain associated with the sale. In addition, Taurus benefited from increased operating fees, higher natural gas prices, increased consulting revenues, and decreased exploration expense.
 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
 Third quarter ended June 30 1993 1992
 Revenues $ 75,324,000 $ 67,920,000
 Net income 1,081,000 442,000
 Earnings per share .11 .04
 Dividends paid 0.26 0.25
 Average shares outstanding 10,255,000 10,183,000
 12 months ended June 30 1993 1992
 Revenues $353,640,000 $330,748,000
 Net inc. from current year opers. 21,233,000 12,555,000
 Net inc. after cumulative effect
 of accounting change 21,233,000 13,496,000
 E.P.S. from current year opers. 2.08 1.24
 E.P.S. after cumulative effect
 of accounting change 2.08 1.34
 Dividends paid 1.04 1.00
 Average shares outstanding 10,208,000 10,142,000
 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- 7/28/93
 /CONTACT: Julie S. Ryland of Energen, 205-326-8421/
 (EGN)


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

BN-RA -- AT016 -- 6804 07/28/93 14:22 EDT
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Publication:PR Newswire
Date:Jul 28, 1993
Words:524
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