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 BIRMINGHAM, Ala., Oct. 27 /PRNewswire/ -- Energen Corporation (NYSE: EGN) today reported record earnings for fiscal 1993, marking the third consecutive year of record net income for the Birmingham-based diversified energy company.
 Energen's net income for the fiscal year ended Sept. 30 totaled $18.1 million, or $1.77 per share. In fiscal 1992, Energen's income from current operations totaled $15.7 million, or $1.54 per share. (Energen adopted Financial Accounting Standard 109, Accounting for Income Taxes, in 1992, and the cumulative effect of this change as related to prior years resulted in additional 1992 earnings of 10 cents per share, for total reported earnings of $16.6 million, or $1.64 per share.)
 Taurus Exploration, Energen's oil and gas exploration and production company, was the major driver behind Energen's improved 1993 earnings. Taurus's record net income of $5.1 million more than doubled last year's income from current operations of $2.3 million, which included a one- time gain of $1.8 million from the August 1992 sale of a portion of its coalbed methane interests. Increased coalbed methane operating fees and consulting revenues, decreased exploration expense, and higher natural gas prices were primarily responsible for Taurus's increase.
 Alagasco, Energen's natural gas distribution company, also had record net income, earning near its allowed range of return on an increased level of equity which represents investment needed to meet the demands of a growing service area. Alagasco's net income totaled $13 million compared with $12.3 million in 1992.
 "Fiscal 1993 was a most successful year for Energen," said Chairman and Chief Executive Officer Rex J. Lysinger. "Taurus clearly achieved success as it focused on implementing an expanded conventional oil and gas strategy while continuing to capitalize on its coalbed methane expertise. And Alagasco's performance continued to demonstrate excellent financial and operating strength.
 "We are very excited about the prospects for a good year in 1994. Energen's primary objective is profitable growth which will enhance shareholder value, and we are prepared to successfully manage the changes occurring in the industry and in our own operations in order to reach this objective."
 For the three months ending Sept. 30 Energen reported a net loss of $5.6 million, or 55 cents per share, compared with a loss of $2.5 million, or 24 cents per share, for the same period last year. The difference is due primarily to the one-time gain last year from the sale of a portion of Taurus's coalbed methane interests and from recognition of tax credits resulting from the tax gain associated with the sale. Energen historically records net losses during the fourth fiscal quarter (July, August and September) due to the seasonal nature of its natural gas distribution operations.
 Energen on Wednesday also announced that the board of directors declared a quarterly cash dividend of 27 cents per share payable Dec. 1 to shareholders of record Nov. 15.
 A diversified energy company with headquarters in Birmingham, Energen's two major lines of business are natural gas distribution and oil and gas exploration and production.
 Financial Results
 Fiscal year ended Sept. 30 1993 1992
 Revenues $357,116,000 $331,982,000
 Income from current year opers. 18,081,000 15,687,000
 Net inc. after cumulative effect
 of accounting change 18,081,000 16,628,000
 E.P.S. from current year operations 1.77 1.54
 E.P.S. after cumulative effect of acctg.
 change 1.77 1.64
 Dividends paid 1.05 1.01
 Average shares outstanding 10,237,000 10,168,000
 3 mos. ended Sept. 30 1993 1992
 Revenue $ 48,038,000 $ 44,562,000
 Net income (5,614,000) (2,463,000)
 Earnings per share (0.55) (0.24)
 Dividends paid 0.27 0.26
 Average shares outstanding 10,298,000 10,183,000
 -0- 10/27/93
 /CONTACT: Julie S. Ryland of Energen, 205-326-8421/

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

RA-BN -- AT011 -- 7419 10/27/93 14:34 EDT
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Publication:PR Newswire
Date:Oct 27, 1993

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