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ENERGEN REPORTS RECORD FISCAL 1992 EARNINGS

 ENERGEN REPORTS RECORD FISCAL 1992 EARNINGS
 BIRMINGHAM, Ala., Oct. 28 /PRNewswire/ -- Energen Corporation


(NYSE: EGN) today reported record earnings from current year operations of $15.7 million, or $1.54 per share, for its 1992 fiscal year.
 This compares favorably to 1991 net income of $14.1 million, or $1.42 per share. In fiscal 1992, Energen adopted Financial Accounting Standard 109, Accounting for Income Taxes, and the cumulative effect of this change 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.
 Alagasco, Energen's natural gas utility, contributed record net income of $12.3 million to consolidated earnings as compared with its 1991 contribution of $11.9 million. This increase reflects the utility earning near its allowed range of return on an increased level of utility investment. Contribution from the current year operations of Taurus Exploration, Energen's oil and gas exploration and production company, remained relatively stable at $2.3 million as compared with $2.2 million in 1991. A one-time gain from the sale of a portion of the company's coalbed methane interests was largely offset by the recognition of fewer fees associated with reduced coalbed methane drilling. Energen's group of other activities also increased its contribution to consolidated earnings.
 For the three months ended Sept. 30, Energen's net loss totaled $2.5 million, or 24 cents per share, compared with a net loss for the same period last year of $5.6 million, or 56 cents per share. This increase was due primarily to a gain from the sale of a portion of Taurus's coalbed methane interest and to the recognition of nonconventional fuel tax credits resulting from the tax gain associated with the sale.
 "We are very pleased to have completed a year of transition in our oil and gas operations with record earnings, and we are well-positioned to respond to the challenges of continued deregulation of the natural gas industry at the federal level," said Energen Chairman and Chief Executive Officer Rex J. Lysinger. "We successfully completed the sale of a portion of our coalbed methane interests, began applying our nonconventional gas expertise to consulting for others, and began the process of strengthening our conventional oil and gas activities. Fiscal 1993 is shaping up to be an exciting year for Energen, and we are off to a good start with the acquisition of working interests in producing conventional oil and gas properties with development potential."
 Energen also announced that the board of directors today declared a quarterly cash dividend of 26 cents per share payable Dec. 1 to shareholders of record Nov. 13.
 Energen is a diversified energy company with headquarters in Birmingham. Its two major lines of business are natural gas distribution and oil and gas exploration and production.
 Results of the Fiscal Year and Fourth Quarter
 Fiscal year ended Sept. 30 1992 1991
 Revenue $331,982,000 $325,643,000
 Net inc. from current year opers. 15,687,000 14,112,000
 Net inc. after cumulative effect
 of accounting change 16,628,000 14,112,000
 EPS from current year operations 1.54 1.42
 EPS after cumulative effect of acctg.
 change 1.64 1.42
 Dividends paid per share 1.01 .955
 Average shares outstanding 10,168,000 9,972,000
 Fourth quarter ended Sept. 30 1992 1991
 Revenue $ 44,562,000 $ 43,327,000
 Net income (2,463,000) (5,595,000)
 Earnings per share (0.24) (0.56)
 Dividends paid per share .26 .25
 Average shares outstanding 10,183,000 10,080,000
 NOTE: The cumulative effect of the change in accounting for income taxes will be restated into the results of the first quarter of fiscal 1992, as required by FAS 109.
 -0- 10/28/92
 /CONTACT: Julie Spafford Ryland of Energen, 205-326-8421/
 (EGN) CO: Energen Corporation ST: Alabama IN: OIL SU: ERN DIV


EA-BN -- AT019 -- 6296 10/28/92 17:38 EST
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Date:Oct 28, 1992
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