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Stock Market & Financial Investment News

News Breaks
April 7, 2014
07:03 EDTLG, EGNEnergen to sell natural gas utility to Laclede Group for $1.6B
Energen Corporation (EGN) announced that it has signed a definitive stock purchase agreement to sell its natural gas utility business, Alabama Gas Corporation, to The Laclede Group (LG). The value of the transaction is $1.6B, subject to customary closing adjustments, and is comprised of $1.28B in cash and approximately $320M of debt. Energenís after-tax proceeds are estimated to be $1.1B, after consideration of accelerated intangible drilling costs. Energen plans to use cash proceeds from the transaction to immediately reduce short-term indebtedness, thereby enhancing its financial capacity to potentially accelerate the pace of drilling and development of its Permian Basin assets in 2015 and beyond.
News For EGN;LG From The Last 14 Days
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February 3, 2016
07:04 EDTLGLaclede backs FY16 NEE $3.34-$3.44, consensus $3.38
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07:04 EDTLGLaclede reports Q1 NEE $1.04, consensus $1.11
Consolidated net income for the first quarter was $46.9 million compared to $47.1 million in the prior year period, reflecting flat earnings from the Gas Utility segment and lower earnings from Gas Marketing. the first quarter, the Gas Utility segment posted NEE of $50.0 million compared to $49.8 million a year ago. Gas Marketing net economic loss for the first quarter of fiscal 2016 was $0.3 million compared to NEE of $0.4 million in the prior year.

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