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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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December 17, 2014
06:32 EDTLGLaclede initiated with an Outperform at Credit Suisse
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December 8, 2014
07:40 EDTEGNMany E&P target prices lowered at SunTrust
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