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December 18, 2012
16:37 EDTEGNEnergen sees infrastructure issues in Permian Basin affecting Q4, 1H13
Energen Resources expects current infrastructure-related issues in the Permian Basin to negatively affect production in Q4 and potentially impact production in 1H13, as well. Greater-than-expected ethane rejection, higher-than-anticipated line pressures, and completion delays are having a negative impact on production in the Midland Basin, while oil inventories at the well-head primarily in the Delaware Basin are growing in response to transportation infrastructure issues.
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April 7, 2014
07:58 EDTEGNLaclede to hold a conference call
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07:30 EDTEGNEnergen to host a conference call
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07:03 EDTEGNLaclede to purchase Alabama Gas Corporation for $1.6B
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07:03 EDTEGNEnergen 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.

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