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Stock Market & Financial Investment News

News Breaks
February 19, 2013
08:35 EDTEGNEnergen to host investment community meetings
Investment Community Meetings to be held in Minneapolis on February 19, in Milwaukee on February 20 and in Chicago on February 21.
News For EGN From The Last 14 Days
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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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