Back in the 1950s, the U.S. government was actively addressing anti-trust concerns in the oil industry. As part of an anti-trust agreement with Southern Natural Gas, the Alabama Gas Corporation was given a life of its own. In 1985, the company changed its name to Energen Corporation.
The Energen Corporation’s present business focus is oil and natural gas exploration and production. Of the company’s 355 million barrels of oil equivalent (2.17×109 GJ) of estimated oil reserves, 95% are located New Mexico’s Permian Basin while the other 5% is located in the state’s San Juan Basin in northern New Mexico. In 2015, the company produced 24,000 barrels of oil equivalent (150,000 GJ) per day from these two properties combined.
It’s worth noting that the company began selling off some of its business concerns in 2014, choosing to begin focusing most of its energies on the Permian Basis and new ventures in the future. As part of the down-sizing process, they sold off the company’s natural gas utility business, Alabama Gas Corporation (Alagasco), for $1.35 billion in cash and another $275.0 million in debt. They also sold off a majority of its holdings in the aforementioned San Juan Basin.
Energen is a publicly held corporation, trading on the New York Stock Exchange under the symbol EGEN. The company is currently headquartered in Birmingham, Alabama, where a majority of its 470 employees are located. They are led by James T. McManus II, CEO and Charles W. Porter, Jr., CFO.
For the fiscal year ended in 2015, the company had revenues of US$878 million, which led to a net loss of US$945 million. Much of that loss was attributed to the pronounced drop in oil prices later that year. At that same point in time, the company reported assets of US$4.614 billion and total equity of US$2.896 billion