Company Reaffirms 2007 Guidance; Initiates 2008 Guidance.
Energen Corporation (NYSE: EGN - News) announced at today's Annual Meeting of Shareholders that its 19 percent increase in year-over-year first quarter net income indicates that the diversified energy company is on track to achieve its sixth consecutive year of record earnings in 2007. Energen's net income in the first quarter of 2007 totaled $103.9 million, or $1.44 per diluted share.
"We are very pleased with the results we are generating, and we are excited about our prospects for the future," Mike Warren, Energen's chairman and chief executive officer, told shareholders at the energy company's Birmingham headquarters.
"By accelerating the development of our proved undeveloped reserves and our probable and possible inventory beginning this year, we believe we can achieve organic production growth in 2008 of approximately 3 percent. In 2009, we could well see production in excess of 100 billion cubic feet equivalent.
"Meanwhile, we continue to build our acreage position in Alabama in anticipation of exploring our state's extensive shale potential," Warren added.
In other developments announced today:
* Energen reaffirmed its 2007 earnings guidance range of $3.80 - $4.20 per diluted share.
* Energen initiated 2008 earnings guidance with a range of $3.60 - $4.00 per diluted share, reflecting the potential impact of lower realized commodity prices partially offset by increased production.
* Energen's oil and gas subsidiary, Energen Resources Corporation, has increased its net lease position in Alabama shales to approximately 180,000 acres.
* Energen Resources' review of its unproved reserve inventory again supported 1.9 trillion cubic feet equivalent (Tcfe) of probable and possible reserves.
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