Energen

Last updated
Energen Corporation
Industry Petroleum industry
Founded1979;44 years ago (1979)
DefunctNovember 29, 2018;4 years ago (2018-11-29)
FateAcquired by Diamondback Energy
Headquarters Birmingham, Alabama, United States
Key people
 James T. McManus II, CEO
Charles W. Porter, Jr., CFO
Products Petroleum
Natural gas
Natural gas liquids
Production output
24 thousand barrels of oil equivalent per day (1,700 MW)
RevenueDecrease2.svg $878 million (2015)
Decrease2.svg -$945 million (2015)
Decrease2.svg -$945 million (2015)
Total assets Decrease2.svg $4.614 billion (2015)
Total equity Decrease2.svg $2.896 billion (2015)
Number of employees
470 (2015)
Footnotes /references
[1]

Energen Corporation was a company engaged in hydrocarbon exploration. In 2018, the company was acquired by Diamondback Energy.

As of 31 December 2017, the company had 444 million barrels of oil equivalent (2.72×109 GJ) of proved reserves, of which 58% was petroleum, 22% was natural gas, and 20% was and natural gas liquids and all of which were in the Permian Basin. [1]

History

The company, originally called Alabama Gas Corporation, was spun off from Southern Natural Gas (later, Sonat Inc.) in 1953 as part of an antitrust agreement.

In 1985, the company was renamed Energen Corporation. Its subsidiaries included its natural gas utility division, Alagasco (Alabama Gas Corporation), which was sold in 2014, and its oil and gas exploration division, Taurus Exploration (later Energen Resources).

In 2002, Energen Resources acquired properties in the Permian Basin for $120 million in cash and $70 million in stock. [2]

In 2003, Energen Resources acquired 93 billion cubic feet of gas equivalent of proved reserves in the San Juan Basin of New Mexico and southern Colorado for $39 million. [3]

In 2004, Energen Resources acquired San Juan Basin coalbed methane properties from a private company for $273 million. [4]

In 2009, the company acquired assets in the Permian Basin from Range Resources for $182 million. [5]

In 2014, the company sold its natural gas utility business, Alabama Gas Corporation (Alagasco), to Laclede Group for $1.35 billion in cash and the assumption of $250 million in debt. [6]

In 2015, the company sold the majority of its assets in the San Juan Basin for $395 million. [7]

In 2018, the company was acquired by Diamondback Energy. [8]

Related Research Articles

<span class="mw-page-title-main">Ovintiv</span> American energy company

Ovintiv Inc. is a hydrocarbon exploration and production company organized in Delaware and headquartered in Denver, United States. It was founded and headquartered in Calgary, Alberta, under its previous name Encana. It was the largest energy company and largest natural gas producer in Canada, before moving to the United States in 2020. The company was rebranded as Ovintiv and relocated to Denver in 2019–20.

<span class="mw-page-title-main">Coterra</span> US energy company

Coterra Energy Inc. is a company engaged in hydrocarbon exploration organized in Delaware and based in Houston, Texas. The company has operations in the Permian Basin, Marcellus Shale, and the Anadarko Basin.

<span class="mw-page-title-main">APA Corporation</span> American energy company

APA Corporation is the holding company for Apache Corporation, an American company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Houston. The company is ranked 431st on the Fortune 500.

<span class="mw-page-title-main">Energen Resources Corporation</span>

Energen Resources Corporation was a subsidiary of Energen, formerly an oil and gas exploration and production company with headquarters in Birmingham, Alabama. The company had approximately 775 million barrels of oil equivalent proved, probable, and possible reserves and another 2.5 billion barrels of oil-equivalent contingent resources. These all-domestic reserves and resources were located primarily in the Permian Basin in west Texas. Energen also had operations in the San Juan Basin in northern New Mexico.

<span class="mw-page-title-main">EOG Resources</span> American energy company engaged in hydrocarbon exploration

EOG Resources, Inc. is an American energy company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in the Heritage Plaza building in Houston, Texas.

<span class="mw-page-title-main">EQT</span> American energy company

EQT Corporation is an American energy company engaged in hydrocarbon exploration and pipeline transport. It is headquartered in EQT Plaza in Pittsburgh, Pennsylvania.

Noble Energy, Inc. was a company engaged in hydrocarbon exploration headquartered in Houston, Texas. In October 2020, the company was acquired by Chevron Corporation.

Questar Corporation was a natural gas public utility based in Salt Lake City, Utah. In September 2016, the company was acquired by Dominion Resources.

<span class="mw-page-title-main">SandRidge Energy</span> American energy company

SandRidge Energy, Inc. is a company engaged in hydrocarbon exploration in the Mid-Continent region of the United States. It is organized in Delaware and headquartered in Oklahoma City, Oklahoma.

Pioneer Natural Resources Company is an American company engaged in hydrocarbon exploration headquartered in Irving, Texas. It operates in the Cline Shale, which is part of the Spraberry Trend of the Permian Basin, where the company is the largest acreage holder.

<span class="mw-page-title-main">Newfield Exploration</span> Former energy company; acquired by Encana

Newfield Exploration Company was a petroleum, natural gas and natural gas liquids exploration and production company organized in Delaware and headquartered in Houston, Texas, USA. In February 2019, the company was acquired by Encana.

<span class="mw-page-title-main">Continental Resources</span>

Continental Resources, Inc. is a petroleum and natural gas exploration and production company headquartered in Oklahoma City. The company was founded by Harold Hamm in 1967 at the age of 21 as Shelly Dean Oil Company, originally named for Hamm's two daughters. In 1990, Shelly Dean re-branded itself as Continental Resources. It primarily used hydraulic fracturing and directional drilling to produce from low permeability formations.

Linn Energy, Inc. was a company engaged in hydrocarbon exploration. It was incorporated in Delaware and headquartered in Houston. In 2018, the company split into Roan Resources and Riviera Resources.

Laredo Petroleum, Inc. is an American company engaged in hydrocarbon exploration incorporated in Delaware with its principal operational headquarters located in Tulsa, Oklahoma.

Cimarex Energy Co. was a company engaged in hydrocarbon exploration, particularly shale oil and gas drilling. It was organized in Delaware and headquartered in Denver, Colorado, with operations primarily in Texas, Oklahoma, and New Mexico.

SM Energy Company is a company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Denver, Colorado.

WPX Energy, Inc. was a company engaged in hydrocarbon exploration. It was organized in Delaware and headquartered in Tulsa, Oklahoma. In 2021, the company merged with Devon Energy.

<span class="mw-page-title-main">American Energy Partners, LP</span>

American Energy Partners, LP, also known as AELP, was an American natural gas and oil company founded in April 2013 by Aubrey K. McClendon. The company managed affiliates responsible for natural shale gas and oil production and exploration in the United States, as well as management of assets, minerals, royalties and non-operated properties. It was headquartered in Oklahoma City, Oklahoma, and employed over 450 people as of August 2015. AELP announced on May 18th, 2016, two months after McClendon's death, that it would end operations and close by the end of summer 2016.

Concho Resources Inc. was a company engaged in hydrocarbon exploration, incorporated and organized in Delaware and headquartered in Midland, Texas, with operations exclusively in the Permian Basin. In 2021, the company was acquired by ConocoPhillips.

<span class="mw-page-title-main">Diamondback Energy</span> U.S. energy company

Diamondback Energy is a company engaged in hydrocarbon exploration headquartered in Midland, Texas.

References

  1. 1 2 "Energen Corporation 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ↑ "Energen Resources to Acquire Permian Basin Properties for Cash, Equity" (Press release). PR Newswire. March 7, 2002.
  3. ↑ "Energen Unit Completes Acquisition of San Juan Properties". American City Business Journals . April 1, 2003.
  4. ↑ "Energen Unit to Acquire San Juan Properties for $273 MM". Securities and Exchange Commission. March 7, 2002.
  5. ↑ "Energen Completes Acquisition of Permian Property" (Press release). Business Wire. June 30, 2009.
  6. ↑ "The Laclede Group Acquires Alabama Gas Corporation" (Press release). PR Newswire. September 2, 2014.
  7. ↑ "Energen Targets Capital Investment in CY15 of $1.0 Billion" (Press release). Business Wire. February 12, 2015.
  8. ↑ "Diamondback Energy, Inc. Completes Acquisition of Energen Corporation" (Press release). Globe Newswire. November 29, 2018.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.