Defunct company engaged in hydrocarbon exploration
Energen Corporation
was a company engaged in
hydrocarbon exploration
. In 2018, the company was acquired by
Diamondback Energy
.
As of 31 December 2017
[update]
, the company had 444 million
barrels of oil equivalent
(2.72
×
10
9
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
[
edit
]
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]
References
[
edit
]