Exploration & Production | Quarterly / Earnings Reports
Energen Details Wolfcamp Progress, Bone Spring Challenges
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Energen Corporation has reported that its earnings in the three months ended March 31, 2013, totaled $56.7 million, or $0.78 per diluted share.
Excluding non-cash items, Energen’s adjusted net income (a non-GAAP measure) totaled $82.7 million, or $1.14 per diluted share, in the first quarter of 2013; in the same period last year, adjusted net income was $96.1 million, or $1.33 per diluted share.
Non-cash, mark-to-market revenue losses in the first quarter of 2013 were $41.0 million ($26.0 million after tax, or $0.36 per diluted share). In the first quarter of 2012, non-cash items included mark-to-market revenue losses of $40.7 million ($25.3 million after tax, or $0.35 per diluted share) and a commodity price-related write down of natural gas properties in East Texas that totaled $21.5…
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