Operational Updates
Energen Spotlights Q3 Bone Spring, Wolfcamp Projects
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Energen Corporation has reported that its earnings in the three months ended September 30, 2012, totaled $2.0 million, or $0.03 per diluted share. Excluding non-cash mark-to-market losses on certain financial commodity contracts, Energen’s adjusted net income totaled $31.8 million, or $0.44 per diluted share, and compared with a quarter 2011 adjusted net income of$54.5 million, or $0.75 per diluted share.
A 15 percent production increase in the third quarter of 2012 as compared with the same period a year ago was more than offset by significantly lower natural gas and natural gas liquids (NGL) prices, increased depreciation expense (DD&A), and higher lease operating expense (LOE). Realized oil prices in the third quarter were down 2 percent year-over-year, while oil production increased…
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