Energen to Invest Additional $100-$150 MM in 2H16 to Rebuild DUC Inventory

BIRMINGHAM, Ala.--(BUSINESS WIRE)--For the 3 months ended March 31, 2016, Energen Corporation (NYSE: EGN) reported a GAAP net loss from all operations of $(203.1) million, or $(2.34) per diluted share. Excluding mark-to-market derivatives losses, commodity price-driven impairments, loss on held-for-sale assets, and pension settlement expenses, Energen’s adjusted loss in the 1st quarter of 2016 totaled $(55.5) million, or $(0.64) per diluted share. This compares with adjusted income in the 1st quarter of 2015 of $6.8 million, or $0.09 per diluted share. The variance between the periods primarily is due to lower realized commodity prices partially offset by increased production, lower lease operating, marketing and transportation expenses (LOE), lower production and ad valorem taxes, and lower net salaries and general and administrative expenses (SG&A). [See “Non-GAAP Financial Measures” beginning on pp 9 for more information and reconciliation.]