Energen (EGN) 8-K Energen Earns Record $4.28 per Diluted Share in 2007

Exhibit 99.2

CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)

For the 3 months ending December 31, 2007 and 2006

	4th Quarter						Change
(in thousands, except per share data)	2007			2006
Operating Revenues
Oil and gas operations	$	219,780		$	220,329		$	(549	)
Natural gas distribution		131,675			160,430			(28,755	)
Total operating revenues		351,455			380,759			(29,304	)
Operating Expenses
Cost of gas		65,845			88,905			(23,060	)
Operations & maintenance		82,432			70,437			11,995
DD&A		43,193			37,614			5,579
Taxes, other than income taxes		24,661			22,277			2,384
Accretion expense		1,027			928			99
Total operating expenses		217,158			220,161			(3,003	)
Operating Income		134,297			160,598			(26,301	)
Other Income (Expense)
Interest expense		(11,445	)		(10,842	)		(603	)
Other income		272			187			85
Other expense		(333	)		(984	)		651
Total other expense		(11,506	)		(11,639	)		133
Income From Continuing Operations Before Income Taxes		122,791			148,959			(26,168	)
Income tax expense		43,377			53,836			(10,459	)
Income from Continuing Operations		79,414			95,123			(15,709	)
Discontinued Operations, Net of Taxes
Income (loss) from discontinued operations		—			—			—
Gain on disposal of discontinued operations		—			—			—
Income from Discontinued Operations		—			—			—
Net Income	$	79,414		$	95,123		$	(15,709	)
Diluted Earnings Per Average Common Share
Continuing operations	$	1.10		$	1.31		$	(0.21	)
Discontinued operations		—			—			—
Net Income	$	1.10		$	1.31		$	(0.21	)
Basic Earnings Per Average Common Share
Continuing operations	$	1.11		$	1.33		$	(0.22	)
Discontinued operations		—			—			—
Net Income	$	1.11		$	1.33		$	(0.22	)
Diluted Avg. Common Shares Outstanding		72,352			72,540			(188	)
Basic Avg. Common Shares Outstanding		71,667			71,606			61
Dividends Per Share	$	0.115		$	0.11		$	0.005

11

CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)

For the 12 months ending December 31, 2007 and 2006

	Year-to-date						Change
(in thousands, except per share data)	2007			2006
Operating Revenues
Oil and gas operations	$	825,592		$	730,542		$	95,050
Natural gas distribution		609,468			663,444			(53,976	)
Total operating revenues		1,435,060			1,393,986			41,074
Operating Expenses
Cost of gas		318,429			373,097			(54,668	)
Operations & maintenance		333,443			302,157			31,286
DD&A		161,377			142,086			19,291
Taxes, other than income taxes		95,831			95,727			104
Accretion expense		3,948			3,619			329
Total operating expenses		913,028			916,686			(3,658	)
Operating Income		522,032			477,300			44,732
Other Income (Expense)
Interest expense		(47,100	)		(48,652	)		1,552
Other income		2,668			951			1,717
Other expense		(959	)		(1,046	)		87
Total other expense		(45,391	)		(48,747	)		3,356
Income From Continuing Operations Before Income Taxes		476,641			428,553			48,088
Income tax expense		167,429			155,030			12,399
Income from Continuing Operations		309,212			273,523			35,689
Discontinued Operations, Net of Taxes
Income (loss) from discontinued operations		3			(6	)		9
Gain on disposal of discontinued operations		18			53			(35	)
Income from Discontinued Operations		21			47			(26	)
Net Income	$	309,233		$	273,570		$	35,663
Diluted Earnings Per Average Common Share
Continuing operations	$	4.28		$	3.73		$	0.55
Discontinued operations		—			—			—
Net Income	$	4.28		$	3.73		$	0.55
Basic Earnings Per Average Common Share
Continuing operations	$	4.32		$	3.77		$	0.55
Discontinued operations		—			—			—
Net Income	$	4.32		$	3.77		$	0.55
Diluted Avg. Common Shares Outstanding		72,181			73,278			(1,097	)
Basic Avg. Common Shares Outstanding		71,592			72,505			(913	)
Dividends Per Share	$	0.46		$	0.44		$	0.02

12

SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 3 months ending December 31, 2007 and 2006

	4th Quarter				Change
(in thousands, except sales price data)	2007		2006
Oil and Gas Operations
Operating revenues from continuing operations
Natural gas	$	127,970	$	106,487	$	21,483
Oil		70,109		45,313		24,796
Natural gas liquids		19,547		12,106		7,441
Other		2,154		56,423		(54,269	)
Total	$	219,780	$	220,329	$	(549	)
Production volumes from continuing operations
Natural gas (MMcf)		16,568		15,768		800
Oil (MBbl)		981		908		73
Natural gas liquids (MMgal)		19.6		19.3		0.3
Production volumes from continuing ops. (MMcfe)		25,256		23,971		1,285
Total production volumes (MMcfe)		25,256		23,971		1,285
Revenue per unit of production including effects of all derivative instruments
Natural gas (Mcf)	$	7.72	$	6.75	$	0.97
Oil (barrel)	$	71.48	$	49.89	$	21.59
Natural gas liquids (gallon)	$	1.00	$	0.63	$	0.37
Other data from continuing operations
Lease operating expense (LOE)
LOE and other	$	35,044	$	34,064	$	980
Production taxes		15,230		11,055		4,175
Total	$	50,274	$	45,119	$	5,155
Depreciation, depletion and amortization	$	31,158	$	26,250	$	4,908
G&A expense	$	14,203	$	3,130	$	11,073
Capital expenditures	$	124,701	$	103,072	$	21,629
Exploration expense	$	1,223	$	669	$	554
Operating income	$	121,895	$	144,233	$	(22,338	)
Natural Gas Distribution
Operating revenues
Residential	$	81,980	$	103,431	$	(21,451	)
Commercial and industrial		34,625		42,187		(7,562	)
Transportation		12,746		12,839		(93	)
Other		2,324		1,973		351
Total	$	131,675	$	160,430	$	(28,755	)
Gas delivery volumes (MMcf)
Residential		4,362		5,729		(1,367	)
Commercial and industrial		2,220		2,667		(447	)
Transportation		13,051		12,813		238
Total		19,633		21,209		(1,576	)
Other data
Depreciation and amortization	$	12,035	$	11,364	$	671
Capital expenditures	$	13,266	$	17,210	$	(3,944	)
Operating income	$	13,008	$	16,757	$	(3,749	)

13

SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 12 months ending December 31, 2007 and 2006

	Year-to-date				Change
(in thousands, except sales price data)	2007		2006
Oil and Gas Operations
Operating revenues from continuing operations
Natural gas	$	499,406	$	437,560	$	61,846
Oil		251,497		181,459		70,038
Natural gas liquids		68,623		50,258		18,365
Other		6,066		61,265		(55,199	)
Total	$	825,592	$	730,542	$	95,050
Production volumes from continuing operations
Natural gas (MMcf)		64,300		62,824		1,476
Oil (MBbl)		3,879		3,645		234
Natural gas liquids (MMgal)		77.2		76.3		0.9
Production volumes from continuing ops. (MMcfe)		98,606		95,596		3,010
Total production volumes (MMcfe)		98,605		95,595		3,010
Revenue per unit of production including effects of all derivative instruments
Natural gas (Mcf)	$	7.77	$	6.96	$	0.81
Oil (barrel)	$	64.83	$	49.79	$	15.04
Natural gas liquids (gallon)	$	0.89	$	0.66	$	0.23
Other data from continuing operations
Lease operating expense (LOE)
LOE and other	$	148,280	$	134,853	$	13,427
Production taxes		53,798		49,509		4,289
Total	$	202,078	$	184,362	$	17,716
Depreciation, depletion and amortization	$	114,241	$	97,842	$	16,399
G&A expense	$	50,864	$	35,389	$	15,475
Capital expenditures	$	379,496	$	259,678	$	119,818
Exploration expense	$	2,894	$	4,181	$	(1,287	)
Operating income	$	451,567	$	405,149	$	46,418
Natural Gas Distribution
Operating revenues
Residential	$	388,291	$	426,066	$	(37,775	)
Commercial and industrial		164,903		181,900		(16,997	)
Transportation		49,255		45,950		3,305
Other		7,019		9,528		(2,509	)
Total	$	609,468	$	663,444	$	(53,976	)
Gas delivery volumes (MMcf)
Residential		20,665		22,310		(1,645	)
Commercial and industrial		10,593		11,226		(633	)
Transportation		51,448		50,760		688
Total		82,706		84,296		(1,590	)
Other data
Depreciation and amortization	$	47,136	$	44,244	$	2,892
Capital expenditures	$	58,862	$	76,157	$	(17,295	)
Operating income	$	72,742	$	74,274	$	(1,532	)

14