Energen (EGN) 8-K Energen Generates Record Eps of $4.47 In 2008

Exhibit 99.2

CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)

For the 3 months ending December 31, 2008 and 2007

	4th Quarter
(in thousands, except per share data)	2008			2007			Change
Operating Revenues
Oil and gas operations	$	209,704		$	219,780		$	(10,076	)
Natural gas distribution		166,089			131,675			34,414
Total operating revenues		375,793			351,455			24,338
Operating Expenses
Cost of gas		98,615			65,845			32,770
Operations & maintenance		86,613			82,432			4,181
Depreciation, depletion and amortization		54,772			43,193			11,579
Taxes, other than income taxes		15,566			24,661			(9,095	)
Accretion expense		1,109			1,027			82
Total operating expenses		256,675			217,158			39,517
Operating Income		119,118			134,297			(15,179	)
Other Income (Expense)
Interest expense		(10,282	)		(11,445	)		1,163
Other income		430			272			158
Other expense		(3,957	)		(333	)		(3,624	)
Total other expense		(13,809	)		(11,506	)		(2,303	)
Income From Continuing Operations Before Income Taxes		105,309			122,791			(17,482	)
Income tax expense		40,024			43,377			(3,353	)
Income from Continuing Operations		65,285			79,414			(14,129	)
Discontinued Operations, Net of Taxes
Income from discontinued operations		—			—			—
Gain on disposal of discontinued operations		—			—			—
Income from Discontinued Operations		—			—			—
Net Income	$	65,285		$	79,414		$	(14,129	)
Diluted Earnings Per Average Common Share
Continuing operations	$	0.91		$	1.10		$	(0.19	)
Discontinued operations		—			—			—
Net Income	$	0.91		$	1.10		$	(0.19	)
Basic Earnings Per Average Common Share
Continuing operations	$	0.91		$	1.11		$	(0.20	)
Discontinued operations		—			—			—
Net Income	$	0.91		$	1.11		$	(0.20	)
Diluted Avg. Common Shares Outstanding		71,909			72,352			(443	)
Basic Avg. Common Shares Outstanding		71,592			71,667			(75	)
Dividends Per Common Share	$	0.12		$	0.115		$	0.005

CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)

For the 12 months ending December 31, 2008 and 2007

	Year-to-date
(in thousands, except per share data)	2008			2007			Change
Operating Revenues
Oil and gas operations	$	914,132		$	825,592		$	88,540
Natural gas distribution		654,778			609,468			45,310
Total operating revenues		1,568,910			1,435,060			133,850
Operating Expenses
Cost of gas		351,774			318,429			33,345
Operations & maintenance		354,760			333,443			21,317
Depreciation, depletion and amortization		188,413			161,377			27,036
Taxes, other than income taxes		107,605			95,831			11,774
Accretion expense		4,290			3,948			342
Total operating expenses		1,006,842			913,028			93,814
Operating Income		562,068			522,032			40,036
Other Income (Expense)
Interest expense		(41,981	)		(47,100	)		5,119
Other income		1,885			2,668			(783	)
Other expense		(7,014	)		(959	)		(6,055	)
Total other expense		(47,110	)		(45,391	)		(1,719	)
Income From Continuing Operations Before Income Taxes		514,958			476,641			38,317
Income tax expense		193,043			167,429			25,614
Income from Continuing Operations		321,915			309,212			12,703
Discontinued Operations, Net of Taxes
Income from discontinued operations		—			3			(3	)
Gain on disposal of discontinued operations		—			18			(18	)
Income from Discontinued Operations		—			21			(21	)
Net Income	$	321,915		$	309,233		$	12,682
Diluted Earnings Per Average Common Share
Continuing operations	$	4.47		$	4.28		$	0.19
Discontinued operations		—			—			—
Net Income	$	4.47		$	4.28		$	0.19
Basic Earnings Per Average Common Share
Continuing operations	$	4.50		$	4.32		$	0.18
Discontinued operations		—			—			—
Net Income	$	4.50		$	4.32		$	0.18
Diluted Avg. Common Shares Outstanding		72,030			72,181			(151	)
Basic Avg. Common Shares Outstanding		71,601			71,592			9
Dividends Per Common Share	$	0.48		$	0.46		$	0.02

SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 3 months ending December 31, 2008 and 2007

	4th Quarter
(in thousands, except sales price data)	2008		2007		Change
Oil and Gas Operations
Operating revenues from continuing operations
Natural gas	$	124,830	$	127,970	$	(3,140	)
Oil		71,506		70,109		1,397
Natural gas liquids		12,301		19,547		(7,246	)
Other		1,067		2,154		(1,087	)
Total	$	209,704	$	219,780	$	(10,076	)
Production volumes from continuing operations
Natural gas (MMcf)		17,492		16,568		924
Oil (MBbl)		1,109		981		128
Natural gas liquids (MMgal)		18.0		19.6		(1.6	)
Production volumes from continuing ops. (MMcfe)		26,715		25,256		1,459
Total production volumes (MMcfe)		26,715		25,256		1,459
Revenue per unit of production including effects of all derivative instruments
Natural gas (Mcf)	$	7.14	$	7.72	$	(0.58	)
Oil (barrel)	$	64.48	$	71.48	$	(7.00	)
Natural gas liquids (gallon)	$	0.68	$	1.00	$	(0.32	)
Other data from continuing operations
Lease operating expense (LOE)
LOE and other	$	45,500	$	35,044	$	10,456
Production taxes		3,813		15,230		(11,417	)
Total	$	49,313	$	50,274	$	(961	)
Depreciation, depletion and amortization	$	42,299	$	31,158	$	11,141
General and administrative expense	$	7,166	$	14,203	$	(7,037	)
Capital expenditures	$	154,064	$	124,701	$	29,363
Exploration expense	$	5,081	$	1,223	$	3,858
Operating income	$	104,736	$	121,895	$	(17,159	)
Natural Gas Distribution
Operating revenues
Residential	$	106,647	$	81,980	$	24,667
Commercial and industrial		44,715		34,625		10,090
Transportation		13,291		12,746		545
Other		1,436		2,324		(888	)
Total	$	166,089	$	131,675	$	34,414
Gas delivery volumes (MMcf)
Residential		5,385		4,362		1,023
Commercial and industrial		2,585		2,220		365
Transportation		10,522		13,051		(2,529	)
Total		18,492		19,633		(1,141	)
Other data
Depreciation and amortization	$	12,473	$	12,035	$	438
Capital expenditures	$	18,365	$	13,266	$	5,099
Operating income	$	14,831	$	13,008	$	1,823

SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 12 months ending December 31, 2008 and 2007

	Year-to-date
(in thousands, except sales price data)	2008		2007		Change
Oil and Gas Operations
Operating revenues from continuing operations
Natural gas	$	536,283	$	499,406	$	36,877
Oil		292,908		251,497		41,411
Natural gas liquids		68,216		68,623		(407	)
Other		16,725		6,066		10,659
Total	$	914,132	$	825,592	$	88,540
Production volumes from continuing operations
Natural gas (MMcf)		67,573		64,300		3,273
Oil (MBbl)		4,114		3,879		235
Natural gas liquids (MMgal)		70.7		77.2		(6.5	)
Production volumes from continuing ops. (MMcfe)		102,354		98,606		3,748
Total production volumes (MMcfe)		102,354		98,605		3,749
Revenue per unit of production including effects of all derivative instruments
Natural gas (Mcf)	$	7.94	$	7.77	$	0.17
Oil (barrel)	$	71.20	$	64.83	$	6.37
Natural gas liquids (gallon)	$	0.96	$	0.89	$	0.07
Other data from continuing operations
Lease operating expense (LOE)
LOE and other	$	174,127	$	148,280	$	25,847
Production taxes		62,552		53,798		8,754
Total	$	236,679	$	202,078	$	34,601
Depreciation, depletion and amortization	$	139,539	$	114,241	$	25,298
General and administrative expense	$	41,740	$	50,864	$	(9,124	)
Capital expenditures	$	449,571	$	379,496	$	70,075
Exploration expense	$	9,296	$	2,894	$	6,402
Operating income	$	482,588	$	451,567	$	31,021
Natural Gas Distribution
Operating revenues
Residential	$	408,280	$	388,291	$	19,989
Commercial and industrial		177,719		164,903		12,816
Transportation		51,116		49,255		1,861
Other		17,663		7,019		10,644
Total	$	654,778	$	609,468	$	45,310
Gas delivery volumes (MMcf)
Residential		21,632		20,665		967
Commercial and industrial		10,934		10,593		341
Transportation		46,789		51,448		(4,659	)
Total		79,355		82,706		(3,351	)
Other data
Depreciation and amortization	$	48,874	$	47,136	$	1,738
Capital expenditures	$	63,320	$	58,862	$	4,458
Operating income	$	81,956	$	72,742	$	9,214