Energen (EGN) 8-K Energen Earns $1.33 Per Diluted Share In First Quarter 2009

Exhibit 99.2

CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)

For the 3 months ending March 31, 2009 and 2008

	1st Quarter
(in thousands, except per share data)	2009			2008			Change
Operating Revenues
Oil and gas operations	$	189,120		$	224,895		$	(35,775	)
Natural gas distribution		294,986			296,751			(1,765	)
Total operating revenues		484,106			521,646			(37,540	)
Operating Expenses
Cost of gas		152,069			161,389			(9,320	)
Operations & maintenance		88,387			86,552			1,835
Depreciation, depletion and amortization		54,578			42,416			12,162
Taxes, other than income taxes		26,460			34,905			(8,445	)
Accretion expense		1,136			1,045			91
Total operating expenses		322,630			326,307			(3,677	)
Operating Income		161,476			195,339			(33,863	)
Other Income (Expense)
Interest expense		(9,781	)		(11,122	)		1,341
Other income		401			244			157
Other expense		(1,886	)		(596	)		(1,290	)
Total other expense		(11,266	)		(11,474	)		208
Income Before Income Taxes		150,210			183,865			(33,655	)
Income tax expense		54,628			67,177			(12,549	)
Net Income	$	95,582		$	116,688		$	(21,106	)
Diluted Earnings Per Average Common Share	$	1.33		$	1.62		$	(0.29	)
Basic Earnings Per Average Common Share	$	1.33		$	1.63		$	(0.30	)
Diluted Avg. Common Shares Outstanding		71,897			72,125			(228	)
Basic Avg. Common Shares Outstanding		71,640			71,637			3
Dividends Per Common Share	$	0.125		$	0.12		$	0.005

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CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)

For the 12 months ending March 31, 2009 and 2008

	Trailing 12 Months
(in thousands, except per share data)	2009			2008			Change
Operating Revenues
Oil and gas operations	$	878,357		$	856,454		$	21,903
Natural gas distribution		653,013			607,591			45,422
Total operating revenues		1,531,370			1,464,045			67,325
Operating Expenses
Cost of gas		342,454			311,680			30,774
Operations & maintenance		356,595			337,952			18,643
Depreciation, depletion and amortization		200,575			165,773			34,802
Taxes, other than income taxes		99,160			100,424			(1,264	)
Accretion expense		4,381			4,043			338
Total operating expenses		1,003,165			919,872			83,293
Operating Income		528,205			544,173			(15,968	)
Other Income (Expense)
Interest expense		(40,640	)		(46,001	)		5,361
Other income		2,042			2,351			(309	)
Other expense		(8,304	)		(1,360	)		(6,944	)
Total other expense		(46,902	)		(45,010	)		(1,892	)
Income from Continuing Operations Before Income Taxes		481,303			499,163			(17,860	)
Income tax expense		180,494			177,144			3,350
Income from Continuing Operations		300,809			322,019			(21,210	)
Discontinued Operations, Net of Taxes
Income from discontinued operations		—			2			(2	)
Gain on disposal of discontinued operations		—			18			(18	)
Income from Discontinued Operations		—			20			(20	)
Net Income	$	300,809		$	322,039		$	(21,230	)
Diluted Earnings Per Average Common Share
Continuing operations	$	4.17		$	4.47		$	(0.30	)
Discontinued operations		—			—			—
Net Income	$	4.17		$	4.47		$	(0.30	)
Basic Earnings Per Average Common Share
Continuing operations	$	4.20		$	4.49		$	(0.29	)
Discontinued operations		—			—			—
Net Income	$	4.20		$	4.49		$	(0.29	)
Diluted Avg. Common Shares Outstanding		72,146			72,088			58
Basic Avg. Common Shares Outstanding		71,639			71,650			(11	)
Dividends Per Common Share	$	0.485		$	0.465		$	0.02

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SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 3 months ending March 31, 2009 and 2008

	1st Quarter
(in thousands, except sales price data)	2009		2008		Change
Oil and Gas Operations
Operating revenues
Natural gas	$	115,635	$	130,954	$	(15,319	)
Oil		57,742		64,099		(6,357	)
Natural gas liquids		14,522		17,446		(2,924	)
Other		1,221		12,396		(11,175	)
Total	$	189,120	$	224,895	$	(35,775	)
Production volumes
Natural gas (MMcf)		17,650		16,427		1,223
Oil (MBbl)		1,090		944		146
Natural gas liquids (MMgal)		17.5		16.7		0.80
Total production volumes (MMcfe)		26,692		24,483		2,209
Revenue per unit of production including effects of all derivative instruments
Natural gas (Mcf)	$	6.55	$	7.97	$	(1.42	)
Oil (barrel)	$	52.97	$	67.90	$	(14.93	)
Natural gas liquids (gallon)	$	0.83	$	1.04	$	(0.21	)
Other data
Lease operating expense (LOE)
LOE and other	$	45,872	$	43,135	$	2,737
Production taxes		7,841		16,576		(8,735	)
Total	$	53,713	$	59,711	$	(5,998	)
Depreciation, depletion and amortization	$	41,963	$	30,396	$	11,567
General and administrative expense	$	11,012	$	11,899	$	(887	)
Capital expenditures	$	74,615	$	74,397	$	218
Exploration expenditures	$	150	$	349	$	(199	)
Operating income	$	81,146	$	121,495	$	(40,349	)
Natural Gas Distribution
Operating revenues
Residential	$	204,528	$	199,575	$	4,953
Commercial and industrial		75,376		77,505		(2,129	)
Transportation		15,016		15,503		(487	)
Other		66		4,168		(4,102	)
Total	$	294,986	$	296,751	$	(1,765	)
Gas delivery volumes (MMcf)
Residential		11,191		11,531		(340	)
Commercial and industrial		4,568		4,976		(408	)
Transportation		10,969		14,297		(3,328	)
Total		26,728		30,804		(4,076	)
Other data
Depreciation and amortization	$	12,615	$	12,020	$	595
Capital expenditures	$	16,110	$	13,070	$	3,040
Operating income	$	80,839	$	74,488	$	6,351

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SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 12 months ending March 31, 2009 and 2008

	Trailing 12 Months
(in thousands, except sales price data)	2009		2008		Change
Oil and Gas Operations
Operating revenues from continuing operations
Natural gas	$	520,964	$	507,135	$	13,829
Oil		286,551		261,512		25,039
Natural gas liquids		65,292		71,027		(5,735	)
Other		5,550		16,780		(11,230	)
Total	$	878,357	$	856,454	$	21,903
Production volumes from continuing operations
Natural gas (MMcf)		68,796		65,180		3,616
Oil (MBbl)		4,260		3,897		363
Natural gas liquids (MMgal)		71.5		75.1		(3.6	)
Production volumes from continuing ops. (MMcfe)		104,563		99,283		5,280
Total production volumes (MMcfe)		104,563		99,283		5,280
Revenue per unit of production including effects of all derivative instruments
Natural gas (Mcf)	$	7.57	$	7.78	$	(0.21	)
Oil (barrel)	$	67.27	$	67.11	$	0.16
Natural gas liquids (gallon)	$	0.91	$	0.95	$	(0.04	)
Other data from continuing operations
Lease operating expense (LOE)
LOE and other	$	176,864	$	156,006	$	20,858
Production taxes		53,817		58,363		(4,546	)
Total	$	230,681	$	214,369	$	16,312
Depreciation, depletion and amortization	$	151,106	$	118,164	$	32,942
General and administrative expense	$	40,853	$	48,971	$	(8,118	)
Capital expenditures	$	449,789	$	400,481	$	49,308
Exploration expenditures	$	9,097	$	3,146	$	5,951
Operating income	$	442,239	$	467,761	$	(25,522	)
Natural Gas Distribution
Operating revenues
Residential	$	413,233	$	384,068	$	29,165
Commercial and industrial		175,590		164,686		10,904
Transportation		50,629		50,191		438
Other		13,561		8,646		4,915
Total	$	653,013	$	607,591	$	45,422
Gas delivery volumes (MMcf)
Residential		21,292		20,617		675
Commercial and industrial		10,526		10,697		(171	)
Transportation		43,461		52,324		(8,863	)
Total		75,279		83,638		(8,359	)
Other data
Depreciation and amortization	$	49,469	$	47,609	$	1,860
Capital expenditures	$	66,360	$	56,965	$	9,395
Operating income	$	88,307	$	78,793	$	9,514

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