Energen (EGN) 8-K Energen’s EPS Flat in Second Quarter due to Non-cash Charge

Exhibit 99.2

CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)

For the 3 months ending June 30, 2010 and 2009

	2nd Quarter
(in thousands, except per share data)	2010			2009			Change
Operating Revenues
Oil and gas operations	$	234,586		$	198,537		$	36,049
Natural gas distribution		99,139			107,683			(8,544	)
Total operating revenues		333,725			306,220			27,505
Operating Expenses
Cost of gas		43,234			50,837			(7,603	)
Operations and maintenance		109,945			88,500			21,445
Depreciation, depletion and amortization		62,476			56,407			6,069
Taxes, other than income taxes		18,256			15,168			3,088
Accretion expense		1,521			1,163			358
Total operating expenses		235,432			212,075			23,357
Operating Income		98,293			94,145			4,148
Other Income (Expense)
Interest expense		(9,844	)		(9,788	)		(56	)
Other income		385			2,817			(2,432	)
Other expense		(1,346	)		(170	)		(1,176	)
Total other expense		(10,805	)		(7,141	)		(3,664	)
Income Before Income Taxes		87,488			87,004			484
Income tax expense		31,945			32,003			(58	)
Net Income	$	55,543		$	55,001		$	542
Diluted Earnings Per Average Common Share	$	0.77		$	0.76		$	0.01
Basic Earnings Per Average Common Share	$	0.77		$	0.77		$	0.00
Diluted Avg. Common Shares Outstanding		72,089			71,904			185
Basic Avg. Common Shares Outstanding		71,844			71,644			200
Dividends Per Common Share	$	0.13		$	0.125		$	0.005

1

CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)

For the 6 months ending June 30, 2010 and 2009

	Year-to-date
(in thousands, except per share data)	2010			2009			Change
Operating Revenues
Oil and gas operations	$	472,200		$	387,657		$	84,543
Natural gas distribution		436,439			402,669			33,770
Total operating revenues		908,639			790,326			118,313
Operating Expenses
Cost of gas		240,390			202,906			37,484
Operations and maintenance		201,647			176,887			24,760
Depreciation, depletion and amortization		124,211			110,985			13,226
Taxes, other than income taxes		48,893			41,628			7,265
Accretion expense		3,007			2,299			708
Total operating expenses		618,148			534,705			83,443
Operating Income		290,491			255,621			34,870
Other Income (Expense)
Interest expense		(19,804	)		(19,569	)		(235	)
Other income		723			1,522			(799	)
Other expense		(870	)		(360	)		(510	)
Total other expense		(19,951	)		(18,407	)		(1,544	)
Income Before Income Taxes		270,540			237,214			33,326
Income tax expense		98,287			86,631			11,656
Net Income	$	172,253		$	150,583		$	21,670
Diluted Earnings Per Average Common Share	$	2.39		$	2.09		$	0.30
Basic Earnings Per Average Common Share	$	2.40		$	2.10		$	0.30
Diluted Avg. Common Shares Outstanding		72,069			71,888			181
Basic Avg. Common Shares Outstanding		71,830			71,642			188
Dividends Per Common Share	$	0.26		$	0.25		$	0.01

2

CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)

For the 12 months ending June 30, 2010 and 2009

	Trailing 12 Months
(in thousands, except per share data)	2010			2009			Change
Operating Revenues
Oil and gas operations	$	907,089		$	845,114		$	61,975
Natural gas distribution		651,644			651,210			434
Total operating revenues		1,558,733			1,496,324			62,409
Operating Expenses
Cost of gas		343,538			337,422			6,116
Operations and maintenance		405,385			351,668			53,717
Depreciation, depletion and amortization		248,310			212,868			35,442
Taxes, other than income taxes		85,594			84,460			1,134
Accretion expense		5,643			4,489			1,154
Total operating expenses		1,088,470			990,907			97,563
Operating Income		470,263			505,417			(35,154	)
Other Income (Expense)
Interest expense		(39,612	)		(40,168	)		556
Other income		3,781			2,675			1,106
Other expense		(810	)		(6,326	)		5,516
Total other expense		(36,641	)		(43,819	)		7,178
Income Before Income Taxes		433,622			461,598			(27,976	)
Income tax expense		155,627			172,666			(17,039	)
Net Income	$	277,995		$	288,932		$	(10,937	)
Diluted Earnings Per Average Common Share	$	3.86		$	4.02		$	(0.16	)
Basic Earnings Per Average Common Share	$	3.87		$	4.03		$	(0.16	)
Diluted Avg. Common Shares Outstanding		71,971			71,961			10
Basic Avg. Common Shares Outstanding		71,770			71,641			129
Dividends Per Common Share	$	0.51		$	0.49		$	0.02

3

SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 3 months ending June 30, 2010 and 2009

	2nd Quarter
(in thousands, except sales price data)	2010		2009		Change
Oil and Gas Operations
Operating revenues
Natural gas	$	120,588	$	112,822	$	7,766
Oil		98,523		66,620		31,903
Natural gas liquids		14,611		16,194		(1,583	)
Other		864		2,901		(2,037	)
Total	$	234,586	$	198,537	$	36,049
Production volumes
Natural gas (MMcf)		17,633		18,001		(368	)
Oil (MBbl)		1,258		1,113		145
Natural gas liquids (MMgal)		19.0		18.4		0.6
Total production volumes (MMcfe)		27,897		27,314		583
Revenue per unit of production including effects of all derivative instruments
Natural gas (Mcf)	$	6.84	$	6.27	$	0.57
Oil (barrel)	$	78.34	$	59.85	$	18.49
Natural gas liquids (gallon)	$	0.77	$	0.88	$	(0.11	)
Other data
Lease operating expense (LOE)
LOE and other	$	44,721	$	43,371	$	1,350
Production taxes		10,646		7,269		3,377
Total	$	55,367	$	50,640	$	4,727
Depreciation, depletion and amortization	$	50,586	$	43,753	$	6,833
General and administrative expense	$	12,979	$	11,428	$	1,551
Capital expenditures	$	72,352	$	241,213	$	(168,861	)
Exploration expenditures	$	18,677	$	104	$	18,573
Operating income	$	95,456	$	91,449	$	4,007
Natural Gas Distribution
Operating revenues
Residential	$	59,676	$	64,764	$	(5,088	)
Commercial and industrial		26,190		29,918		(3,728	)
Transportation		11,683		12,209		(526	)
Other		1,590		792		798
Total	$	99,139	$	107,683	$	(8,544	)
Gas delivery volumes (MMcf)
Residential		3,310		3,095		215
Commercial and industrial		1,853		1,810		43
Transportation		10,523		8,302		2,221
Total		15,686		13,207		2,479
Other data
Depreciation and amortization	$	11,890	$	12,654	$	(764	)
Capital expenditures	$	21,167	$	19,864	$	1,303
Operating income	$	3,138	$	3,242	$	(104	)

4

SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 6 months ending June 30, 2010 and 2009

	Year-to-date
(in thousands, except sales price data)	2010			2009		Change
Oil and Gas Operations
Operating revenues
Natural gas	$	246,015		$	228,457	$	17,558
Oil		192,498			124,362		68,136
Natural gas liquids		31,147			30,716		431
Other		2,540			4,122		(1,582	)
Total	$	472,200		$	387,657	$	84,543
Production volumes
Natural gas (MMcf)		35,045			35,651		(606	)
Oil (MBbl)		2,444			2,203		241
Natural gas liquids (MMgal)		37.8			35.9		1.9
Total production volumes (MMcfe)		55,106			54,006		1,100
Revenue per unit of production including effects of all derivative instruments
Natural gas (Mcf)	$	7.02		$	6.41	$	0.61
Oil (barrel)	$	78.77		$	56.44	$	22.33
Natural gas liquids (gallon)	$	0.82		$	0.85	$	(0.03	)
Other data
Lease operating expense (LOE)
LOE and other	$	88,560		$	89,243	$	(683	)
Production taxes		20,587			15,110		5,477
Total	$	109,147		$	104,353	$	4,794
Depreciation, depletion and amortization	$	99,282		$	85,716	$	13,566
General and administrative expense	$	28,162		$	22,440	$	5,722
Capital expenditures	$	110,915		$	315,828	$	(204,913	)
Exploration expenditures	$	19,861		$	254	$	19,607
Operating income	$	212,741		$	172,595	$	40,146
Natural Gas Distribution
Operating revenues
Residential	$	301,082		$	269,292	$	31,790
Commercial and industrial		110,480			105,294		5,186
Transportation		29,516			27,225		2,291
Other		(4,639	)		858		(5,497	)
Total	$	436,439		$	402,669	$	33,770
Gas delivery volumes (MMcf)
Residential		18,272			14,286		3,986
Commercial and industrial		7,580			6,378		1,202
Transportation		23,205			19,271		3,934
Total		49,057			39,935		9,122
Other data
Depreciation and amortization	$	24,929		$	25,269	$	(340	)
Capital expenditures	$	37,527		$	35,974	$	1,553
Operating income	$	78,393		$	84,081	$	(5,688	)

5

SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 12 months ending June 30, 2010 and 2009

	Trailing 12 Months
(in thousands, except sales price data)	2010			2009		Change
Oil and Gas Operations
Operating revenues
Natural gas	$	477,928		$	498,570	$	(20,642	)
Oil		352,886			278,243		74,643
Natural gas liquids		67,685			61,421		6,264
Other		8,590			6,880		1,710
Total	$	907,089		$	845,114	$	61,975
Production volumes
Natural gas (MMcf)		71,731			70,401		1,330
Oil (MBbl)		4,930			4,367		563
Natural gas liquids (MMgal)		77.1			71.8		5.3
Total production volumes (MMcfe)		112,324			106,855		5,469
Revenue per unit of production including effects of all derivative instruments
Natural gas (Mcf)	$	6.66		$	7.08	$	(0.42	)
Oil (barrel)	$	71.57		$	63.71	$	7.86
Natural gas liquids (gallon)	$	0.88		$	0.86	$	0.02
Other data
Lease operating expense (LOE)
LOE and other	$	181,094		$	178,633	$	2,461
Production taxes		41,129			39,533		1,596
Total	$	222,223		$	218,166	$	4,057
Depreciation, depletion and amortization	$	197,655		$	162,864	$	34,791
General and administrative expense	$	57,936		$	38,753	$	19,183
Capital expenditures	$	222,485		$	592,489	$	(370,004	)
Exploration expenditures	$	29,841		$	6,241	$	23,600
Operating income	$	393,791		$	414,601	$	(20,810	)
Natural Gas Distribution
Operating revenues
Residential	$	431,550		$	414,286	$	17,264
Commercial and industrial		167,327			174,130		(6,803	)
Transportation		56,603			51,332		5,271
Other		(3,836	)		11,462		(15,298	)
Total	$	651,644		$	651,210	$	434
Gas delivery volumes (MMcf)
Residential		24,907			21,176		3,731
Commercial and industrial		11,135			10,353		782
Transportation		44,838			40,499		4,339
Total		80,880			72,028		8,852
Other data
Depreciation and amortization	$	50,655		$	50,004	$	651
Capital expenditures	$	79,362		$	70,298	$	9,064
Operating income	$	78,296		$	93,021	$	(14,725	)

6