Energen (EGN) 8-K Energen Reports Third Quarter Results, Initiates 2011 Guidance

Exhibit 99.2

CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)

For the 3 months ending September 30, 2010 and 2009

	3rd Quarter
(in thousands, except per share data)	2010			2009			Change
Operating Revenues
Oil and gas operations	$	234,111		$	218,501		$	15,610
Natural gas distribution		61,693			68,788			(7,095	)
Total operating revenues		295,804			287,289			8,515
Operating Expenses
Cost of gas		22,560			29,377			(6,817	)
Operations and maintenance		127,934			97,963			29,971
Depreciation, depletion and amortization		60,814			61,323			(509	)
Taxes, other than income taxes		15,615			15,471			144
Accretion expense		1,561			1,306			255
Total operating expenses		228,484			205,440			23,044
Operating Income		67,320			81,849			(14,529	)
Other Income (Expense)
Interest expense		(9,591	)		(10,017	)		426
Other income		2,222			2,536			(314	)
Other expense		(61	)		(229	)		168
Total other expense		(7,430	)		(7,710	)		280
Income Before Income Taxes		59,890			74,139			(14,249	)
Income tax expense		21,586			27,018			(5,432	)
Net Income	$	38,304		$	47,121		$	(8,817	)
Diluted Earnings Per Average Common Share	$	0.53		$	0.65		$	(0.12	)
Basic Earnings Per Average Common Share	$	0.53		$	0.66		$	(0.13	)
Diluted Avg. Common Shares Outstanding		72,070			71,996			74
Basic Avg. Common Shares Outstanding		71,854			71,651			203
Dividends Per Common Share	$	0.13		$	0.125		$	0.005

CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)

For the 9 months ending September 30, 2010 and 2009

	Year-to-date
(in thousands, except per share data)	2010			2009			Change
Operating Revenues
Oil and gas operations	$	706,311		$	606,158		$	100,153
Natural gas distribution		498,132			471,457			26,675
Total operating revenues		1,204,443			1,077,615			126,828
Operating Expenses
Cost of gas		262,950			232,283			30,667
Operations and maintenance		329,581			274,850			54,731
Depreciation, depletion and amortization		185,025			172,308			12,717
Taxes, other than income taxes		64,508			57,099			7,409
Accretion expense		4,568			3,605			963
Total operating expenses		846,632			740,145			106,487
Operating Income		357,811			337,470			20,341
Other Income (Expense)
Interest expense		(29,395	)		(29,586	)		191
Other income		2,555			4,058			(1,503	)
Other expense		(541	)		(589	)		48
Total other expense		(27,381	)		(26,117	)		(1,264	)
Income Before Income Taxes		330,430			311,353			19,077
Income tax expense		119,873			113,649			6,224
Net Income	$	210,557		$	197,704		$	12,853
Diluted Earnings Per Average Common Share	$	2.92		$	2.75		$	0.17
Basic Earnings Per Average Common Share	$	2.93		$	2.76		$	0.17
Diluted Avg. Common Shares Outstanding		72,061			71,878			183
Basic Avg. Common Shares Outstanding		71,838			71,641			197
Dividends Per Common Share	$	0.39		$	0.375		$	0.015

CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)

For the 12 months ending September 30, 2010 and 2009

	Trailing 12 Months						Change
(in thousands, except per share data)	2010			2009
Operating Revenues
Oil and gas operations	$	922,699		$	815,862		$	106,837
Natural gas distribution		644,549			637,546			7,003
Total operating revenues		1,567,248			1,453,408			113,840
Operating Expenses
Cost of gas		336,721			330,898			5,823
Operations and maintenance		435,356			361,463			73,893
Depreciation, depletion and amortization		247,801			227,080			20,721
Taxes, other than income taxes		85,738			72,665			13,073
Accretion expense		5,898			4,714			1,184
Total operating expenses		1,111,514			996,820			114,694
Operating Income		455,734			456,588			(854	)
Other Income (Expense)
Interest expense		(39,186	)		(39,866	)		680
Other income		3,467			2,394			1,073
Other expense		(642	)		(2,454	)		1,812
Total other expense		(36,361	)		(39,926	)		3,565
Income Before Income Taxes		419,373			416,662			2,711
Income tax expense		150,195			153,673			(3,478	)
Net Income	$	269,178		$	262,989		$	6,189
Diluted Earnings Per Average Common Share	$	3.74		$	3.66		$	0.08
Basic Earnings Per Average Common Share	$	3.75		$	3.67		$	0.08
Diluted Avg. Common Shares Outstanding		72,020			71,874			146
Basic Avg. Common Shares Outstanding		71,811			71,640			171
Dividends Per Common Share	$	0.515		$	0.495		$	0.02

SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 3 months ending September 30, 2010 and 2009

	3rd Quarter						Change
(in thousands, except sales price data)	2010			2009
Oil and Gas Operations
Operating revenues
Natural gas	$	119,287		$	115,227		$	4,060
Oil		99,045			80,225			18,820
Natural gas liquids		15,388			17,496			(2,108	)
Other		391			5,553			(5,162	)
Total	$	234,111		$	218,501		$	15,610
Production volumes
Natural gas (MMcf)		17,723			18,881			(1,158	)
Oil (MBbl)		1,290			1,253			37
Natural gas liquids (MMgal)		19.8			20.0			(0.2	)
Total production volumes (MMcfe)		28,295			29,253			(958	)
Revenue per unit of production including effects of all derivative instruments
Natural gas (Mcf)	$	6.73		$	6.10		$	0.63
Oil (barrel)	$	76.80		$	64.03		$	12.77
Natural gas liquids (gallon)	$	0.78		$	0.88		$	(0.10	)
Other data
Lease operating expense (LOE)
LOE and other	$	47,405		$	45,480		$	1,925
Production taxes		10,475			9,050			1,425
Total	$	57,880		$	54,530		$	3,350
Depreciation, depletion and amortization	$	51,363		$	48,473		$	2,890
General and administrative expense	$	12,157		$	15,390		$	(3,233	)
Capital expenditures	$	275,895		$	37,596		$	238,299
Exploration expenditures	$	34,506		$	1,120		$	33,386
Operating income	$	76,644		$	97,682		$	(21,038	)
Natural Gas Distribution
Operating revenues
Residential	$	25,714		$	36,371		$	(10,657	)
Commercial and industrial		15,224			20,834			(5,610	)
Transportation		10,025			12,043			(2,018	)
Other		10,730			(460	)		11,190
Total	$	61,693		$	68,788		$	(7,095	)
Gas delivery volumes (MMcf)
Residential		1,401			1,498			(97	)
Commercial and industrial		1,155			1,235			(80	)
Transportation		10,783			10,504			279
Total		13,339			13,237			102
Other data
Depreciation and amortization	$	9,451		$	12,850		$	(3,399	)
Capital expenditures	$	38,283		$	21,133		$	17,150
Operating income	$	(9,015	)	$	(15,237	)	$	6,222

SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 9 months ending September 30, 2010 and 2009

	Year-to-date
(in thousands, except sales price data)	2010		2009		Change
Oil and Gas Operations
Operating revenues
Natural gas	$	365,302	$	343,684	$	21,618
Oil		291,543		204,587		86,956
Natural gas liquids		46,535		48,212		(1,677	)
Other		2,931		9,675		(6,744	)
Total	$	706,311	$	606,158	$	100,153
Production volumes
Natural gas (MMcf)		52,768		54,532		(1,764	)
Oil (MBbl)		3,734		3,456		278
Natural gas liquids (MMgal)		57.6		55.9		1.7
Total production volumes (MMcfe)		83,401		83,259		142
Revenue per unit of production including effects of all derivative instruments
Natural gas (Mcf)	$	6.92	$	6.30	$	0.62
Oil (barrel)	$	78.09	$	59.19	$	18.90
Natural gas liquids (gallon)	$	0.81	$	0.86	$	(0.05	)
Other data
Lease operating expense (LOE)
LOE and other	$	135,965	$	134,723	$	1,242
Production taxes		31,062		24,160		6,902
Total	$	167,027	$	158,883	$	8,144
Depreciation, depletion and amortization	$	150,645	$	134,189	$	16,456
General and administrative expense	$	40,319	$	37,830	$	2,489
Capital expenditures	$	386,810	$	353,424	$	33,386
Exploration expenditures	$	54,367	$	1,374	$	52,993
Operating income	$	289,385	$	270,277	$	19,108
Natural Gas Distribution
Operating revenues
Residential	$	326,796	$	305,663	$	21,133
Commercial and industrial		125,704		126,128		(424	)
Transportation		39,541		39,268		273
Other		6,091		398		5,693
Total	$	498,132	$	471,457	$	26,675
Gas delivery volumes (MMcf)
Residential		19,673		15,784		3,889
Commercial and industrial		8,735		7,613		1,122
Transportation		33,988		29,775		4,213
Total		62,396		53,172		9,224
Other data
Depreciation and amortization	$	34,380	$	38,119	$	(3,739	)
Capital expenditures	$	75,810	$	57,107	$	18,703
Operating income	$	69,378	$	68,844	$	534

SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 12 months ending September 30, 2010 and 2009

	Trailing 12 Months
(in thousands, except sales price data)	2010		2009		Change
Oil and Gas Operations
Operating revenues
Natural gas	$	481,988	$	468,514	$	13,474
Oil		371,706		276,093		95,613
Natural gas liquids		65,577		60,513		5,064
Other		3,428		10,742		(7,314	)
Total	$	922,699	$	815,862	$	106,837
Production volumes
Natural gas (MMcf)		70,573		72,024		(1,451	)
Oil (MBbl)		4,967		4,565		402
Natural gas liquids (MMgal)		76.9		73.9		3.0
Total production volumes (MMcfe)		111,366		109,974		1,392
Revenue per unit of production including effects of all derivative instruments
Natural gas (Mcf)	$	6.83	$	6.50	$	0.33
Oil (barrel)	$	74.83	$	60.48	$	14.35
Natural gas liquids (gallon)	$	0.85	$	0.82	$	0.03
Other data
Lease operating expense (LOE)
LOE and other	$	183,019	$	180,223	$	2,796
Production taxes		42,554		27,973		14,581
Total	$	225,573	$	208,196	$	17,377
Depreciation, depletion and amortization	$	200,545	$	176,488	$	24,057
General and administrative expense	$	54,703	$	44,996	$	9,707
Capital expenditures	$	460,785	$	507,488	$	(46,703	)
Exploration expenditures	$	63,227	$	6,455	$	56,772
Operating income	$	372,753	$	375,013	$	(2,260	)
Natural Gas Distribution
Operating revenues
Residential	$	420,893	$	412,310	$	8,583
Commercial and industrial		161,717		170,843		(9,126	)
Transportation		54,585		52,559		2,026
Other		7,354		1,834		5,520
Total	$	644,549	$	637,546	$	7,003
Gas delivery volumes (MMcf)
Residential		24,810		21,169		3,641
Commercial and industrial		11,055		10,198		857
Transportation		45,117		40,297		4,820
Total		80,982		71,664		9,318
Other data
Depreciation and amortization	$	47,256	$	50,592	$	(3,336	)
Capital expenditures	$	96,512	$	75,472	$	21,040
Operating income	$	84,518	$	83,675	$	843