Energen (EGN) 8-K Energen Announces First Quarter Results

Exhibit 99.2

CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)

For the 3 months ending March 31, 2011 and 2010

	1st Quarter
(in thousands, except per share data)	2011			2010			Change
Operating Revenues
Oil and gas operations	$	216,792		$	237,614		$	(20,822	)
Natural gas distribution		269,572			337,300			(67,728	)
Total operating revenues		486,364			574,914			(88,550	)
Operating Expenses
Cost of gas		131,749			197,156			(65,407	)
Operations and maintenance		103,782			91,702			12,080
Depreciation, depletion and amortization		61,128			61,735			(607	)
Taxes, other than income taxes		28,175			30,637			(2,462	)
Accretion expense		1,649			1,486			163
Total operating expenses		326,483			382,716			(56,233	)
Operating Income		159,881			192,198			(32,317	)
Other Income (Expense)
Interest expense		(9,404	)		(9,960	)		556
Other income		1,230			977			253
Other expense		(163	)		(163	)		—
Total other expense		(8,337	)		(9,146	)		809
Income Before Income Taxes		151,544			183,052			(31,508	)
Income tax expense		57,276			66,342			(9,066	)
Net Income	$	94,268		$	116,710		$	(22,442	)
Diluted Earnings Per Average Common Share	$	1.30		$	1.62		$	(0.32	)
Basic Earnings Per Average Common Share	$	1.31		$	1.63		$	(0.32	)
Diluted Avg. Common Shares Outstanding		72,240			72,039			201
Basic Avg. Common Shares Outstanding		72,001			71,810			191
Dividends Per Common Share	$	0.135		$	0.13		$	0.005

CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)

For the 12 months ending March 31, 2011 and 2010

	Trailing 12 Months
(in thousands, except per share data)	2011			2010			Change
Operating Revenues
Oil and gas operations	$	937,940		$	871,040		$	66,900
Natural gas distribution		552,044			660,188			(108,144	)
Total operating revenues		1,489,984			1,531,228			(41,244	)
Operating Expenses
Cost of gas		251,581			351,141			(99,560	)
Operations and maintenance		441,245			383,940			57,305
Depreciation, depletion and amortization		247,258			242,241			5,017
Taxes, other than income taxes		82,499			82,506			(7	)
Accretion expense		6,341			5,285			1,056
Total operating expenses		1,028,924			1,065,113			(36,189	)
Operating Income		461,060			466,115			(5,055	)
Other Income (Expense)
Interest expense		(38,664	)		(39,556	)		892
Other income		4,536			7,242			(2,706	)
Other expense		(643	)		(663	)		20
Total other expense		(34,771	)		(32,977	)		(1,794	)
Income Before Income Taxes		426,289			433,138			(6,849	)
Income tax expense		157,924			155,685			2,239
Net Income	$	268,365		$	277,453		$	(9,088	)
Diluted Earnings Per Average Common Share	$	3.73		$	3.86		$	(0.13	)
Basic Earnings Per Average Common Share	$	3.73		$	3.87		$	(0.14	)
Diluted Avg. Common Shares Outstanding		72,026			71,869			157
Basic Avg. Common Shares Outstanding		71,902			71,728			174
Dividends Per Common Share	$	0.525		$	0.505		$	0.02

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SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 3 months ending March 31, 2011 and 2010

	1st Quarter
(in thousands, except sales price data)	2011			2010			Change
Oil and Gas Operations
Operating revenues
Natural gas	$	95,599		$	125,427		$	(29,828	)
Oil		103,256			93,975			9,281
Natural gas liquids		17,533			16,536			997
Other		404			1,676			(1,272	)
Total	$	216,792		$	237,614		$	(20,822	)
Production volumes
Natural gas (MMcf)		17,334			17,412			(78	)
Oil (MBbl)		1,364			1,186			178
Natural gas liquids (MMgal)		19.7			18.8			0.9
Total production volumes (MMcfe)		28,338			27,209			1,129
Total production volumes (MBOE)		4,723			4,535			188
Revenue per unit of production including effects of all derivative instruments
Natural gas (Mcf)	$	5.52		$	7.20		$	(1.68	)
Oil (barrel)	$	75.70		$	79.23		$	(3.53	)
Natural gas liquids (gallon)	$	0.89		$	0.88		$	0.01
Other data
Lease operating expense (LOE)
LOE and other	$	46,945		$	43,839		$	3,106
Production taxes		12,283			9,941			2,342
Total	$	59,228		$	53,780		$	5,448
Depreciation, depletion and amortization	$	51,348		$	48,696		$	2,652
General and administrative expense	$	18,894		$	15,183		$	3,711
Capital expenditures	$	140,323		$	38,563		$	101,760
Exploration expenditures	$	614		$	1,184		$	(570	)
Operating income	$	85,059		$	117,285		$	(32,226	)
Natural Gas Distribution
Operating revenues
Residential	$	187,674		$	241,406		$	(53,732	)
Commercial and industrial		66,906			84,290			(17,384	)
Transportation		16,493			17,833			(1,340	)
Other		(1,501	)		(6,229	)		4,728
Total	$	269,572		$	337,300		$	(67,728	)
Gas delivery volumes (MMcf)
Residential		12,591			14,962			(2,371	)
Commercial and industrial		5,000			5,727			(727	)
Transportation		12,970			12,682			288
Total		30,561			33,371			(2,810	)
Other data
Depreciation and amortization	$	9,780		$	13,039		$	(3,259	)
Capital expenditures	$	13,540		$	16,360		$	(2,820	)
Operating income	$	75,059		$	75,255		$	(196	)

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SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 12 months ending March 31, 2011 and 2010

	Trailing 12 Months
(in thousands, except sales price data)	2011			2010			Change
Oil and Gas Operations
Operating revenues
Natural gas	$	454,107		$	470,162		$	(16,055	)
Oil		413,906			320,983			92,923
Natural gas liquids		66,158			69,268			(3,110	)
Other		3,769			10,627			(6,858	)
Total	$	937,940		$	871,040		$	66,900
Production volumes
Natural gas (MMcf)		70,848			72,099			(1,251	)
Oil (MBbl)		5,309			4,786			523
Natural gas liquids (MMgal)		79.9			76.5			3.4
Total production volumes (MMcfe)		114,120			111,741			2,379
Total production volumes (MBOE)		19,020			18,623			397
Revenue per unit of production including effects of all derivative instruments
Natural gas (Mcf)	$	6.41		$	6.52		$	(0.11	)
Oil (barrel)	$	77.97		$	67.07		$	10.9
Natural gas liquids (gallon)	$	0.83		$	0.91		$	(0.08	)
Other data
Lease operating expense (LOE)
LOE and other	$	185,286		$	179,744		$	5,542
Production taxes		45,063			37,752			7,311
Total	$	230,349		$	217,496		$	12,853
Depreciation, depletion and amortization	$	206,473		$	190,822		$	15,651
General and administrative expense	$	56,260		$	56,385		$	(125	)
Capital expenditures	$	819,542		$	391,347		$	428,195
Exploration expenditures	$	64,014		$	11,268		$	52,746
Operating income	$	374,503		$	389,784		$	(15,281	)
Natural Gas Distribution
Operating revenues
Residential	$	360,356		$	436,638		$	(76,282	)
Commercial and industrial		142,030			171,055			(29,025	)
Transportation		55,599			57,129			(1,530	)
Other		(5,941	)		(4,634	)		(1,307	)
Total	$	552,044		$	660,188		$	(108,144	)
Gas delivery volumes (MMcf)
Residential		22,092			24,692			(2,600	)
Commercial and industrial		10,258			11,092			(834	)
Transportation		46,767			42,617			4,150
Total		79,117			78,401			716
Other data
Depreciation and amortization	$	40,783		$	51,419		$	(10,636	)
Capital expenditures	$	90,746		$	78,059		$	12,687
Operating income	$	88,187		$	78,400		$	9,787

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