Energen (EGN) 8-K Energen Reports 2Q Epsof 87 Cents

Exhibit 99.2

CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)

For the 3 months ending June 30, 2011 and 2010

	2nd Quarter
(in thousands, except per share data)	2011			2010			Change
Operating Revenues
Oil and gas operations	$	244,090		$	234,586		$	9,504
Natural gas distribution		86,309			99,139			(12,830	)
Total operating revenues		330,399			333,725			(3,326	)
Operating Expenses
Cost of gas		32,419			43,234			(10,815	)
Operations and maintenance		103,232			109,945			(6,713	)
Depreciation, depletion and amortization		65,629			62,476			3,153
Taxes, other than income taxes		21,095			18,256			2,839
Accretion expense		1,689			1,521			168
Total operating expenses		224,064			235,432			(11,368	)
Operating Income		106,335			98,293			8,042
Other Income (Expense)
Interest expense		(9,463	)		(9,844	)		381
Other income		779			385			394
Other expense		(113	)		(1,346	)		1,233
Total other expense		(8,797	)		(10,805	)		2,008
Income Before Income Taxes		97,538			87,488			10,050
Income tax expense		34,213			31,945			2,268
Net Income	$	63,325		$	55,543		$	7,782
Diluted Earnings Per Average Common Share	$	0.87		$	0.77		$	0.10
Basic Earnings Per Average Common Share	$	0.88		$	0.77		$	0.11
Diluted Avg. Common Shares Outstanding		72,420			72,089			331
Basic Avg. Common Shares Outstanding		72,065			71,844			221
Dividends Per Common Share	$	0.135		$	0.13		$	0.005

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CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)

For the 6 months ending June 30, 2011 and 2010

	Year-to-date
(in thousands, except per share data)	2011			2010			Change
Operating Revenues
Oil and gas operations	$	460,882		$	472,200		$	(11,318	)
Natural gas distribution		355,881			436,439			(80,558	)
Total operating revenues		816,763			908,639			(91,876	)
Operating Expenses
Cost of gas		164,168			240,390			(76,222	)
Operations and maintenance		207,014			201,647			5,367
Depreciation, depletion and amortization		126,757			124,211			2,546
Taxes, other than income taxes		49,270			48,893			377
Accretion expense		3,338			3,007			331
Total operating expenses		550,547			618,148			(67,601	)
Operating Income		266,216			290,491			(24,275	)
Other Income (Expense)
Interest expense		(18,867	)		(19,804	)		937
Other income		2,009			723			1,286
Other expense		(276	)		(870	)		594
Total other expense		(17,134	)		(19,951	)		2,817
Income Before Income Taxes		249,082			270,540			(21,458	)
Income tax expense		91,489			98,287			(6,798	)
Net Income	$	157,593		$	172,253		$	(14,660	)
Diluted Earnings Per Average Common Share	$	2.18		$	2.39		$	(0.21	)
Basic Earnings Per Average Common Share	$	2.19		$	2.40		$	(0.21	)
Diluted Avg. Common Shares Outstanding		72,364			72,069			295
Basic Avg. Common Shares Outstanding		72,033			71,830			203
Dividends Per Common Share	$	0.27		$	0.26		$	0.01

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CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)

For the 12 months ending June 30, 2011 and 2010

	Trailing 12 Months
(in thousands, except per share data)	2011			2010			Change
Operating Revenues
Oil and gas operations	$	947,444		$	907,089		$	40,355
Natural gas distribution		539,214			651,644			(112,430	)
Total operating revenues		1,486,658			1,558,733			(72,075	)
Operating Expenses
Cost of gas		240,766			343,538			(102,772	)
Operations and maintenance		434,532			405,385			29,147
Depreciation, depletion and amortization		250,411			248,310			2,101
Taxes, other than income taxes		85,338			85,594			(256	)
Accretion expense		6,509			5,643			866
Total operating expenses		1,017,556			1,088,470			(70,914	)
Operating Income		469,102			470,263			(1,161	)
Other Income (Expense)
Interest expense		(38,283	)		(39,612	)		1,329
Other income		5,959			3,781			2,178
Other expense		(439	)		(810	)		371
Total other expense		(32,763	)		(36,641	)		3,878
Income Before Income Taxes		436,339			433,622			2,717
Income tax expense		160,192			155,627			4,565
Net Income	$	276,147		$	277,995		$	(1,848	)
Diluted Earnings Per Average Common Share	$	3.83		$	3.86		$	(0.03	)
Basic Earnings Per Average Common Share	$	3.84		$	3.87		$	(0.03	)
Diluted Avg. Common Shares Outstanding		72,143			71,971			172
Basic Avg. Common Shares Outstanding		71,952			71,770			182
Dividends Per Common Share	$	0.53		$	0.51		$	0.02

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SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 3 months ending June 30, 2011 and 2010

	2nd Quarter
(in thousands, except sales price data)	2011			2010		Change
Oil and Gas Operations
Operating revenues
Natural gas	$	98,037		$	120,588	$	(22,551	)
Oil		118,938			98,523		20,415
Natural gas liquids		21,482			14,611		6,871
Other		5,633			864		4,769
Total	$	244,090		$	234,586	$	9,504
Production volumes
Natural gas (MMcf)		17,778			17,633		145
Oil (MBbl)		1,501			1,258		243
Natural gas liquids (MMgal)		22.6			19.0		3.6
Total production volumes (MMcfe)		30,012			27,897		2,115
Total production volumes (MBOE)		5,002			4,649		353
Revenue per unit of production including effects of all derivative instruments
Natural gas (Mcf)	$	5.51		$	6.84	$	(1.33	)
Oil (barrel)	$	79.24		$	78.34	$	0.90
Natural gas liquids (gallon)	$	0.95		$	0.77	$	0.18
Other data
Lease operating expense (LOE)
LOE and other	$	50,712		$	44,721	$	5,991
Production taxes		14,192			10,646		3,546
Total	$	64,904		$	55,367	$	9,537
Depreciation, depletion and amortization	$	55,783		$	50,586	$	5,197
General and administrative expense	$	15,089		$	12,979	$	2,110
Capital expenditures	$	259,533		$	72,352	$	187,181
Exploration expenditures	$	1,207		$	18,677	$	(17,470	)
Operating income	$	105,418		$	95,456	$	9,962
Natural Gas Distribution
Operating revenues
Residential	$	51,370		$	59,676	$	(8,306	)
Commercial and industrial		23,393			26,190		(2,797	)
Transportation		11,961			11,683		278
Other		(415	)		1,590		(2,005	)
Total	$	86,309		$	99,139	$	(12,830	)
Gas delivery volumes (MMcf)
Residential		2,749			3,310		(561	)
Commercial and industrial		1,662			1,853		(191	)
Transportation		10,739			10,523		216
Total		15,150			15,686		(536	)
Other data
Depreciation and amortization	$	9,846		$	11,890	$	(2,044	)
Capital expenditures	$	22,297		$	21,167	$	1,130
Operating income	$	1,163		$	3,138	$	(1,975	)

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SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 6 months ending June 30, 2011 and 2010

	Year-to-date
(in thousands, except sales price data)	2011			2010			Change
Oil and Gas Operations
Operating revenues
Natural gas	$	193,636		$	246,015		$	(52,379	)
Oil		222,194			192,498			29,696
Natural gas liquids		39,015			31,147			7,868
Other		6,037			2,540			3,497
Total	$	460,882		$	472,200		$	(11,318	)
Production volumes
Natural gas (MMcf)		35,112			35,045			67
Oil (MBbl)		2,865			2,444			421
Natural gas liquids (MMgal)		42.3			37.8			4.5
Total production volumes (MMcfe)		58,350			55,106			3,244
Total production volumes (MBOE)		9,725			9,184			541
Revenue per unit of production including effects of all derivative instruments
Natural gas (Mcf)	$	5.51		$	7.02		$	(1.51	)
Oil (barrel)	$	77.55		$	78.77		$	(1.22	)
Natural gas liquids (gallon)	$	0.92		$	0.82		$	0.10
Other data
Lease operating expense (LOE)
LOE and other	$	97,657		$	88,560		$	9,097
Production taxes		26,475			20,587			5,888
Total	$	124,132		$	109,147		$	14,985
Depreciation, depletion and amortization	$	107,131		$	99,282		$	7,849
General and administrative expense	$	33,983		$	28,162		$	5,821
Capital expenditures	$	399,856		$	110,915		$	288,941
Exploration expenditures	$	1,821		$	19,861		$	(18,040	)
Operating income	$	190,477		$	212,741		$	(22,264	)
Natural Gas Distribution
Operating revenues
Residential	$	239,044		$	301,082		$	(62,038	)
Commercial and industrial		90,299			110,480			(20,181	)
Transportation		28,454			29,516			(1,062	)
Other		(1,916	)		(4,639	)		2,723
Total	$	355,881		$	436,439		$	(80,558	)
Gas delivery volumes (MMcf)
Residential		15,340			18,272			(2,932	)
Commercial and industrial		6,662			7,580			(918	)
Transportation		23,709			23,205			504
Total		45,711			49,057			(3,346	)
Other data
Depreciation and amortization	$	19,626		$	24,929		$	(5,303	)
Capital expenditures	$	35,837		$	37,527		$	(1,690	)
Operating income	$	76,222		$	78,393		$	(2,171	)

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SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 12 months ending June 30, 2011 and 2010

	Trailing 12 Months
(in thousands, except sales price data)	2011			2010			Change
Oil and Gas Operations
Operating revenues
Natural gas	$	431,556		$	477,928		$	(46,372	)
Oil		434,321			352,886			81,435
Natural gas liquids		73,029			67,685			5,344
Other		8,538			8,590			(52	)
Total	$	947,444		$	907,089		$	40,355
Production volumes
Natural gas (MMcf)		70,998			71,731			(733	)
Oil (MBbl)		5,552			4,930			622
Natural gas liquids (MMgal)		83.5			77.1			6.4
Total production volumes (MMcfe)		116,238			112,324			3,914
Total production volumes (MBOE)		19,373			18,721			652
Revenue per unit of production including effects of all derivative instruments
Natural gas (Mcf)	$	6.08		$	6.66		$	(0.58	)
Oil (barrel)	$	78.23		$	71.57		$	6.66
Natural gas liquids (gallon)	$	0.87		$	0.88		$	(0.01	)
Other data
Lease operating expense (LOE)
LOE and other	$	191,277		$	181,094		$	10,183
Production taxes		48,609			41,129			7,480
Total	$	239,886		$	222,223		$	17,663
Depreciation, depletion and amortization	$	211,670		$	197,655		$	14,015
General and administrative expense	$	58,370		$	57,936		$	434
Capital expenditures	$	1,006,723		$	222,485		$	784,238
Exploration expenditures	$	46,544		$	29,841		$	16,703
Operating income	$	384,465		$	393,791		$	(9,326	)
Natural Gas Distribution
Operating revenues
Residential	$	350,893		$	431,550		$	(80,657	)
Commercial and industrial		138,871			167,327			(28,456	)
Transportation		55,480			56,603			(1,123	)
Other		(6,030	)		(3,836	)		(2,194	)
Total	$	539,214		$	651,644		$	(112,430	)
Gas delivery volumes (MMcf)
Residential		21,531			24,907			(3,376	)
Commercial and industrial		10,067			11,135			(1,068	)
Transportation		46,983			44,838			2,145
Total		78,581			80,880			(2,299	)
Other data
Depreciation and amortization	$	38,739		$	50,655		$	(11,916	)
Capital expenditures	$	91,876		$	79,362		$	12,514
Operating income	$	86,212		$	78,296		$	7,916

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