Energen (EGN) 8-K Energen Corporation Reports Resultsof Year, 4TH Quarter 2011

Exhibit 99.2

CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)

For the 3 months ending December 31, 2011 and 2010

	4th Quarter
(in thousands, except per share data)	2011			2010			Change
Operating Revenues
Oil and gas operations	$	168,692		$	252,451		$	(83,759	)
Natural gas distribution		119,456			121,640			(2,184	)
Total operating revenues		288,148			374,091			(85,943	)
Operating Expenses
Cost of gas		47,607			54,038			(6,431	)
Operations and maintenance		100,356			99,584			772
Depreciation, depletion and amortization		84,438			62,840			21,598
Taxes, other than income taxes		22,335			20,453			1,882
Accretion expense		1,771			1,610			161
Total operating expenses		256,507			238,525			17,982
Operating Income		31,641			135,566			(103,925	)
Other Income (Expense)
Interest expense		(13,979	)		(9,827	)		(4,152	)
Other income		1,706			1,730			(24	)
Other expense		(106	)		(102	)		(4	)
Total other expense		(12,379	)		(8,199	)		(4,180	)
Income Before Income Taxes		19,262			127,367			(108,105	)
Income tax expense		4,830			47,117			(42,287	)
Net Income	$	14,432		$	80,250		$	(65,818	)
Diluted Earnings Per Average Common Share	$	0.20		$	1.11		$	(0.91	)
Basic Earnings Per Average Common Share	$	0.20		$	1.12		$	(0.92	)
Diluted Avg. Common Shares Outstanding		72,269			72,081			188
Basic Avg. Common Shares Outstanding		72,082			71,862			220
Dividends Per Common Share	$	0.135		$	0.13		$	0.005

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CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)

For the 12 months ending December 31, 2011 and 2010

	Year-to-date
(in thousands, except per share data)	2011			2010			Change
Operating Revenues
Oil and gas operations	$	948,526		$	958,762		$	(10,236	)
Natural gas distribution		534,953			619,772			(84,819	)
Total operating revenues		1,483,479			1,578,534			(95,055	)
Operating Expenses
Cost of gas		233,523			316,988			(83,465	)
Operations and maintenance		419,119			429,165			(10,046	)
Depreciation, depletion and amortization		283,997			247,865			36,132
Taxes, other than income taxes		91,734			84,961			6,773
Accretion expense		6,837			6,178			659
Total operating expenses		1,035,210			1,085,157			(49,947	)
Operating Income		448,269			493,377			(45,108	)
Other Income (Expense)
Interest expense		(44,822	)		(39,222	)		(5,600	)
Other income		2,334			4,285			(1,951	)
Other expense		(456	)		(643	)		187
Total other expense		(42,944	)		(35,580	)		(7,364	)
Income Before Income Taxes		405,325			457,797			(52,472	)
Income tax expense		145,701			166,990			(21,289	)
Net Income	$	259,624		$	290,807		$	(31,183	)
Diluted Earnings Per Average Common Share	$	3.59		$	4.04		$	(0.45	)
Basic Earnings Per Average Common Share	$	3.60		$	4.05		$	(0.45	)
Diluted Avg. Common Shares Outstanding		72,332			72,051			281
Basic Avg. Common Shares Outstanding		72,056			71,845			211
Dividends Per Common Share	$	0.54		$	0.52		$	0.02

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CONSOLIDATED BALANCE SHEETS (UNAUDITED)

As of December 31, 2011 and December 31, 2010

(in thousands)	December 31, 2011		December 31, 2010
ASSETS
Current Assets
Cash and cash equivalents	$	9,541	$	22,659
Accounts receivable, net of allowance		231,925		286,849
Inventories		74,012		59,302
Regulatory asset		57,143		28,286
Other		71,547		89,187
Total current assets		444,168		486,283
Property, Plant and Equipment
Oil and gas properties, net		3,783,842		2,919,144
Utility plant, net		813,428		782,622
Other property, net		23,506		17,461
Total property, plant and equipment, net		4,620,776		3,719,227
Other Assets
Regulatory asset		95,633		105,365
Long-term derivative instruments		31,056		—
Other		45,783		52,685
Total other assets		172,472		158,050
TOTAL ASSETS	$	5,237,416	$	4,363,560
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Long-term debt due within one year	$	1,000	$	5,000
Notes payable to banks		15,000		305,000
Accounts payable		302,048		268,214
Regulatory liability		58,279		75,703
Other		167,552		164,694
Total current liabilities		543,879		818,611
Long-term debt		1,153,700		405,254
Deferred Credits and Other Liabilities
Regulatory liability		87,234		110,447
Deferred income taxes		806,127		615,084
Long-term derivative instruments		34,663		112,936
Other		179,650		147,185
Total deferred credits and other liabilities		1,107,674		985,652
Total Shareholders’ Equity		2,432,163		2,154,043
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	5,237,416	$	4,363,560

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SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 3 months ending December 31, 2011 and 2010

	4th Quarter
(in thousands, except sales price data)	2011			2010		Change
Oil and Gas Operations
Operating revenues
Natural gas	$	96,654		$	118,633	$	(21,979	)
Oil		47,490			113,082		(65,592	)
Natural gas liquids		23,975			18,626		5,349
Other		573			2,110		(1,537	)
Total	$	168,692		$	252,451	$	(83,579	)
Production volumes
Natural gas (MMcf)		18,810			18,156		654
Oil (MBbl)		1,744			1,397		347
Natural gas liquids (MMgal)		24.8			21.3		3.5
Total production volumes (MMcfe)		32,820			29,588		3,232
Total production volumes (MBOE)		5,470			4,931		539
Revenue per unit of production including effects of all derivative instruments
Natural gas (Mcf)	$	5.14	��	$	6.53	$	(1.39	)
Oil (barrel)	$	27.23		$	80.93	$	(53.70	)
Natural gas liquids (gallon)	$	0.97		$	0.87	$	0.10
Revenue per unit of production including effects of qualifying cash flow hedges
Natural gas (Mcf)	$	5.14		$	6.53	$	(1.39	)
Oil (barrel)	$	79.18		$	80.93	$	(1.75	)
Natural gas liquids (gallon)	$	0.97		$	0.87	$	0.10
Revenue per unit of production excluding effects of all derivative instruments
Natural gas (Mcf)	$	3.45		$	3.67	$	(0.22	)
Oil (barrel)	$	90.89		$	80.14	$	10.75
Natural gas liquids (gallon)	$	1.14		$	0.95	$	0.19
Other data
Lease operating expense (LOE)
LOE and other	$	49,874		$	46,215	$	3,659
Production taxes		14,109			11,659		2,450
Total	$	63,983		$	57,874	$	6,109
Depreciation, depletion and amortization	$	74,128		$	53,176	$	20,952
General and administrative expense	$	16,973		$	12,230	$	4,743
Capital expenditures	$	448,851		$	330,972	$	117,879
Exploration expenditures	$	514		$	10,217	$	(9,703	)
Operating income	$	11,323		$	117,344	$	(106,021	)

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Natural Gas Distribution
Operating revenues
Residential	$	74,157	$	80,441		$	(6,284	)
Commercial and industrial		29,186		31,442			(2,256	)
Transportation		14,665		15,006			(341	)
Other		1,448		(5,249	)		6,697
Total	$	119,456	$	121,640		$	(2,184	)
Gas delivery volumes (MMcf)
Residential		4,407		4,790			(383	)
Commercial and industrial		2,151		2,250			(99	)
Transportation		10,901		12,491			(1,590	)
Total		17,459		19,531			(2,072	)
Other data
Depreciation and amortization	$	10,310	$	9,662		$	648
Capital expenditures	$	16,814	$	17,756		$	(942	)
Operating income	$	20,675	$	19,005		$	1,670

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SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 12 months ending December 31, 2011 and 2010

	Year-to-date
(in thousands, except sales price data)	2011		2010		Change
Oil and Gas Operations
Operating revenues
Natural gas	$	386,894	$	483,935	$	(97,041	)
Oil		467,320		404,625		62,695
Natural gas liquids		87,466		65,161		22,305
Other		6,846		5,041		1,805
Total	$	948,526	$	958,762	$	(10,236	)
Production volumes
Natural gas (MMcf)		71,718		70,924		794
Oil (MBbl)		6,318		5,131		1,187
Natural gas liquids (MMgal)		91.4		79.0		12.4
Total production volumes (MMcfe)		122,688		112,989		9,699
Total production volumes (MBOE)		20,448		18,832		1,616
Revenue per unit of production including effects of all derivative instruments
Natural gas (Mcf)	$	5.39	$	6.82	$	(1.43	)
Oil (barrel)	$	73.97	$	78.86	$	(4.89	)
Natural gas liquids (gallon)	$	0.96	$	0.83	$	0.13
Revenue per unit of production including effects of qualifying cash flow hedges
Natural gas (Mcf)	$	5.39	$	6.82	$	(1.43	)
Oil (barrel)	$	79.90	$	78.86	$	1.04
Natural gas liquids (gallon)	$	0.96	$	0.83	$	0.13
Revenue per unit of production excluding effects of all derivative instruments
Natural gas (Mcf)	$	3.93	$	4.22		(0.29	)
Oil (barrel)	$	90.53	$	75.06		15.47
Natural gas liquids (gallon)	$	1.11	$	0.86		0.25
Other data
Lease operating expense (LOE)
LOE and other	$	202,094	$	182,180	$	19,914
Production taxes		54,951		42,721		12,230
Total	$	257,045	$	224,901	$	32,144
Depreciation, depletion and amortization	$	244,081	$	203,821	$	40,260
General and administrative expense	$	64,322	$	52,549	$	11,773
Capital expenditures	$	1,115,452	$	717,782	$	397,670
Exploration expenditures	$	13,110	$	64,584	$	(51,474	)
Operating income	$	363,131	$	406,729	$	(43,598	)

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Natural Gas Distribution
Operating revenues
Residential	$	343,740		$	414,870		$	(71,130	)
Commercial and industrial		136,469			159,658			(23,189	)
Transportation		55,234			57,049			(1,815	)
Other		(490	)		(11,805	)		11,315
Total	$	534,953		$	619,772		$	(84,819	)
Gas delivery volumes (MMcf)
Residential		21,132			24,463			(3,331	)
Commercial and industrial		9,994			10,985			(991	)
Transportation		44,614			46,479			(1,865	)
Total		75,740			81,927			(6,187	)
Other data
Depreciation and amortization	$	39,916		$	44,042		$	(4,126	)
Capital expenditures	$	73,984		$	93,566		$	(19,582	)
Operating income	$	86,216		$	88,383		$	(2,167	)

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