Spire Alabama 8-K Energen Reports 22% Increase in First Quarter 2010 Earnings

Exhibit 99.2

CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)

For the 3 months ending March 31, 2010 and 2009

	1st Quarter
(in thousands, except per share data)	2010			2009			Change
Operating Revenues
Oil and gas operations	$	237,614		$	189,120		$	48,494
Natural gas distribution		337,300			294,986			42,314
Total operating revenues		574,914			484,106			90,808
Operating Expenses
Cost of gas		197,156			152,069			45,087
Operations and maintenance		91,702			88,387			3,315
Depreciation, depletion and amortization		61,735			54,578			7,157
Taxes, other than income taxes		30,637			26,460			4,177
Accretion expense		1,486			1,136			350
Total operating expenses		382,716			322,630			60,086
Operating Income		192,198			161,476			30,722
Other Income (Expense)
Interest expense		(9,960	)		(9,781	)		(179	)
Other income		977			401			576
Other expense		(163	)		(1,886	)		1,723
Total other expense		(9,146	)		(11,266	)		2,120
Income Before Income Taxes		183,052			150,210			32,842
Income tax expense		66,342			54,628			11,714
Net Income	$	116,710		$	95,582		$	21,128
Diluted Earnings Per Average Common Share	$	1.62		$	1.33		$	0.29
Basic Earnings Per Average Common Share	$	1.63		$	1.33		$	0.30
		��
Diluted Avg. Common Shares Outstanding		72,039			71,897			142
Basic Avg. Common Shares Outstanding		71,810			71,640			170
Dividends Per Common Share	$	0.13		$	0.125		$	0.005

1

CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)

For the 12 months ending March 31, 2010 and 2009

	Trailing 12 Months
(in thousands, except per share data)	2010			2009			Change
Operating Revenues
Oil and gas operations	$	871,040		$	878,357		$	(7,317	)
Natural gas distribution		660,188			653,013			7,175
Total operating revenues		1,531,228			1,531,370			(142	)
Operating Expenses
Cost of gas		351,141			342,454			8,687
Operations and maintenance		383,940			356,595			27,345
Depreciation, depletion and amortization		242,241			200,575			41,666
Taxes, other than income taxes		82,506			99,160			(16,654	)
Accretion expense		5,285			4,381			904
Total operating expenses		1,065,113			1,003,165			61,948
Operating Income		466,115			528,205			(62,090	)
Other Income (Expense)
Interest expense		(39,556	)		(40,640	)		1,084
Other income		7,242			2,042			5,200
Other expense		(663	)		(8,304	)		7,641
Total other expense		(32,977	)		(46,902	)		13,925
Income Before Income Taxes		433,138			481,303			(48,165	)
Income tax expense		155,685			180,494			(24,809	)
Net Income	$	277,453		$	300,809		$	(23,356	)
Diluted Earnings Per Average Common Share	$	3.86		$	4.17		$	(0.31	)
Basic Earnings Per Average Common Share	$	3.87		$	4.20		$	(0.33	)
Diluted Avg. Common Shares Outstanding		71,869			72,146			(277	)
Basic Avg. Common Shares Outstanding		71,728			71,639			89
Dividends Per Common Share	$	0.505		$	0.485		$	0.02

2

SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 3 months ending March 31, 2010 and 2009

	1st Quarter
(in thousands, except sales price data)	2010			2009		Change
Oil and Gas Operations
Operating revenues
Natural gas	$	125,427		$	115,635	$	9,792
Oil		93,975			57,742		36,233
Natural gas liquids		16,536			14,522		2,014
Other		1,676			1,221		455
Total	$	237,614		$	189,120	$	48,494
Production volumes
Natural gas (MMcf)		17,412			17,650		(238	)
Oil (MBbl)		1,186			1,090		96
Natural gas liquids (MMgal)		18.8			17.5		1.3
Total production volumes (MMcfe)		27,209			26,692		517
Revenue per unit of production including effects of all derivative instruments
Natural gas (Mcf)	$	7.20		$	6.55	$	0.65
Oil (barrel)	$	79.23		$	52.97	$	26.26
Natural gas liquids (gallon)	$	0.88		$	0.83	$	0.05
Other data
Lease operating expense (LOE)
LOE and other	$	43,839		$	45,872	$	(2,033	)
Production taxes		9,941			7,841		2,100
Total	$	53,780		$	53,713	$	67
Depreciation, depletion and amortization	$	48,696		$	41,963	$	6,733
General and administrative expense	$	15,183		$	11,012	$	4,171
Capital expenditures	$	38,563		$	74,615	$	(36,052	)
Exploration expenditures	$	1,184		$	150	$	1,034
Operating income	$	117,285		$	81,146	$	36,139
Natural Gas Distribution
Operating revenues
Residential	$	241,406		$	204,528	$	36,878
Commercial and industrial		84,290			75,376		8,914
Transportation		17,833			15,016		2,817
Other		(6,229	)		66		(6,295	)
Total	$	337,300		$	294,986	$	42,314
Gas delivery volumes (MMcf)
Residential		14,962			11,191		3,771
Commercial and industrial		5,727			4,568		1,159
Transportation		12,682			10,969		1,713
Total		33,371			26,728		6,643
Other data
Depreciation and amortization	$	13,039		$	12,615	$	424
Capital expenditures	$	16,360		$	16,110	$	250
Operating income	$	75,255		$	80,839	$	(5,584	)

3

SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 12 months ending March 31, 2010 and 2009

	Trailing 12 Months
(in thousands, except sales price data)	2010			2009		Change
Oil and Gas Operations
Operating revenues
Natural gas	$	470,162		$	520,964	$	(50,802	)
Oil		320,983			286,551		34,432
Natural gas liquids		69,268			65,292		3,976
Other		10,627			5,550		5,077
Total	$	871,040		$	878,357	$	(7,317	)
Production volumes
Natural gas (MMcf)		72,099			68,796		3,303
Oil (MBbl)		4,786			4,260		526
Natural gas liquids (MMgal)		76.5			71.5		5.0
Total production volumes (MMcfe)		111,741			104,563		7,178
Revenue per unit of production including effects of all derivative instruments
Natural gas (Mcf)	$	6.52		$	7.57	$	(1.05	)
Oil (barrel)	$	67.07		$	67.27	$	(0.20	)
Natural gas liquids (gallon)	$	0.91		$	0.91	$	––
Other data
Lease operating expense (LOE)
LOE and other	$	179,744		$	176,864	$	2,880
Production taxes		37,752			53,817		(16,065	)
Total	$	217,496		$	230,681	$	(13,185	)
Depreciation, depletion and amortization	$	190,822		$	151,106	$	39,716
General and administrative expense	$	56,385		$	40,853	$	15,532
Capital expenditures	$	391,347		$	449,789	$	(58,442	)
Exploration expenditures	$	11,268		$	9,097	$	2,171
Operating income	$	389,784		$	442,239	$	(52,455	)
Natural Gas Distribution
Operating revenues
Residential	$	436,638		$	413,233	$	23,405
Commercial and industrial		171,055			175,590		(4,535	)
Transportation		57,129			50,629		6,500
Other		(4,634	)		13,561		(18,195	)
Total	$	660,188		$	653,013	$	7,175
Gas delivery volumes (MMcf)
Residential		24,692			21,292		3,400
Commercial and industrial		11,092			10,526		566
Transportation		42,617			43,461		(844	)
Total		78,401			75,279		3,122
Other data
Depreciation and amortization	$	51,419		$	49,469	$	1,950
Capital expenditures	$	78,059		$	66,360	$	11,699
Operating income	$	78,400		$	88,307	$	(9,907	)

4