UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

 

FORM 10-Q

 

 

|X|	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTER ENDED MARCH 31, 2002

OR

|  | 	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ___ TO ___

 

**Commission**
 
 **IRS Employer**File
 **State of**Identification**Number**Registrant**Incorporation**Number
 
 
 
 **1-7810**Energen Corporation**Alabama**63-0757759**2-38960**Alabama Gas Corporation**Alabama**63-0022000
** 

 

605 Richard Arrington Jr. Boulevard North

Birmingham, Alabama 35203-2707

Telephone Number 205/326-2700

http://www.energen.com

Alabama Gas Corporation, a wholly owned subsidiary of Energen Corporation, meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this Form with reduced disclosure format pursuant to General Instruction H(2).

Indicate by a check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities and Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. YES X NO ____

 

Indicate the number of shares outstanding of each of the issuers' classes of common stock, as of May 13, 2002:

 

**Energen Corporation****$0.01 par value**34,386,347 shares**Alabama Gas Corporation**$0.01 par value**  1,972,052 shares
** 

 

 

 

 

 **
** 
ENERGEN CORPORATION AND ALABAMA GAS CORPORATION**FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2002
 
 
 **TABLE OF CONTENTS
 
 
 
 
 **Page
 **PART I: FINANCIAL INFORMATION
 
 
 
 
 
 
Item 1.
Financial Statements
(a) Consolidated Statements of Income of Energen Corporation	
 3
(b) Consolidated Balance Sheets of Energen Corporation	
 4
(c) Consolidated Statements of Cash Flows of Energen Corporation	
 6
(d) Statements of Income of Alabama Gas Corporation	
 7
(e) Balance Sheets of Alabama Gas Corporation	
 8
(f) Statements of Cash Flows of Alabama Gas Corporation	
10
(g) Notes to Unaudited Financial Statements	
11
Item 2.
Management's Discussion and Analysis of Financial Condition and 

Results of Operations	
16
Selected Business Segment Data of Energen Corporation	
20
Item 3.
Quantitative and Qualitative Disclosures about Market Risk	
21**PART II: OTHER INFORMATION
Item 4.
Submission of Matters to a Vote of Security Holders	
23
Item 6.
Exhibits and Reports on Form 8-K	
23**SIGNATURES
	
24
 

 
** 

 

 

 

 **
**PART I. FINANCIAL INFORMATION
 
 
 **ITEM 1. FINANCIAL STATEMENTS
 
 
 **CONSOLIDATED STATEMENTS OF INCOME
 ***ENERGEN CORPORATION
 
(Unaudited)
 
 
 
Three months ended March 31, *(in thousands, except per share data)***2002
2001
**Operating Revenues
 
 
Oil and gas operations**$ 47,859
$ 63,194
Natural gas distribution**196,524
270,286
     Total operating revenues**244,383
333,480
 
 
 **Operating Expenses
 
 
Cost of gas**96,148
174,136
Operations and maintenance**46,285
46,264
Depreciation, depletion and amortization**24,849
20,551
Taxes, other than income taxes**16,317
23,809
 
 
 
     Total operating expenses**183,599
264,760
 
 
 **Operating Income**60,784
68,720
 
 
 **Other Income (Expense)
 
 
Interest expense**(10,669)
(10,606)
Other, net**61
345
 
 
 
     Total other expense**(10,608)
(10,261)
 
 
 **Income Before Income Taxes**50,176
58,459
Income tax expense**11,186
11,467
 
 
 **Net Income**$ 38,990
$  46,992
 
 
 **Diluted Earnings Per Average Common Share**$ 1.24
$      1.52
 
 
 **Basic Earnings Per Average Common Share**$ 1.25
$      1.53
 
 
 **Dividends Per Common Share**$ 0.175
$    0.17
 
 
 **Diluted Average Common Shares Outstanding**31,421
30,997
 
 **Basic Average Common Shares Outstanding**31,180
30,662
 

The accompanying Notes are an integral part of these financial statements.

 

 

 

 

 

 

 

 

**CONSOLIDATED BALANCE SHEETS
 
 ***ENERGEN CORPORATION
 
 
(Unaudited)
 
 
 
 
 *(in thousands)**March 31, 2002
December 31, 2001
 
 
 **ASSETS
 
 **Current Assets
 
 
Cash and cash equivalents**$       14,794 
$       6,482 
Accounts receivable, net of allowance for doubtful

    accounts of $11,591 at March 31, 2002, and

    $11,623 at December 31, 2001** 

89,666 
 

77,106 
Inventories, at average cost
 
 
    Storage gas inventory**18,963 
50,978
    Materials and supplies**8,847 
8,894 
    Liquified natural gas in storage**2,854 
3,146 
Deferred gas costs**9,476 
17,776 
Amounts due from customers**7,045 
-  
Deferred income taxes**32,250 
29,636 
Prepayments and other**6,420 
6,948 
 
 
 
    Total current assets**190,315 
200,966 
 
 
 **Property, Plant and Equipment
 
 
Oil and gas properties, successful efforts method**859,765 
844,962 
Less accumulated depreciation, depletion and amortization**238,544 
228,867 **    Oil and gas properties, net**621,221 
616,095 
Utility plant**781,895 
769,259 
Less accumulated depreciation**391,575 
384,430 
    Utility plant, net**390,320 
384,829 
Other property, net**4,548 
4,755 
 
 
 
    Total property, plant and equipment, net**1,016,089 
1,005,679 
 
 
 **Other Assets
 
 
Deferred income taxes**7,789 
8,406 
Deferred charges and other***********************************************************************************************************************************************************************************************