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 JUNE 30, 2001

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 August 10, 2001:

 

**Energen Corporation**$0.01 par value**31,015,160 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 JUNE 30, 2001   **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	
21
Item 3.
Quantitative and Qualitative Disclosures about Market Risk	
22**PART II: OTHER INFORMATION
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 **Nine months ended **June 30,  **June 30,*(in thousands, except per share data)**2001
2000 **2001
2000****Operating Revenues     
Natural gas distribution**$ 103,779
$ 69,111 **$ 493,191
$ 313,085
Oil and gas operations**57,933
47,456 **177,898
139,947      
     Total operating revenues**161,712
116,567 **671,089
453,032      **Operating Expenses     
Cost of gas**57,310
26,042 **298,629
133,960
Operations and maintenance**46,471
42,540 **138,185
126,404
Depreciation, depletion and amortization**21,335
24,210 **61,825
66,947
Taxes, other than income taxes**13,267
10,617 **52,685
36,805      
     Total operating expenses**138,383
103,409 **551,324
364,116      **Operating Income**23,329
13,158 **119,765
88,916      **Other Income (Expense)     
Interest expense**(10,508)
(9,368) **(31,354)
(28,053)
Other, net**413
365 **1,421
1,138      
     Total other expense**(10,095)
(9,003) **(29,933)
(26,915)      **Income Before Income Taxes**13,234
4,155 **89,832
62,001
Income tax (benefit) expense**2,861
(303) **18,748
7,241      **Net Income**$  10,373
$    4,458 **$  71,084
$  54,760      **Diluted Earnings Per Average Common Share**$      0.33
$      0.15 **$      2.29
$      1.81      **Basic Earnings Per Average Common Share**$      0.34
$      0.15 **$      2.32
$      1.82      **Dividends Per Common Share**$      0.17
$    0.165 **$      0.51
$    0.495      **Diluted Average Common Shares Outstanding**31,217
30,346 **31,005
30,315      **Basic Average Common Shares Outstanding**30,830
30,081 **30,651
30,081
 

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

 

 

 

 

 
**CONSOLIDATED BALANCE SHEETS  ***ENERGEN CORPORATION         **June 30, 2001
September 30, 2000*(in thousands)**(Unaudited)    **ASSETS  **Current Assets  
Cash and cash equivalents**$       3,883 
$       3,823 
Accounts receivable, net of allowance for doubtful

    accounts of $8,829 at June 30, 2001, and

    $6,681 at September 30, 2000** 

96,624 
 

93,362 
Inventories, at average cost  
    Storage gas inventory**51,218 
36,437 
    Materials and supplies**11,133 
8,535 
    Liquified natural gas in storage**3,059 
3,267 
Deferred gas costs**3,567 
3,556 
Amounts due from customers**15,937
-
Deferred income taxes**17,015 
17,830 
Prepayments and other**7,606 
88,626    
    Total current assets**210,042 
255,436    **Property, Plant and Equipment  
Oil and gas properties, successful efforts method**792,228 
713,766 
Less accumulated depreciation, depletion and amortization**197,814 
165,447 **    Oil and gas properties, net**594,414 
548,319 
Utility plant**741,160 
709,004 
Less accumulated depreciation**371,641 
353,997 
    Utility plant, net**369,519 
355,007 
Other property, net**4,623 
4,503    
    Total property, plant and equipment, net**968,556 
907,829    **Other Assets  
Deferred income taxes**13,852 
22,782 
Deferred charges and other**19,066 
16,994    **    Total other assets**32,918 
39,776    **TOTAL ASSETS**$   1,211,516 
$   1,203,041 
 

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

 

 

 

 

 

 

 

 

 
**CONSOLIDATED BALANCE SHEETS  ***ENERGEN CORPORATION         **June 30, 2001
September 30, 2000***************************************************************************************************************************************************************************************************************************************************************************