UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

 

FORM 10-Q

 

 

|  |	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTER ENDED ____

OR

|X| 	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM OCTOBER 1, 2001 TO DECEMBER 31, 2001

 

**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 February 11, 2002:

 

**Energen Corporation**$0.01 par value**31,241,887 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 DECEMBER 31, 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	
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 December 31, *(in thousands, except per share data)***2001**2000****Operating Revenues  
Oil and gas operations**$  50,650
$   56,771
Natural gas distribution**96,678
 119,126
     Total operating revenues**147,328
175,897   **Operating Expenses  
Cost of gas**45,291
67,183
Operations and maintenance**54,905
45,450
Depreciation, depletion and amortization**25,184
19,939
Taxes, other than income taxes**10,950
15,609   
     Total operating expenses**136,330
148,181   **Operating Income**10,998
27,716   **Other Income (Expense)  
Interest expense**(10,634)
(10,240)
Other, net**(31)
663   
     Total other expense**(10,665)
(9,577)   **Income Before Income Taxes**333
18,139
Income tax (benefit) expense**(3,325)
4,420   **Net Income**$    3,658
$  13,719   **Diluted Earnings Per Average Common Share**$      0.12
$      0.44   **Basic Earnings Per Average Common Share**$      0.12
$      0.45   **Dividends Per Common Share**$    0.175
 $      0.17   **Diluted Average Common Shares Outstanding**31,277
30,869  **Basic Average Common Shares Outstanding**31,052
30,535
 

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

 

 

 

 

 

 

 
**CONSOLIDATED BALANCE SHEETS  ***ENERGEN CORPORATION         **December 31, 2001
September 30, 2001*(in thousands)**(Unaudited)    **ASSETS  **Current Assets  
Cash and cash equivalents**$       6,482 
$       5,333 
Accounts receivable, net of allowance for doubtful

    accounts of $11,623 at December 31, 2001, and

    $10,031 at September 30, 2001** 

77,106 
 

74,078 
Inventories, at average cost  
    Storage gas inventory**50,978 
56,761
    Materials and supplies**8,894 
10,225 
    Liquified natural gas in storage**3,146 
3,271 
Deferred gas costs**17,776 
3,275 
Deferred income taxes**29,636 
12,425 
Prepayments and other**6,948 
27,176    
    Total current assets**200,966 
192,544    **Property, Plant and Equipment  
Oil and gas properties, successful efforts method**844,962 
822,956 
Less accumulated depreciation, depletion and amortization**228,867 
209,451 **    Oil and gas properties, net**616,095 
613,505 
Utility plant**769,259 
758,374 
Less accumulated depreciation**384,430 
378,218 
    Utility plant, net**384,829 
380,156 
Other property, net**4,755 
4,673    
    Total property, plant and equipment, net**1,005,679 
998,334    **Other Assets  
Deferred income taxes**8,406 
12,039 
Deferred charges and other**25,305 
20,962    **    Total other assets**33,711 
33,001    **TOTAL ASSETS**$   1,240,356 
$   1,223,879 
 

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

 

 

 

 

 

 

 

 

 

 
**CONSOLIDATED BALANCE SHEETS  ***ENERGEN CORPORATION         **December 31, 2001
September 30, 2001*(in thousands, except share data)**(Unaudited)    **CAPITAL AND LIABILITIES  **Current Liabilities  
Long-term debt due within one year**$      16,072 
$      16,072 
Notes payable to banks**24,000 
7,000 
Accounts payable**58,783 
65,412 
Accrued taxes**32,183 
30,014 
Customers' deposits**16,399 
15,195 
Amounts due customers**14,896 
3,792 
Accrued wages and benefits**22,711 
25,821 
Other**29,564 
32,217    
    Total current liabilities**214,608 
195,523    **Deferred Credits and Other Liabilities   
Other**7,410 
3,479    
    Total deferred credits and other liabilities**7,410 
3,479    **Commitments and Contingencies** 
    **Capitalization  
Preferred stock, cumulative $0.01 par value, 5,000,000

    shares authorized*****************************************************************************************************************************************************************************************************************************************************************