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, 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 toGeneral 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 theregistrants 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 11, 2001:

 

**Energen Corporation****$0.01 par value**30,899,713 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, 2001
 
 
 **TABLE OF CONTENTS
 
 
 
 
 **Page
 **PART I: FINANCIAL INFORMATION (Unaudited)
 
 
 
 
 
 
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 4.
Submission of Matters to a Vote of Security Holders	
24
Item 6.
Exhibits and Reports on Form 8-K	
24**SIGNATURES
	
25** 

 

 **
**PART I. FINANCIAL INFORMATION
 
 
 
 
 
 
 **ITEM 1. FINANCIAL STATEMENTS
 
 
 
 
 
 
 **CONSOLIDATED STATEMENTS OF INCOME
 
 
 ***ENERGEN CORPORATION
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 **Three months ended
 **Six months ended
 **March 31, 
 **March 31,*(in thousands, except per share data)**2001
2000
 **2001
2000
**Operating Revenues
 
 
 
 
 
Natural gas distribution**$ 270,286
$ 158,548
 **$ 389,412
$ 243,974
Oil and gas operations**63,194
48,908
 **119,965
92,491
 
 
 
 
 
 
     Total operating revenues**333,480
207,456
 **509,377
336,465
 
 
 
 
 
 **Operating Expenses
 
 
 
 
 
Cost of gas**174,136
71,270
 **241,319
107,918
Operations and maintenance**46,264
42,506
 **91,714
83,864
Depreciation, depletion and amortization**20,551
21,693
 **40,490
42,737
Taxes, other than income taxes**23,809
15,623
 **39,418
26,188
 
 
 
 
 
 
     Total operating expenses**264,760
151,092
 **412,941
260,707
 
 
 
 
 
 **Operating Income**68,720
56,364
 **96,436
75,758
 
 
 
 
 
 **Other Income (Expense)
 
 
 
 
 
Interest expense**(10,606)
(9,247)
 **(20,846)
(18,685)
Other, net**345
321
 **1,008
773
 
 
 
 
 
 
     Total other expense**(10,261)
(8,926)
 **(19,838)
(17,912)
 
 
 
 
 
 **Income Before Income Taxes**58,459
47,438
 **76,598
57,846
Income tax expense**11,467
6,272
 **15,887
7,544
 
 
 
 
 
 **Net Income**$ 46,992
$  41,166
 **$ 60,711
$  50,302
 
 
 
 
 
 **Diluted Earnings Per Average Common Share**$ 1.52
$      1.36
 **$ 1.97
$      1.66
 
 
 
 
 
 **Basic Earnings Per Average Common Share**$ 1.53
$      1.37
 **$ 1.99
$      1.67
 
 
 
 
 
 **Dividends Per Common Share**$ 0.17
$    0.165
 **$ 0.34
$      0.33
 
 
 
 
 
 **Diluted Average Common Shares Outstanding**30,997
30,364
 **30,881
30,334
 
 
 
 
 
 **Basic Average Common Shares Outstanding**************************************************************************************************************************************************************************************