UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report
August 2, 2011
Commission File Number |
Registrant |
State of Incorporation |
IRS Employer Identification Number | |||
1-7810 2-38960 |
Energen Corporation Alabama Gas Corporation |
Alabama Alabama |
63-0757759 63-0022000 |
605 Richard Arrington Jr. Boulevard North Birmingham, Alabama |
35203 | |
(Address of principal executive offices) | (Zip Code) |
(205) 326-2700
(Registrants telephone number including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ITEM 7.01 | Regulation FD Disclosure |
Energen Corporation has included reconciliations of certain Non-GAAP financial measures to the related GAAP financial measures. These Non-GAAP financial measures will be disclosed at various investor/analyst meetings in the coming weeks. The reconciliation is attached hereto as exhibit 99.1.
ITEM 9.01 | Financial Statements and Exhibits |
(d) Exhibits.
The following exhibits are furnished as part of this Current Report on Form 8-K.
Exhibit |
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99.1 | Non-GAAP Financial Measures Reconciliation |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
ENERGEN CORPORATION ALABAMA GAS CORPORATION | ||||
August 2, 2011 | By /s/ Charles W. Porter, Jr. | |||
Charles W. Porter, Jr. Vice President, Chief Financial Officer and Treasurer of Energen Corporation and Alabama Gas Corporation |
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EXHIBIT INDEX
EXHIBIT |
DESCRIPTION | |
99.1 | * Non-GAAP Financial Measures Reconciliation |
* | This exhibit is furnished to, but not filed with, the Commission by inclusion herein. |
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Exhibit 99.1
Non-GAAP Financial Measures
The United States Securities and Exchange Commission requires public companies, such as Energen Corporation (the Company), to reconcile Non-GAAP (GAAP refers to generally accepted accounting principles) financial measures to related GAAP measures. After-tax Cash Flows and Adjusted Cash Flows from Operations Excluding Alabama Gas Corporation (Alagasco) are Non-GAAP financial measures. Energen believes after-tax cash flows are relevant because they are a measure of cash available to fund the Companys capital expenditures, dividends, debt reduction, and other investments. Similarly, Adjusted Cash Flows from Operations Excluding Alagasco reflect comparable information specific to the Companys non-regulated activities.
Reconciliation To GAAP Information | Years Ended 12/31 | |||||||||||||||
($ in millions) |
2010 Actual | 2011 Estimate (e) | ||||||||||||||
Net Income (GAAP) |
291 | 260 | | 289 | ||||||||||||
Depreciation, depletion and amortization |
248 | 280 | | 280 | ||||||||||||
Deferred income taxes, net |
134 | 150 | | 150 | ||||||||||||
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After-tax Cash Flows (Non-GAAP) |
673 | 690 | | 719 | ||||||||||||
Changes in assets and liabilities and other adjustments |
(2 | ) | 49 | | 49 | |||||||||||
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Net Cash Provided by Operating Activities (GAAP) |
671 | 739 | | 768 | ||||||||||||
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Reconciliation To GAAP Information | Years Ended 12/31 | |||||||||||||||
($ in millions) |
2010 Actual | 2011 Estimate (e) | ||||||||||||||
Net Cash Provided by Operating Activities (GAAP) |
671 | 739 | | 768 | ||||||||||||
Changes in assets and liabilities and other adjustments |
2 | (49 | ) | | (49 | ) | ||||||||||
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After-tax Cash Flow (Non-GAAP) |
673 | 690 | | 719 | ||||||||||||
Less: AGC cash flows from operations and other |
(120 | ) | (112 | ) | | (112 | ) | |||||||||
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Adj. Cash Flows from Operations Excluding Alagasco (Non-GAAP) |
553 | 578 | | 607 | ||||||||||||
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(e) | This estimate is a forward-looking statement as defined by the Securities and Exchange Commission. All statements based on future expectations rather than on historical facts are forward-looking statements that are dependent on certain events, risks and uncertainties that could cause actual results to differ materially from those anticipated. In addition, the Company cannot guarantee the absence of errors in input data, calculations and formulas used in its estimates, assumptions and forecasts. A discussion of risks and uncertainties, which could affect future results of Energen and its subsidiaries, is included in the Company's periodic reports filed with the Securities and Exchange Commission. |