8-K

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

September 9, 2013

Commission File Number	Registrant	State of Incorporation	IRS Employer Identification 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
(Address of principal executive offices)	(Zip Code)

(205) 326-2700

(Registrant’s 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

On September 6, 2013, Energen Corporation issued a press release announcing that senior managers will meet with members of the investment community in New York and participate in the Barclay’s CEO Energy-Power Conference, September 9-12. Meeting materials are available for viewing on Energen’s web site, http://www.energen.com. Included in these materials are reconciliations of certain Non-GAAP financial measures to the related GAAP financial measures. These materials are attached hereto as Exhibit 99.1.

The information furnished pursuant to Item 7.01, including the exhibit referenced herein, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of Energen Corporation under the Securities Act of 1933 or the Exchange Act.

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 Number:
99.1	Barclay’s CEO Energy-Power Conference Meeting Materials

2

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
September 9, 2013	By	/s/ J. David Woodruff, Jr.
	J. David Woodruff, Jr.
	Vice President, General Counsel and Secretary of
	Energen Corporation and Alabama Gas Corporation

EXHIBIT INDEX

EXHIBIT NUMBER	DESCRIPTION
99.1	* Barclay’s CEO Energy-Power Conference Meeting Materials

* This exhibit is furnished to, but not filed with, the Commission by inclusion herein.

3

EX-99.1

Barclay’s CEO Energy-Power Conference

September 11-12, 2013

Drilling the

Permian

Basin

Drilling the

Permian

Basin

3     Bone

Spring    

•

Wolfberry    

•

Wolfcamp   

•

Cline

rd

Exhibit 99.1

Forward-Looking Statements

This

presentation

(including

associated

oral

commentary)

contains

statements

expressing

expectations

of

future

plans,

objectives,

and

performance

that

constitute

forward-looking

statements

made

pursuant

to

the

Safe

Harbor

Provision

of

the

Private

Securities

Litigation

Reform

Act

of

1995.

Unless

noted,

these

statements

do

not

reflect

possible

or

pending

acquisitions,

divestitures,

or

restructurings.

Statements

based

on

expectations

are

forward-looking

statements

that

are

dependent

on

certain

events,

risks,

and

uncertainties

that

could

cause

actual

results

to

differ

materially

from

those

anticipated. A discussion of risks and uncertainties may be found in the Company’s periodic reports filed with the Securities

and Exchange Commission (SEC).

You should not place undue reliance on any of the Company’s forward-looking statements. All forward-looking statements

speak

only

as

of

the

date

on

which

such

statements

are

made,

and

the

Company

undertakes

no

obligation

to

correct

or

update any forward-looking statement, whether as a result of new information, future events, or otherwise, except as

required by applicable law.

1

Oil & Gas Quantities: Cautionary Statement

The SEC permits oil and gas companies to disclose in SEC filings

only proved, probable, and possible reserves that meet the

SEC’s definitions for such terms, and price and cost sensitivities for such reserves, and prohibits disclosure of resources that

do

not

constitute

such

reserves.

Outside

SEC

filings,

the

Company

uses

the

terms

“estimated

ultimate

recovery”

or

“EUR,”

reserve or resource “potential,”

and other descriptions of volumes of reserves potentially recoverable through additional

drilling or recovery techniques. These estimates are inherently more speculative than estimates of proved, probable, and

possible reserves and are subject to substantially greater risk of actually being realized by the Company.

EUR estimates, potential drilling locations, and resource potential estimates have not been risked by the Company. Actual

locations drilled and quantities that may be ultimately recovered from the Company’s interest may differ substantially from

the Company’s estimates. There is no commitment by the Company to drill all of the drilling locations that have been

attributed

these

quantities.

Factors

affecting

ultimate

recovery

include

the

scope

of

the

Company’s

ongoing

drilling

program, which will be directly affected by the availability of capital, drilling, and production costs, availability of drilling

and completion services and equipment, drilling results, lease expirations, regulatory approval, and actual drilling results,

as well as geological and mechanical factors. Estimates of unproved reserves, type/decline curves, per-well EUR, and

resource potential may change significantly as development of the Company’s oil and gas assets provides additional data.

2

Energen Investment Highlights

3

Domestic asset base

High exposure to oil and NGL from 3P reserves

Large resource potential in Midland and Delaware basins

Permian Basin exploration

Permian Basin development

Double-digit oil and NGL production growth

Excellent hedges help protect cash flows

Strong balance sheet and financial capacity

Wolfcamp (horizontal)

Cline (horizontal)

Wolfberry (vertical)

3rd Bone Spring (horizontal)

Energen Profile

4

TX

Other:

7 MMBOE (1%)

San Juan Basin:                

339 MMBOE (46%)

Permian Basin:

389 MMBOE (53%)

Farmington

Arcadia

CO

Birmingham

3P Reserves at YE12

by Area (excluding

BWB assets)

Midland

LA

NOTE: All data is as of YE12, (unless otherwise noted); YE12 and YE13e data have been restated to exclude Black Warrior Basin assets

NYSE: EGN

Shares Outstanding (6.30.13)

72.2

MM

Market Cap (9.5.13)                            

4.9

B      

Adjusted EBITDA (Non-GAAP)

801.8

MM

2013e Total Debt                                  

1.8

B

Enterprise Value (9.5.13)                  

6.7

B

PV10 Pre-tax                                          

4.4

B

2013e Debt-to-Total Cap

39% 

Reserves at YE12 (excluding BWB assets):

Proved Reserves

330.2

MMBOE

Probable Reserves

113.9

MMBOE

Possible Reserves

290.9

MMBOE

Total 3P Reserves

735.0

MMBOE

% Oil & NGL

57%  

Production from continuing operations:

$

$

$

$

$

2012

2013e

MMBOE

MMBOE

22.0

24.3-24.7

Double-Digit Liquids Production Growth

5

16.6

18.4

22.0

24.5

Liquids production expected to

double

from 2010 to 2013

Wolfberry, 3

rd

Bone Spring drive

2013 production growth

(MMBOE)

(MMBOE

)

*    Includes 0.1 MMBOE and 0.5 MMBOE in Midland and Delaware basins, respectively, 

for Wolfcamp production

NOTE: Production from continuing operations

1.9

2.2

2.6

3.5

10.6

8.8

6.3

5.1

9.6

9.9

10.6

10.4

2010

2011

2012

2013e

Midpoint

Gas

Oil

NGL

Midland Basin*

Delaware

Basin*

Central Basin

San Juan Basin

Other

2011

2012

2013e Midpoint

2.3

3.5

5.4

0.6

2.9

4.9

4.9

4.8

4.3

9.6

9.9

9.3

1.0

0.9

0.6

2013e E&P Capital, Drilling Plans

6

Permian Basin

Wolfcamp

9 net wells

Wolfcamp

10 net wells

* Includes 2 net injector wells

Midland Basin

Wolfberry

Delaware Basin

3

Bone Spring

30 net wells

124 net wells

Other Permian

80 net wells*

9%

3%

46%

42%

Midland Basin -

$460 MM

Delaware Basin -

$425 MM

Central Basin -

$85 MM

San Juan/Other -

$30 MM

Capital Investment:

$1,000 MM

Permian Development :

$775 MM

Permian Exploration:

$195 MM

San Juan /Other:

$  30 MM

rd

$740

$760

$802

$907-

$937

Energen After-Tax Cash Flows

7

($MM)

E&P estimated development capital of

$805 MM approximates 2013e after-

tax cash flows from all operations

Approximately $160 million in

proceeds from sale of Black Warrior

Basin assets will help offset estimated

exploration capital of $195 MM

NOTE:  From all operations

$30

Utility

BWB

E&P

E&P Range

$62

$49

$30

$20

$110

$119

$103

$101

$568

$592

$669

$786

2010

2011

2012

2013e

2013 Guidance

8

Exploration & Production

Sensitivity to Commodity Prices

NOTE:  From continuing operations

Assumed prices unhedged volumes:                          

$4.00 gas •

$90 oil •

86¢

NGL

Est. E&P expenses/BOE:

LOE:

$

11.45

-

$

11.65

Prod. Taxes

$

2.70

-

$  

2.80

DD&A:

$

19.15

-

$

19.55

G&A:

$

4.10

-

$  

4.30

Interest :

$

2.15

-

$ 

2.25

Assumed unhedged basis differentials,                      

July-December

WTI Mid-Cushing

$

0.50

WTS Mid-Cushing

$

1.00

Gas basis

$

0.20

$400,000 for every $1 change from $90/barrel

OIL

NGL

GAS

$450,000 for every 1¢ change from 86¢ /gallon

$200,000 for every 10¢ change from $4.00/Mcf 

CY2013e cash cost (continuing operations):

CY2013e net income break-even (continuing ops): 

$19.00/barrel

$38.50/barrel

Hedges Minimize Price Risk

9

WTS Midland to WTI Cushing: 

1.8 MMBO @ $3.00

WTI Midland to WTI Cushing:

2.1 MMBO @ $1.00

2H2013e

CY2014e

*  Basin-specific hedges converted to NYMEXe price by adding to them

assumed San Juan and Permian basis differentials of 20¢/Mcf in 2013

and 2014.

Unhedged Gas

Unhedged Oil

Unhedged NGL

Hedged Gas

Hedged Oil

Hedged NGL

27% NGL Hedged

at $1.02

85% Gas Hedged at

NYMEXe $4.64

84% Oil Hedged  at

NYMEXe $91.47

2H2013e

Hedged

Volumes

Hedge %

(based on estimated

production midpoint from

continuing operations)

Average

Price*

Oil

NGL

Gas

4.8 MMBO

23.4 MMgal

27.3 Bcf

84%

27%

85%

$

$

$

91.47

1.02

4.64

Hedge Volumes

Average Price*

$

$

92.64

4.60*

MMBO

Bcf

9.8

51.8

Oil

Gas

73% of 2H2013e production hedged

3P Reserves Total 735 MMBOE (Adjusted)

10

Proved Reserves by Product

(Excludes Black Warrior Basin assets)

232

277

320

330

3P Reserves by Area @ YE12

(Excludes Black Warrior Basin assets)

Midland Basin

Delaware Basin

San Juan Basin

Other

Resource Potential Not Included

Midland Basin

Delaware Basin

Wolfberry downspacing

Wolfcamp Shale

Cline Shale

Avalon Shale

Wolfcamp shale*

* 100 net locations based on 160-acre spacing and 4,400’

lateral lengths included in YE12 possible reserves

56

54

41

30

78

103

130

155

119

136

133

124

2009

2010

2011

2012

Gas

Oil

NGL

($MM)

1%

26%

6%

21%

46%

Central Basin

11

Permian

Overview

Legacy Assets

Major

Acquisitions,

2009-12 

Gaines

Dawson

Borden

Mitchell

Irion

Sterling

Glasscock

Reagan

Upton

Midland

Martin

Howard

Andrews

Yoakum

Northwest Shelf

Northwest Shelf

Eastern

Eastern

Shelf

Shelf

Diablo Platform

Diablo Platform

Marathon Ouachita Fad Belt

Marathon Ouachita Fad Belt

Winkler

Ward

Loving

Reeves

Eddy

Lea

NEW MEXICO

TEXAS

Ozona Arch

Ozona Arch

Total net acres:  

300,000

$1B in acquisitions, 2009-12

Midland Basin

Wolfberry (V)

Wolfcamp shale (H)

Cline (H)

Delaware Basin

3    Bone Spring (H)

Wolfcamp shale (H)

Avalon shale (H)

Central Basin Platform:

San Andres (V)

Waterfloods (V)

Cline Play

Wolfberry Play

Wolfcamp Play

Wolfcamp Play

3  

Bone Spring Focus Area

rd

rd

Central

Central

Basin

Basin

Platform

Platform

Delaware Basin

Delaware Basin

Midland Basin

Midland Basin

12

Gaines

Borden

Andrews

Martin

Howard

Midland

Upton

Reagan

Sterling

Coke

Tom

Green

Glasscock

Dawson

Mitchell

Irion

Coke

Scurry

Tom

Green

Midland Basin

Slick water stimulations

Northern wells drilled to Mississippian

Atoka

Barnett

Mississippi Lime

Horizontal potential

63,000 net acres

27,000 net undeveloped acres

670 potential locations (40-acre spacing)

670 potential locations (20-acre infill)

NOTE: Energen acreage in yellow

2Q13 2-Stream Results

(62 net wells tested)

Avg. Peak 24-hr. IP :

Peak 30-day Avg.:

114 boepd  (78% oil)

96 boepd  (78% oil)

WOLFBERRY (VERTICAL)

Vertical Wolfberry: Rust Outline

Average Wolfberry Type Curve

13

NOTE: Based on slick water type curves and mix of 670 net well inventory

EUR: 190 MBOE

Working Interest: 100%

Net Revenue Interest: 75%

Drill & complete cost:                 

Post-plant product mix:

31% ROR (pre-tax)

$100/barrel

$4/MMBtu

40% realizations (NGL)

40-acre spacing

6-8 frac stages

160

140

120

100

80

60

40

20

0

0

6

12

18

24

30

36

42

48

54

60

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

$2.5 MM

60% oil/24% NGL/16% gas

Months

Midland Basin

14

Gaines

Dawson

Borden

Andrews

Martin

Howard

Midland

Upton

Reagan

Mitchell

Irion

Sterling

Scurry

Glasscock

NOTE: Energen acreage in yellow

Lavaca 38 #101H –

3-Stream Results

Peak 24-hour IP:                 861 boepd (60% oil)

Peak 20-day Avg:                709 boepd (65% oil)

Lateral length:                     4,250’

Stimulation:                           Slick water

Vertical Wolfberry: Rust Outline

Cline Play:

Red Outline

Wolfcamp Play: Blue Outline

Lavaca 38 #101H –

On production

Two additional Glasscock County wells

completing/flowing back

Progressively longer lateral lengths up to 7,500’

100 net wells/36 MMBOE booked as possible reserves

at YE12 (EUR: 460 MBOE, 4,400’

lateral length, 160-

acre spacing)

CLINE HORIZONTAL

87,000 net acres

1,085 potential locations (80-acre spacing)

70,000 net acres

2,005 potential locations (80-acre spacing)

9 net Wolfcamp test wells in 2013

WOLFCAMP HORIZONTAL

Midland Basin Wolfcamp, Cline Potential

15

870

70,000

800

64,000

335

27,000

1,085

87,000

Potential

Wells*

Net

Acres

3,090 Potential Locations*

* Based on 80-acre spacing

7,700’

8,050’

8,600’

9,050’

9,450’

9,800’

Wolfcamp A

Wolfcamp B

Wolfcamp C

Cline

3

rd

Bone

Spring

Type

Curve

EUR: 475 MBOE

Working interest: 100%

Net Revenue Interest: 75%

Drill & complete:                                  

$6.9 MM

Post-plant product mix:                                           

66% oil/18% NGL/16% gas

66% ROR (pre-tax)

$100/barrel

$4/MMBtu

40% realizations (NGL)

4,400’

lateral lengths

10-11 frac stages

16

NOTE: Based on reserve type curves and remaining mix of wells in

program

700

600

500

400

300

200

100

0

350

300

250

200

150

100

50

0

0

6

12

18

24

30

36

42

48

54

60

Months

Delaware Basin

17

3     BONE SPRING

2Q13 2-stream Results

Avg. Peak 24-Hr. IP (10 net):

1,035 boepd (70% oil)

Peak 30-day Avg.: (7 net):  

695 boepd (68% oil)

NOTE: Energen acreage in yellow

Wolfcamp Play

Rust Outline

3    Bone Spring Focus

Area –

Red Outline

114,000 net acres –

3,371 potential locations

10 net Wolfcamp test wells in 2013

E. J. Brady 56-1 #1H on production in Reeves Co.

University 28-21 #1H on production in Winkler Co.

Five wells currently in various stages of

drilling/completion/flow back

30,000 net acres

7,500 net undeveloped acres

46 potential locations (160-acre spacing)

WOLFCAMP

rd

rd

Loving

Reeves

Ward

Winkler

New Mexico

Texas

Loving

Reeves

Ward

Winkler

NOTE: Energen acreage in yellow

Delaware Basin Wolfcamp Results

18

University

28-21

#1H

University

39-17

#1H

E.J.

Brady

56-1

#1H

Peak 24-hour IP (3 stream):

969 boepd (74% oil)

Peak 30-day Avg (3 stream):

653 boepd (74% oil)

Lateral length:   4,200’

Stimulation:       Slick water

Peak 24-hour IP (3 stream):

1,798 boepd (27% oil)

1,585 boepd (27% oil)

Lateral length:   3,800’

Stimulation:       Slick water

Peak 24-hour IP (3 stream):

Peak 20-day Avg (3 stream)

1,187 boepd (61% oil)

Peak 30-day Avg (3 stream)

950 boepd (60% oil)

Lateral length:   4,000’

Stimulation:       Hybrid

Wolfcamp Play

Rust Outline

Delaware Wolfcamp Potential

7,550’

8,450’

9,1 00’

9,600’

10,600’

11,900’

Wolfcamp A

Wolfcamp B

Wolfcamp C

Top of Pennsylvanian

Top of Delaware Mtn. Group

Avalon

19

1,427

114,127

1,364

109,114

580

46,379

Potential

Wells*

Net

Acres

3,371 Potential

Locations*

* Based on 80-acre spacing

Oil Price ROR Impact

20

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Bone Spring

Wolfberry

40%

50%

66%

80%

19%

24%

31%

39%

$80/Bbl;

$4/MMBtu

$90/Bbl;

$4/MMBtu

$100/Bbl;

$4/MMBtu

$110/Bbl;

$4/MMBtu

San Juan Basin: Long-term Optionality

HBP

Oil phase

72,900 net undeveloped

acres

Wet gas phase

8,550 net undeveloped acres

Gas phase

58,300 net undeveloped

acres

WPX, Encana deem

“commercial”

play

Niobrara Shale

Farmington

Encana

Colorado

New Mexico

Oil Phase

Wet Gas Phase

Dry Gas Phase

Encana wells

WPX wells

21

NOTE: Energen acreage in yellow

Annual Dividend Rate

31 Years of Dividend Growth

22

2008

2009

2010

2011

2012

2013

$0.48

$0.50

$0.52

$0.54

$0.56

$0.58

2013 dividend raised 3.6%

Alagasco

funds

dividend

at

utility

payout

65%

ERC may make small payout contribution

Reasons to Invest in EGN

23

Liquids Focus

Substantial Potential Drilling Inventory

Double-digit Liquids Growth

Significant Hedge Position

Strong Cash Flows

ENERGEN

Years Ended 12/31

($ in millions)

2010

2011

2012

2013e

Net income (GAAP)

$

291

$

260

$

254

$

228

-

$

258

DD&A (including asset impairment)

$

248

$

284

$

441

$

536

-

$

536

Deferred income taxes, net

$

134

$

129

$

124

$

121

-

$

121

Other

$ 

67

$     87

$

(17)

22

-

22

Consolidated after-tax cash flows (Non-GAAP)

$

740

$

760

$

802

$

907

-

$

937

Less: AGC cash flows from operations

$(110)

$

(119)

$

(103)

$

(101)

-

$ (101)

Adj. cash flows from ops excl. AGC (Non-GAAP)

$

630

$

641

$

699

$

806

-

$   836

Note: 2013e data constitute forward-looking statements

The U.S. Securities and Exchange Commission (SEC) requires public companies to reconcile Non-GAAP financial measures to

related GAAP measures. GAAP refers to generally accepted accounting principles.  After-tax Cash Flow (ATCF) is a Non-GAAP

financial measure.  Energen believes ATCF is relevant as a measure of cash available to fund its capital expenditures, dividends,

debt reduction, and other investments.

After-tax Cash Flow Reconciliation to GAAP

24

ENERGEN ($MM)

Year Ended 12/31/12

Net income (GAAP)

$

253.6

Interest expense

$

65.6

Income tax expense

$

143.8

Depreciation, depletion and amortization

$   

419.6

EBITDA (Non-GAAP)

$

882.5

Adjustment for asset impairment

$

21.5

Adjustment for mark-to-market (gains)/losses

$

(58.8)

Consolidated adjusted EBITDA (Non-GAAP)

$

845.3

Black Warrior Basin EBITDA (Non-GAAP)

$

43.5

Consolidated adjusted EBITDA excluding BWB (Non-GAAP)

$

801.8

The U.S. Securities and Exchange Commission (SEC) requires public companies to reconcile Non-GAAP financial

measures to related GAAP measures. GAAP refers to generally accepted accounting principles.  After-tax Cash Flow

(ATCF) is a Non-GAAP financial measure.  Energen believes ATCF is relevant as a measure of cash available to fund its

capital expenditures, dividends, debt reduction, and other investments.

Adjusted EBITDA Reconciliation to GAAP

25

Wolfcamp Potential by County

26

*

Up to 12.5% of Midland Basin wells may be contingent on regulatory approval

NOTE:

Unrisked,

80-acre

spacing,

4,400’

laterals

Midland Basin*

Wolfcamp A

Wolfcamp B

Wolfcamp C

Locations

Net Acres

Locations

Net Acres

Locations

Net Acres

Glasscock

347

27,727

296

23,657

291

23,271

Howard

84

6,722

84

6,722

Martin

227

18,198

227

18,188

Midland

112

8,986

104

8,341

Reagan

89

7,084

80

6,377

47

3,750

Upton

11

889

8

649

Total Midland

870

69,606

799

63,934

338

27,021

Texas

Delaware

Basin

Wolfcamp

A

Wolfcamp

B

Wolfcamp

C

Locations

Net

Acres

Locations

Net

Acres

Locations

Net

Acres

Loving

145

11,569

145

10,913

Ward

336

26,852

336

23,747

Winkler

251

20,109

251

18,868

Total East

732

58,530

732

53,528

Reeves

695

55,597

632

46,379

580

46,379

Total

TX

Delaware

1,427

114,127

1,364

109,114

580

46,379

Total

Permian

Wolfcamp

2,297

183,733

2,163

173,048

918

73,400

Julie S. Ryland

Vice President –

Investor Relations

205-326-8421

jryland@energen.com

www.energen.com

For More Information

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