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

May 6, 2015

Commission File Number	Registrant	State of Incorporation	IRS Employer Identification Number
1-7810	Energen Corporation	Alabama	63-0757759

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 2.02 Results of Operations and Financial Condition

On May 6, 2015, Energen Corporation issued a press release announcing the first quarter financial results. The press release and supplemental financial information are attached hereto as Exhibit 99.1 and 99.2.

The information furnished pursuant to Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (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 7.01 Regulation FD Disclosure

Energen Corporation has included reconciliations of certain Non-GAAP financial measures to the related GAAP financial measures. The reconciliations are attached hereto as exhibit 99.3.

The information furnished pursuant to Item 7.01, including Exhibit 99.3, shall not be deemed “filed” for purposes of Section 18 of 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	Press Release dated May 6, 2015
99.2	Supplemental Financial Information
99.3	Non-GAAP Financial Measures Reconciliation

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
May 7, 2015	By	/s/ Charles W. Porter, Jr.
		Charles W. Porter, Jr. Vice President, Chief Financial Officer and Treasurer of Energen Corporation

3

EXHIBIT INDEX

EXHIBIT NUMBER	DESCRIPTION
99.1	* Press Release dated May 6, 2015
99.2	* Supplemental Financial Information
99.3	* Non-GAAP Financial Measures Reconciliation

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

4

EX-99.1

Exhibit 99.1

For Release: 4:30 p.m. EDT	Contacts:	Julie S. Ryland
Wednesday, May 6, 2015		205.326.8421

ENERGEN ADDS 676 NET LOWER SPRABERRY LOCATIONS TO DRILLING INVENTORY

2 Lower Spraberry Wells in Martin Co. Test at 30-Day Average Peak Rates Over 830 BOEPD

Energen to Drill 16 Additional Net Wells in Midland Basin with Cost Savings

CY15 Production Midpoint Estimate Increased to 22.2 MMBOE

Highlights

• Supported by excellent results, Energen adds 676 net Lower Spraberry locations to its Midland Basin drilling inventory

• 9 Lower Spraberry wells now to be drilled along with 9 Wolfcamp A and B wells as part of stacked lateral development program in Martin County

• Total of 16 new net drills in Midland Basin added to 2015 plans as result of drilling efficiencies and service cost savings

• 1Q15 production totals 54,100 boepd; CY15 production midpoint guidance increased to 60,729 boepd

• December 2015 exit rate estimated to exceed 65,500 boepd

BIRMINGHAM, Alabama – For the 3 months ended March 31, 2015, Energen Corporation (NYSE: EGN) reported a GAAP net loss from all operations of $15.4 million, or $(0.21) per diluted share. After adjusting for mark-to-market losses on derivatives, impairment losses, and income from the sale of the majority of the company’s San Juan Basin assets, Energen’s adjusted income in the 1st quarter of 2015 totaled $3.7 million, or $0.05 per diluted share. This compares with adjusted income from continuing operations in the 1st quarter of 2014 of $24.2 million, or $0.33 per diluted share. The variance between the periods largely is attributable to a 23 percent decline in realized oil and natural gas liquids (NGL) prices partially offset by a 14 percent increase in oil and NGL production. [See “Non-GAAP Financial Measures” beginning on pp 13 for more information and reconciliation.]

1

Energen’s adjusted EBITDAX totaled $145.0 million in the 1st quarter of 2015 and compared with prior-year adjusted EBITDAX from continuing operations of $168.1 million. [See “Non-GAAP Financial Measures” beginning on pp 13 for more information and reconciliation.]

The company’s adjusted 1st quarter earnings per diluted share surpassed internal expectations by $4.4 million ($0.06 per diluted share) largely due to greater production partially offset by lower realized sales prices.

2

Production in the 1st quarter of 2015 (excluding production from the San Juan Basin divestiture) exceeded the guidance range midpoint by 6 percent (approximately 300,000 BOE) largely due to accelerated completions in the Delaware and Midland basins, less-than-expected negative impact from a 3^rd party gas handling issue in the Delaware Basin, and better-than-expected well performance from Wolfcamp and 3^rd Bone Spring wells in the Delaware Basin.

“I T is great to have 2015 get off to such a good start,” said James McManus, chairman and chief executive officer of Energen Corporation. “As we disclosed a few weeks ago, we made significant progress during the 1st quarter in reducing the number of days to drill our wells, particularly in the Delaware Basin, and our costs to drill and complete all our wells have further declined due to reductions in drilling and completion service costs. We estimate that drilling efficiencies and additional service cost reductions are saving us approximately $100 million in 2015 relative to our original budget. We plan to use the majority of these savings to drill 16 more net wells in the Lower Spraberry and Wolfcamp shales in the 4^th quarter. At this time, we do not plan to complete these wells until 2016.

“Not only do we plan to drill 9 more net lower Spraberry wells this year, these will be drilled in conjunction with 9 Wolfcamp A and B wells in Martin County, representing a new, 3-well, pad drilling development program. We are very excited by this prospect given the strength of our first Lower Spraberry well results in Martin County,” McManus added. “These wells are among the best Lower Spraberry wells drilled to date in Martin County. We also are pleased with the solid result from our first Glasscock County lower Spraberry well. We believe we can continue to perfect our landing and improve performance with additional testing and fully expect to move from our current 2-well, pad drilling development program in Glasscock County to a 3-well program in 2016 that incorporates the Lower Spraberry.

“Based on the strength of our Lower Spraberry results, we have identified 676 net, unrisked drilling locations in the play on our Midland Basin acreage position. These additions give us a Midland Basin drilling inventory of 2,803 net, unrisked drilling locations, a total Permian Basin drilling inventory of 5,701 net, unrisked drilling locations, and a company-wide drilling inventory of 6,266 net, unrisked drilling locations – all engineered locations. And we think there could be more to come, as the thick Wolfcamp B and C benches in Glasscock County may well offer the potential for two laterals per zone.

“These are very exciting times for Energen. We have a high-quality asset base that is driving double-digit, year-over-year production growth; we have an extensive drilling inventory that we are prepared to pursue more aggressively when commodity prices rebound; we have a solid hedge position; and we have a clean balance sheet. We also are improving our drilling efficiency and working hard to capture the lower service costs resulting from low oil prices in order to do more with the same dollars in 2015.”

3

1st Quarter Financial Review

After adjusting for mark-to-market losses on derivatives, impairment losses, and income from the sale of the majority of the company’s San Juan Basin assets, Energen’s adjusted income in the 1st quarter of 2015 totaled $3.7 million, or $0.05 per diluted share. This compares with adjusted income from continuing operations in the 1st quarter of 2014 of $24.2 million, or $0.33 per diluted share. The variance between the periods largely is attributable to a 23 percent decline in realized oil and NGL prices partially offset by a 14 percent increase in oil and NGL production.

Reconciliation of Consolidated GAAP Net Income to Adjusted Income from Continuing Operations

[See “Non-GAAP Financial Measures” beginning on pp 13 for more information]

	1Q15						1Q14
	$ M			$ /dil. sh.			$M			$/dil. sh.
Net Income/(Loss) All Operations (GAAP)	$	(15,420	)	$	(0.21	)	$	53,316		$	0.73
Less: Non-cash Mark-to-Market gain/(loss)		(38,350	)		(0.53	)		(21,536	)		(0.29	)
Less: Asset Impairment, other		(4,231	)		(0.06	)		(791	)		(0.01	)
Less: Income Associated w/ San Juan Basin Divestment		23,431			0.32			13,798			0.19
Less: Discontinued Operations		—			—			37,669			0.52
Adj. Income Continuing Operations (Non-GAAP)	$	3,730		$	0.05		$	24,176		$	0.33

Note: Per share amounts may not sum due to rounding

Production from Continuing Operations (excludes production associated with San Juan divestiture)

Commodity	1Q15				1Q14				Change			4Q14
	MBOE		boepd		MBOE		boepd					MBOE		boepd
Oil		3,233		35,922		2,748		30,533		18	%		3,209		34,880
NGL		732		8,133		741		8,233		(1	)%		879		9,554
Natural Gas		904		10,044		877		9,744		3	%		1,033		11,228
Total		4,869		54,100		4,366		48,511		12	%		5,121		55,663

Note: Totals may not sum due to rounding

4

Production from Continuing Operations (excludes production associated with San Juan divestiture)

Area	1Q15				1Q14				Change			4Q14
	MBOE		boepd		MBOE		boepd					MBOE		boepd
Midland Basin		2,320		25,778		1,537		17,078		51	%		2,238		24,326
Wolfberry		1,027		11,411		1,474		16,378					1,189		12,924
Wolfcamp/Cline/Spraberry		1,293		14,367		63		700					1,049		11,402
Delaware Basin		1,225		13,611		1,404		15,600		(13	)%		1,421		15,446
3rd Bone Spring/Other		875		9,722		1,135		12,611					1,129		12,272
Wolfcamp		350		3,889		269		2,989					292		3,174
Central Basin Platform		909		10,100		1,016		11,289		(11	)%		979		10,641
Total Permian Basin		4,454		49,489		3,957		43,967		13	%		4,638		50,413
San Juan Basin/Other		415		4,611		409		4,544		1	%		483		5,250
Total		4,869		54,100		4,366		48,511		12	%		5,121		55,663

Note: Totals may not sum due to rounding

Average Realized Sales Prices from Continuing Operations

Commodity	1Q15		1Q14			Change
Oil (per barrel)	$	67.89	$	86.86			(22	)%
NGL (per gallon)	$	0.30	$	0.76			(61	)%
Natural Gas (per Mcf)	$	3.82	$	2.72	*		40	%

* Prior period hedges were left unallocated for current-year San Juan Basin divestiture; as reported last year, the average realized sales price of natural gas in 1Q14 was $4.51 per Mcf.

Expenses from Continuing Operations (per BOE, except interest expense)

Expenses	1Q15			1Q14		Change
LOE*	$	11.32		$	12.16		(7	)%
Production & ad valorem taxes	$	3.50		$	5.31		(34	)%
DD&A	$	25.63		$	24.93		3	%
Net G&A	$	6.30	†	$	7.48		(16	)%
Interest ($MM)	$	11.8		$	7.9		49	%

* Production costs + workovers and repairs + marketing and transportation

† Excludes $0.40 per unit for pension and pension settlement expenses

5

1^st Quarter Comparisons, 2015 vs 2014 (Excluding San Juan Basin Assets Sold March 31, 2015)

• The strength of Energen’s successful Wolfcamp development program led to a 51 percent increase in Midland Basin production and more than compensated for expected declines in the Delaware Basin and Central Basin Platform to result in total Permian Basin production growth of 13 percent.

• The company’s average realized oil price fell 22 percent, while the realized price of NGL dropped 61 percent. Excluding the impact of commodity and differential hedges, the average realized price of oil would have been $43.93 per barrel.

• LOE per unit declined 7 percent to $11.32 per barrel largely due to fewer workovers and repairs and lower costs for electricity and water hauling. Per-unit production taxes and ad valorem taxes declined 34 percent.

• Per-unit DD&A expense increased 3 percent to $25.63 per BOE largely due to year-over-year increases in development costs and production.

• Per-unit net G&A expense of $6.30 per BOE (excluding pension and pension settlement expenses) declined 16 percent from the same period a year ago largely due to increased production.

• Interest expense increased 49 percent to total $11.8 million largely due to a prior-year reclassification of certain interest expense to discontinued operations as well as increased interest and fees associated with the company’s credit facility.

Midland Basin Development Program Results

Development program wells drilled in 1Q15 (gross/net)	34/34
Development program wells completed in 1Q15 (gross/net)	33/33
Development program wells awaiting completion at end of 1Q15	25/25
Development program wells awaiting completion at YE15e	39/39

In its 2-well, pad drilling development program in Glasscock County, Energen tested 22 gross (22 net) wells of 6,700’ and 7,500’ lateral lengths during the 1st quarter of 2015. These wells generated average peak 24-hour IP rates (3-stream) of 825 boepd (88% oil) and peak 30-day average rates (3-stream) of 607 boepd (75% oil).

The 49 gross (48 net) wells tested since the program’s inception in 2014 have generated average peak 24-hour IPs (3-stream) of 906 boepd (81% oil) and peak 30-day average rates (3-stream) of 723 boepd (75% oil). In aggregate, these wells continue to meet or exceed the company’s unrisked type curve that supports EURs of 770 MBOE for 6,700’ lateral lengths and 850 MBOE for 7,500’ lateral lengths.

6

When the development program is expanded to Martin County later this year, the company plans shift from its 2-well, pad-drilling program to a new 3-well program that incorporates the Lower Spraberry, the Wolfcamp A, and the Wolfcamp B. This development design is also expected to be utilized in Glasscock County in 2016.

All 20 gross (20 net) wells with 4,400’ lateral lengths in Energen’s down-spacing test in Glasscock County have now been drilled and are in various stages of completion and flowback.

7

Midland and Delaware Basin Appraisal Program Results

Energen tested 11 new appraisal wells in the Permian Basin during the 1^st quarter of 2015, including its first three Lower Spraberry wells in the Midland Basin and two new eastern wells in the Delaware Basin. [See locator maps at www.energen.com]

Midland Basin Appraisal Well Results (3-Stream)

Well Name	Zone/ County	Lateral length (ft)				Frac Stages		Peak 24-Hour IP								Peak 30-day Avg.
		Drilled*		Completed				Boepd		%Oil		%NGL		%Gas		Boepd		%Oil		%NGL		%Gas
Campbell #501H	LSB/Martin		7,186		6,628		31		1,007		85		9		6		897		81		11		8
Wilbanks SN 16-15 #501H	LSB/Martin		7,123		6,628		31		946		78		14		8		831		78		14		8
San Saba NS 37-48 #501H	LSB/Glasscock		6,661		6,163		25		732		67		18		15		596		57		23		20
Campbell #101H	WCA/Martin		7,267		6,725		32		792		89		7		4		635		85		9		6
Smith SN 48-37 #201H	WCB/Howard		7,486		7,076		29		825		85		7		8		639		81		9		10
San Saba NS 37-48 #307H	WCC/Glasscock		7,312		6,824		28		753		53		27		20		600		63		21		16

* Represents distance from vertical departure to toe

The Campbell #501H and the Wilbanks SN 16-15 #501H, both Lower Spraberry wells in Martin County, generated excellent 3-stream results. The two wells generated 24-hour peak rates of 1,007 boepd and 946 boepd, respectively. In addition, the oil content of the two product streams was high, at 85% and 78%, respectively. The peak 30-day average rates were equally strong at 897 boepd (81% oil) and 831 boepd (78% oil). In Glasscock County, the Lower Spraberry well San Saba NS 37-48 #501H generated solid results and is expected to be an economic zone for future development; in addition, the company plans to continue perfecting its landing target and improving performance with future Lower Spraberry tests.

In the 1st quarter of 2015, Energen drilled 6 gross (6 net) wells in its 2015 Midland Basin appraisal program; 5 gross (5 net) wells – including 4 gross (4 net) wells in the 2014 program — were completed, tested, and reported above; another 5 gross (5 net) wells drilled were completed and currently are flowing back; and 1 gross (1 net) well is waiting on completion. Among the wells currently flowing back are Lower Spraberry tests in Howard and Midland counties. All 15 gross (15 net) wells in Energen’s 2015 Midland Basin appraisal program are expected to be completed by year-end 2015.

8

Delaware Basin Appraisal Well Results (3-Stream)

Well Name	Zone/ County		Lateral length (ft)				Frac Stages		Peak 24-Hour IP								Peak 30-day Avg.
			Drilled*		Completed				Boepd		%Oil		%NGL		%Gas		Boepd		%Oil		%NGL		%Gas
University 4-21 #1		WCA/Winkler		4,615		4,242		20		1,412		80		10		10		951		79		11		10
University 35-20 #2H		WCA/Winkler		5,048		4,565		22		1,292		81		10		9		797		80		10		10
Jupiter 2-36 #1H		WCB/Reeves		4,485		4,063		18		1,549		43		24		33		899		55		19		26
Well Name	Zone/ County		Lateral length (ft)				Frac Stages		Peak 24-Hour IP								Peak 20-day Avg.
			Drilled*		Completed				Boepd		%Oil		%NGL		%Gas		Boepd		%Oil		%NGL		%Gas
Wilson 56-7 #1H		WCA/Reeves		4,349		3,842		16		534		35		29		36		313		35		29		36
Enterprise C19-5 #2H		WCA/Reeves		5,194		4,648		22		754		32		24		44		609		22		28		50

* Represents distance from vertical departure to toe

9

In the Delaware Basin, two Winkler County wells generated solid results in testing the Wolfcamp A. The Tier 2 University 4-21 #1 and the Tier 1 University 35-20 #2H had strong 24-hour and 30-day average peak rates; oil comprised approximately 80 percent of the 3-stream product mix on both wells.

In the 1st quarter of 2015, Energen drilled 7 gross (7 net) wells in its 2015 Delaware Basin appraisal program; 5 gross (5 net) wells – including 4 gross (4 net) wells in the 2014 program – were completed, tested, and reported above; 5 gross (5 net) wells drilled were completed and currently are flowing back; 1 gross (1 net) well is waiting on completion; and 1 gross (1 net) well is drilling. All 8 gross (8 net) wells in Energen’s 2015 Delaware Basin appraisal program are expected to be completed by mid-year 2015.

San Juan Basin Mancos Appraisal Program

Energen plans to drill 8 gross (8 net) wells in the second half of 2015 to test its acreage position in the Mancos oil play in the San Juan Basin. The company also is participating as a 50 percent non-operated participant in 6 gross (3 net) wells drilled by WPX Energy. These non-operated wells have been drilled and are in various stages of completion and flowback.

676 Net Lower Spraberry Locations Added

On the strength of its first three Lower Spraberry wells and known results of other operators, Energen has updated its unrisked potential drilling inventory in the Midland Basin to include the addition of 676 net, engineered Lower Spraberry locations across approximately 67,700 net acres. Together with three benches of the Wolfcamp shale and the Cline shale, the Lower Spraberry additions increase the company’s total unrisked potential drilling inventory of engineered net locations to 2,803. [See Midland Basin location details at www.energen.com]

The company has previously identified a Delaware Basin Wolfcamp drilling inventory of 2,898 net locations in four Wolfcamp intervals and 565 potential locations in one target zone of the Mancos oil formation in the San Juan Basin. Energen’s company-wide drilling inventory now totals of 6,266 engineered, unrisked, net drilling locations.

Capital, Production, and Financial Guidance

Energen’s total capital spending remains essentially unchanged at $1.0 billion. The company estimates that it will realize approximately $100 million in savings (relative to the original capital budget) as a result of drilling efficiency gains and additional service cost reductions. These savings will be used primarily to drill 16 more net Lower Spraberry and Wolfcamp wells in the Midland Basin in the 4^th quarter. At present, the company does not plan to complete these well until 2016. Also included in the revised capital budget is $5.5 million for the acquisition of unproved leasehold, primarily in the Delaware Basin.

10

2015 Capital, Drilling and Production Summary

	2015e Capital ($MM)		Operated Rigs	Operated Wells to Be Drilled Gross (Net)
Midland Basin	$	695	5-8		108 (104)
Wolfcamp			(2 H rigs and
Development		440	1 V rig run		74   (71)
Appraisal		65	1⁄2 year)		8     (8)
Spraberry
Development		53			9     (9)
Appraisal		49			7     (7)
Wolfberry		22			10     (9)
SWD/Facilities		56
Non-operated/Other		10
Delaware Basin	$	160	2		15   (14)
Bone Spring		18	(1/2 yr)		3     (2)
Wolfcamp		74			8     (8)
Wolfbone		19			4     (4)

11

	2015e Capital ($MM)		Operated Rigs			Operated Wells to Be Drilled Gross (Net)
SWD/Facilities		44
Non-operated/Other		5
Other Permian	$	10					0 (0)
Waterflood injectors		0
Facilities/C02		5
Non-operated/Other		5
San Juan Basin/Other	$	64		1			8     (8)
Mancos		43		(1/2 yr	)		8     (8)
Facilities		1
Non-operated/Other		20
Net Carry-in/Carry Out	$	21
Drilling & Development	$	950		8-11			131 (126)
Acquisitions/Lease Extensions/UPL	$	45
Miscellaneous	$	5
Total Capital	$	1,000

12

Note: “Facilities” capital includes artificial lift and central gathering facilities; “Other” capital includes payadds and refracs

Energen’s estimate of 2015 production (excluding volumes from the company’s San Juan Basin divestiture) has been revised to reflect 1^st quarter results that were approximately 0.3 MMBOE higher than expected largely due to accelerated completions in the Delaware and Midland basins, less-than-expected negative impact from a 3^rd party gas handling issue, and better-than-expected well performance from Wolfcamp and 3^rd Bone Spring wells in the Delaware Basin.

Production for the year is now estimated to range from 21.7-22.7 MMBOE (59,452–62,192 boepd), with a midpoint of 22.2 MMBOE (60,729 boepd). This reflects an increase of approximately 16 percent from comparable, adjusted 2014 production volumes of 19.1 MMBOE. Production in the 2^nd quarter of 2015 is estimated to range from 5.2-5.6 MMBOE (57,143-61,538 boepd), with a midpoint of 5.4 MMBOE (59,165 boepd).

13

Production by Play (Excluding San Juan Basin Divestiture)

Area	2015e Midpoint		2014		Change
	MMBOE		MMBOE
Midland Basin		11.7		7.4		58	%
Wolfcamp/Spraberry/Cline		7.6		2.1
Wolfberry		4.1		5.3
Delaware Basin		5.0		5.8		(14	)%
3rd Bone Spring/Other		3.4		4.6
Wolfcamp		1.6		1.2
Central Basin Platform		3.5		4.1		(15	)%
Total Permian Basin		20.2		17.3		17	%
San Juan Basin/Other		2.0		1.8		11	%
Total		22.2		19.1		16	%

NOTE: Totals may not sum due to rounding

Production by Product (Excluding San Juan Basin Divestiture)

Commodity	2015e Midpoint				2014				% change
	MMBOE		boepd		MMBOE		boepd
Oil		14.3		39,079		11.8		32,323		21	%
NGL		3.7		10,132		3.4		9,337		9	%
Natural Gas		4.2		11,518		3.9		10,660		8	%
Total Continuing Operations		22.2		60,729		19.1		52,320		16	%

Production by Basin/Quarter (Excluding San Juan Divestiture)

Basin	1Q15a				2Q15e Midpoint				3Q15e Midpoint				4Q15e Midpoint
	MMBOE		boepd		MMBOE		boepd		MMBOE		boepd		MMBOE		boepd
Midland Basin		2.3		25,778		2.8		30,934		3.2		34,793		3.4		36,413
Delaware Basin		1.2		13,611		1.3		13,747		1.3		13,989		1.2		13,348
Central Basin Platform/Other		0.9		10,100		0.9		9,835		0.9		9,543		0.9		9,283
San Juan Basin/Other		0.4		4,611		0.4		4,648		0.5		5,913		0.6		6,207
Total Production		4.9		54,100		5.4		59,165		5.9		64,239		6.0		65,250

NOTE: Totals may not sum due to rounding

14

Production by Commodity/Quarter (Excluding San Juan Basin Divestiture)

Commodity	1Q15a				2Q15e Midpoint				3Q15e Midpoint				4Q15e Midpoint
	MMBOE		boepd		MMBOE		boepd		MMBOE		boepd		MMBOE		boepd
Oil		3.2		35,922		3.5		38,352		3.8		40,880		3.8		41,087
NGL		0.7		8,133		0.9		9,780		1.0		11,087		1.1		11,478
Gas		0.9		10,044		1.0		11,033		1.1		12,272		1.2		12,685
Total Production		4.9		54,100		5.4		59,165		5.9		64,239		6.0		65,250

NOTE: Totals may not sum due to rounding

2Q15 AND CY15 FINANCIAL GUIDANCE

Energen’s estimated expenses, excluding San Juan Basin divestiture, are as follows:

Per BOE, except where noted	2Q15		CY15
LOE (production costs, marketing & transportation)	$10.15-$10.95		$10.15-$10.95
Production & ad valorem taxes (% of revenues, excluding hedges)		8.8%
DD&A expense	$24.60-$26.10		$23.50-$25.75
General & administrative expense, net*	$6.04		$5.68
Exploration expense (seismic, delay rentals, etc.)	$0.30-$0.40		$0.40-$0.55
Interest expense ($MM)	$10.5-$11.5		$40.0-$50.0

* Excludes $0.33 per BOE in 2Q15 and $1.53 per BOE in CY15 for pension and pension settlement expenses.

2Q15 and ROY 2015 Hedges

For the remaining 9 months of 2015, approximately 55 percent of the company’s production guidance midpoint of 17.3 MMBOE is hedged. Hedges also are in place that limit the company’s exposure to the Midland to Cushing differential. Energen has hedged the WTS Midland to WTI Cushing (sour oil) differential for 1.6 million barrels of oil production at an average price of $4.30 per barrel and the WTI Midland to WTI Cushing (sweet oil) differential for 5.7 million barrels at an average price of $4.55 per barrel. Energen estimates that approximately 80 percent of its oil production for the remainder of the year will be sweet. Gas basis assumptions for all open contracts (May-December) are $0.22 per Mcf (basis actuals in April were approximately $0.22 per Mcf).

15

The company’s hedge position for the last nine months of 2015 is:

Commodity	Hedge Volumes		ROY15e Production Midpoint		Hedge %			NYMEXe Price
Oil		6.2 MMBO		11.1 MMBO		56	%	$	89.30 per barrel
Natural Gas		19.8 Bcf		19.8 Bcf Bcf		100	%	$	4.38 per Mcf

Note: Known actuals included

16

In the table above, basin-specific contract prices for natural gas have been converted for comparability purposes to a NYMEX-equivalent price by adding to them Energen’s assumed basis differentials. Average realized oil and gas prices for Energen’s production associated with NYMEX contracts as well as for unhedged production will reflect the impact of basis differentials; average realized oil prices also will reflect estimated oil transportation charges of $2.41 per barrel for the remainder of 2015; and average realized NGL prices will be net of transportation and fractionation fees that are estimated to average $0.11 per gallon in the Permian Basin and $0.12-$0.17 per gallon in the San Juan Basin for the remainder of the year.

Energen’s assumptions for the commodity prices of unhedged production for the remainder of 2015 are $58.75 per barrel of oil (April-December), $2.70 per Mcf of gas (May-December), and $0.52 per gallon of NGL (April-December). Assumed prices for unhedged Midland to Cushing basis differentials for sweet and sour oil (April-December) are $0.73 and $0.32, respectively.

For unhedged production, every $1.00 change in the average NYMEX price of oil from $58.75 per barrel is estimated to have a $4.2 million impact on cash flows, and every 1-cent change in the average price of NGL from $0.52 per gallon is estimated to have a cash flows impact of $960,000.

For the 2^nd quarter of 2015, approximately 57 percent of the company’s production guidance midpoint of 5.4 MMBOE is hedged. Hedges also are in place that limit the company’s exposure to the Midland to Cushing differential. Energen has hedged the WTS Midland to WTI Cushing (sour oil) differential for 540,000 barrels of oil production at an average price of $4.30 per barrel and the WTI Midland to WTI Cushing (sweet oil) differential for 1.9 million barrels at an average price of $4.55 per barrel. Energen estimates that approximately 78 percent of its oil production in the 2^nd quarter of 2015 will be sweet. Gas basis assumptions (May-June) are $0.21 per Mcf (basis actuals in April were $0.22 per Mcf).

The company’s hedge position for the 2^nd quarter of 2015 is:

Commodity	Hedge Volumes		CY15e Production Midpoint		Hedge %			NYMEXe Price
Oil		2.1 MMBO		3.5 MMBO		60	%	$	89.30 per barrel
Natural Gas		6.0 Bcf		6.0 Bcf		100	%	$	4.39 per Mcf

Note: Known actuals included

In the table above, basin-specific contract prices for natural gas have been converted for comparability purposes to a NYMEX-equivalent price by adding to them Energen’s assumed basis differentials.

17

Average realized oil and gas prices for Energen’s production associated with NYMEX contracts as well as for unhedged production will reflect the impact of basis differentials; average realized oil prices also will reflect estimated oil transportation charges of $2.41 per barrel in the 2^nd quarter of 2015; and average realized NGL prices will be net of transportation and fractionation fees that are estimated to average $0.11 per gallon in the Permian Basin and $0.12-$0.17 per gallon in the San Juan Basin in the 2^nd quarter of 2015.

Energen’s assumptions for the commodity prices of unhedged production in the 2^nd quarter of 2015 are $55.50 per barrel of oil (April-June), $2.55 per Mcf of gas (May-June), and $0.52 per gallon of NGL (April-June). Assumed prices for unhedged Midland to Cushing basis differentials for sweet and sour oil are $0.67 and $0.26, respectively.

For unhedged production, every $1.00 change in the average NYMEX price of oil from $55.50 per barrel is estimated to have a $1.1 million impact on cash flows, and every 1-cent change in the average price of NGL from $0.52 per gallon is estimated to have a cash flows impact of $300,000.

Conference Call

Energen will hold its quarterly conference call Thursday, May 7, at 11:00 a.m. EDT. Members of the investment community may participate by calling 1-877-407-8289 (reference Energen earnings call). A live audio Webcast of the program as well as a replay may be accessed through Web site, www.energen.com.

Energen Corporation is an oil and gas exploration and production company with headquarters in Birmingham, Alabama. The company has 1.1 billion barrels of oil-equivalent proved, probable, and possible reserves and another 2.2 billion barrels of oil-equivalent contingent resources. These all-domestic reserves and resources are located primarily in the Permian Basin in west Texas. For more information, go to http://www.energen.com.

FORWARD LOOKING STATEMENT: All statements, other than statements of historical fact, appearing in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among other things, statements about our expectations, beliefs, intentions or business strategies for the future, statements concerning our outlook with regard to timing and amount of future production of oil, natural gas liquids and natural gas, price realizations, nature and timing of capital expenditures for exploration and development, plans for funding operations and drilling program capital expenditures, timing and success of specific projects, operating costs and other expenses, proved oil and natural gas reserves, liquidity and capital resources, outcomes and effects of litigation, claims and disputes and derivative activities. Forward-looking statements may include words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “forecast”, “foresee”, “intend”, “may”, “plan”, “potential”, “predict”, “project”, “seek”, “will” or other words or expressions concerning matters that are not historical facts. These statements involve certain risks and uncertainties that may cause actual results to differ materially from expectations as of the date of this filing. Except as otherwise disclosed, the forward-looking

18

statements do not reflect the impact of possible or pending acquisitions, investments, divestitures or restructurings. The absence of errors in input data, calculations and formulas used in estimates, assumptions and forecasts cannot be guaranteed. We base our forward-looking statements on information currently available to us, and we undertake no obligation to correct or update these statements whether as a result of new information, future events or otherwise. Additional information regarding our forward-looking statements and related risks and uncertainties that could affect future results of Energen, can be found in the Company’s periodic reports filed with the Securities and Exchange Commission and available on the Company’s website - www.energen.com.

Financial, operating, and support data pertaining to all reporting periods included in this release are unaudited and

subject to revision.

19

EX-99.2

Exhibit 99.2

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

For the 3 months ending March 31, 2015 and 2014

	1st Quarter
(in thousands, except per share data)	2015			2014			Change
Revenues
Oil, natural gas liquids and natural gas sales	$	187,822		$	350,822		$	(163,000	)
Gain (loss) on derivative instruments, net		34,036			(53,391	)		87,427
Total revenues		221,858			297,431			(75,573	)
Operating Costs and Expenses
Oil, natural gas liquids and natural gas production		67,754			67,444			310
Production and ad valorem taxes		19,065			27,324			(8,259	)
Depreciation, depletion and amortization		134,381			124,220			10,161
Asset impairment		6,583			1,246			5,337
Exploration		763			11,568			(10,805	)
General and administrative		32,055			32,173			(118	)
Accretion of discount on asset retirement obligations		2,010			1,843			167
(Gain) loss on sale of assets and other		(28,344	)		153			(28,497	)
Total costs and expenses		234,267			265,971			(31,704	)
Operating Income (Loss)		(12,409	)		31,460			(43,869	)
Other Income (Expense)
Interest expense		(11,758	)		(7,888	)		(3,870	)
Other income		46			323			(277	)
Total other expense		(11,712	)		(7,565	)		(4,147	)
Income (Loss) From Continuing Operations Before Income Taxes		(24,121	)		23,895			(48,016	)
Income tax expense (benefit)		(8,701	)		8,248			(16,949	)
Income (Loss) From Continuing Operations		(15,420	)		15,647			(31,067	)
Discontinued Operations, net of tax
Income from discontinued operations		—			38,719			(38,719	)
Loss on disposal of discontinued operations		—			(1,050	)		1,050
Income From Discontinued Operations		—			37,669			(37,669	)
Net Income (Loss)	$	(15,420	)	$	53,316		$	(68,736	)
Diluted Earnings Per Average Common Share
Continuing operations	$	(0.21	)	$	0.21		$	(0.42	)
Discontinued operations		—			0.52			(0.52	)
Net Income (Loss)	$	(0.21	)	$	0.73		$	(0.94	)
Basic Earnings Per Average Common Share
Continuing operations	$	(0.21	)	$	0.21		$	(0.42	)
Discontinued operations		—			0.52			(0.52	)
Net Income (Loss)	$	(0.21	)	$	0.73		$	(0.94	)
Diluted Avg. Common Shares Outstanding		72,830			73,045			(215	)
Basic Avg. Common Shares Outstanding		72,830			72,629			201
Dividends Per Common Share	$	0.02		$	0.15		$	(0.13	)

1

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

As of March 31, 2015 and December 31, 2014

(in thousands)	March 31, 2015		December 31, 2014
ASSETS
Current Assets
Cash and cash equivalents	$	1,530	$	1,852
Short-term investments		309,000		—
Accounts receivable, net of allowance		137,720		157,678
Inventories		17,763		14,251
Assets held for sale		—		395,797
Derivative instruments		272,675		322,337
Prepayments and other		18,009		27,445
Total current assets		756,697		919,360
Property, Plant and Equipment
Oil and natural gas properties, net		5,410,933		5,152,748
Other property and equipment, net		46,248		46,389
Total property, plant and equipment, net		5,457,181		5,199,137
Other assets		14,865		19,761
TOTAL ASSETS	$	6,228,743	$	6,138,258
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	97,563	$	101,453
Accrued taxes		17,199		5,530
Accrued wages and benefits		16,089		21,553
Accrued capital costs		159,026		207,461
Revenue and royalty payable		66,761		72,047
Liabilities related to assets held for sale		—		24,230
Pension liabilities		29,442		24,609
Deferred income taxes		53,867		79,164
Derivative instruments		12,870		988
Other		17,658		23,288
Total current liabilities		470,475		560,323
Long-term debt		1,238,569		1,038,563
Asset retirement obligations		97,315		94,060
Deferred income taxes		1,010,770		1,000,486
Noncurrent derivative instruments		1,018		—
Other long-term liabilities		11,419		30,222
Total liabilities		2,829,566		2,723,654
Total Shareholders’ Equity		3,399,177		3,414,604
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	6,228,743	$	6,138,258

2

SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 3 months ending March 31, 2015 and 2014

	1st Quarter
(in thousands, except sales price and per unit data)	2015			2014			Change
Operating and production data from continuing operations
Oil, natural gas liquids and natural gas sales
Oil	$	142,028		$	253,759		$	(111,731	)
Natural gas liquids		10,834			28,203			(17,369	)
Natural gas		34,960			68,860			(33,900	)
Total	$	187,822		$	350,822		$	(163,000	)
Open non-cash mark-to-market gains (losses) on derivative instruments
Oil	$	(51,769	)	$	(21,464	)	$	(30,305	)
Natural gas liquids		—			287			(287	)
Natural gas		(7,882	)		(12,504	)		4,622
Total	$	(59,651	)	$	(33,681	)	$	(25,970	)
Closed gains (losses) on derivative instruments
Oil	$	77,483		$	(14,802	)	$	92,285
Natural gas liquids		—			196			(196	)
Natural gas		16,204			(5,104	)		21,308
Total	$	93,687		$	(19,710	)	$	113,397
Total revenues	$	221,858		$	297,431		$	(75,573	)
Production volumes
Oil (MBbl)		3,235			2,751			484
Natural gas liquids (MMgal)		36.2			37.9			(1.7	)
Natural gas (MMcf)		13,278			14,124			(846	)
Total production volumes (MBOE)		6,309			6,008			301
Average daily production volumes
Oil (MBbl/d)		35.9			30.6			5.3
Natural gas liquids (MMgal/d)		0.4			0.4			0.0
Natural gas (MMcf/d)		147.5			156.9			(9.4	)
Total average daily production volumes (MBOE/d)		70.1			66.8			3.3
Average realized prices excluding effects of open non-cash mark-to-market derivative instruments
Oil (per barrel)	$	67.86		$	86.86		$	(19.00	)
Natural gas liquids (per gallon)	$	0.30		$	0.75		$	(0.45	)
Natural gas (per Mcf)	$	3.85		$	4.51		$	(0.66	)
Average realized prices excluding effects of all derivative instruments
Oil (per barrel)	$	43.90		$	92.24		$	(48.34	)
Natural gas liquids (per gallon)	$	0.30		$	0.74		$	(0.44	)
Natural gas (per Mcf)	$	2.63		$	4.88		$	(2.25	)
Costs per BOE
Oil, natural gas liquids and natural gas production expenses	$	10.74		$	11.23		$	(0.49	)
Production and ad valorem taxes	$	3.02		$	4.55		$	(1.53	)
Depreciation, depletion and amortization	$	21.30		$	20.68		$	3.04
Exploration expense	$	0.12		$	1.93		$	(1.81	)
General and administrative	$	5.08		$	5.36		$	(0.28	)
Net capital expenditures	$	375,827		$	271,696		$	104,131

3

EX-99.3

Exhibit 99.3

Non-GAAP Financial Measures

Adjusted Net Income is a Non-GAAP financial measure (GAAP refers to generally accepted accounting principles) which excludes certain non-cash mark-to-market derivative financial instruments. Adjusted income from continuing operations further excludes impairment losses, income associated with certain divestments, gains and losses on disposal of discontinued operations and income and losses from discontinued operations. Energen believes that excluding the impact of these items is more useful to analysts and investors in comparing the results of operations and operational trends between reporting periods and relative to other oil and gas producing companies.

	Three Months Ended 3/31/2015
Energen Net Income ($ in millions except per share data)	Net Income			Per Diluted Share
Net Income (Loss) All Operations (GAAP)		(15.4	)		(0.21	)
Non-cash mark-to-market losses (net of $21.3 tax)		38.4			0.53
Asset impairment, other (net of $2.4 tax)		4.2			0.06
Income associated w/ San Juan Basin divestment (net of $14.1 tax)		(23.4	)		(0.32	)
Adjusted Income from Continuing Operations (Non-GAAP)		3.7			0.05

	Three Months Ended 3/31/2014
Energen Net Income ($ in millions except per share data)	Net Income			Per Diluted Share
Net Income (Loss) All Operations (GAAP)		53.3			0.73
Non-cash mark-to-market losses (net of $12.1 tax)		21.5			0.29
Asset impairment, other (net of $0.5 tax)		0.8			0.01
Income associated w/ San Juan Basin divestment (net of $7.6 tax)		(13.8	)		(0.19	)
Adjusted Net Income from All Operations (Non-GAAP)		61.8			0.85
Income from discontinued operations (net of $23.6 tax)		(38.7	)		(0.53	)
Loss on disposal of discontinued operations (net of $0.6 tax)		1.1			0.01
Adjusted Income from Continuing Operations (Non-GAAP)		24.2			0.33

Note: Amounts may not sum due to rounding

Non-GAAP Financial Measures

Earnings before interest, taxes, depreciation, depletion, amortization and exploration expenses (EBITDAX) is a Non-GAAP financial measure (GAAP refers to generally accepted accounting principles). Adjusted EBITDAX from continuing operations further excludes income associated with certain divestments, impairment losses, certain non-cash mark-to-market derivative financial instruments, income and losses from discontinued operations and gains and losses on disposal of discontinued operations. Energen believes these measures allow analysts and investors to understand the financial performance of the company from core business operations, without including the effects of capital structure, tax rates and depreciation. Further, this measure is useful in comparing the company and other oil and gas producing companies.

Reconciliation To GAAP Information ($ in millions)	Three Months Ended 3/31
	2015			2014
Energen Net Income (Loss) (GAAP)		(15.4	)		53.3
Income associated w/ San Juan Basin divestment, net of tax		(23.4	)		(13.8	)
Adjusted Net Income from Continuing Operations (Non-GAAP)		(38.9	)		39.5
Interest expense *		11.8			7.9
Income tax expense (benefit) *		(22.8	)		0.6
Depreciation, depletion and amortization *		126.3			109.7
Accretion expense *		1.6			1.5
Exploration expense *		0.8			11.6
Adjustment for asset impairment *		6.6			1.2
Adjustment for mark-to-market losses		59.7			33.7
Adjustment for income from discontinued operations, net of tax		0.0			(38.7	)
Adjustment for loss on disposal of discontinued operations, net of tax		0.0			1.1
Energen Adjusted EBITDAX from Continuing Operations (Non-GAAP)		145.0			168.1

Note: Amounts may not sum due to rounding

* Amount adjusted to exclude San Juan Basin divestment. See reconciliation to GAAP Information for the Three Months Ended 3/31/2015 and 3/31/2014.

Non-GAAP Financial Measures

The consolidated statement of income excluding certain divestments is a Non-GAAP financial measure (GAAP refers to generally accepted accounting principles). Energen believes excluding information associated with the divestment of assets held in the San Juan Basin provides analysts and investors useful information to understand the financial performance of the company from ongoing business operations. Further, this information is useful in comparing the company and other oil and gas producing companies operating primarily in the Permian Basin.

Energen Net Income (Loss) Excluding San Juan Divestment Reconciliation to GAAP Information (in thousands except per share and production data)	Three Months Ended March 31, 2015
	GAAP			$/BOE		San Juan Basin			$/BOE			Non-GAAP			$/BOE
Revenues
Oil, natural gas liquids and natural gas sales	$	187,822				$	23,645					$	164,177
Gain (loss) on derivative instruments		34,036					8,369						25,667
Total Revenues		221,858					32,014						189,844
Operating Costs and Expenses
Oil, natural gas liquids & natural gas production		67,754		$	10.74		12,637		$	8.78			55,117		$	11.32
Production and ad valorem taxes		19,065		$	3.02		2,001		$	1.39			17,064		$	3.50
O&G Depreciation, depletion and amortization		132,839		$	21.06		8,068		$	5.60			124,771		$	25.63
FF&E Depreciation, depletion and amortization		1,542		$	0.24		—		$	0.00			1,542		$	0.32
Asset impairment		6,583					—						6,583
Exploration		763					—						763
General and administrative		32,055		$	5.08		(559	)	($	0.39	)		32,614		$	6.70
Accretion of discount on asset retirement obligations		2,010					433						1,577
(Gain) loss on sale of assets and other		(28,344	)				(28,054	)					(290	)
Total costs and expenses		234,267					(5,474	)					239,741
Operating Income (Loss)		(12,409	)				37,488						(49,897	)
Other Income/(Expense)
Interest Expense		(11,758	)				—						(11,758	)
Other income		46					—						46
Total other expense		(11,712	)				—						(11,712	)
Income (Loss) from Continuing Operations Before Income Taxes		(24,121	)				37,488						(61,609	)
Income tax expense (benefit)		(8,701	)				14,057						(22,758	)
Income (Loss) From Continuing Operations		(15,420	)				23,431						(38,851	)
Discontinued Operations, net of tax
Income from discontinued operations		—					—						—
Loss on Disposal of discontinued ops		—					—						—
Income from discontinued ops		—					—						—
Net Income (Loss)	$	(15,420	)			$	23,431					$	(38,851	)
Diluted Earnings Per Average Common Share
Continuing Operations	$	(0.21	)			$	0.32					$	(0.53	)
Discontinued Operations	$	—				$	—					$	—
Net Income (Loss)	$	(0.21	)			$	0.32					$	(0.53	)
Basic earning Per Average Common Share
Continuing Operations	$	(0.21	)			$	0.32					$	(0.53	)
Discontinued Operations	$	—				$	—					$	—
Net Income (Loss)	$	(0.21	)			$	0.32					$	(0.53	)
Oil		3,235					2						3,233
NGL		861					129						732
Gas		2,213					1,309						904
Total Production (mboe)		6,309					1,440						4,869
Total Production (boepd)		70,100					16,000						54,100

Note: Amounts may not sum due to rounding

Non-GAAP Financial Measures

The consolidated statement of income excluding certain divestments is a Non-GAAP financial measure (GAAP refers to generally accepted accounting principles). Energen believes excluding information associated with the divestment of assets held in the San Juan Basin provides analysts and investors useful information to understand the financial performance of the company from ongoing business operations. Further, this information is useful in comparing the company and other oil and gas producing companies operating primarily in the Permian Basin.

Energen Net Income (Loss) Excluding San Juan Divestment Reconciliation to GAAP Information (in thousands except per share and production data)	Three Months Ended March 31, 2014
	GAAP			$/BOE		San Juan Basin			$/BOE			Non-GAAP			$/BOE
Revenues
Oil, natural gas liquids and natural gas sales	$	350,822				$	48,399					$	302,423
Gain (loss) on derivative instruments		(53,391	)				5,942						(59,333	)
Total Revenues		297,431					54,341						243,090
Operating Costs and Expenses
Oil, natural gas liquids & natural gas production		67,444		$	11.23		14,361		$	8.75			53,083		$	12.16
Production and ad valorem taxes		27,324		$	4.55		4,160		$	2.53			23,164		$	5.31
O&G Depreciation, depletion and amortization		123,314		$	20.52		14,437		$	8.79			108,877		$	24.93
FF&E Depreciation, depletion and amortization		906		$	0.15		65		$	0.04			841		$	0.18
Asset impairment		1,246					—						1,246
Exploration		11,568					(3	)					11,571
General and administrative		32,173		$	5.36		(465	)	($	0.28	)		32,638		$	7.48
Accretion of discount on asset retirement obligations		1,843					381						1,462
(Gain) loss on sale of assets and other		153					—						153
Total costs and expenses		265,971					32,936						233,035
Operating Income (Loss)		31,460					21,405						10,055
Other Income/(Expense)
Interest Expense		(7,888	)				—						(7,888	)
Other income		323					—						323
Total other expense		(7,565	)				—						(7,565	)
Income (Loss) from Continuing Operations Before Income Taxes		23,895					21,405						2,490
Income tax expense (benefit)		8,248					7,607						641
Income (Loss) From Continuing Operations		15,647					13,798						1,849
Discontinued Operations, net of tax
Income from discontinued operations		38,719					—						38,719
Loss on Disposal of discontinued ops		(1,050	)				—						(1,050	)
Income from discontinued ops		37,669					—						37,669
Net Income (Loss)	$	53,316				$	13,798					$	39,518
Diluted Earnings Per Average Common Share
Continuing Operations	$	0.21				$	0.19					$	0.03
Discontinued Operations	$	0.52				$	—					$	0.52
Net Income (Loss)	$	0.73				$	0.19					$	0.54
Basic earning Per Average Common Share
Continuing Operations	$	0.21				$	0.19					$	0.03
Discontinued Operations	$	0.52				$	—					$	0.52
Net Income (Loss)	$	0.73				$	0.19					$	0.54
Oil		2,751					3						2,748
NGL		903					162						741
Gas		2,354					1,477						877
Total Production (mboe)		6,008					1,642						4,366
Total Production (boepd)		66,756					18,244						48,511

Note: Amounts may not sum due to rounding

Non-GAAP Financial Measures

Excluding production associated with certain divestments is a Non-GAAP financial measure (GAAP refers to generally accepted accounting principles). Energen believes excluding data associated with the divestment of assets held in the San Juan Basin provides analysts and investors useful information to understand the financial performance of the company from ongoing business operations. Further, this measure is useful in comparing the company and other oil and gas producing companies operating primarily in the Permian Basin.

Energen Production Excluding San Juan Divestment Reconciliation to GAAP Information
	Three Months Ended December 31, 2014
	GAAP		San Juan Basin		Non-GAAP
Oil		3,213		4		3,209
NGL		1,027		148		879
Gas		2,441		1,408		1,033
Total Production (mboe)		6,681		1,560		5,121
Total Production (boepd)		72,620		16,957		55,663

Note: Amounts may not sum due to rounding