Organization and Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2014

Derivative Instruments, Gain (Loss)

We further reclassified all commodity hedges from oil and natural gas operating revenues to gain (loss) on derivative instruments, net, as follows:

	Three months ended						Six months ended
	June 30,						June 30,
(in thousands)	2014			2013			2014			2013
Open non-cash mark-to-market gains (losses) on derivative instruments	$	(59,621	)	$	56,149		$	(93,302	)	$	15,101
Closed gains (losses) on derivative instruments	$	(25,225	)	$	(905	)	$	(44,935	)	$	21,187
Gain (loss) on derivative instruments, net	$	(84,846	)	$	55,244		$	(138,237	)	$	36,288

Schedule of Discontinued Operations

he table below provides a detail of these items included in income (loss) from discontinued operations at June 30, 2014:

	Three months ended June 30,						Six months ended June 30,
(in thousands)	2014			2013			2014			2013
Alagasco net income (loss)	$	(615	)	$	(704	)	$	42,413		$	46,518
Depreciation, depletion and amortization	(153		)	(147		)	(305		)	(294		)
General and administrative	687			1,724			1,627			3,578
Interest expense	(7,190		)	(3,288		)	(12,977		)	(6,109		)
Other income	(228		)	(64		)	(347		)	(473		)
Income tax expense (benefit)	2,603			671			4,538			1,247
Alagasco income (loss) from discontinued operations	(4,896		)	(1,808		)	34,949			44,467
Energen income (loss) from discontinued operations	97			2,453			(1,029		)	4,451
Income (loss) from discontinued operations	$	(4,799	)	$	645		$	33,920		$	48,918

	Three months ended					Six months ended
	June 30,					June 30,
(in thousands, except per share data)	2014			2013		2014			2013
Natural gas distribution revenues	$	93,873		$	104,514	$	357,774		$	342,199
Oil and natural gas revenues	390			18,562		5,211			37,225
Total revenues	$	94,263		$	123,076	$	362,985		$	379,424
Pretax income (loss) from discontinued operations	$	(7,797	)	$	967	$	54,519		$	78,775
Income tax expense (benefit)	(2,998		)	322		20,599			29,857
Income (Loss) From Discontinued Operations	$	(4,799	)	$	645	$	33,920		$	48,918
Loss on disposal of discontinued operations	$	—		$	—	$	(1,667	)	$	—
Income tax benefit	—			—		(617		)	—
Loss on Disposal of Discontinued Operations	$	—		$	—	$	(1,050	)	$	—
Total Income (Loss) From Discontinued Operations	$	(4,799	)	$	645	$	32,870		$	48,918
Diluted Earnings Per Average Common Share
Income (Loss) from Discontinued Operations	$	(0.07	)	$	0.01	$	0.46		$	0.67
Loss on Disposal of Discontinued Operations	—			—		(0.01		)	—
Total Income (Loss) From Discontinued Operations	$	(0.07	)	$	0.01	$	0.45		$	0.67
Basic Earnings Per Average Common Share
Income (Loss) from Discontinued Operations	$	(0.07	)	$	0.01	$	0.46		$	0.68
Loss on Disposal of Discontinued Operations	—			—		(0.01		)	—
Total Income (Loss) From Discontinued Operations	$	(0.07	)	$	0.01	$	0.45		$	0.68

The following tables detail held for sale properties by major classes of assets and liabilities:

(in thousands)				June 30, 2014
	Alabama Gas Corporation			Black Warrior Basin			North Louisiana/East Texas			Total
Cash	$	11,807		$	—		$	—		$	11,807
Accounts receivable*	50,285			—			—			50,285
Inventories	39,950			—			—			39,950
Utility plant	1,517,534			—			—			1,517,534
Less accumulated depreciation	(624,704		)	—			—			(624,704		)
Other property, net	40			—			—			40
Other current assets*	16,462			—			—			16,462
Other long-term assets	142,672			—			—			142,672
Total assets held for sale	1,154,046			—			—			1,154,046
Accounts payable	(38,646		)	(2,172		)	(1,856		)	(42,674		)
Royalty payable	—			—			(1,284		)	(1,284		)
Accrued taxes*	(29,337		)	—			—			(29,337		)
Long-term debt due within one year	(50,000		)	—			—			(50,000		)
Other current liabilities	(108,633		)	—			(2		)	(108,635		)
Other long-term liabilities	(335,369		)	—			(2		)	(335,371		)
Long-term debt	(199,830		)	—			—			(199,830		)
Total liabilities held for sale	(761,815		)	(2,172		)	(3,144		)	(767,131		)
Total net assets held for sale	$	392,231		$	(2,172	)	$	(3,144	)	$	386,915

(in thousands)				December 31, 2013
	Alabama Gas Corporation			Black Warrior Basin			North Louisiana/East Texas			Total
Cash	$	3,032		$	—		$	—		$	3,032
Accounts receivable*	103,748			2,829			1,272			107,849
Inventories	41,200			—			68			41,268
Oil and gas properties	—			—			348,379			348,379
Less accumulated depreciation, depletion and amortization	—						(301,609		)	(301,609		)
Utility plant	1,491,433			—			—			1,491,433
Less accumulated depreciation	(605,924		)	—			—			(605,924		)
Other property, net	41			—			165			206
Other current assets*	29,458			—			—			29,458
Other long-term assets	128,780			—			—			128,780
Total assets held for sale	1,191,768			2,829			48,275			1,242,872
Accounts payable	(48,653		)	(1,732		)	(11		)	(50,396		)
Royalty payable	—			(550		)	(869		)	(1,419		)
Accrued taxes	(28,027		)	—			—			(28,027		)
Notes payable to banks	(50,000		)	—			—			(50,000		)
Other current liabilities*	(105,013		)	(379		)	(21		)	(105,413		)
Other long-term liabilities	(331,409		)	—			(14,983		)	(346,392		)
Long-term debt	(249,923		)	—			—			(249,923		)
Total liabilities held for sale	(813,025		)	(2,661		)	(15,884		)	(831,570		)
Total net assets held for sale	$	378,743		$	168		$	32,391		$	411,302