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

October 28, 2009

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 2.02 Results of Operations and Financial Condition

October 28, 2009, Energen Corporation and Alabama Gas Corporation issued a press release announcing the third quarter and year-to-date 2009 financial results. The press release and supplemental financial information are attached hereto as Exhibit 99.1 and 99.2.

ITEM 7.01 Regulation FD Disclosure

Energen Corporation has included a reconciliation 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 99.3.

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 October 28, 2009
99.2	Supplemental Financial Information
99.3	Non-GAAP Financial Measures Reconciliation

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
October 28, 2009	By	/s/ Charles W. Porter, Jr.
		Charles W. Porter, Jr. Vice President, Chief Financial Officer and Treasurer of Energen Corporation and Alabama Gas Corporation

EXHIBIT INDEX

EXHIBIT NUMBER	DESCRIPTION
99.1	* Press Release dated October 28, 2009
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.

EX-99.1

Exhibit 99.1

For Immediate Release:	Contacts:	Julie S. Ryland
Wednesday, October 28, 2009		205.326.8421

Energen Earns $0.65 per Diluted Share in Third Quarter 2009

Earnings Guidance: 2009 Range Increased to $3.45-$3.65/Diluted Share;

2010 Range Initiated at $4.00-$4.40/Diluted Share

BIRMINGHAM, Alabama – Energen Corporation (NYSE: EGN) reported today that consolidated net income in the third quarter of 2009 totaled $47.1 million, or $0.65 per diluted share, as compared with $73.1 million, or $1.01 per diluted share, in the third quarter of 2008. Included in current-year third quarter results is a one-time gain of $3.1 million, or $0.04 per diluted share, generated by the sale of a small, non-operated Permian Basin property by Energen Resources Corporation, the company’s oil and gas exploration and production subsidiary.

3Q09 vs 3Q08: Energen Resources’ substantial hedge position, 12 percent increase in production and 25 percent decrease in per-unit lease operating expense (LOE) helped offset the negative impact of significantly lower oil and gas prices, higher depreciation, depletion and amortization (DD&A) expense and a greater net earnings loss at Alagasco, the company’s natural gas utility.

More than 70 percent of Energen Resources’ third quarter 2009 production was hedged at above-market prices. As a result, the company was able to protect its earnings and cash flows from the full impact of the significant decline in the price of natural gas, oil and natural gas liquids (NGL). For the three months ended September 30, 2009, Energen Resources’ average realized sales price declined 23 percent year-over-year; without hedges, Energen Resources’ average realized sales prices would have declined some 56 percent.

• 2010 EARNINGS GUIDANCE INITIATED

With more than 57 percent of its estimated 2010 production hedged at above-market prices, Energen is well-positioned to generate earnings and cash flow growth in 2010. Energen’s initial earnings guidance range of $4.00-$4.40 per diluted share suggests the potential for double-digit earnings growth in 2010.

Energen’s earnings outlook assumes that commodity prices applicable to its unhedged production will average $5.50 per thousand cubic feet (Mcf) for natural gas, $75 per barrel for oil and 81 cents per gallon for NGL. Total production in 2010 is estimated to increase approximately 3 percent to 114 billion cubic feet (Bcf) equivalent.

Energen has hedges in place in 2010 for 63 percent of its estimated natural gas production of 70 Bcf at an average NYMEX-equivalent price of $8.48 per Mcf as well as for 63 percent of its estimated oil production of 5.5 million barrels (MMBbl) at an average NYMEX-equivalent price of $85.42 per barrel. NGL production currently is unhedged.

Consolidated after-tax cash flows also are estimated to increase in 2010 and range from $623 million to $652 million. At Energen Resources, 2010 after-tax cash flows are estimated to range from $545 million to $574 million. These funds will be used to finance Energen Resources’ identified capital spending of approximately $310 million. Together with an estimated $30 million of cash available at year-end 2009, Energen Resources is expected to have available for discretionary investment some $265 million to $294 million. Excess cash flows may be used to fund property acquisitions and other opportunities that may arise and/or pay down debt.

Capital spending at Energen Resources in 2010 is estimated to be approximately $310 million. This amount includes some $290 million for the development of existing properties and $15 million for exploration, including the drilling of a Conasauga shale well in Alabama. Approximately 75 percent of Energen Resources’ 2010 estimated capital for existing properties’ development will be invested in the Permian Basin in Texas, which is home to 98 percent of the company’s estimated proved oil reserves. Activities in the Permian Basin in 2010 will focus on waterflood expansion, development of the Fuhrman-Mascho Field and drilling “Wolfberry” wells.

Alagasco’s capital spending in 2010 is estimated to total $80 million, with some $50 million invested in normal system needs and $30 million in technology-related and other projects.

Work continues on Energen’s 2010 budget, which is expected to be approved by the company’s Board of Directors in early December; based on changing market conditions, the budget could differ from the current model upon which guidance is based.

For more information on Energen’s 2010 earnings guidance, see pages 9-11.

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• 2009 EARNINGS GUIDANCE RANGE INCREASED AND NARROWED

Energen today increased and narrowed its 2009 earnings guidance range to $3.45-$3.65 per diluted share (prior guidance was $3.10-$3.50 per diluted share). This guidance assumes that commodity prices applicable to the company’s unhedged natural gas volumes for the open months of November and December will average approximately $5.50 per Mcf for gas (NYMEX); oil and NGL prices for October-December are estimated to average some $78.75 per barrel of oil (NYMEX) and $1.02 per gallon, respectively.

Production in 2009 is now estimated to total 111 billion cubic feet (Bcf) equivalent, reflecting an 8 percent increase from 2008. Approximately 75 percent of the company’s estimated fourth quarter production of 28 Bcf equivalent (Bcfe) is hedged; as a result, earnings and cash flows are not materially sensitive to commodity price changes.

Capital spending at Energen Resources in 2009 is now estimated to be $450 million, including $190 million for property acquisitions and $245 million in property development in 2009; this increase from earlier estimates reflects, in part, accelerated development of its Fuhrman-Mascho Field along with waterflood expansion in the Permian Basin in the last half of 2009.

• CHATTANOOGA WELL NEARS COMPLETION STAGE

Energen Resources expects to begin completion of its Chattanooga shale well within the week. The 1,500-foot horizontal leg of the Cain 6-6 #1 is at a vertical depth of approximately 7,800 feet. The company plans to perform a three-stage nitrogen frac. Well results may be several weeks away. The Cain well is located in Tuscaloosa County, southwest of the city of Tuscaloosa.

In the event this well is unsuccessful, the company would expect to record a loss of approximately 17 cents per diluted share in the fourth quarter of 2009 associated with well costs and the non-cash write-off of capitalized unproved leasehold.

THIRD QUARTER 2009 RESULTS

For the three months ended September 30, 2009, Energen’s net income totaled $47.1 million, or $0.65 per diluted share, and compares with third quarter 2008 net income of $73.1 million, or $1.01 per diluted share. Included in the current-year third quarter results for Energen and Energen Resources is a one-time gain of $3.1 million, or $0.04 per diluted share, from the sale of a small, non-operated Permian Basin property.

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Energen Resources Corporation

Energen Resources generated third quarter net income of $59.0 million in 2009 as compared with $79.6 million in the same period last year. The independent producers’ substantial hedge position, 12 percent increase in production and 25 percent decrease in per-unit LOE helped offset the negative impact of significantly lower oil and gas prices and higher DD&A expense.

Average Realized Sales Prices, Third Quarter Comparison

Commodity	3Q09		3Q08		Change
Natural Gas (per Mcf)	$	6.10	$	8.42	(28	)%
Oil (per barrel)	$	64.03	$	78.08	(18	)%
NGL (per gallon)	$	0.88	$	1.03	(15	)%
Production, Third Quarter Comparison
Commodity	3Q09		3Q08		Change
Natural Gas (Bcf)		18.9		17.3	9	%
Oil (MBbl)		1,253		1,055	19	%
NGL (MMgal)		20.0		17.8	12	%
Total (Bcfe)		29.3		26.1	12	%
Production By Area (Bcfe), Third Quarter Comparison
Area	3Q09		3Q08		Change
San Juan Basin		14.3		12.7	13	%
Permian Basin		9.2		7.4	24	%
Black Warrior Basin		3.6		3.5	3	%
N. LA/E. TX/Other		2.1		2.5	(16	)%

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The year-over-year production increase in the Permian basin in the third quarter of 2009 largely reflects the acquisition of Range Resources’ interests in the Fuhrman-Mascho Field as well as pay adds and workovers. Increases in the San Juan Basin largely reflect new well development and better-than-expected performance in some of the Fruitland Coal wells in the San Juan Basin.

Total per-unit LOE in the third quarter of 2009 declined 25 percent from the prior-year third quarter to $1.86 per Mcf equivalent (Mcfe). Base LOE and marketing and transportation expenses totaled $1.55 per Mcfe, reflecting a decline of approximately 8 percent largely due to lower ad valorem taxes and lower field service costs. The biggest decline in per-unit LOE came from commodity price-driven production taxes, which fell 61 percent on a per-unit basis.

DD&A expense per unit in the third quarter of 2009 increased 25 percent over the same period last year to $1.63 per Mcfe largely due to higher development costs and lower year-end 2008 reserve prices.

Per-unit net G&A expense in the third quarter of 2009 increased 51 percent over the same period in 2008 to 53 cents per Mcfe largely due to increased benefits related to the company’s performance-based compensation plans and increased litigation reserves.

Alabama Gas Corporation

Energen’s natural gas utility reported a net loss of $10.7 million in the third quarter of 2009 as compared with a net loss of $5.8 million in the third quarter of 2008. In the current-year quarter, Alagasco recognized a $0.9 million after-tax reduction in revenues designed to keep the utility earning within its allowed range of return on average equity at the end of the 2009 rate year. The major reasons for the decrease in third quarter earnings, however, were non-recurring items in the prior-year third quarter. These items included a $1.8 million after-tax benefit from having maintained its expenses below the inflation-based cost control measurement feature of its rate-setting mechanism; in addition, Alagasco used its Enhanced Stability Reserve (ESR) in the third quarter of 2008 to help compensate for industrial and commercial load loss during the rate year. The ESR draw was $2.5 million after tax.

YEAR-TO-DATE RESULTS

For the nine months ended September 30, 2009, Energen’s net income totaled $197.7 million, or $2.75 per diluted share. This compares with net income of $256.6 million, or $3.56 per diluted share, in the first nine months of 2008. Included in the 2009 year-to-date results of Energen and Energen Resources is a one-time

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gain of $3.1 million, or $0.04 per diluted share, generated by the sale of a small, non-operated Permian Basin property; prior-period results included a $6.4 million, or $0.09 cents per diluted share, gain from a Permian Basin property sale.

Energen Resources Corporation

Energen Resources’ year-to-date net income totaled $161.0 million in 2009 as compared with $222.6 million in the first nine months of 2008. Energen Resources’ substantial hedge position, 10 percent increase in production and 23 percent decrease in per-unit LOE helped offset the negative impact of significantly lower oil and gas prices and higher DD&A expense.

Average Realized Sales Prices, Year-to-Date Comparison

Commodity	YTD09		YTD08		Change
Natural Gas (per Mcf)	$	6.30	$	8.22	(23	)%
Oil (per barrel)	$	59.19	$	73.69	(20	)%
NGL (per gallon)	$	0.86	$	1.06	(19	)%
Production, Year-to-Date Comparison
Commodity	YTD09		YTD08		Change
Natural Gas (Bcf)		54.5		50.1	9	%
Oil (MBbl)		3,456		3,005	15	%
NGL (MMgal)		55.9		52.7	6	%
Total (Bcfe)		83.3		75.6	10	%
Production By Area (Bcfe), Year-to-Date Comparison
Area	YTD09		YTD08		Change
San Juan Basin		41.3		37.2	11	%
Permian Basin		24.9		21.2	17	%
Black Warrior Basin		10.8		10.5	3	%
N. LA/E. TX/Other		6.3		6.8	(7	)%

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The year-over-year production increase in the Permian Basin largely reflects the cumulative effect of accelerated drilling in 2007 and 2008, the Fuhrman-Mascho acquisition and current-year pay adds and workovers. Increased production in the San Juan Basin largely reflects the cumulative effect of accelerated drilling in 2007 and 2008 as well as better-than-expected performance in the current year from some of the Fruitland Coal wells.

Total per-unit LOE in the first nine months of 2009 declined approximately 23 percent from the same period a year ago to $1.91 per Mcfe. Base LOE and marketing and transportation expenses fell approximately 5 percent in response to lower field service costs. The biggest decline in per-unit LOE came from commodity price-driven production taxes, which fell 63 percent on a per-unit basis.

DD&A expense per unit in year-to-date 2009 increased 26 percent over the same period last year to $1.58 per Mcfe largely due to higher development costs and lower year-end 2008 reserve prices.

Per-unit net G&A expense in year-to-date 2009 declined 2 percent over the same period in 2008 to 45 cents per Mcfe.

Alabama Gas Corporation

Energen’s natural gas utility generated net income of $37.6 million in the first nine months of 2009 as compared with $34.8 million in the same period in 2008. This increase primarily was due to the utility’s earning on a higher level of equity.

TRAILING 12-MONTHS RESULTS

For the 12 months ended September 30, 2009, Energen’s net income totaled $263.0 million, or $3.66 per diluted share, and compared with $336.0 million, or $4.66 per diluted share, for the same period a year ago. Included in the 2009 year-to-date results of Energen and Energen Resources is a one-time gain of $3.1 million, or $0.04 per diluted share, generated by the sale of a small, non-operated Permian Basin property; prior-period results included a $6.4 million, or $0.09 cents per diluted share, gain from a Permian Basin property sale.

Energen Resources Corporation

Energen Resources’ net income for the trailing 12 months totaled $221.0 million as compared with $296.5 million in the same period a year ago.

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Average Realized Sales Prices, T12M Comparison

Commodity	2009		2008		Change
Natural Gas (per Mcf)	$	6.50	$	8.09	(20	)%
Oil (per barrel)	$	60.48	$	73.14	(17	)%
NGL (per gallon)	$	0.82	$	1.04	(21	)%
Production, T12M Comparison
Commodity	2009		2008		Change
Natural Gas (Bcf)		72.0		66.6	8	%
Oil (MBbl)		4,565		3,986	15	%
NGL (MMgal)		73.9		72.3	2	%
Total (Bcfe)		110.0		100.9	9	%

Per-unit LOE totaled $1.89 per Mcfe in the 12 months ending September 30, 2009, reflecting a decrease of 20 percent from $2.36 per Mcfe in the 12 months ended September 30, 2008; this decrease largely was due to a 66 percent decline in commodity price-driven production taxes.

DD&A expense per unit in the 12 months ended September 30, 2009, increased 27 percent over the same period last year to $1.58 per Mcfe largely due to higher development costs and a price-driven, downward revision of year-end 2008 proved reserves.

Per-unit net G&A expense in the trailing 12-months period declined 15 percent over the same period in 2008 to 41 cents per Mcfe largely due to lower benefits related to the company’s performance-based compensation plans.

Alabama Gas Corporation

Alagasco generated net income in the 12 months ended September 30, 2009, of $43.0 million as compared with $40.4 million in the same period a year ago and largely reflects the utility earning within its allowed range of return on a higher level of equity. Alagasco’s return on average equity for the rate year ended September 30, 2009, was 13.3 percent on 13-month average equity of $323.4 million.

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2010 EARNINGS GUIDANCE INITIATED

Energen today initiated earnings guidance for 2010 with a range of $4.00-$4.40 per diluted share. Key assumptions included in the guidance include:

• A hedge position that covers approximately 57 percent of estimated production;

• Annual production of approximately 114 Bcfe;

• Capital spending of $390 million, including approximately $310 million by Energen Resources (ERC) and $80 million by Alagasco;

• An average DD&A rate at ERC of $1.83 per Mcfe;

• LOE, including production taxes, at ERC of $2.21 per Mcfe (base LOE and marketing and transportation costs of $1.74 per Mcfe);

• General and administrative expense at ERC of 47 cents per Mcfe;

• Alagasco’s earning within its allowed range of return on estimated average equity of $330 million;

• Average diluted shares outstanding of 72.0 million.

Energen’s earnings guidance does not include potential benefits from unidentified property acquisitions, Alabama shales exploration or stock repurchases. The guidance also makes no assumption related to the potential impairment of $41 million of capitalized unproved leasehold related to Alabama shales.

2010 Hedge Position Summary

Energen Resources’ hedge position for 2010 is as follows:

Commodity	Hedge Volumes	Est. Production	Hedge %		NYMEXe Price
Natural Gas	44.4 Bcf	70.0 Bcf	63	%	$	8.48/Mcf
Oil	3.5 MMBbl	5.5 MMBbl	63	%	$	85.42/barrel
NGL	—	74.8 MMgal	—			—

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Energen Resources’ natural gas and oil hedge positions by hedge type for 2010 are as follows:

Natural Gas Hedges	Volumes (Bcf)	Assumed Differential		NYMEXe Price
San Juan Basin	29.4	$	0.50 per Mcf	$	8.38 per Mcf
NYMEX	14.9		—	$	8.68 per Mcf
Oil Hedges	Volumes (MBbl)	Assumed Differential		NYMEXe Price
Sour Oil (WTS)	2,383	$	3.00 per barrel	$	89.74 per barrel
NYMEX	1,082		—	$	75.91 per barrel

Average realized oil and gas prices for Energen Resources’ production associated with NYMEX contracts as well as for unhedged production will reflect the impact of basis differentials. Average realized NGL prices will be net of transportation and fractionation fees.

For production associated with basin-specific contracts, Energen Resources will receive the contracted hedge price. Energen typically hedges basis differentials where applicable. In the tables above, the basin-specific contract prices were converted for comparability purposes to a NYMEX-equivalent price by adding to them Energen Resources’ assumed basis differentials.

Energen Resources’ estimated 2010 production and hedge position by region and commodity are shown below.

Commodity	San Juan Basin			Permian Basin			Black Warrior Basin			N. LA/E. TX/Other
	Vols	% Hedged		Vols	% Hedged		Vols	% Hedged		Vols	% Hedged
Gas (Bcf)	47.2	62	%	4.0	—		13.0	80	%	5.8	79	%
Oil (MMBbl)	0.07	—		5.4	64	%	—	—		0.03	—
NGL (MMgal)	55.1	—		19.7	—		—	—		—	—
Total (Bcfe)	55.5	53	%	39.4	53	%	13.0	80	%	5.9	76	%

SENSITIVITY OF EARNINGS, CASH FLOWS TO COMMODITY PRICES CHANGES

Given Energen Resources’ current hedge position for 2010 and using the price assumptions given above for the company’s unhedged production, changes in commodity prices are estimated to have the following impact on Energen’s 2010 earnings and cash flows:

• Every 10-cent change in the average NYMEX price of gas from $5.50 represents an estimated net income impact of approximately $1.1 million (1.5 cents per diluted share).

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• Every $1.00 change in the average NYMEX price of oil from $75 per barrel represents an estimated net income impact of approximately $1.1 million (1.5 cents per diluted share).

• Every 1-cent change in the average price of liquids from $0.81 per gallon represents an estimated net income impact of approximately $0.4 million (0.6 cent per diluted share).

Price-related events such as substantial basis differential changes could cause earnings sensitivities to be materially different from those outlined above.

2009 EARNINGS GUIDANCE RANGE INCREASED

Energen today raised and narrowed its 2009 earnings guidance range to $3.45-$3.65 per diluted share. Key assumptions included in the guidance include:

• Results of the year-to-date;

• A hedge position that covers approximately 75 percent of estimated production for the remainder of the year;

• Annual production of approximately 111 Bcfe (approximately 28 Bcfe in the last three months of 2009);

• Capital spending of $525 million, including approximately $260 million by Energen Resources (ERC), $190 million for property acquisitions, and $75 million by Alagasco;

• An average DD&A rate at ERC of $1.65 per Mcfe;

• LOE, including production taxes, at ERC of $2.00 per Mcfe;

• General and administrative expense at ERC of 46 cents per Mcfe;

• Alagasco’s earning within its allowed range of return on estimated average equity of $325 million;

• Average diluted shares outstanding of 71.9 million.

Energen’s earnings guidance does not include potential benefits from unidentified property acquisitions, Alabama shales exploration or stock repurchases. The guidance also makes no assumption related to the potential impairment of capitalized unproved leasehold related to Alabama shales.

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2009 Hedge Position Summary

Energen Resources’ hedge position for the remaining three months of 2009 is as follows:

Commodity	Hedge Volumes	Est. Production	Hedge %		NYMEXe Price
Natural Gas	13.1 Bcf	17.3 Bcf	76	%	$	7.59/Mcf
Oil	1.0 MMBbl	1.3 MMBbl	77	%	$	69.63/barrel
NGL	10.8 MMgal	17.6 MMgal	62	%	$	1.15/gallon

NOTE: October actuals included where known

Energen Resources’ natural gas and oil hedge positions by hedge type for the remainder of the year are as follows:

Natural Gas Hedges	Volumes (Bcf)	Assumed Differential		NYMEXe Price
San Juan Basin	8.8	$	0.40 per Mcf	$	7.40 per Mcf
Permian Basin	0.3	$	0.30 per Mcf	$	7.95 per Mcf
NYMEX	4.1		—	$	7.98 per Mcf
Oil Hedges	Volumes (MBbl)	Assumed Differential		NYMEXe Price
Sour Oil (WTS)	754	$	2.65 per barrel	$	66.13 per barrel
NYMEX	276		—	$	79.18 per barrel

NOTE: October actuals included where known

Average realized oil and gas prices for Energen Resources’ production associated with NYMEX contracts as well as for unhedged production will reflect the impact of basis differentials. Average realized NGL prices will be net of transportation and fractionation fees.

For production associated with basin-specific contracts, Energen Resources will receive the contracted hedge price. Energen typically hedges basis differentials where applicable. In the tables above, the basin-specific contract prices were converted for comparability purposes to a NYMEX-equivalent price by adding to them Energen Resources’ assumed basis differentials.

Energen Corporation is a diversified energy holding company with headquarters in Birmingham, AL. Its two lines of business are the acquisition, development and exploration of domestic, onshore natural gas, oil and NGL reserves and natural gas distribution in central and north Alabama. Energen Resources has approximately 3.4 trillion cubic feet equivalent of proved, probable and possible reserves in the San Juan, Permian and Black Warrior basins. Alabama Gas Corporation is the largest distributor of natural gas in Alabama. More information is available at http://www.energen.com.

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This release 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. Except as otherwise disclosed, the Company’s forward-looking statements do not reflect the impact of possible or pending acquisitions, divestitures or restructurings. We undertake no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise. 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 more complete discussion of risks and uncertainties that could affect future results of Energen and its subsidiaries is included in the Company’s periodic reports filed with the Securities and Exchange Commission.

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EX-99.2

Exhibit 99.2

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

For the 3 months ending September 30, 2009 and 2008

	3rd Quarter
(in thousands, except per share data)	2009			2008			Change
Operating Revenues
Oil and gas operations	$	218,501		$	247,753		$	(29,252	)
Natural gas distribution		68,788			82,452			(13,664	)
Total operating revenues		287,289			330,205			(42,916	)
Operating Expenses
Cost of gas		29,377			35,901			(6,524	)
Operations and maintenance		97,963			88,168			9,795
Depreciation, depletion and amortization		61,323			47,111			14,212
Taxes, other than income taxes		15,471			27,266			(11,795	)
Accretion expense		1,306			1,081			225
Total operating expenses		205,440			199,527			5,913
Operating Income		81,849			130,678			(48,829	)
Other Income (Expense)
Interest expense		(10,017	)		(10,319	)		302
Other income		2,536			725			1,811
Other expense		(229	)		(2,009	)		1,780
Total other expense		(7,710	)		(11,603	)		3,893
Income Before Income Taxes		74,139			119,075			(44,936	)
Income tax expense		27,018			46,011			(18,993	)
Net Income	$	47,121		$	73,064		$	(25,943	)
Diluted Earnings Per Average Common Share	$	0.65		$	1.01		$	(0.36	)
Basic Earnings Per Average Common Share	$	0.66		$	1.02		$	(0.36	)
Diluted Avg. Common Shares Outstanding		71,996			72,116			(120	)
Basic Avg. Common Shares Outstanding		71,651			71,590			61
Dividends Per Common Share	$	0.125		$	0.12		$	0.005

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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

For the 9 months ending September 30, 2009 and 2008

	Year-to-date
(in thousands, except per share data)	2009			2008			Change
Operating Revenues
Oil and gas operations	$	606,158		$	704,428		$	(98,270	)
Natural gas distribution		471,457			488,689			(17,232	)
Total operating revenues		1,077,615			1,193,117			(115,502	)
Operating Expenses
Cost of gas		232,283			253,159			(20,876	)
Operations and maintenance		274,850			268,147			6,703
Depreciation, depletion and amortization		172,308			133,641			38,667
Taxes, other than income taxes		57,099			92,039			(34,940	)
Accretion expense		3,605			3,181			424
Total operating expenses		740,145			750,167			(10,022	)
Operating Income		337,470			442,950			(105,480	)
Other Income (Expense)
Interest expense		(29,586	)		(31,699	)		2,113
Other income		4,058			1,455			2,603
Other expense		(589	)		(3,057	)		2,468
Total other expense		(26,117	)		(33,301	)		7,184
Income Before Income Taxes		311,353			409,649			(98,296	)
Income tax expense		113,649			153,019			(39,370	)
Net Income	$	197,704		$	256,630		$	(58,926	)
Diluted Earnings Per Average Common Share	$	2.75		$	3.56		$	(0.81	)
Basic Earnings Per Average Common Share	$	2.76		$	3.58		$	(0.82	)
Diluted Avg. Common Shares Outstanding		71,878			72,129			(251	)
Basic Avg. Common Shares Outstanding		71,641			71,604			37
Dividends Per Common Share	$	0.375		$	0.36		$	0.015

15

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

For the 12 months ending September 30, 2009 and 2008

	Trailing 12 Months
(in thousands, except per share data)	2009			2008			Change
Operating Revenues
Oil and gas operations	$	815,862		$	924,208		$	(108,346	)
Natural gas distribution		637,546			620,364			17,182
Total operating revenues		1,453,408			1,544,572			(91,164	)
Operating Expenses
Cost of gas		330,898			319,004			11,894
Operations and maintenance		361,463			350,579			10,884
Depreciation, depletion and amortization		227,080			176,834			50,246
Taxes, other than income taxes		72,665			116,700			(44,035	)
Accretion expense		4,714			4,208			506
Total operating expenses		996,820			967,325			29,495
Operating Income		456,588			577,247			(120,659	)
Other Income (Expense)
Interest expense		(39,866	)		(43,144	)		3,278
Other income		2,394			1,727			667
Other expense		(2,454	)		(3,390	)		936
Total other expense		(39,926	)		(44,807	)		4,881
Income Before Income Taxes		416,662			532,440			(115,778	)
Income tax expense		153,673			196,396			(42,723	)
Net Income	$	262,989		$	336,044		$	(73,055	)
Diluted Earnings Per Average Common Share	$	3.66		$	4.66		$	(1.00	)
Basic Earnings Per Average Common Share	$	3.67		$	4.69		$	(1.02	)
Diluted Avg. Common Shares Outstanding		71,874			72,141			(267	)
Basic Avg. Common Shares Outstanding		71,640			71,626			14
Dividends Per Common Share	$	0.495		$	0.475		$	0.02

16

SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 3 months ending September 30, 2009 and 2008

	3rd Quarter
(in thousands, except sales price data)	2009			2008			Change
Oil and Gas Operations
Operating revenues
Natural gas	$	115,227		$	145,283		$	(30,056	)
Oil		80,225			82,375			(2,150	)
Natural gas liquids		17,496			18,404			(908	)
Other		5,553			1,691			3,862
Total	$	218,501		$	247,753		$	(29,252	)
Production volumes
Natural gas (MMcf)		18,881			17,258			1,623
Oil (MBbl)		1,253			1,055			198
Natural gas liquids (MMgal)		20.0			17.8			2.2
Total production volumes (MMcfe)		29,253			26,134			3,119
Revenue per unit of production including effects of all derivative instruments
Natural gas (Mcf)	$	6.10		$	8.42		$	(2.32	)
Oil (barrel)	$	64.03		$	78.08		$	(14.05	)
Natural gas liquids (gallon)	$	0.88		$	1.03		$	(0.15	)
Other data
Lease operating expense (LOE)
LOE and other	$	45,480		$	43,890		$	1,590
Production taxes		9,050			20,610			(11,560	)
Total	$	54,530		$	64,500		$	(9,970	)
Depreciation, depletion and amortization	$	48,473		$	34,849		$	13,624
General and administrative expense	$	15,390		$	9,147		$	6,243
Capital expenditures	$	37,596		$	122,597		$	(85,001	)
Exploration expenditures	$	1,120		$	906		$	214
Operating income	$	97,682		$	137,270		$	(39,588	)
Natural Gas Distribution
Operating revenues
Residential	$	36,371		$	38,347		$	(1,976	)
Commercial and industrial		20,834			24,121			(3,287	)
Transportation		12,043			10,816			1,227
Other		(460	)		9,168			(9,628	)
Total	$	68,788		$	82,452		$	(13,664	)
Gas delivery volumes (MMcf)
Residential		1,498			1,505			(7	)
Commercial and industrial		1,235			1,390			(155	)
Transportation		10,504			10,706			(202	)
Total		13,237			13,601			(364	)
Other data
Depreciation and amortization	$	12,850		$	12,262		$	588
Capital expenditures	$	21,133		$	15,959		$	5,174
Operating loss	$	(15,237	)	$	(5,891	)	$	(9,346	)

17

SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 9 months ending September 30, 2009 and 2008

	Year-to-date
(in thousands, except sales price data)	2009		2008		Change
Oil and Gas Operations
Operating revenues
Natural gas	$	343,684	$	411,453	$	(67,769	)
Oil		204,587		221,402		(16,815	)
Natural gas liquids		48,212		55,915		(7,703	)
Other		9,675		15,658		(5,983	)
Total	$	606,158	$	704,428	$	(98,270	)
Production volumes
Natural gas (MMcf)		54,532		50,081		4,451
Oil (MBbl)		3,456		3,005		451
Natural gas liquids (MMgal)		55.9		52.7		3.2
Total production volumes (MMcfe)		83,259		75,639		7,620
Revenue per unit of production including effects of all derivative instruments
Natural gas (Mcf)	$	6.30	$	8.22	$	(1.92	)
Oil (barrel)	$	59.19	$	73.69	$	(14.5	)
Natural gas liquids (gallon)	$	0.86	$	1.06	$	(0.20	)
Other data
Lease operating expense (LOE)
LOE and other	$	134,723	$	128,627	$	6,096
Production taxes		24,160		58,739		(34,579	)
Total	$	158,883	$	187,366	$	(28,483	)
Depreciation, depletion and amortization	$	134,189	$	97,240	$	36,949
General and administrative expense	$	37,830	$	34,574	$	3,256
Capital expenditures	$	353,424	$	295,507	$	57,917
Exploration expenditures	$	1,374	$	4,215	$	(2,841	)
Operating income	$	270,277	$	377,852	$	(107,575	)
Natural Gas Distribution
Operating revenues
Residential	$	305,663	$	301,633	$	4,030
Commercial and industrial		126,128		133,004		(6,876	)
Transportation		39,268		37,825		1,443
Other		398		16,227		(15,829	)
Total	$	471,457	$	488,689	$	(17,232	)
Gas delivery volumes (MMcf)
Residential		15,784		16,247		(463	)
Commercial and industrial		7,613		8,349		(736	)
Transportation		29,775		36,267		(6,492	)
Total		53,172		60,863		(7,691	)
Other data
Depreciation and amortization	$	38,119	$	36,401	$	1,718
Capital expenditures	$	57,107	$	44,955	$	12,152
Operating income	$	68,844	$	67,125	$	1,719

18

SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 12 months ending September 30, 2009 and 2008

	Trailing 12 Months
(in thousands, except sales price data)	2009		2008		Change
Oil and Gas Operations
Operating revenues
Natural gas	$	468,514	$	539,423	$	(70,909	)
Oil		276,093		291,511		(15,418	)
Natural gas liquids		60,513		75,462		(14,949	)
Other		10,742		17,812		(7,070	)
Total	$	815,862	$	924,208	$	(108,346	)
Production volumes
Natural gas (MMcf)		72,024		66,649		5,375
Oil (MBbl)		4,565		3,986		579
Natural gas liquids (MMgal)		73.9		72.3		1.6
Total production volumes (MMcfe)		109,974		100,895		9,079
Revenue per unit of production including effects of all derivative instruments
Natural gas (Mcf)	$	6.50	$	8.09	$	(1.59	)
Oil (barrel)	$	60.48	$	73.14	$	(12.66	)
Natural gas liquids (gallon)	$	0.82	$	1.04	$	(0.22	)
Other data
Lease operating expense (LOE)
LOE and other	$	180,223	$	163,671	$	16,552
Production taxes		27,973		73,969		(45,996	)
Total	$	208,196	$	237,640	$	(29,444	)
Depreciation, depletion and amortization	$	176,488	$	128,398	$	48,090
General and administrative expense	$	44,996	$	48,777	$	(3,781	)
Capital expenditures	$	507,488	$	420,191	$	87,297
Exploration expenditures	$	6,455	$	5,438	$	1,017
Operating income	$	375,013	$	499,747	$	(124,734	)
Natural Gas Distribution
Operating revenues
Residential	$	412,310	$	383,613	$	28,697
Commercial and industrial		170,843		167,629		3,214
Transportation		52,559		50,571		1,988
Other		1,834		18,551		(16,717	)
Total	$	637,546	$	620,364	$	17,182
Gas delivery volumes (MMcf)
Residential		21,169		20,609		560
Commercial and industrial		10,198		10,569		(371	)
Transportation		40,297		49,318		(9,021	)
Total		71,664		80,496		(8,832	)
Other data
Depreciation and amortization	$	50,592	$	48,436	$	2,156
Capital expenditures	$	75,472	$	58,221	$	17,251
Operating income	$	83,675	$	80,133	$	3,542

19

EX-99.3

Exhibit 99.3

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 Company’s capital expenditures, dividends, debt reduction, and other investments. Similarly, Adjusted Cash Flows from Operations Excluding Alagasco reflect comparable information specific to the Company’s non-regulated activities.

Reconciliation To GAAP Information

($ in millions)

	Years Ended 12/31
	2008 Actual		2009 Estimate (e)					2010 Estimate (e)
Net Income (GAAP)	322		248		—	262		288		—	317
Depreciation, depletion and amortization	188		238		—	238		266		—	266
Deferred income taxes, net	188		99		—	99		69		—	69
After-tax Cash Flows (Non-GAAP)	698		585		—	599		623		—	652
Changes in assets and liabilities and other adjustments	(130	)	29		—	29		3		—	3
Net Cash Provided by Operating Activities (GAAP)	568		614		—	628		626		—	655
Reconciliation To GAAP Information
($ in millions)
	Years Ended 12/31
	2008 Actual		2009 Estimate (e)					2010 Estimate (e)
Net Cash Provided by Operating Activities (GAAP)	568		614		—	628		626		—	655
Changes in assets and liabilities and other adjustments	130		(29	)	—	(29	)	(3	)	—	(3	)
After-tax Cash Flow (Non-GAAP)	698		585		—	599		623		—	652
Less: AGC cash flows from operations and other	(133	)	(124	)		(124	)	(78	)	—	(78	)
Adj. Cash Flows from Operations Excluding Alagasco (Non-GAAP)	565		461		—	475		545		—	574

(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.