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 26, 2011

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

On October 26, 2011, Energen Corporation and Alabama Gas Corporation issued a press release announcing the third quarter and year-to-date 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 reconciliations of certain Non-GAAP financial measures to the related GAAP financial measures. The reconciliations are 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 26, 2011
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 26, 2011	By	/s/ Charles W. Porter, Jr.
		Charles W. Porter, Jr. Vice President, Chief Financial Officer and Treasurer of Energen Corporation and Alabama Gas Corporation

EXHIBIT INDEX

EXHIBIT NUMBER	DESCRIPTION
99.1	* Press Release dated October 26, 2011
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.

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EX-99.1

Exhibit 99.1

For Release: 4:30 p.m. EDT	Contacts:  Julie S. Ryland
Wednesday, October 26, 2011	205.326.8421

ENERGEN CORPORATION REPORTS RESULTS OF THIRD QUARTER 2011

Highlights

• Oil and natural gas liquids production in 3^rd quarter increased 30% year over year

• Company set to acquire two Wolfberry packages totaling approximately $212 million

• 2012 production estimated to increase 17% from 2011, including a 33% jump in oil and NGL volumes

• Drilling and development capital investment in 2012 estimated at $900 million, mainly in Permian Basin

• 2013 oil and NGL production estimated to increase 86-100% from 2010 levels as result of Company’s focus on liquids

BIRMINGHAM, Alabama – Energen Corporation (NYSE: EGN) today announced that its third quarter 2011 net income totaled $87.6 million, or $1.21 per diluted share. These results included unrealized, non-cash, mark-to-market gains on certain financial commodity contracts of $53.2 million ($33.1 million after tax, or 46 cents per diluted share). Prior-year third quarter results totaled $38.3 million, or 53 cents per diluted share, and included a non-cash write-off of unproved capitalized leasehold of $14.6 million after-tax, or 20 cents per diluted share.

Adjusting for these non-cash items in both periods, net income comparable to analysts’ estimates (a non-GAAP measure), totaled $54.5 million, or 75 cents per diluted share, in the third quarter of 2011 and $52.9 million, or 73 cents per diluted share, in the same period a year ago. See “Non-GAAP Financial Measures” for explanation and reconciliation.

A 30 percent increase in oil and natural gas liquids (NGL) production coupled with a 13.7 percent increase in realized oil and NGL prices were the dominant drivers of Energen’s third quarter 2011 growth in adjusted earnings. Third quarter 2011 production totaled 5.25 million barrels of oil equivalents (MMBOE), up 11.4 percent from the same period last year.

Consolidated net cash provided by operating activities before changes in operating assets and liabilities (a non-GAAP measure) totaled $529.5 million for the nine months ended September 30, 2011, as compared with $546.7 million in the same period last year.

Wolfberry Acquisitions

Energen Resources Corporation, Energen’s E&P subsidiary, has signed purchase and sale agreements to buy two Permian Basin Wolfberry packages from private sellers for a total of $211.9 million plus standard closing adjustments.

The larger package is comprised of properties in Martin and Howard counties in which Energen Resources already owns a 19 percent working interest in about half of the leases. The $157.5 million acquisition will bring Energen Resources’ working interest to 100 percent in those leases and 95 percent in the total package. Associated proved and probable reserves total an estimated 16.5 MMBOE. Approximately 63 percent of these reserves are proved undeveloped (PUD) and 17 percent are classified as probable. The properties include 24 producing wells, and Energen Resources has identified 113 undeveloped locations.

The smaller package helps consolidate Energen Resources’ existing acreage position in Glasscock County. Associated 3P reserves total 8.9 MMBOE of which 8 percent are proved developed, 30 percent are PUD, 49 percent are probable, and 13 percent are possible. The properties include 7 producing wells and an estimated 81 undeveloped locations. Energen Resources will have an 83 percent working interest in these properties.

The Company expects these acquisitions to close by the end of the year. Current net production from the two acquisitions is approximately 1.5 thousand barrels of oil equivalents (MBOE) per day but is not expected to have a material impact on the company’s 2011 production. Associated drilling and development capital investment and estimated production in 2012 are incorporated in the company’s outlook for 2012 (see below).

Outlook for 2012 and 2013

2012 Production and Capital Investment: Energen Resources plans to invest approximately $900 million of capital in 2012 to drill and develop its assets in the Permian and San Juan basins. The bulk of this planned capital investment, approximately $820 million, targets the liquids-rich Permian Basin. In response

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to continued low natural gas prices, the company has reduced planned spending in its other, primarily natural gas regions to $80 million, all of which will be invested in the San Juan Basin.

Energen Resources’ 2012 Permian Basin plans include running 7-8 rigs to drill approximately 170 net wells in the Wolfberry play and 5-7 rigs to drill 35 net wells in the 3^rd Bone Spring and 4 net Avalon shale wells. The company expects to use 1-2 rigs to drill 86 net producers and 33 net injector wells in the Central Basin Platform, including the North Westbrook Unit and the Fuhrman-Mascho field.

Production in 2012 is estimated to increase 17 percent to 24 MMBOE. Permian Basin production is expected to increase more than 40 percent to 11.2 MMBOE, with Wolfberry production more than doubling to 4.1 MMBOE. Delaware Basin production is estimated to contribute 9 percent of total production in 2012. Total oil and NGL production is estimated to increase 33 percent to 11.3 MMBOE.

	2012 Capital ($MM)		2012 Net  Wells			2012 Rig  Count		Production
								2011e		2012e
Wolfberry	$	405		170			7-8		1.9		4.1
Delaware Basin	$	275		39			5-7		0.9		2.1
Other Permian	$	140		119	*		1-2		5.0		5.0
San Juan Basin	$	80		22			1-2		9.7		10.0
Other	$	00		00			0		3.0		2.8
TOTAL	$	900		350			14-19		20.5		24.0

* Includes 33 net injector wells

“Our preliminary E&P budget for capital investment in 2012 is clearly dominated by our focus on oil and liquids production in the Permian Basin,” said James McManus,

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Energen’s chairman and chief executive officer. “More than 90 percent of our planned capital investment in existing properties next year will target the Permian Basin, with particular emphasis on the Wolfberry and 3^rd Bone Spring plays.

“The primary driver of our oil and liquids production growth is our Wolfberry play, which is firmly in the development stage in the Midland Basin,” McManus said. “We are very pleased to be adding to our acreage position and drilling inventory there with the two planned acquisitions we have announced today.

“The Delaware Basin offers Energen significant drilling opportunities in the 3^rd Bone Spring sands, Avalon shale and Wolfcamp shale, all of which are horizontal plays, as well as in the vertical Wolfbone play,” McManus said. “The Delaware Basin is geologically complex; we expect to continue to find variability in well performance across this large region and look forward to making continued progress up the learning curve.”

2012 Guidance: Energen’s guidance ranges for consolidated after-tax cash flows and earnings in 2012 are $769-$798 million and $3.40-$3.80 per diluted share, respectively. Guidance excludes unrealized, non-cash, mark-to-market impacts. Approximately 59 percent of the company’s total estimated production is hedged, including 74 percent of estimated oil production and 37 percent of estimated NGL production. Assumed prices applicable to Energen’s unhedged volumes are $85.00 per barrel of oil, $1.11 per gallon of NGL, and $4.00 per Mcf of natural gas.

Energen’s estimated exploration and production expenses per BOE in 2012 are:

Lease Operating Expense
Base, marketing, and transportation	$	9.49
Production taxes	$	2.52
DD&A expense	$	14.64
Unidentified exploration expense	$	1.00
General & Administrative expense, net	$	2.74
Interest expense	$	1.85

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Energen Resources’ hedge position for 2012 is as follows:

Commodity	Hedge Volumes		Estimated Production		Hedge %			NYMEXe Price
Oil		6.3 MMBO		8.5 MMBO		74	%	$	86.93
NGL		43.4 MMgal		117.9 MMgal		37	%	$	0.88
Natural Gas		40.5 Bcf		76.5 Bcf		53	%	$	4.95

Energen Resources’ natural gas and oil hedge positions by hedge type for 2012 are as follows:

Oil Hedges	Volumes		Assumed Differential		NYMEXe Price
Sour Oil (WTS)		3,124 MBO	$	2.00 per barrel	$	82.20 per barrel
NYMEX		3,158 MBO		—	$	91.61 per barrel
Gas Hedges	Volumes		Assumed Differential		NYMEXe Price
San Juan Basin		29.5 Bcf	$	0.30 per Mcf	$	4.90 per Mcf
NYMEX		11.0 Bcf		—	$	5.07 per Mcf

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 may hedge basis differentials as applicable. In the tables above, basin-specific contract prices were converted for comparability purposes to a NYMEX-equivalent price by adding to them Energen Resources’ assumed basis differentials. Gains and losses from the change in fair value of derivative instruments that do not qualify for cash flow hedge accounting are reported in operating revenues each applicable reporting period and can cause non-cash earnings volatility.

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Sensitivity of 2012 Cash Flows, Earnings to Changes in Commodity Prices

Given Energen Resources’ current hedge position for 2012, changes in commodity prices for the remainder of the year are estimated to have the following impact on Energen’s 2012 cash flows and earnings:

• Every 10-cent change in the average NYMEX price of gas from $4.00 represents an estimated net income impact of approximately $1.8 million (2.5 cents per diluted share).

• Every $1.00 change in the average NYMEX price of oil from $85 per barrel represents an estimated net income impact of approximately $1.1 million (1.6 cents per diluted share).

• Every 1-cent change in the average price of liquids from $1.11 per gallon represents an estimated net income impact of approximately $0.6 million (0.9 cents per diluted share).

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

Alabama Gas Corporation (Alagasco), the company’s utility subsidiary, has the opportunity to earn a return on average equity that is estimated to be approximately $360 million in 2012. Alagasco is expected to invest approximately $75 million of capital in 2012 for normal distribution and support system needs and technology-related projects designed to improve customer service.

2013 Production and Capital Investment: Energen Resources’ preliminary plans for 2013 include capital investment of approximately $855 million and production of 25-27 MMBOE. The Company plans to continue its focus on oil and NGLs in 2013, with more than 85 percent of planned capital being invested in the Permian Basin.

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Energen Resources’ 2013 Permian Basin plans include running 7-8 rigs to drill approximately 170 net wells in the Wolfberry play and 5 rigs to drill 31 net wells in the Delaware Basin. The company expects to run 1-2 rigs to drill 49 net producers and 34 net injector wells in the Central Basin Platform.

Based on these preliminary capital and drilling plans, Energen estimates that its 2013 oil and NGL production could range from 13-14 MMBOE, reflecting growth of more than 85 percent from 2010 levels.

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Production by Commodity (MMBOE)

	2010		2011e		2012e		2013e		3-Year Growth
									CAGR			Aggregate
Oil		5.1		6.4		8.5		10.0-10.5		25-27	%		96-106	%
NGL		1.9		2.1		2.8		3.0-3.5		16-23	%		58-84	%
Total Liquids		7.0		8.5		11.3		13.0-14.0		23-26	%		86-100	%
Natural gas		11.8		12.0		12.7		12.0-13.0		1-3	%		2-10	%
TOTAL		18.8		20.5		24.0		25.0-27.0		10-13	%		33-44	%

Energen has a substantial hedge position in 2013, as well. Given the outlook for another active year of drilling and development in the Permian Basin, the company continues to utilize hedging as an effective means to help protect its cash flows from commodity price volatility.

Energen Resources’ hedge position for 2013 is as follows:

Commodity	Hedge Volumes		Estimated Production		NYMEXe Price
Oil		6.8 MMBO		10.0-10.5 MMBO	$	89.15
NGL		44.5 MMgal		126.0-147.0 MMgal	$	1.02
Natural Gas		33.9 Bcf		72.0-78.0 Bcf	$	5.21

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Energen Resources’ natural gas and oil hedge positions by hedge type for 2013 are as follows:

Oil Hedges	Volumes		Assumed Differential		NYMEXe Price
Sour Oil (WTS)		2,768 MBO	$	3.00 per barrel	$	85.34 per barrel
NYMEX		4,059 MBO		—	$	91.75 per barrel
Gas Hedges	Volumes		Assumed Differential		NYMEXe Price
San Juan Basin		25.1 Bcf	$	0.30 per Mcf	$	5.18 per Mcf
NYMEX		8.8 Bcf		—	$	5.30 per Mcf

Operations Update

Wolfberry: Energen Resources has drilled 123 net Wolfberry wells in the first nine months of 2011; 84 wells are producing; and 39 wells are waiting on completion. An estimated 40 net wells remain to be drilled this year, bringing the total number of net wells drilled in 2011 to 163.

Initial production (IP) rates from the 30 wells brought on line during the third quarter averaged 63 barrels of oil per day and 170 Mcf per day of wet gas. Energen’s risked model IP rate is 55 barrels of oil per day and 110 Mcf per day of wet gas.

Including the planned acquisitions announced today (see page 2), Energen Resources has approximately 32,000 net undeveloped acres in the Wolfberry play and 800 potential drilling locations based on 40-acre spacing. The company’s estimated cost to drill and complete a well in the Wolfberry trend is $2.2 million.

3^rd Bone Spring: Energen has completed 13 net 3^rd Bone Spring wells in the first nine months of 2011 (including two wells drilled in late 2010); in addition, a 14^th well is testing and another is waiting on completion. The company expects to drill 12 more net wells by year end, bringing the total number of net wells drilled in 2011 to 25.

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The 4 wells brought on line during the third quarter of 2011 had an initial stabilized rate (consistent flow rates after clean-up of stimulation fluid) of approximately 525 barrels of oil per day and 1,285 Mcf per day of wet gas. The initial stabilized rate of all 13 net wells brought on line in the first nine months of 2011 averaged approximately 360 barrels of oil per day and 1,000 Mcf per day of wet gas. Energen’s risked, weighted average, 3^rd Bone Spring model initial stabilized rate is 260 barrels of oil per day and 735 Mcf per day of wet gas.

Energen Resources has approximately 72,000 net undeveloped acres that are prospective for the 3^rd Bone Spring sands and approximately 225 potential drilling locations based on 320-acre spacing. The company’s estimated cost to drill and complete a well in the 3^rd Bone Spring trend is $7.3 million.

Avalon: Energen Resources drilled and completed two Avalon shale wells during the third quarter of 2011. High water production from the well drilled and completed in Reeves County to test the western edge of the Company’s acreage position rendered the well non-economic. The second well was drilled in Loving County, in an area with existing Avalon production, and is in the early stages of flow-back. The company plans to spud by year end two vertical test wells in the far Eastern section of its acreage to look at the total stratigraphic section that includes the Avalon shale, Bone Spring and Wolfcamp intervals.

Energen Resources has approximately 110,000 net undeveloped acres that are prospective for Avalon shale and approximately 340 potential drilling locations based on 320-acre spacing. The company’s estimated cost to drill and complete a well in the Avalon shale is $6.1 million.

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2011 Outlook

Energen today narrowed its 2011 guidance ranges for after-tax cash flows and earnings to $697-712 million and $3.70-$3.90 per diluted share, respectively, based on strip prices for the remainder of the year that are lower than the company’s previous assumed prices. Guidance excludes unrealized, non-cash, mark-to-market impacts.

Energen has a solid hedge position in place for the remainder of 2011 and minimal sensitivity to further changes in commodity prices for the rest of the year.

Energen Resources’ capital investment in 2011 is estimated to total approximately $1.1 billion. The variance from the prior estimate of $875 million largely is due to the Wolfberry acquisitions (see page 2) that are expected to close by year end as well as approximately $38 million for additional Permian Basin drilling and other projects.

Energen Resources’ expenses per BOE for 2011 are estimated to be:

Lease Operating Expense (LOE)
Base LOE, marketing, and transportation	$	9.95
Production taxes	$	2.68
DD&A expense	$	11.79
Unidentified exploration expense (4th qtr.)	$	0.75
General & Administrative expense, net	$	3.03
Interest expense	$	1.47

THIRD QUARTER FINANCIAL RESULTS

For the 3 months ended September 30, 2011, Energen’s net income totaled $87.6 million, or $1.21 per diluted share, and includes non-cash, mark-to-market gains on certain financial commodity contracts of

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$33.1 million after tax, or 46 cents per diluted share. Prior-year third quarter results totaled $38.3 million, or 53 cents per diluted share, and included a non-cash write-off of unproved capitalized leasehold of $14.6 million after-tax, or 20 cents per diluted share.

Excluding the non-cash items in both periods (non-GAAP measures), Energen Resources’ third quarter 2011 adjusted net income totaled $63.7 million and compared with $60.9 million in the same period last year. Alagasco’s net loss of $9.1 million in the third quarter of 2011 declined $2.0 million from the same period a year ago.

Energen Resources: Energen’s E&P company benefited in the third quarter of 2011 from increased oil and NGL production and oil and NGL realized prices. Earnings were negatively affected by higher DD&A expense, increased LOE including production taxes, and lower realized natural gas sales prices.

Average Realized Sales Prices

Commodity	3Q11		3Q10		Change
Natural Gas (per Mcf)	$	5.43	$	6.73		(19.3	)%
Oil (per barrel)	$	84.56	$	76.80		10.1	%
NGL (per gallon)	$	1.00	$	0.78		28.2	%

Production

		$84.56		$84.56		$84.56
Commodity	3Q11		3Q10		Change
Natural Gas (Bcf)		17.8		17.7		0.6	%
Oil (MBO)		1,709		1,290		32.5	%
NGL (MMgal)		24.3		19.8		22.7	%
Total (MBOE)		5,253		4,716		11.4	%

Production by Area (MBOE)

		$84.56		$84.56		$84.56
Area	3Q11		3Q10		Change
San Juan Basin		2,370		2,375		(0.2	)%
Permian Basin		2,127		1,522		39.8	%
Black Warrior Basin		533		550		(3.1	) %
N. LA/E. TX/Other		223		269		(17.1	) %

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Permian Basin production increased in the third quarter primarily due to the company’s 2010 acquisitions and associated development. San Juan Basin production was essentially unchanged, and slightly decreased production in other areas reflected the company’s capital investment focus in its Permian Basin oil properties and normal property declines.

Total LOE per unit in the third quarter of 2011 increased approximately 7 percent from the same period a year ago to $13.12 per BOE. Base LOE and marketing and transportation expenses increased about 3 percent to $10.39 per BOE, primarily due to increased repairs and maintenance, while commodity price-drive production taxes rose 23 percent on a per-unit basis.

DD&A expense per unit in the third quarter of 2011 increased 10 percent over the prior-year third quarter to $11.78 per BOE, reflecting year-over-year increases in development costs and production.

Per-unit net G&A expense fell approximately 2 percent in the current-year third quarter to $2.54 per BOE.

Alagasco: Energen’s natural gas utility generated a net loss of $9.1 million in the third quarter of 2011 as compared with a net loss of $7.1 million in the same period last year. Alagasco earned within its allowed range of return on average equity for the rate year ended September 30, 2011.

YEAR-TO-DATE FINANCIAL RESULTS

For the 9 months ended September 30, 2011, Energen’s net income totaled $245.2 million, or $3.39 per diluted share, and included non-cash, mark-to-market gains on certain financial commodity contracts of $33.1 million after tax, or 46 cents per diluted share. Net income in the same period last year totaled $210.6 million, or $2.92 per diluted share, and included $24.6 million (34 cents per diluted share) of non-cash, after-tax write-offs for capitalized unproved leasehold.

Energen Resources: Excluding the non-cash items in both periods (non-GAAP measures), Energen Resources’ adjusted net income in the year-to-date 2011 totaled $176.5 million as compared with $199.3 million in the same period last year. While Energen Resources’ year-to-date production increased approximately 8 percent year-over-year, including a 21 percent increase in oil and NGL production, net

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income was negatively impacted by a 21 percent decrease in realized natural gas prices, increased LOE including production taxes, higher DD&A expense, and increased net G&A expense.

Average Realized Sales Prices

Commodity	YTD11		YTD10		Change
Natural Gas (per Mcf)	$	5.49	$	6.92		(20.7	)%
Oil (per barrel)	$	80.17	$	78.09		2.7	%
NGL (per gallon)	$	0.95	$	0.81		17.3	%

Production

Commodity	YTD11		YTD10		Change
Natural Gas (Bcf)		52.9		52.8		0.2	%
Oil (MBO)		4,574		3,734		22.5	%
NGL (MMgal)		66.6		57.6		15.6	%
Total (MBOE)		14,978		13,900		7.8	%

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Production by Area (MBOE)

Area	YTD11		YTD10		Change
San Juan Basin		7,142		6,941		2.9	%
Permian Basin		5,599		4,469		25.3	%
Black Warrior Basin		1,559		1,638		(4.8	)%
N. LA/E. TX/Other		678		851		(20.3	)%

Permian Basin production increased in the first nine months of 2011 relative to the same period a year ago largely due to the company’s 2010 acquisitions and associated development, increased development of older Wolfberry properties, and new well development at Fuhrman-Mascho. San Juan Basin production increased due to new well development and better-than-expected performance from certain Fruitland Coal wells. Decreased production in other areas was small in terms of volumes and reflected the company’s capital investment focus in its Permian Basin oil properties and normal property declines.

Total LOE per unit in the 2011 year-to-date period increased approximately 7 percent from the same period last year to $12.89 per BOE. Base LOE and marketing and transportation expenses increased about 4 percent to $10.16 per BOE primarily due to increased repairs and maintenance. Commodity price-drive production taxes rose 22 percent on a per-unit basis.

DD&A expense per unit in the first nine months of 2011 increased approximately 5 percent from the same period last year to $11.15 per BOE, reflecting year-over-year increases in development costs and production.

Per-unit net G&A expense increased approximately 9 percent in the 2011 year-to-date period to $3.16 per BOE due in part to performance-based compensation and increased labor costs.

Alagasco: Energen’s natural gas utility generated net income of $35.3 million in the first nine months of 2011 as compared with earnings of $36.8 million in the same period last year. This decrease primarily is due to the timing of rate recovery, largely offset by the utility’s ability to earn on a higher level of equity.

BUILDING HEDGE POSITION IN 2014

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Energen Resources’ has hedges in place through 2014 to help protect its future cash flows from commodity price volatility. The company’s hedge position for 2014 is as follows:

Commodity	Hedge Volumes		NYMEXe Price
Oil		5.6 MMBO	$	90.56
Natural Gas		19.8 Bcf	$	5.50

Energen Resources’ natural gas hedge positions by hedge type for 2014 are as follows:

Gas Hedges	Volumes		Assumed Differential		NYMEXe Price
San Juan Basin		16.8 Bcf	$	0.30 per Mcf	$	5.46 per Mcf
NYMEX		3.0 Bcf		—	$	5.72 per Mcf

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 may hedge basis differentials as applicable. In the tables above, basin-specific contract prices were converted for comparability purposes to a NYMEX-equivalent price by adding to them Energen Resources’ assumed basis differentials. Gains and losses from the change in fair value of derivative instruments that do not qualify for cash flow hedge accounting are reported in operating revenues each applicable reporting period and, therefore, can cause non-cash earnings volatility.

CONFERENCE CALL

Energen Corporation will hold its quarterly conference call Thursday, October 27, at 11 a.m. ET. Members of the investment community may participate by calling 866-821-5457 (reference Energen 3^rd Quarter Call). A live Webcast of the program as well as the replay may be accessed via www.energen.com.

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Energen Corporation is an oil and gas exploration and production company with headquarters in Birmingham, Alabama. Through Energen Resources Corporation, the company has approximately 900 million barrels of oil-equivalent proved, probable, and possible reserves. These all-domestic reserves are located mainly in the Permian and San Juan basins. For more information, go to http://www.energen.com.

FORWARD LOOKING STATEMENT: 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.

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

and subject to revision.

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EX-99.2

Exhibit 99.2

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

For the 3 months ending September 30, 2011 and 2010

	3rd Quarter
(in thousands, except per share data)	2011			2010			Change
Operating Revenues
Oil and gas operations	$	318,952		$	234,111		$	84,841
Natural gas distribution		59,616			61,693			(2,077	)
Total operating revenues		378,568			295,804			82,764
Operating Expenses
Cost of gas		21,748			22,560			(812	)
Operations and maintenance		111,749			127,934			(16,185	)
Depreciation, depletion and amortization		72,802			60,814			11,988
Taxes, other than income taxes		20,129			15,615			4,514
Accretion expense		1,728			1,561			167
Total operating expenses		228,156			228,484			(328	)
Operating Income		150,412			67,320			83,092
Other Income (Expense)
Interest expense		(11,976	)		(9,591	)		(2,385	)
Other income		619			2,222			(1,603	)
Other expense		(2,074	)		(61	)		(2,013	)
Total other expense		(13,431	)		(7,430	)		(6,001	)
Income Before Income Taxes		136,981			59,890			77,091
Income tax expense		49,382			21,586			27,796
Net Income	$	87,599		$	38,304		$	49,295
Diluted Earnings Per Average Common Share	$	1.21		$	0.53		$	0.68
Basic Earnings Per Average Common Share	$	1.22		$	0.53		$	0.69
Diluted Avg. Common Shares Outstanding		72,375			72,070			305
Basic Avg. Common Shares Outstanding		72,068			71,854			214
Dividends Per Common Share	$	0.135		$	0.13		$	0.005

1

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

For the 9 months ending September 30, 2011 and 2010

	Year-to-date
(in thousands, except per share data)	2011			2010			Change
Operating Revenues
Oil and gas operations	$	779,834		$	706,311		$	73,523
Natural gas distribution		415,497			498,132			(82,635	)
Total operating revenues		1,195,331			1,204,443			(9,112	)
Operating Expenses
Cost of gas		185,916			262,950			(77,034	)
Operations and maintenance		318,763			329,581			(10,818	)
Depreciation, depletion and amortization		199,559			185,025			14,534
Taxes, other than income taxes		69,399			64,508			4,891
Accretion expense		5,066			4,568			498
Total operating expenses		778,703			846,632			(67,929	)
Operating Income		416,628			357,811			58,817
Other Income (Expense)
Interest expense		(30,843	)		(29,395	)		(1,448	)
Other income		1,727			2,555			(828	)
Other expense		(1,449	)		(541	)		(908	)
Total other expense		(30,565	)		(27,381	)		(3,184	)
Income Before Income Taxes		386,063			330,430			55,633
Income tax expense		140,871			119,873			20,998
Net Income	$	245,192		$	210,557		$	34,635
Diluted Earnings Per Average Common Share	$	3.39		$	2.92		$	0.47
Basic Earnings Per Average Common Share	$	3.40		$	2.93		$	0.47
Diluted Avg. Common Shares Outstanding		72,409			72,061			348
Basic Avg. Common Shares Outstanding		72,045			71,838			207
Dividends Per Common Share	$	0.405		$	0.39		$	0.015

2

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

As of September 30, 2011 and December 31, 2010

(in thousands)	September 30, 2011		December 31, 2010
ASSETS
Current Assets
Cash and cash equivalents	$	21,396	$	22,659
Accounts receivable, net of allowance		214,553		286,849
Inventories		74,795		59,302
Regulatory asset		44,525		28,286
Other		22,332		89,187
Total current assets		377,601		486,283
Property, Plant and Equipment
Oil and gas properties, net		3,408,986		2,919,144
Utility plant, net		811,559		782,622
Other property, net		23,423		17,461
Total property, plant and equipment, net		4,243,968		3,719,227
Other Assets
Regulatory asset		109,244		105,365
Long-term derivative instruments		101,175		—
Other		43,454		52,685
Total other assets		253,873		158,050
TOTAL ASSETS	$	4,875,442	$	4,363,560
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Long-term debt due within one year	$	1,000	$	5,000
Notes payable to banks		75,000		305,000
Accounts payable		212,722		268,214
Regulatory liability		51,849		75,703
Other		175,727		164,694
Total current liabilities		516,298		818,611
Long-term debt		803,829		405,254
Deferred Credits and Other Liabilities
Regulatory liability		87,579		110,447
Deferred income taxes		785,826		615,084
Long-term derivative instruments		13,331		112,936
Other		180,678		147,185
Total deferred credits and other liabilities		1,067,414		985,652
Total Shareholders’ Equity		2,487,901		2,154,043
TOTAL LIABILTIES AND SHAREHOLDERS’ EQUITY	$	4,875,442	$	4,363,560

3

SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 3 months ending September 30, 2011 and 2010

	3rd Quarter
(in thousands, except sales price data)	2011		2010		Change
Oil and Gas Operations
Operating revenues
Natural gas	$	96,604	$	119,287	$	(22,683	)
Oil		197,636		99,045		98,591
Natural gas liquids		24,476		15,388		9,088
Other		236		391		(155	)
Total	$	318,952	$	234,111	$	84,841
Production volumes
Natural gas (MMcf)		17,796		17,723		73
Oil (MBbl)		1,709		1,290		419
Natural gas liquids (MMgal)		24.3		19.8		4.5
Total production volumes (MMcfe)		31,518		28,295		3,223
Total production volumes (MBOE)		5,253		4,716		537
Revenue per unit of production including effects of all derivative instruments
Natural gas (Mcf)	$	5.43	$	6.73	$	(1.3	)
Oil (barrel)	$	115.64	$	76.80	$	38.84
Natural gas liquids (gallon)	$	1.01	$	0.78	$	0.23
Revenue per unit of production including effects of qualifying cash flow hedges
Natural gas (Mcf)	$	5.43	$	6.73	$	(1.3	)
Oil (barrel)	$	84.56	$	76.80	$	7.76
Natural gas liquids (gallon)	$	1.00	$	0.78	$	0.22
Revenue per unit of production excluding effects of all derivative instruments
Natural gas (Mcf)	$	4.11	$	4.03	$	0.8
Oil (barrel)	$	86.17	$	71.75	$	14.42
Natural gas liquids (gallon)	$	1.17	$	0.77	$	0.40
Other data
Lease operating expense (LOE)
LOE and other	$	54,563	$	47,405	$	7,158
Production taxes		14,367		10,475		3,892
Total	$	68,930	$	57,880	$	11,050
Depreciation, depletion and amortization	$	62,822	$	51,363	$	11,459
General and administrative expense	$	13,366	$	12,157	$	1,209
Capital expenditures	$	266,745	$	275,895	$	(9,150	)
Exploration expenditures	$	10,775	$	34,506	$	(23,731	)
Operating income	$	161,331	$	76,644	$	84,687

4

Natural Gas Distribution
Operating revenues
Residential	$	30,541		$	31,409		$	(868	)
Commercial and industrial		16,984			17,130			(146	)
Transportation		12,114			12,020			94
Other		(23	)		1,134			(1,157	)
Total	$	59,616		$	61,693		$	(2,077	)
Gas delivery volumes (MMcf)
Residential		1,385			1,401			(16	)
Commercial and industrial		1,181			1,155			26
Transportation		10,004			10,783			(779	)
Total		12,570			13,339			(769	)
Other data
Depreciation and amortization	$	9,980		$	9,451		$	529
Capital expenditures	$	21,333		$	38,283		$	(16,950	)
Operating income	$	(10,681	)	$	(9,015	)	$	(1,666	)

5

SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 9 months ending September 30, 2011 and 2010

	Year-to-date
(in thousands, except sales price data)	2011		2010		Change
Oil and Gas Operations
Operating revenues
Natural gas	$	290,240	$	365,302	$	(75,062	)
Oil		419,830		291,543		128,287
Natural gas liquids		63,491		46,535		16,956
Other		6,273		2,931		3,342
Total	$	779,834	$	706,311	$	73,523
Production volumes
Natural gas (MMcf)		52,908		52,768		140
Oil (MBbl)		4,574		3,734		840
Natural gas liquids (MMgal)		66.6		57.6		9
Total production volumes (MMcfe)		89,868		83,401		6,467
Total production volumes (MBOE)		14,978		13,900		1,078
Revenue per unit of production including effects of all derivative instruments
Natural gas (Mcf)	$	5.49	$	6.92	$	(1.43	)
Oil (barrel)	$	91.79	$	78.09	$	13.7
Natural gas liquids (gallon)	$	0.95	$	0.81	$	0.14
Revenue per unit of production including effects of qualifying cash flow hedges
Natural gas (Mcf)	$	5.49	$	6.92	$	(1.43	)
Oil (barrel)	$	80.17	$	78.09	$	2.08
Natural gas liquids (gallon)	$	0.95	$	0.81	$	0.14
Revenue per unit of production excluding effects of all derivative instruments
Natural gas (Mcf)	$	4.10	$	4.40		(0.30	)
Oil (barrel)	$	90.40	$	73.16		17.24
Natural gas liquids (gallon)	$	1.11	$	0.83		0.28
Other data
Lease operating expense (LOE)
LOE and other	$	152,220	$	135,965	$	16,255
Production taxes		40,842		31,062		9,780
Total	$	193,062	$	167,027	$	26,035
Depreciation, depletion and amortization	$	169,953	$	150,645	$	19,308
General and administrative expense	$	47,349	$	40,319	$	7,030
Capital expenditures	$	666,601	$	386,810	$	279,791
Exploration expenditures	$	12,596	$	54,367	$	(41,771	)
Operating income	$	351,808	$	289,385	$	62,423

6

Natural Gas Distribution
Operating revenues
Residential	$	269,584		$	334,429		$	(64,845	)
Commercial and industrial		107,283			128,216			(20,933	)
Transportation		40,568			42,043			(1,475	)
Other		(1,938	)		(6,556	)		4,618
Total	$	415,497		$	498,132		$	(82,635	)
Gas delivery volumes (MMcf)
Residential		16,725			19,673			(2,948	)
Commercial and industrial		7,843			8,735			(892	)
Transportation		33,713			33,988			(275	)
Total		58,281			62,396			(4,115	)
Other data
Depreciation and amortization	$	29,606		$	34,380		$	(4,774	)
Capital expenditures	$	57,170		$	75,810		$	(18,640	)
Operating income	$	65,541		$	69,378		$	(3,837	)

7

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. Adjusted Net Income is a Non-GAAP financial measure which excludes certain unrealized mark-to-market derivative financial instruments in current periods and certain leasehold write-offs in the prior periods. 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.

	Quarter Ended 9/30/2011
Consolidated Net Income ($ in millions except per share data)	Net Income			Per Diluted Share
Net Income (GAAP)		87.6			1.21
Unrealized non-cash mark-to-market gains (net of $20.1 tax)		(33.1	)		(0.46	)
Adjusted Net Income (Non-GAAP)		54.5			0.75
	Quarter Ended 9/30/2010
Consolidated Net Income ($ in millions except per share data)	Net Income			Per Diluted Share
Net Income (GAAP)		38.3			0.53
Non-cash leasehold write-off (net of $8.8 tax)		14.6			0.20
Adjusted Net Income (Non-GAAP)		52.9			0.73

Non-GAAP Financial Measures

The United States Securities and Exchange Commission requires public companies to reconcile Non-GAAP (GAAP refers to generally accepted accounting principles) financial measures to related GAAP measures. Adjusted Net Income is a Non-GAAP financial measure which excludes certain unrealized mark-to-market derivative financial instruments in current periods and certain leasehold write-offs in the prior periods. 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.

	Quarter Ended 9/30/2011			Year-to-Date Ended  9/30/2011
Energen Resources Income ($ in millions)	Net Income			Net Income
Net Income (GAAP)		96.8			209.6
Unrealized non-cash mark-to-market gains (net of $20.1 tax)		(33.1	)		(33.1	)
Adjusted Net Income (Non-GAAP)		63.7			176.5
	Quarter Ended 9/30/2010			Year-to-Date Ended 9/30/2010
Energen Resources Income ($ in millions)	Net Income			Net Income
Net Income (GAAP)		46.3			174.7
Non-cash leasehold write-off (net of $8.8 and $14.9 tax)		14.6			24.6
Adjusted Net Income (Non-GAAP)		60.9			199.3

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. Net Cash Provided by Operating Activities Before Changes in Operating Assets and Liabilities is a Non-GAAP financial measure. Energen believes this measure allows analysts and investors to understand the operating cash flows of the company before the impact of changes in working capital. This measure is useful in understanding cash available to fund the company’s capital expenditures, dividends, debt reduction and other investments.

Reconciliation To GAAP Information

($ in millions)

	Year-to-Date Ended 9/30
	2010			2011
Net Income (GAAP)		210.6			245.2
Depreciation, depletion and amortization		185.0			199.6
Deferred income taxes, net		95.0			120.7
Other adjustments to reconcile net income to net cash provided by operating activities		56.1			(36.0	)
Net Cash Provided by Operating Activities Before Changes in Operating Assets and Liabilites (Non-GAAP)		546.7			529.5
Changes in assets and liabilities		(28.8	)		64.4
Net Cash Provided by Operating Activities (GAAP)		517.9			593.9

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 is a Non-GAAP financial measure. 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.

Reconciliation To GAAP Information

($ in millions)

	Years Ended 12/31
	2010 Actual			2011 Estimate (e)				2012 Estimate (e)
Net Income (GAAP)		291			267	—	282		246		—	275
Depreciation, depletion and amortization		248			286	—	286		397		—	397
Deferred income taxes, net		134			144	—	144		126		—	126
After-tax Cash Flows (Non-GAAP)		673			697	—	712		769		—	798
Changes in assets and liabilities and other adjustments		(2	)		74	—	74		(38	)	—	(38	)
Net Cash Provided by Operating Activities (GAAP)		671			771	—	786		731		—	760

(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.