Earnings rise at Energen
Energen Corp. reported a 12 percent boost in net income in the first quarter of 2008.
Energen’s first quarter net income jumped to $116.7 million in 2008 up from $103.9 million during the same time in 2007, according to Securities and Exchange Commission filings. Its operating revenue rose to $521.6 million in the first quarter of 2008, up from $492.6 million during the first quarter of 2007.
"We are very pleased with our progress in the first quarter of 2008 and excited about our prospects for the future," Energen CEO James McManus told shareholders on Wednesday. "As I’m sure you are well aware, oil and gas market prices have surged. We have capitalized on this upward momentum over the past six months by strengthening our hedge position for 2009 and 2010 production; in this way, we are helping lock in earnings and cash flow growth for the next several years."
McManus said the company has increased its earnings projections for 2008 in the wake of rising commodity prices americashadvance. Energen forecasts its net income per diluted share to fall between $4.15 and$4.55 in 2008 and between $4.65 and $5.05 in 2009. The company’s net income per diluted share was $4.28 for the year ending Dec. 31, 2007.
Shareholders reelected four Board of Directors for three-year terms. They are Kenneth W. Dewey, co-founder and board member of Caymus Capital Partners in Sausalito, Calif; James S.M. French, vice chairman, investments, of the Board of Dunn Investment Company in Birmingham; James T. McManus, chairman and chief executive officer of Energen; and David W. Wilson, independent energy consultant in Kingwood, Texas.
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