Energen Corporation was a company engaged in

hydrocarbon exploration Hydrocarbon exploration (or oil and gas exploration) is the search by petroleum geologists and geophysicists for hydrocarbon deposits, particularly petroleum and natural gas, in the Earth's crust using petroleum geology. Exploration methods ...

. In 2018, the company was acquired by

Diamondback Energy Diamondback Energy is an American company engaged in hydrocarbon exploration headquartered in Midland, Texas. As of December 31, 2020, the company had of estimated proved reserves, of which 52% was petroleum, 24% was natural gas, and 24% was ...

. , the company had of proved reserves, of which 58% was

petroleum Petroleum, also known as crude oil or simply oil, is a naturally occurring, yellowish-black liquid chemical mixture found in geological formations, consisting mainly of hydrocarbons. The term ''petroleum'' refers both to naturally occurring un ...

, 22% was

natural gas Natural gas (also fossil gas, methane gas, and gas) is a naturally occurring compound of gaseous hydrocarbons, primarily methane (95%), small amounts of higher alkanes, and traces of carbon dioxide and nitrogen, hydrogen sulfide and helium ...

, and 20% was and

natural gas liquids Natural-gas condensate, also called natural gas liquids, is a low-density mixture of hydrocarbon liquids that are present as gaseous components in the raw natural gas produced from many natural gas fields. Some gas species within the raw natura ...

and all of which were in the Permian Basin.

History

The company, originally called Alabama Gas Corporation, was spun off from

Southern Natural Gas Southern Natural Gas Company, headquartered in Birmingham, Alabama, is a natural gas pipeline company that was founded in 1928 and is currently a joint venture between Kinder Morgan and Southern Company. The company was a division of Birmingham-b ...

(later, Sonat Inc.) in 1953 as part of an

antitrust Competition law is the field of law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies. Competition law is implemented through public and private enforcement. It is also known as antitrust l ...

agreement. In 1985, the company was renamed Energen Corporation. Its subsidiaries included its natural gas utility division, Alagasco (Alabama Gas Corporation), which was sold in 2014, and its oil and gas exploration division, Taurus Exploration (later Energen Resources). In 2002, Energen Resources acquired properties in the Permian Basin for $120 million in cash and $70 million in stock. In 2003, Energen Resources acquired 93 billion cubic feet of gas equivalent of proved reserves in the

San Juan Basin The San Juan Basin is a geologic structural basin located near the Four Corners region of the Southwestern United States. The basin covers 7,500 square miles and resides in northwestern New Mexico, southwestern Colorado, and parts of Utah a ...

New Mexico New Mexico is a state in the Southwestern United States, Southwestern region of the United States. It is one of the Mountain States of the southern Rocky Mountains, sharing the Four Corners region with Utah, Colorado, and Arizona. It also ...

and southern

Colorado Colorado is a U.S. state, state in the Western United States. It is one of the Mountain states, sharing the Four Corners region with Arizona, New Mexico, and Utah. It is also bordered by Wyoming to the north, Nebraska to the northeast, Kansas ...

for $39 million. In 2004, Energen Resources acquired San Juan Basin coalbed methane properties from a private company for $273 million. In 2009, the company acquired assets in the Permian Basin from Range Resources for $182 million. In 2014, the company sold its natural gas utility business, Alabama Gas Corporation (Alagasco), to Laclede Group for $1.35 billion in cash and the assumption of $250 million in debt. In 2015, the company sold the majority of its assets in the San Juan Basin for $395 million. In 2018, the company was acquired by

References

{{reflist, 1 1979 establishments in Alabama 2018 mergers and acquisitions Defunct oil companies of the United States Energy companies established in 1979 Energy companies disestablished in 2018 Non-renewable resource companies established in 1979 Companies based in Birmingham, Alabama