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 deposits of hydrocarbons, particularly petroleum and natural gas, in the Earth using petroleum geology. Exploration methods Vi ...

. In 2018, the company was acquired by

Diamondback Energy Diamondback Energy is a 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 natural gas ...

. , 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 mixture of mainly hydrocarbons, and is found in geological formations. The name ''petroleum'' covers both naturally occurring unprocessed crude ...

, 22% was

natural gas Natural gas (also called fossil gas or simply gas) is a naturally occurring mixture of gaseous hydrocarbons consisting primarily of methane in addition to various smaller amounts of other higher alkanes. Low levels of trace gases like carbon ...

, 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 natur ...

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 division of Kinder Morgan. The company was a division of Birmingham-based Sonat Inc. until 1999 when ...

(later,

Sonat Inc. Sonat, Inc., headquartered in Birmingham, Alabama, was a large Fortune 500 American energy holding company. The company was founded in 1928 and was listed on the New York Stock Exchange under the ticker symbol "SNT". Sonat was primarily involved ...

) 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, an 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 ...

New Mexico ) , population_demonym = New Mexican ( es, Neomexicano, Neomejicano, Nuevo Mexicano) , seat = Santa Fe, New Mexico, Santa Fe , LargestCity = Albuquerque, New Mexico, Albuquerque , LargestMetro = Albuquerque metropolitan area, Tiguex , Offi ...

and southern

Colorado Colorado (, other variants) is a state in the Mountain states, Mountain West subregion of the Western United States. It encompasses most of the Southern Rocky Mountains, as well as the northeastern portion of the Colorado Plateau and the wes ...

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 Range Resources Corporation is a natural gas exploration and production company headquartered in Fort Worth, Texas. It operates in the Marcellus Formation, where it is one of the largest land owners. As of December 31, 2021, the company had 17.77 ...

for $182 million. In 2014, the company sold its natural gas utility business, Alabama Gas Corporation (Alagasco), to

Laclede Group Spire Inc. () is a public utility holding company based in St. Louis, Missouri, providing natural gas service through its regulated core utility operations while engaging in non-regulated activities that provide business opportunities. Its primar ...

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