Energen history

Shareholder values were negatively affected by this limited growth potential, so in 1979 Energen was formed as a holding company for Alagasco's increased earnings and enhanced shareholder value.

In 1983, the APSC abandoned the traditional utility rate case process in favor of a rate-setting mechanism--RSE&mdashø give state utilities opportunities to earn a return on average equities within a specified range.

In light of these developments, industry analysts expected Energen's earnings to increase about 16 percent in 1988.

When the tax credits ceased in 1992, the project was no longer a viable vehicle for long-term growth.

In May 1994, Energen offered a stock repurchase plan.

In 1995, Energen introduced a strategic plan for developing Taurus as an oil and gas exploration and production subsidiary.

Alagasco likewise earned 13.2 percent return on average equity in 1996, marking a record net income for the sixth consecutive year.

Net annual production from the property exceeded 4.5 billion cubic feet, and production on 43 percent of the wells qualified to receive the non-conventional fuels tax credit through the year 2000.

In 2002, an Energen Resources acquired properties in the Permian Basin for $120 million in cash and $70 million in stock.

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.