Oil and natural gas company Energen has reported a net income of $321.9 million, or $4.47 per diluted share, for 2008, compared to $309.2 million, or $4.28 per diluted share, for 2007.
According to the company, for the three months ended December 31, 2008, it has reported a net income of $65.3 million, or $0.91 per diluted share, compared to $79.4 million, or $1.10 per diluted share, in the same period of 2007.
Energen has reported total operating revenues of $375.79 million for the three months ended December 31, 2008, compared to $351.45 million for the same period of 2007.
The company has reported total operating revenues of $1.57 billion for the year 2008, compared to $1.43 billion for the year 2007.
James McManus, chairman and CEO of Energen, said: “The year 2008 was marked by economic highs and lows and we are pleased that Energen’s earnings continued to grow.”
The oil company said that it is planning to invest approximately $10-$15 million during 2009 to drill additional shale wells, test alternative completion techniques and/or complete other zones in the existing test wells.
Energen’s 2009 capital budget has been reduced from $295 million to $225 million. This $70 million reduction reflects some $50 million in drilling cuts and approximately $20 million of cost-related cuts.
