Energen Turns To Profit In Q3, Lifts 2014 Production Outlook

(RTTNews) - Oil and gas company Energen Corp. (EGN) reported third-quarter net income of $457.25 million or $6.22 per share, compared to net loss of $19.30 million or $0.27 per share in the year-ago period.

Adjusted income from continuing operations for the quarter were $45.23 million or $0.62 per share, compared to $46.57 million or $0.64 per share in the year-ago period.

On average, seventeen analysts polled by Thomson Reuters expected the company to report earnings of $0.48 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter surged to $497.76 million from $272.04 million in the same period last year. Analysts had a consensus revenue estimate of $329.40 million.

Looking ahead to the fourth quarter, Energen maintained its production guidance midpoint of 6.9 MMBOE or 75,000 boepd, within a range of 6.6 MMBOE to 7.2 MMBOE, or 71,740 to 78,260 boepd.

For 2014, the company now estimates production guidance midpoint to increase 0.5 MMBOE to 25.9 MMBOE, or 70,950 boepd. Energen is both raising and narrowing its 2014 production guidance range to 25.6 to 26.2 MMBOE, or 70,135-71,780 boepd.

Energen said that in 2015, it anticipates sale of majority of its gas assets in San Juan Basin as well as assets in the northeast quadrant of Glasscock County located in the Eastern Shelf of the Permian Basin.