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Energen GICS Code Changed to Oil & Gas Exploration & Production

^{Published on 2011-06-02 04:35:30 - Market Wire}
 

BIRMINGHAM, Ala.--([ BUSINESS WIRE ])--Energen Corporation (NYSE: EGN) announced today that its industry designation under the Global Industry Classification Standard (GICS) has been changed to Oil & Gas Exploration & Production (GICS 10102020). The new designation became effective at the close of business on May 31, 2011.

Historically a natural gas utility, Energen has focused over the last 15 years on growing its oil and gas exploration and production operations; today, its Energen Resources Corporation subsidiary is a top 20 independent producer on the basis of U.S. proved reserves, and approximately 85 percent of consolidated earnings are generated by Energen Resources.

At year-end 2010, Energen Resourcesa™ proved reserves totaled 303 million barrels of oil equivalents (MMBOE), and the companya™s probable and possible reserves totaled more than 388 MMBOE. During 2011 Energen Resources plans to invest a record $735 million of capital to explore and develop its U.S. holdings, with approximately 90 percent being deployed in the oil-rich Permian Basin of west Texas.

Developed by Standard & Poor's and MSCI Barra, GICS consists of 10 sectors, 24 industry groups, 68 industries and 154 sub-industries.

Energen Corporation (NYSE: EGN) is a top independent producer of oil, natural gas, and natural gas liquids in the United States with more than 690 million barrels of oil-equivalent proved, probable, and possible reserves. These all-domestic reserves are located mainly in the Permian Basin in west Texas and the San Juan Basin in New Mexico and Colorado. Energena™s single-state natural gas utility, Alabama Gas Corporation, is the largest distributor of natural gas in Alabama. Energena™s headquarters are in Birmingham, Alabama. For more information, visit the Energen Corporation Web site at [ http://www.energen.com ].