Number of employees 500-100 (2013) Founded 1998 | Website [1] | |
Industry Energy Exploration and Production Key people James T. McManus II, Chief Executive OfficerCharles W. Porter, Jr., Chief Financial OfficerJohn S. Richardson, Chief Operating Officer Products Oil and Natural Gas Exploration and Production Revenue $217 million USD (2013) Type of business Subsidiary of Energen Corporation | ||
Energen Resources Corporation is the subsidiary of Energen Corporation, an oil and gas exploration and production company with headquarters in Birmingham, Alabama. The company has approximately 775 million barrels of oil-equivalent proved, probable, and possible reserves and another 2.5 billion barrels of oil-equivalent contingent resources. These all-domestic reserves and resources are located primarily in the Permian Basin in west Texas. Energen also has operations in the San Juan Basin in northern New Mexico.
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History
In 1999, Energen Resources Corporation completed the sale of its interest in 33 federal Gulf of Mexico blocks to Bellwether Exploration Company (Nasdaq: BELW) of Houston for $17 million.
On April 8, 2002, Energen Resources, the oil and gas acquisition and exploitation subsidiary of Energen Corporation, completed its planned acquisition of Permian Basin oil properties.
On August 2, 2004, Energen Resources closed on its previously announced purchase of San Juan Basin coalbed methane properties from a private company, for an adjusted purchase price of $263 million.
From 2009-2012, ERC invested about $1 billion in acquisitions to increase land position in the Permian Basin and accelerate oil growth.
In 2013 ERC sold its Black Warrior properties so that it could focus on developing Permian Basin properties.
Trivia
Energen owns the first producing well to be discovered in the Permian Basin. It is located in their field in Westbrook, TX.