Energen Corporation Boosts Quarterly Cash Dividend by 3.6%

Energen Corporation, a diversified energy company, announced a 3.6 percent increase in its quarterly cash dividend to 29 cents per share, marking the 13th consecutive annual dividend increase since the company's formation in 1953. The new dividend rate is payable on September 1 to shareholders of record on August 15. This move reflects the company's commitment to maintaining a stable dividend payment history, despite lower net income due to lower natural gas prices affecting its oil and gas exploration and production segment.

Key Takeaways:

• Energen Corporation increased its quarterly cash dividend by 3.6 percent to 29 cents per share, payable on September 1 to shareholders of record on August 15.
• The new dividend rate represents the 13th consecutive annual dividend increase since the company's formation in 1953.
• The quarterly cash dividend increase reflects the company's commitment to maintaining a stable dividend payment history.
• Energen's annual dividend rate was raised from $1.12 per share to $1.16 per share due to the dividend increase.
• Taurus Exploration, the company's oil and gas exploration and production segment, reported lower natural gas production volumes and lower coalbed methane operating fees resulting from lower natural gas prices.
• Earnings at Alagasco, Energen's natural gas utility, were virtually unchanged.
• For the 12 months ended June 30, 1995, Energen's net income totaled $20,888,000, or $1.91 per share.

Statistics:

• Energen Corporation's quarterly cash dividend increase: 3.6 percent
• New quarterly cash dividend rate: 29 cents per share
• Annual dividend rate increase: $0.04 per share
• Net income for the three months ended June 30, 1995: $1,129,000, or 10 cents per share
• Net income for the 12 months ended June 30, 1995: $20,888,000, or $1.91 per share

Sources:

• "Energen Corporation Boosts Quarterly Cash Dividend." PRNewswire, July 26, 1995.
• Energen Corporation 1995 Second Quarter Earnings Release.