Energen Slips To Loss

(RTTNews) - Energen Corp (EGN) on Wednesday reported first-quarter net loss of $15.4 million or $0.21 per share compared with a profit of $53.3 million or $0.73 per share last year.

Excluding non-cash mark-to-market losses and other items, adjusted earnings for the quarter were $0.05 per share compared with $0.33 per share a year ago.

Revenues for the quarter were lower at $221.9 million compared with $297.4 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.07 per share on revenues of $252.2 million for the quarter. Analysts' estimates typically exclude special items.

Results were hurt as the company saw lower realized prices for oil and natural gas liquids.

Production for the quarter rose 12% from a year ago to 54,100 boepd.

Energen said its estimate of 2015 production (excluding volumes from the company's San Juan Basin divestiture) has been revised to reflect first-quarter results that were about 0.3 MMBOE higher than expected.

Production in 2015 is now estimated to range from 21.7 to 22.7 MMBOE (59,452 to 62,192 boepd), with a midpoint of 22.2 MMBOE (60,729 boepd).

Energen's total capital spending in 2015 remains essentially unchanged at $1 billion.