Energen tops expectations, ups annual output forecast [Reuters]
ENERGEN (EGN)
Last energen earnings: 11/6 04:15 pm
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Source: Reuters
Energen tops expectations, ups annual output forecast | Reuters Reuters Staff 2 Min Read (Reuters) - Oil and gas company Energen Corp ( EGN.N ) reported higher-than-expected first-quarter profit on Tuesday and raised its production guidance for the year as it seeks to reap the benefits of $70-a-barrel crude. For the year, the company said it now expects annual production in the range of 92,000-99,000 barrels of oil equivalent per day (boe/d) up from the 91,500-98,500 it forecast along with fourth-quarter results in February. “We are pleased to report that we have all of the rigs and services lined up to execute on our 2018 drilling and development plans,” said Chief Executive Officer James McManus. Energen has been shedding non-core assets to focus on its core assets in the Permian basin, the mainly Texas-based oilfield that is the United States’ largest. The company had previously set a three-year timeline to improve production from Delaware and Midland, the two main portions of th
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