 | Your browser does not display parts of our website correctly. We use the latest technology available to provide you with a high quality experience; please upgrade your browser to its latest version to view the contents properly: |
Energen Corporation (EGN) engages in the exploration, development, and production of oil, natural gas liquids, and natural gas.
The company has operations within the Midland Basin, the Delaware Basin, and the Central Basin Platform areas of the Permian Basin in west Texas and New Mexico.
As of December 31, 2017, it had a total proved reserves of 444 million barrel of oil equivalent. Of these reserves, 95% were located in the Permian Basin and 5% were located in the San Juan Basin in northern New Mexico.
Energen is focused on return-driven growth from the drilling and development of multiple horizontal shale formations in the Delaware and Midland basins using its Generation 3 frac design.
The majority of the company's Gen 3 wells have been drilled in multi-zone patterns and completed in batches at original reservoir pressure. The Corporation's utility subsidiary, Alabama Gas Corporation, is the largest natural gas distribution utility in the State of Alabama.
The Corporation's oil and gas exploration and production activities are conducted by its subsidiary, Taurus Exploration, Inc. and its subsidiary.
Shares have formed a bullish "cup and handle" and are expected to move higher out of this formation.
Entry Point: $74.00
Stop Loss: $70.25
Trading Range: $47.74 - $78.30
Target Price: $81.40
EGN closed at $72.12
