UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM U-3A-2
File No. 69-242
Statement by Holding Company Claiming Exemption Under Rule
U-3A-2 from the Provisions of the Public Utility Holding
Company Act of 1935 (the Act)
To Be Filed Annually Prior to March 1
ENERGEN CORPORATION
(Name of company)
hereby files with the Securities and Exchange Commission (the
Commission), pursuant to Rule 2, its statement claiming exemption
as a holding company from the provisions of the Public Utility
Holding Company Act of 1935, and submits the following information:
1. The claimant Energen Corporation, an Alabama corporation,
is a holding company with the following ten subsidiaries, each of
which (other than Taurus Exploration U.K. Limited and Taurus
Exploration U.S.A., Inc.) is also an Alabama corporation:
a. Alabama Gas Corporation, a natural gas distribution
company;
b. American Heat Tech, Inc., which has an investment in a
company which is in the business of developing and marketing
high temperature combustion products;
c. Basin Pipeline Corp., which is in the business of
gathering and transporting natural gas and coalbed methane;
d. EGN Services, Inc., which is a wholesale distributor of
gas appliances;
e. Graves Well Drilling Company, Inc., which owns a water
well from which it sells water to a municipal water
distribution system;
f. Midtown NGV, Inc., which is in the business of marketing
natural gas as a vehicle fuel and is a subsidiary of Alabama
Gas Corporation;
<PAGE>
g. Taurus Exploration, Inc., an oil and gas exploration and
production company;
h. Taurus Exploration U.K. Limited, an oil and gas
exploration and production company, incorporated in England
and Wales and a subsidiary of Taurus Exploration, Inc.;
i. Taurus Exploration U.S.A., Inc., an oil and gas
exploration and production company incorporated in Delaware
and a subsidiary of Taurus Exploration, Inc.; and
j. W&J Propane Gas, Inc., which during 1994 sold its retail
propane gas business.
The business address of the Claimant and each of its
subsidiaries is:
2101 Sixth Avenue North
Birmingham, Alabama 35203
2. Alabama Gas Corporation, one of the Claimant's
subsidiaries, is a "gas utility company" under the provisions of
Section 2(a)(4) of the Act and is regulated by the Alabama Public Service
Commission. The properties of Alabama Gas Corporation consist
primarily of gas distribution systems serving communities in
central and northwest Alabama. Alabama Gas Corporation also owns
an aggregate 12.4 Bcf of working gas capacity in Southern Natural
Gas Company's underground storage fields located in Monroe County,
Mississippi (Muldon field) and Bienfield Parrish, Louisiana (Bear
Creek field); facilities for the liquefaction, storage, and
revaporization of liquid natural gas; warehouses; office buildings;
and other miscellaneous equipment and property. The Federal Power
Commission (now Federal Energy Regulatory Commission), by order
issued September 21, 1954 in Docket No. G-2575, has declared
Alabama Gas Corporation to be exempt from the provisions of the
Natural Gas Act, 15 U.S.C. 717 (c). Neither Claimant nor any of
its subsidiaries other than Alabama Gas Corporation is a "gas
utility company" under the provisions of Section 2(a)(4) of the
Act.
3. The following is information for the last fiscal year
with respect to Claimant and its subsidiary public utility company,
Alabama Gas Corporation:
a. Mcf of natural or manufactured gas distributed at
retail: 44,896,000 Mcf
b. Mcf of natural or manufactured gas transported on
behalf of end users: 52,635,000 Mcf
<PAGE>
c. Mcf of natural or manufactured gas distributed at
retail outside the State in which each such company
is organized: None
d. Mcf of natural or manufactured gas sold at
wholesale outside the State in which such company
is organized, or at the State line: None
e. Mcf of natural or manufactured gas purchased
outside the State in which each such company is
organized or at the State line: 41,789,000 Mcf
4. The Claimant does not hold directly or indirectly any
interest in an EWG or a foreign utility company.
A consolidating statement of income and retained earnings of
the Claimant and its subsidiary companies for the last fiscal year
ended September 30, 1994, together with a consolidating balance
sheet of Claimant and its subsidiary companies as of the close of
such fiscal year is attached hereto as Exhibit A and made a part
hereof. An EDGAR Financial Data Schedule is attached hereto as
Exhibit B. Exhibit C with respect to an EWG or foreign utility
company is not applicable to Claimant.
The above-named Claimant has caused this statement to be duly
executed on its behalf by its authorized officer on this 15th day
of February, 1995.
ENERGEN CORPORATION
(Name of Claimant)
By
R. J. Lysinger
Its Chairman of the
Board and CEO
CORPORATE SEAL
ATTEST:
By
J. David Woodruff, Jr.
Its Assistant Secretary
Name, title and address of officer to whom notices and
correspondence concerning this statement should be addressed:
J. David Woodruff, Jr.,
Assistant Secretary
2101 Sixth Avenue North
Birmingham, Alabama 35203
<TABLE>
ENERGEN CORPORATION
Consolidating Statement of Income
Year-to-date September 1994
Unaudited
(in thousands of dollars)
<CAPTION>
Consolidated * ** *** Basin W & J EGN **** American
Energen Elims Parent AGC Taurus Pipeline Propane Services Alapipe Heattech
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Operating Revenues
Natural gas distribution $344,637 $0 $0 $344,637 $0 $0 $0 $0 $0 $0
Oil and gas production 25,211 25,211
Other 15,401 2,507 6,282 6,591 21
Intercompany eliminations (8,176) (8,176)
- ------------------- -------------------------------------------------------------------------------------------
Total operating revenues 377,073 (8,176) 0 344,637 25,211 2,507 6,282 6,591 21 0
- ------------------- -------------------------------------------------------------------------------------------
Operating Expenses
Cost of gas 184,458 (4,134) 188,592
Operations 91,787 (4,042) 1,404 72,639 9,454 1,539 4,651 5,979 6 157
Maintenance 9,469 9,147 144 178
DD & A 28,000 17,941 9,065 562 392 24 16
Taxes,other than income 27,451 26,301 991 75 62 8 1 13
- ------------------- -------------------------------------------------------------------------------------------
Total operating expenses 341,165 (8,176) 1,404 314,620 19,510 2,320 5,283 6,011 7 186
- ------------------- -------------------------------------------------------------------------------------------
Operating income 35,908 0 (1,404) 30,017 5,701 187 999 580 14 (186)
- ------------------- -------------------------------------------------------------------------------------------
Other Income (Expense)
Interest expense (11,345) 510 (304) (8,320) (3,058) (52) (53) (61) (7)
AFUDC 465 465
Other,net 5,334 (510) 545 452 786 (158) 2,274 4 1,941
- ------------------- -------------------------------------------------------------------------------------------
Total other inc. (exp) (5,546) 0 241 (7,403) (2,272) (210) 2,221 (57) 0 1,934
- ------------------- -------------------------------------------------------------------------------------------
Income Before Income
Taxes 30,362 (1,163) 22,614 3,429 (23) 3,220 523 14 1,748
Income taxes 6,611 (400) 7,718 (3,032) (8) 1,510 194 9 620
- ------------------- -------------------------------------------------------------------------------------------
Net Income 23,751 0 (763) 14,896 6,461 (15) 1,710 329 5 1,128
- ------------------- -------------------------------------------------------------------------------------------
Retained Earnings 9-30-93 71,039 (29,901) 1,125 74,886 18,679 5,015 2,763 213 35 (1,776)
Less Common Dividends (11,749) 8,695 (11,749) (8,695)
Dividend To Parent 0 9,423 (5,000) (2,978) (40) (1,405)
- ------------------- -------------------------------------------------------------------------------------------
Retained Earnings 9-30-94 $83,041 ($21,206) ($1,964) $81,087 $25,140 $0 $1,495 $542 $0 ($2,053)
=================== ===========================================================================================
* Includes revenues and assets of Graves Well Drilling Co. Inc. which are de minimis in amount
** Includes transactions and balances of its subsidiary Midtown NGV
*** Includes transactions and balances of its subsidiaries Taurus U.K. and Taurus USA
**** Alagasco Pipeline Company discontinued operations and was dissolved during fiscal year 1994.
</TABLE>
<TABLE>
ENERGEN CORPORATION
Consolidating Balance Sheet
September 1994
Unaudited
(in thousands of dollars)
<CAPTION>
Consolidated * ** *** Basin W & J EGN **** American
Energen Elims Parent AGC Taurus Pipeline Propane Services Alapipe Heattech
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Property Plant and Equipment
Utility Plant $464,593 $0 $464,593 $0 $0 $0 $0 $0 $0
Less: A/D 231,327 231,327
- ------------------- -------------------------------------------------------------------------------------------
Utility property, net 233,266 0 0 233,266 0 0 0 0 0 0
- ------------------- -------------------------------------------------------------------------------------------
Oil and gas properties 92,355 92,355
Less: A/D 43,052 43,052
- ------------------- -------------------------------------------------------------------------------------------
Oil and gas properties, net 49,303 0 0 0 49,303 0 0 0 0 0
- ------------------- -------------------------------------------------------------------------------------------
Other property net 4,613 0 183 2,453 1,876 0 101 0
- ------------------- -------------------------------------------------------------------------------------------
Total PP & E 287,182 0 0 233,449 51,756 1,876 0 101 0 0
- ------------------- -------------------------------------------------------------------------------------------
Current Assets
Cash 580 919 156 (702) 6 16 149 36
Temporary cash investments 26,946 25,652 0 1,294
Accounts receivable 36,182 (12,078) 10,754 25,047 10,226 588 664 952 29
Allowance (2,037) (2,000) 0 0 (37)
Inventories 35,301 33,400 581 0 1,320
Deferred gas cost 1,460 1,460 0 0
Prepayments and other 3,117 14 2,595 289 26 182 11
Deferred taxes 7,542 522 5,724 1,011 143 68 29 45
- ------------------- -------------------------------------------------------------------------------------------
Total current assets 109,091 (12,078) 12,209 66,382 37,057 763 2,224 2,424 0 110
- ------------------- -------------------------------------------------------------------------------------------
Other assets
Notes receivable 3,911 (39,636) 39,636 0 3,911
Def. charges and other 11,130 (171,882) 160,231 9,074 12,070 1,285 19 333
- ------------------- -------------------------------------------------------------------------------------------
Total other assets 15,041 (211,518) 199,867 9,074 15,981 1,285 0 19 0 333
- ------------------- -------------------------------------------------------------------------------------------
Total Assets $411,314 ($223,596)$212,076 $308,905 $104,794 $3,924 $2,224 $2,544 $0 $443
=================== ===========================================================================================
* Includes revenues and assets of Graves Well Drilling Co. Inc. which are de minimis in amount
** Includes transactions and balances of its subsidiary Midtown NGV
*** Includes transactions and balances of its subsidiaries Taurus U.K. and Taurus USA
**** Alagasco Pipeline Company discontinued operations and was dissolved during fiscal year 1994.
</TABLE>
<TABLE>
ENERGEN CORPORATION
Consolidating Balance Sheet
September 1994
Unaudited
(in thousands of dollars)
<CAPTION>
Consolidated * ** *** Basin W & J EGN **** American
Energen Elims Parent AGC Taurus Pipeline Propane Services Alapipe Heattech
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Capitalization
Common stockholders' equity
Common stock $109 ($74) $109 $20 $50 $1 $1 $1 $0 $1
Premium on capital stock 81,073 (8,138) 76,341 6,682 5,451 238 499
Capital surplus 2,802 (76,559) 38,610 27,802 8,400 2,869 4 1,676
Retained earnings 83,042 (75,135) 51,966 81,087 25,140 0 1,495 542 0 (2,053)
- ------------------- -------------------------------------------------------------------------------------------
Total common equity 167,026 (159,906) 167,026 115,591 39,041 3,108 1,500 543 0 123
Minority preferred stock 0
Long-term debt 118,302 (39,636) 39,636 84,391 33,911
- ------------------- -------------------------------------------------------------------------------------------
Total capitalization 285,328 (199,542) 206,662 199,982 72,952 3,108 1,500 543 0 123
- ------------------- -------------------------------------------------------------------------------------------
Current Liabilities
LTD due in one year 10,123 1,575 2,823 5,725
Notes payable to banks 6,000 2,000 4,000 0
Accounts payable 27,480 (12,078) 0 19,134 18,064 357 12 1,914 77
Accrued taxes 13,083 (2,745) 14,241 717 41 536 49 244
Customers' deposits 17,462 0 17,462 0
Supplier refunds 832 0 832 0
Other amounts due customer 10,902 0 10,902 0
Accrued wages & benefits 9,662 3,350 5,659 641 12
Other 15,129 1,234 7,605 6,034 93 146 18 (1)
- ------------------- -------------------------------------------------------------------------------------------
Total current liabilities 110,673 (12,078) 5,414 82,658 31,181 491 694 1,993 0 320
- ------------------- -------------------------------------------------------------------------------------------
Deferred Credits and Other
Deferred income taxes 1,706 (11,976) 13,704 (30) 8
Deferred ITC 4,590 4,590
Customer advances and othe 9,017 7,971 661 325 60
- ------------------- -------------------------------------------------------------------------------------------
Total Def. Credits and Other 15,313 (11,976) 0 26,265 661 325 30 8 0 0
- ------------------- -------------------------------------------------------------------------------------------
Total Capital & Liabilities $411,314 ($223,596)$212,076 $308,905 $104,794 $3,924 $2,224 $2,544 $0 $443
=================== ===========================================================================================
* Includes revenues and assets of Graves Well Drilling Co. Inc. which are de minimis in amount
** Includes transactions and balances of its subsidiary Midtown NGV
*** Includes transactions and balances of its subsidiaries Taurus U.K. and Taurus USA
**** Alagasco Pipeline Company discontinued operations and was dissolved during fiscal year 1994.
</TABLE>
<TABLE> <S> <C>
<ARTICLE> OPUR3
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FINANCIAL STATEMENTS OF ENERGEN CORPORATION FOR THE YEAR ENDED
SEPTEMBER 30, 1994, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000277595
<NAME> ENERGEN CORPORATION
<MULTIPLIER> 1,000
<C> <S>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1994
<PERIOD-END> SEP-30-1994
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 411,314
<TOTAL-OPERATING-REVENUES> 377,073
<NET-INCOME> 23,751
</TABLE>
