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;
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:
39,806,000 Mcf
b. Mcf of natural or manufactured gas transported on behalf of
end users: 61,640,000 Mcf
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: 38,191,000 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, 1995, 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(EDGAR EX-27).
Exhibit C with respect to an EWG or foreign utility company is not
applicable to Claimant.
<PAGE>
The above-named Claimant has caused this statement to be duly executed
on its behalf by its authorized officer on this 21st day of February, 1996.
ENERGEN CORPORATION
(Name of Claimant)
By /s/R. J. Lysinger
R. J. Lysinger
Its Chairman of the
Board
CORPORATE SEAL
ATTEST:
By /s/J. David Woodruff, Jr.
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>
EXHIBIT A
ENERGEN CORPORATION
Consolidating Statement of Income
Year Ended September 30, 1995
Unaudited
(in thousands of dollars)
<CAPTION>
Energen Alabama Taurus Basin W & J EGN American
Consolidated Elims Parent * Gas ** *** Pipeline Propane Services Heattech
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Operating Revenues
Natural gas distribution 295,967 -- -- $295,967 -- -- -- -- --
Oil and gas production 23,655 $23,655
Other 9,001 $2,298 -- $6,703
Intercompany eliminations (7,419) (7,419)
- ----------------------------------- ---------------------------------------------------------------------------------------------
Total operating revenues 321,204 (7,419) -- 295,967 23,655 2,298 -- 6,703 --
- ----------------------------------- ---------------------------------------------------------------------------------------------
Operating Expenses
Cost of gas 130,220 (3,340) 133,556 -- 4
Operations 95,509 (4,079) 1,199 78,139 12,504 1,404 -- 6,295 47
Maintenance 9,849 9,727 122 -- --
DD&A 29,577 19,370 9,767 419 -- 21 --
Taxes,other than income taxes 23,640 22,662 901 63 -- 11 3
- ----------------------------------- ---------------------------------------------------------------------------------------------
Total operating expenses 288,795 (7,419) 1,199 263,454 23,172 2,008 -- 6,327 54
- ----------------------------------- ---------------------------------------------------------------------------------------------
Operating income 32,409 -- (1,199) 32,513 483 290 -- 376 (54)
- ----------------------------------- ---------------------------------------------------------------------------------------------
Other Income and (Expense)
Interest expense (11,818) 690 (116) (9,652) (2,594) (6) -- (125) (15)
AFUDC 1,054 1,054 -- --
Other,net 1,344 (690) 822 (112) 1,158 18 -- 6 142
- ----------------------------------- ---------------------------------------------------------------------------------------------
Total other income (expense) (9,420) -- 706 (8,710) (1,436) 12 -- (119) 127
- ----------------------------------- ---------------------------------------------------------------------------------------------
Income Before Income Taxes 22,989 -- (493) 23,803 (953) 302 -- 257 73
Income taxes 3,681 -- (170) 8,082 (4,456) 110 -- 97 18
- ----------------------------------- ---------------------------------------------------------------------------------------------
Net Income 19,308 -- (323) 15,721 3,503 192 -- 160 55
- ----------------------------------- ---------------------------------------------------------------------------------------------
Retained Earnings @ 9-30-94 $83,042 ($21,206) ($1,964) $81,087 $25,141 -- $1,495 $542 ($2,053)
Less Common Stock Dividends ($12,330) 9,170 (12,330) (9,170)
Dividend To/From Parent Company -- 192 -- -- -- (192) -- -- --
- ----------------------------------- ---------------------------------------------------------------------------------------------
Retained Earnings @ 9-30-95 $90,020 ($11,844) ($14,617) $87,638 $28,644 -- $1,495 $702 ($1,998)
=================================== =============================================================================================
* 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
</TABLE>
<TABLE>
EXHIBIT A
ENERGEN CORPORATION
Consolidating Balance Sheet
September 30, 1995
Unaudited
(in thousands of dollars)
<CAPTION>
Energen Alabama Taurus Basin W & J EGN American
Consolidated Elims Parent * Gas ** *** Pipeline Propane Services Heattech
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Property Plant and Equipment
Utility Plant 504,371 -- $504,371 -- -- -- -- --
Less: A/D 247,926 247,926
- ----------------------------------- ---------------------------------------------------------------------------------------------
Utility property, net 256,445 -- -- 256,445 -- -- -- -- --
- ----------------------------------- ---------------------------------------------------------------------------------------------
Oil and gas properties 117,339 117,339
Less: A/D 51,170 51,170
- ----------------------------------- ---------------------------------------------------------------------------------------------
Oil and gas properties, net 66,169 -- -- -- 66,169 -- -- -- --
- ----------------------------------- ---------------------------------------------------------------------------------------------
Other property net 4,650 -- 193 2,118 2,231 -- 108 --
- ----------------------------------- ---------------------------------------------------------------------------------------------
Property plant and equipment 327,264 -- -- 256,638 68,287 2,231 -- 108 --
- ----------------------------------- ---------------------------------------------------------------------------------------------
Current Assets
Cash 1,824 138 727 739 6 20 164 30
Temporary cash investments 34,871 33,571 -- 1,300
Accounts receivable 33,346 (39,920) 38,877 25,359 6,736 772 325 1,167 30
Allowance (2,533) (2,000) (528) -- (5)
Inventories 31,526 -- 29,675 574 -- 1,277
Deferred gas cost 1,426 -- 1,426 -- --
Prepayments and other 8,904 8,623 181 26 69 5
Deferred taxes 9,667 548 -- 7,416 1,508 195 -- -- --
- ----------------------------------- ---------------------------------------------------------------------------------------------
Total current assets 119,031 (39,372) 39,015 71,226 42,781 999 1,714 2,608 60
- ----------------------------------- ---------------------------------------------------------------------------------------------
Other assets
Notes receivable 3,095 (33,375) 33,375 -- 3,095
Deferred charges and other 9,694 (186,079) 173,025 7,403 14,032 1,295 17 1
- ----------------------------------- ---------------------------------------------------------------------------------------------
Total other assets 12,789 (219,454) 206,400 7,403 17,127 1,295 -- 17 1
- ----------------------------------- ---------------------------------------------------------------------------------------------
Total Assets $459,084 ($258,826) $245,415 $335,267 $128,195 $4,525 $1,714 $2,733 $61
=================================== =============================================================================================
* 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
</TABLE>
<TABLE>
EXHIBIT A
ENERGEN CORPORATION
Consolidating Balance Sheet
September 30, 1995
Unaudited
(in thousands of dollars)
<CAPTION>
Energen Alabama Taurus Basin W & J EGN American
Consolidated Elims Parent * Gas ** *** Pipeline Propane Services Heattech
<S> <C> <C> <C> <C> <C> <C> <S> <C> <C>
Capitalization
Common stockholders' equity
Common stock $109 ($74) $109 $20 $50 $1 $1 $1 $1
Treasury Stock (250) ($250)
Premium on capital stock 81,243 (62,389) 115,121 6,682 18,351 1,299 4 2,175
Capital surplus 2,802 (25,000) -- 27,802
Retained earnings 90,020 (85,405) 58,944 87,638 28,644 -- 1,495 702 (1,998)
- ----------------------------------- ---------------------------------------------------------------------------------------------
Total common stkhlders' equity 173,924 (172,868) 173,924 122,142 47,045 1,300 1,500 703 178
Minority preferred stock --
Long-term debt 131,600 (33,375) 33,375 100,000 31,600
- ----------------------------------- ---------------------------------------------------------------------------------------------
Total capitalization 305,524 (206,243) 207,299 222,142 78,645 1,300 1,500 703 178
- ----------------------------------- ---------------------------------------------------------------------------------------------
Current Liabilities
LTD due in one year 1,775 -- -- 1,775
Notes payable to banks 32,300 32,300 -- --
Accounts payable 32,242 (39,920) -- 26,160 40,884 2,698 -- 2,069 351
Accrued taxes 11,339 102 10,236 917 31 28 (43) 68
Customers' deposits 18,218 -- 18,218 --
Supplier refunds 3,315 -- 3,315 --
Other amounts due customers 13,231 -- 13,231 --
Accrued wages & benefits 10,955 5,205 5,228 522
Other 14,923 548 511 9,444 4,228 71 156 7 (42)
- ----------------------------------- ---------------------------------------------------------------------------------------------
Total current liabilities 138,298 (39,372) 38,118 85,832 48,326 2,800 184 2,033 377
- ----------------------------------- ---------------------------------------------------------------------------------------------
Deferred Credits and Other
Deferred income taxes 2,540 (13,211) (2) 16,343 (93) (3) (494)
Deferred investment tax credits 4,103 4,103
Customer advances and other 8,619 6,847 1,224 425 123
- ----------------------------------- ---------------------------------------------------------------------------------------------
Total Deferred Credits and Other 15,262 (13,211) (2) 27,293 1,224 425 30 (3) (494)
- ----------------------------------- ---------------------------------------------------------------------------------------------
Total Capital and Liabilities $459,084 ($258,826) $245,415 $335,267 $128,195 $4,525 $1,714 $2,733 $61
=================================== =============================================================================================
* 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
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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 30,1995, and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<CIK> 0000277595
<NAME> ENERGEN CORPORATION
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> SEP-30-1995
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 459,084
<TOTAL-OPERATING-REVENUES> 321,204
<NET-INCOME> 19,308
</TABLE>
