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) 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 has no active operations;
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, which has no active operations,
is incorporated in England and Wales and is a subsidiary of Taurus
Exploration, Inc.;
i. Taurus Exploration U.S.A., Inc., an oil and gas exploration and
production company and a subsidiary of Taurus Exploration, Inc.; and
j. W&J Propane Gas, Inc., which has no active operations.
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 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:
49,965,000 Mcf
b. Mcf of natural or manufactured gas transported on behalf
of end users: 61,458,000 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: 49,893,000 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, 1996, 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.
<PAGE>
The above-named Claimant has caused this statement to be duly
executed on its behalf by its authorized officer on this 20th day
of February, 1997.
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
Exhibit A
ENERGEN CORPORATION
Consolidating Statement of Income
Year Ended September 30, 1996
Unaudited
(in thousands of dollars)
<TABLE>
<CAPTION>
Energen Alabama Basin W & J EGN American
Consolidated Elims Parent * Gas ** Taurus *** Pipeline Propane Services Heattech
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Operating Revenues
Natural gas distribution $357,252 -- -- $357,252 -- -- -- -- --
Oil and gas production 42,624 -- -- -- 42,624 -- -- -- --
Other 2,158 -- -- -- -- 2,158 -- -- --
Intercompany eliminations (2,592) (2,592) -- -- -- -- -- -- --
- --------------------------------- -----------------------------------------------------------------------------------------------
Total operating revenues 399,442 (2,592) -- 357,252 42,624 2,158 -- -- --
- --------------------------------- -----------------------------------------------------------------------------------------------
Operating Expenses
Cost of gas 178,810 (2,592) -- 181,400 -- -- -- -- 2
Operations 100,822 -- 1,230 81,585 16,794 1,193 -- -- 20
Maintenance 11,078 -- -- 10,956 -- 122 -- -- --
Depreciation,depletion
and amortization 41,118 -- -- 21,269 19,335 514 -- -- --
Taxes,other than income taxes 28,817 -- -- 26,772 2,001 44 -- -- --
- --------------------------------- -----------------------------------------------------------------------------------------------
Total operating expenses 360,645 (2,592) 1,230 321,982 38,130 1,873 -- -- 22
- --------------------------------- -----------------------------------------------------------------------------------------------
Operating income 38,797 -- (1,230) 35,270 4,494 285 -- -- (22)
- --------------------------------- -----------------------------------------------------------------------------------------------
Other Income and (Expense)
Interest expense (13,920) 582 (3) (9,585) (4,747) (149) -- -- (18)
Dividends on preferred
stock of subsidiary -- -- -- -- -- -- -- -- --
Allowance for funds used
during construction 972 -- -- 972 -- -- -- -- --
Other,net 740 (582) 519 (649) 665 -- -- 639 148
- --------------------------------- -----------------------------------------------------------------------------------------------
Total other income (expense) (12,208) -- 516 (9,262) (4,082) (149) -- 639 130
- --------------------------------- -----------------------------------------------------------------------------------------------
Income Before Income Taxes 26,589 -- (714) 26,008 412 136 -- 639 108
Income taxes 5,048 -- (235) 9,047 (4,090) 50 -- 237 39
- --------------------------------- -----------------------------------------------------------------------------------------------
Net Income 21,541 -- (479) 16,961 4,502 86 -- 402 69
- --------------------------------- -----------------------------------------------------------------------------------------------
Retained Earnings @ Beginning
of Period $90,020 ($116,481) $90,020 $87,638 $28,644 -- $1,495 $702 ($1,998)
Less Common Stock Dividends ($12,903) 9,555 (12,903) (9,555)
Net Income From Subsidiares -- (22,020) 22,020
Dividend To/From Parent Company -- -- -- -- -- -- --
- --------------------------------- -----------------------------------------------------------------------------------------------
Retained Earnings @End of Period $98,658 ($128,946) $98,658 $95,044 $33,146 $86 $1,495 $1,104 ($1,929)
================================= ===============================================================================================
* Includes revenues and assets of Graves Well Drilling Co.
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>
Exhibit A
ENERGEN CORPORATION
Consolidating Balance Sheet
September 30, 1996
Unaudited
(in thousands of dollars)
<TABLE>
<CAPTION>
Energen Alabama Basin W & J EGN American
Consolidated Elims Parent * Gas ** Taurus *** Pipeline Propane Services Heattech
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Property Plant and Equipment
Utility Plant 544,643 -- -- $544,643 -- -- -- -- --
Less: A/D 268,110 -- -- 268,110 -- -- -- -- --
- --------------------------------- -----------------------------------------------------------------------------------------------
Utility property, net 276,533 -- -- 276,533 -- -- -- -- --
- --------------------------------- -----------------------------------------------------------------------------------------------
Oil and gas properties 224,469 -- -- -- 224,469 -- -- -- --
Less: A/D 60,152 -- -- -- 60,152 -- -- -- --
- --------------------------------- -----------------------------------------------------------------------------------------------
Oil and gas properties, net 164,317 -- -- -- 164,317 -- -- -- --
- --------------------------------- -----------------------------------------------------------------------------------------------
Other property net 4,066 -- -- 394 1,833 1,709 -- 130 --
- --------------------------------- -----------------------------------------------------------------------------------------------
Property plant and equipment 444,916 -- -- 276,927 166,150 1,709 -- 130 --
- --------------------------------- -----------------------------------------------------------------------------------------------
Current Assets
Cash 2,010 -- (281) 803 1,311 3 10 142 22
Temporary cash investments 15,064 -- -- -- 14,466 -- 598 -- --
Accounts receivable 45,355 (77,904) 67,207 42,266 11,231 366 1,044 1,115 30
Allowance (3,002) -- -- (2,985) -- -- -- (17) --
Inventories 38,335 -- -- 36,459 604 -- -- 1,272 --
Deferred gas cost 1,975 -- -- 1,975 -- -- -- -- --
Prepayments and other 7,563 -- 154 5,149 2,236 26 -- (3) 1
Deferred taxes 7,995 572 -- 6,344 1,021 58 -- -- --
- --------------------------------- -----------------------------------------------------------------------------------------------
Total current assets 115,295 (77,332) 67,080 90,011 30,869 453 1,652 2,509 53
- --------------------------------- -----------------------------------------------------------------------------------------------
Other assets
Notes receivable 1,538 (32,350) 32,350 -- 1,538 -- -- -- --
Deferred charges and other 9,222 (203,228) 187,987 7,467 15,646 1,335 -- 15 --
- --------------------------------- -----------------------------------------------------------------------------------------------
Total other assets 10,760 (235,578) 220,337 7,467 17,184 1,335 -- 15 --
- --------------------------------- -----------------------------------------------------------------------------------------------
Total Assets $570,971 ($312,910) $287,417 $374,405 $214,203 $3,497 $1,652 $2,654 $53
================================= ===============================================================================================
* Includes revenues and assets of Graves Well Drilling Co.
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>
Exhibit A
ENERGEN CORPORATION
Consolidating Balance Sheet
September 30, 1996
Unaudited
(in thousands of dollars)
<TABLE>
<CAPTION>
Energen Alabama Basin W & J EGN American
Consolidated Elims Parent * Gas ** Taurus *** Pipeline Propane Services Heattech
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Capitalization
Common stockholders' equity
Common stock $112 ($74) $112 $20 $50 $1 $1 $1 $1
Treasury Stock -- -- --
Premium on capital stock $86,833 (64,942) 120,711 6,682 20,905 1,298 4 -- 2,175
Capital surplus $2,802 (25,000) -- 27,802 -- -- -- --
Retained earnings $98,658 (97,871) 67,582 95,044 33,146 86 1,495 1,105 (1,929)
- --------------------------------- -----------------------------------------------------------------------------------------------
Total common stkhlders' equity 188,405 (187,887) 188,405 129,548 54,101 1,385 1,500 1,106 247
Minority preferred stock --
Long-term debt 195,545 (32,330) 32,350 125,000 70,525 -- -- -- --
- --------------------------------- -----------------------------------------------------------------------------------------------
Total capitalization 383,950 (220,217) 220,755 254,548 124,626 1,385 1,500 1,106 247
- --------------------------------- -----------------------------------------------------------------------------------------------
Current Liabilities
LTD due in one year 1,805 (20) -- -- 1,825 -- -- -- --
Notes payable to banks 59,000 -- 59,000 -- -- -- -- -- --
Accounts payable 32,659 (77,904) -- 25,270 81,561 1,989 -- 1,478 265
Accrued taxes 17,567 -- 60 18,067 (664) (20) 27 24 73
Customers' deposits 17,364 -- -- 17,364 -- -- -- -- --
Supplier refunds 17,257 -- -- 17,257 -- -- -- -- --
Other amounts due customers 489 -- -- 489 -- -- -- -- --
Accrued wages & benefits 11,584 -- 6,695 4,459 430 -- -- -- --
Other 18,049 572 920 10,610 5,708 68 175 35 (39)
- --------------------------------- -----------------------------------------------------------------------------------------------
Total current liabilities 175,774 (77,352) 66,675 93,516 88,860 2,037 202 1,537 299
- --------------------------------- -----------------------------------------------------------------------------------------------
Deferred Credits and Other
Deferred income taxes 972 (15,341) (13) 16,883 -- -- (75) 11 (493)
Deferred investment tax credits 3,617 -- -- 3,617 -- -- -- -- --
Customer advances for
construction and other 6,658 -- -- 5,841 717 75 25 -- --
- --------------------------------- -----------------------------------------------------------------------------------------------
Total Deferred Credits and Other 11,247 (15,341) (13) 26,341 717 75 (50) 11 (493)
- --------------------------------- -----------------------------------------------------------------------------------------------
Total Capital and Liabilities $570,971 ($312,910) $287,417 $374,405 $214,203 $3,497 $1,652 $2,654 $53
================================= ===============================================================================================
* Includes revenues and assets of Graves Well Drilling Co.
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> <S> <C>
<ARTICLE> OPUR3
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 570,971
<TOTAL-OPERATING-REVENUES> 399,442
<NET-INCOME> 21,541
</TABLE>
