SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
Annual Report Pursuant to Section 15(d) of
the Securities Exchange Act of 1934
For the fiscal year ended December 31, 1996
Commission File No. 33-46641
ENERGEN CORPORATION EMPLOYEE SAVINGS PLAN
(Full title of the plan)
ENERGEN CORPORATION
2101 Sixth Avenue North
Birmingham, Alabama 35203
Required Information. The Plan is subject to the Employee Retirement Income
Security Act of 1974 ("ERISA"). Therefore, in lieu of the requirements of
Items 1-3 of Form 11-K, the financial statements and schedules of the Plan for
the two fiscal years ended December 31, 1996 and 1995, which have been
prepared in accordance with the financial reporting requirements of ERISA, and
the consent of Coopers & Lybrand, are filed as a part of this annual report:
Signatures. Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the Plan) have duly caused
this annual report to be signed on its behalf by the undersigned hereunto duly
authorized.
ENERGEN CORPORATION EMPLOYEE SAVINGS PLAN
/s/ W. D. Self June 25, 1997
W. D. Self Date
Chairman of Energen Benefits Committee and
Vice President - Human Resources and
Administration, Energen Corporation
/s/ G. C. Ketcham June 25, 1997
G. C. Ketcham Date
Member of Energen Benefits Committee and
Executive Vice President, CFO and Treasurer,
Energen Corporation
<PAGE>
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the registration statement on
Form S-8 (file No. 33-46641) of our report dated June 9, 1997 on our audits of
the financial statements and supplemental schedules of Energen Corporation
Employee Savings Plan as of December 31, 1996 and 1995, and for the years then
ended, which report is included in this Annual Report on Form 11-K.
/s/ COOPERS & LYBRAND L.L.P.
Birmingham, Alabama
June 25, 1997
ENERGEN CORPORATION EMPLOYEE SAVINGS PLAN
Financial Statements And Supplemental Schedules
for the years ended December 31, 1996 and 1995
Energen Corporation Employee Savings Plan
Table of Contents
Pages
Report of Independent Accountants 1
Financial Statements:
Statements of Participants' Balances December 31, 1996 and 1995 2
Statements of Changes in Participants' Balances
for the years ended December 31, 1996 and 1995 3
Notes to Financial Statements 4 - 10
Supplemental Schedules:
*Item 27a - Schedule of Assets Held for Investment Purposes
as of December 31, 1996 11
*Item 27d - Schedule of Reportable Transactions
for the year ended December 31, 1996 12 - 13
* Refers to item number in Form 5500(Annual Return/Report of Employee
Benefit Plan)for plan year ended December 31, 1996.<PAGE>
Report of Independent Accountants
To the Energen Benefits Committee
Energen Corporation Employee Savings Plan
We have audited the financial statements of the Energen Corporation Employee
Savings Plan listed in the accompanying table of contents, as of December 31,
1996 and 1995, and for the years then ended. These financial statements are
the responsibility of the Energen Benefits Committee. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Energen Corporation Employee
Savings Plan as of December 31, 1996 and 1995, and the changes in
participants' balances for the years then ended, in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules listed in
the index on page 1 are presented for the purpose of additional analysis and
are not a required part of the basic financial statements but are
supplementary information required by the Department of Labor's Rules and
Regulations for reporting and disclosure under the Employee Retirement Income
Security Act of 1974. The supplemental schedules have been subjected to the
auditing procedures applied in the audits of the basic financial statements
and, in our opinion, are fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
/s/ COOPERS & LYBRAND L.L.P.
Birmingham, Alabama
June 9, 1997
1<PAGE>
Energen Corporation
Employee Savings Plan
Statements of Participants' Balances
December 31, 1996 and 1995
<TABLE>
<CAPTION>
ASSETS 1996 1995
<S> <C> <C>
Investment in Energen Corporation
common stock(cost $26,296,438 and
$22,997,501 at December 31, 1996
and 1995, respectively) $40,347,108 $29,494,001
Other investments (cost $24,904,288
and $21,140,606 at December 31,
1996 and 1995, respectively) 29,533,539 23,985,641
Loans to participants 4,213,494 3,681,119
Cash surrender value of life insurance 93,956 87,204
Employer contributions receivable 558,214 551,977
Employee contributions receivable 268,391 255,280
Interest, dividends, and other
receivables 29,256 24,220
$75,043,958 $58,079,442
LIABILITIES AND PARTICIPANTS' BALANCES
Participants' balances $75,043,958 $58,079,442
</TABLE>
The accompanying notes are an integral part of these financial statements.
2<PAGE>
Energen Corporation Employee Savings Plan
Statements of Changes in Participants' Balances
for the years ended December 31, 1996 and 1995
<TABLE>
<CAPTION>
1996 1995
<S> <C> <C>
Additions:
Employer contributions $ 3,000,871 $2,969,517
Employee contributions 3,081,909 3,120,720
Interest and dividend income 3,433,734 2,784,352
Net appreciation in the fair value
of investments 10,523,358 5,767,839
Increase (decrease) in cash
surrender value 14,078 (8,269)
Other receipts 71,962 34,440
20,125,912 14,668,599
Deductions:
Distributions to participants 3,152,095 3,589,138
Insurance premiums 7,326 11,260
Fees and other distributions 1,975 1,700
3,161,396 3,602,098
Net increase 16,964,516 11,066,501
Participants' balances:
Beginning of year 58,079,442 47,012,941
End of year $75,043,958 $58,079,442
</TABLE>
The accompanying notes are an integral part of these financial statements.
3
<PAGE>
Energen Corporation Employee Savings Plan
Notes to Financial Statements
1. Description of Plan
General - The Energen Corporation Employee Savings Plan is a defined
contribution plan covering substantially all employees of Energen
Corporation, Alabama Gas Corporation, Taurus Exploration, Inc., Alagasco
Pipeline Company, Taurus Exploration USA, Inc., EGN Services, Inc. and Basin
Pipeline Corporation (collectively referred to as the Company).
Employees are eligible to participate in the Plan after completing six
months of service as defined in the Plan. Individual accounts are maintained
for each participant in the Plan and are adjusted for allocation of assets
purchased with the Company Employee Stock Ownership Plan (ESOP)
contribution, employee contributions, Company matching contribution, and
investment income. An administrative committee and a trustee are appointed
by the Company to administer the Plan and trust, respectively. The Company
generally absorbs the administrative expenses of the Plan.
Contributions - Contributions to the Plan consist of employee elective
contributions, Company matching and ESOP contributions, and rollover
contributions. Employee elective contributions, if any, are made in an
amount equal to any whole percentage of the employee's compensation,
generally not to exceed 15% thereof and not less than 2% thereof. Company
matching contributions are presently being funded at the end of each month.
This contribution is currently 50% of each employee's elective contribution
up to 6% of the employee's compensation, such contribution level being at
the discretion of the board of directors of the Company. Contributions by
highly compensated employees are subject to certain limitations as
prescribed by the Plan.
Company ESOP contributions are presently being funded each quarter and are
at the discretion of the board of directors. The formula used to allocate
the ESOP contribution is determined annually. Current contribution levels
range from 2.25% to 7% of the employee's annual compensation, based on the
employee's age. The amount of forfeited nonvested accounts at December 31,
1996 was approximately $14,000 and was held primarily in the Vanguard Money
Market Reserve-Prime Portfolio account. The Company plans to use all of this
amount to reduce its future contributions to the Plan.
Vesting - Each participant has a fully vested and nonforfeitable right in
any elective and rollover contributions and earnings thereon. A
participant's matching and ESOP contribution accounts become fully vested
upon the earlier of normal retirement, disability, death, termination of the
Plan, three years of service as a plan member, or five years of service.
4<PAGE>
Energen Corporation Employee Savings Plan
Notes to Financial Statements (continued)
Individual Accounts - Each participant has an individual account which is
divided into an elective contribution account, a matching contribution
account, an ESOP contribution account, and a rollover account. Purchases
of stock are allocated to individual participants' elective, matching, and
ESOP accounts as set forth in the Plan. Stock purchased with the Company
matching contributions is allocated based on the ratio of a participant's
compensation, as defined in the Plan, for the plan year to total
compensation of all such participants for the plan year. Stock purchased
with cash dividends or with the proceeds of other distributions from the
Plan's assets and stock received in kind by the trustee as a stock split,
dividend, or other distribution of stock so held is allocated based on the
ratio of a participant's account balance to the total account balances of
all participants as of the record dates of the dividend or distribution.
Cash dividends attributable to shares which have not yet been
allocated to individual participants' accounts shall be used to purchase
shares for allocation in the same manner that shares purchased with the
Company matching contributions are allocated.
Investments - As of December 31, 1996, participants may elect one of
fourteen options: The Vanguard Money Market Reserves - Prime Portfolio, a
money market fund with a portfolio of high quality money market
instruments that mature in one year or less; the Vanguard/Wellington Fund,
a balanced fund which invests in bonds and common stocks; the Vanguard
Index Trust - 500 Portfolio, a growth and income fund that invests in all
of the stocks included in the Standard and Poor's 500 Index in
approximately the same proportions as they are represented in the S&P 500
Index; the Vanguard/Windsor II, a growth and income fund which invests in
common stocks; the Vanguard/Morgan Growth Fund, a growth fund which
invests in a portfolio of common stocks; the Vanguard International Growth
Portfolio, a growth fund which invests in the common stocks of companies
based outside of the United States; the Vanguard Fixed Income Securities
Fund - Long-Term Corporate Portfolio, an income fund which invests in a
diversified portfolio of long-term investment-grade bonds; the Energen
Stock Fund, which invests exclusively in the stock of Energen Corporation;
the Vanguard Fixed Income Securities Fund - Intermediate-Term Corporate
Portfolio, an income fund which invests in corporate bonds, U.S. Treasury
and Government agency securities that mature in five to twelve years; the
Vanguard Index Trust - Small Capitalization Stock Portfolio, an aggressive
growth stock fund which invests in stocks from the Russell 2000 Index and
is constructed so that, in the aggregate, the Portfolio's industry
capitalization and fundamental characteristics resemble those of the
Russell 2000; the Vanguard Life Strategy Funds - Growth Portfolio,
Vanguard Life Strategy Funds - Moderate Growth Portfolio, Vanguard Life
Strategy Funds - Conservative Growth Portfolio, and Vanguard Life Strategy
Funds - The Income Portfolio, funds which invest in carefully selected
portfolios of Vanguard Mutual Funds.
5
Prior to December 31, 1986, there was a life insurance option available to
participants of the Plan. No new contracts may be purchased under this option;
however, participants that were enrolled in this option may still contribute to
this fund which invests in universal life insurance policies. The number of
employees participating in each option as of December 31, 1996 and 1995 is as
follows:
1996 1995
Vanguard Money Market Reserves - Prime
Portfolio 941 1014
Vanguard Fixed Income Securities Fund -
Long-Term Corporate Portfolio 284 290
Vanguard/Wellington Fund 625 610
Vanguard Index Trust - 500 Portfolio 836 804
Vanguard/Windsor II 477 401
Vanguard/Morgan Growth Fund 547 511
Vanguard International Growth Portfolio 357 343
Energen Stock Fund 1519 1533
Insurance 39 21
Loan Fund 646 630
Vanguard Index Small Capitalization
Stock Portfolio 55 32
Vanguard Life Strategy Funds - The
Income Portfolio 6 3
Vanguard Life Strategy Funds -
Conservative Growth Portfolio 18 11
Vanguard Fixed Income Securities Fund -
Intermediate Term Corporate Portfolio 19 9
Vanguard Life Strategy Funds -
Moderate Growth Portfolio 37 17
Vanguard Life Strategy Funds - Growth
Portfolio 39 21
Loans - Participants may borrow from their vested individual accounts up to
amounts prescribed in the Plan. The interest rates on these loans at
December 31, 1996 ranged from 9.50% to 10.00%.
Termination of the Plan - While the Company has not expressed any intent to
terminate the Plan or suspend contributions, it may do so at any time and
6
for any reason. In the event of termination, the committee may, with the
Company's approval either (1) continue the Trust Fund either through the exist-
ing trust agreement or through successor funding media or (2) terminate
the Trust Fund, pay all expenses, and direct the payment of benefits, either in
the form of lump-sum distributions, transfer to another qualified plan, or any
form selected by the committee. Any assets attributable to unallocated financed
shares that remain after all vested account balances under the Plan have been
paid will be returned to the employer. Distribution to a member of his elective
contribution account which is not otherwise distributable on account of his
separation from service, attainment of age 59-1/2, or hardship will be made only
where no successor to the Plan is established.
2. Summary of Significant Accounting Policies
Basis of Financial Statements - The financial statements of the Plan are
maintained on the accrual basis and have been prepared in conformity with
generally accepted accounting principles.
Investment Valuation - The investment in common stock of Energen Corporation
is stated at quoted market value as determined by the latest sales price
thereof reported by the principal securities exchange on which the stock is
traded on the last business day of the year. Purchases of securities are
recorded on the trade dates. The investment in money market instruments
represents the value of contributions made, adjusted for investment income,
benefit payments, and administrative expenses. Investments in mutual funds
are carried at the fair value of funds' shares, which is based upon the
market value of the underlying investments. The cost of securities sold is
determined at average cost. This method of determining gains and losses on
the sales of investments is in accordance with generally accepted accounting
principles, which differs from the current value method used in the
preparation of the Plan's Form 5500.
The Plan presents in the statement of changes in net assets the net
appreciation (depreciation) in the fair value of its investments which
consists of the realized gains and losses and the unrealized appreciation
(depreciation) on those investments.
3. Income Tax Status - The Plan is exempt from federal income taxes under
Section 501(a) of the Internal Revenue Code. The Plan obtained its latest
determination letter on April 22, 1993, in which the Internal Revenue
Service stated that the Plan, as then designed, was in compliance with the
applicable requirements of the Internal Revenue Code. The Plan has been
amended since receiving the determination letter. However, the Plan
Administrator and the Plan's tax counsel believe that the Plan is currently
designed and being operated in compliance with the applicable requirements
of the Internal Revenue Code. Therefore, no provision for income taxes has
been included in the Plan's financial statements.
7
<PAGE>
4. Investments
<TABLE>
Investments at December 31, 1996 and 1995 are as follows:
<CAPTION>
1996 1995
Market Cost Market Cost
<S> <C> <C> <C> <C>
Energen Corp.
common stock $40,347,108 $26,296,438 $29,494,001 $22,997,501
Money market and
guaranteed rate
short-term
investments $ 7,336,491 $ 7,336,491 $ 7,398,204 $ 7,398,204
Mutual funds 22,197,048 17,567,797 16,587,437 13,742,402
$29,533,539 $24,904,288 $23,985,641 $21,140,606
</TABLE>
The change in unrealized appreciation was $9,338,386 and $4,449,674 in 1996 and
1995, respectively.
The following is a summary of assets held in excess of 5% of the Plan's net
assets at December 31:
1996 1995
Energen Corporporation common stock $40,347,108 $29,494,001
Vanguard Index 500 Portfolio $ 7,336,491 $ 5,901,135
VMMR - Prime Portfolio $ 7,966,920 $ 7,398,204
Vanguard Wellington Fund $ 3,865,773 $ 2,993,129
The investments of the Plan at December 31, 1996 and 1995, as described in the
accompanying Statements of Participants' Balances, are held by Vanguard
Fiduciary Trust Company, under a trust agreement dated October 1, 1991.
8
<PAGE>
5.Allocation of Net Assets Available for Plan Benefits
The allocation of net assets available for plan benefits to the Plan's separate
investment program for the years ended December 31, 1996 and 1995 is as follows:
ENERGEN CORPORATION
EMPLOYEE SAVINGS PLAN
CONSOLIDATING STATEMENT OF PARTICIPANTS' BALANCES
FOR THE YEAR ENDED DECEMBER 31, 1996
<TABLE>
<CAPTION>
Vanguard
Life Strategy Vanguard Morgan
Consolidated Elimination Energen Growth Wellington Growth
ASSETS Totals Entries Stock Fund Portfolio Fund Fund
<S> <C> <C> <C> <C> <C> <C>
Energen Common Stock $40,347,108 $40,347,108
Loans to Participants 4,213,494
Other Investments 29,533,539 $406,749 $3,865,773 $3,386,813
Employer Contributions
Receivable 558,214 558,214
Employee Contributions
Receivable 268,391 26,752 5,407 34,490 28,738
Other Receivables 0
Interest and Dividends
Receivable 29,256
Due from other funds 0 ($125,398) 15,417 797 15,921 13,186
Cash Surrender Value-
Life Insurance 93,956
Total Assets $75,043,958 ($125,398) $40,947,491 $412,953 $3,916,184 $3,428,737
LIABILITIES AND
PARTICIPANTS' BALANCES
Due to Other Funds $0 ($125,398)
Participants' Balances 75,043,958 $40,947,491 $412,953 $3,916,184 $3,428,737
Total Liabilities and
Participants' Balances $75,043,958 ($125,398) $40,947,491 $412,953 $3,916,184 $3,428,737
ENERGEN CORPORATION
EMPLOYEE SAVINGS PLAN
CONSOLIDATING STATEMENT OF PARTICIPANTS' BALANCES
FOR THE YEAR ENDED DECEMBER 31, 1996
(CONT'D)
Vanguard Vanguard Vanguard
Fixed Income Vanguard Vanguard Life Stra- Life Stra-
Securities VMMR Prime Index 500 Index Small tegy Income tegy
Conserv.
ASSETS Fund Portfolio Portfolio Cap Port Portfolio Growth
Energen Common Stock
Loans to Participants
Other Investments $906,051 $7,336,491 $7,966,920 $268,088 $9,181 $356,043
Employer Contributions
Receivable
Employee Contributions
Receivable 11,057 46,804 61,124 2,310 30 1,168
Other Receivables
Interest and Dividends
Receivable
Due from other funds 4,792 25,281 28,522 643 916
Cash Surrender Value-
Life Insurance
Total Assets $921,900 $7,408,576 $8,056,566 $271,041 $9,211 $358,127
LIABILITIES AND
PARTICIPANTS' BALANCES
Due to Other Funds
Participants' Balances $921,900 $7,408,576 $8,056,566 $271,041 $9,211 $358,127
Total Liabilities and
Participants' Balances $921,900 $7,408,576 $8,056,566 $271,041 $9,211 $358,127
ENERGEN CORPORATION
EMPLOYEE SAVINGS PLAN
CONSOLIDATING STATEMENT OF PARTICIPANTS' BALANCES
FOR THE YEAR ENDED DECEMBER 31, 1996
(CONT'D)
Vanguard Vanguard Vanguard
Intermediate InternationalLife Strategy
Term. Corp. Vanguard Growth Mod. Growth
ASSETS Portfolio Windsor II Portfolio Portfolio Loan Fund Insurance
Energen Common Stock
Loans to Participants $4,213,494
Other Investments $34,551 $2,738,486 $2,090,623 $167,770
Employer Contributions
Receivable
Employee Contributions
Receivable 408 26,652 20,202 3,249
Other Receivables
Interest and Dividends
Receivable 29,256
Due from other funds 6 10,439 $7,937 1,541
Cash Surrender Value-
Life Insurance $93,956
Total Assets $34,965 $2,775,577 $2,118,762 $172,560 $4,242,750 $93,956
LIABILITIES AND
PARTICIPANTS' BALANCES
Due to Other Funds $125,398
Participants' Balances $34,965 $2,775,577 $2,118,762 $172,560 4,117,352 $93,956
Total Liabilities and
Participants' Balances $34,965 $2,775,577 $2,118,762 $172,560 $4,242,750 $93,956
</TABLE>
ENERGEN CORPORATION
EMPLOYEE SAVINGS PLAN
CONSOLIDATING STATEMENT OF PARTICIPANTS' BALANCES
FOR THE YEAR ENDED DECEMBER 31, 1995
<TABLE>
<CAPTION>
Vanguard
Life Strategy Vanguard Morgan
Consolidated Elimination Energen Growth Wellington Growth
Totals Entries Stock Fund Portfolio Fund Fund
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Energen Common Stock $29,494,001 $29,494,001
Loans to Participants 3,681,119
Other Investments 23,985,641 $255,949 $2,993,129 $2,521,219
Employer Contributions
Receivable 551,977 551,977
Employee Contributions
Receivable 255,280 28,816 2,192 33,038 25,945
Interest and Dividends
Receivable 24,220
Due from other funds 0 (108,932) 15,224 327 14,677 9,544
Cash Surrender Value-
Life Insurance 87,204
Total Assets $58,079,442 ($108,932) $30,090,018 $258,468 $3,040,844 $2,556,708
LIABILITIES AND
PARTICIPANTS' BALANCES
Due to Other Funds $0 ($108,932)
Participants' Balances 58,079,442 $30,090,018 $258,468 $3,040,844 $2,556,708
Total Liabilities and
Participants' Balances $58,079,442 ($108,932) $30,090,018 $258,468 $3,040,844 $2,556,708
ENERGEN CORPORATION
EMPLOYEE SAVINGS PLAN
CONSOLIDATING STATEMENT OF PARTICIPANTS' BALANCES
FOR THE YEAR ENDED DECEMBER 31, 1995
(CONT'D)
Vanguard Vanguard Vanguard
Fixed Income Vanguard Vanguard Life Stra- Life Stra-
Securities VMMR Prime Index 500 Index Small tegy Income tegy
Conserv.
Fund Portfolio Portfolio Cap Port Portfolio Growth
ASSETS
Energen Common Stock
Loans to Participants
Other Investments $806,137 $7,398,204 $5,901,135 $132,236 $10,872 $291,810
Employer Contributions
Receivable
Employee Contributions
Receivable 10,637 56,135 54,582 2,225 5 738
Interest and Dividends
Receivable
Due from other funds 4,063 26,916 22,454 707 859
Cash Surrender Value-
Life Insurance
Total Assets $820,837 $7,481,255 $5,978,171 $135,168 $10,877 $293,407
LIABILITIES AND
PARTICIPANTS' BALANCES
Due to Other Funds
Participants' Balances $820,837 $7,481,255 $5,978,171 $135,168 $10,877 $293,407
Total Liabilities and
Participants' Balances $820,837 $7,481,255 $5,978,171 $135,168 $10,877 $293,407
ENERGEN CORPORATION
EMPLOYEE SAVINGS PLAN
CONSOLIDATING STATEMENT OF PARTICIPANTS' BALANCES
FOR THE YEAR ENDED DECEMBER 31, 1995
(CONT'D)
Vanguard Vanguard Vanguard
Intermediate InternationalLife Strategy
Term. Corp. Vanguard Growth Mod. Growth
Portfolio Windsor II Portfolio Portfolio Loan Fund Insurance
ASSETS
Energen Common Stock
Loans to Participants $3,681,119
Other Investments $35,799 $1,846,881 $1,701,004 $91,266
Employer Contributions
Receivable
Employee Contributions
Receivable 80 21,489 18,041 1,357
Interest and Dividends
Receivable 24,220
Due from other funds 6,983 6,703 475
Cash Surrender Value-
Life Insurance 87,204
Total Assets $35,879 $1,875,353 $1,725,748 $93,098 $3,705,339 $87,204
LIABILITIES AND
PARTICIPANTS' BALANCES
Due to Other Funds $108,932
Participants' Balances $35,879 $1,875,353 $1,725,748 $93,098 3,596,407 $87,204
Total Liabilities and
Participants' Balances $35,879 $1,875,353 $1,725,748 $93,098 $3,705,339 $87,204
</TABLE>
9
<PAGE>
6.Changes in Net Assets Available for Plan Benefits
The allocation of changes in net assets available for plan benefits to
the Plan's separate investment programs for the years ended
December 31, 1996 and 1995 are as follows:
ENERGEN CORPORATION
EMPLOYEE SAVINGS PLAN
CONSOLIDATING STATEMENTS OF CHANGES IN PARTICIPANTS' BALANCES
FOR THE YEAR ENDED DECEMBER 31, 1996
<TABLE>
<CAPTION> Vanguard
Life Strategy Vanguard Morgan
Consolidated Elimination Energen Growth Wellington Growth
Totals Entries Stock Fund Portfolio Fund Fund
<S> <C> <C> <C> <C> <C> <C>
Additions
Employer Contributions $3,000,871 $3,012,943
Employee Contributions 3,081,909 328,190 $46,833 $404,434 $323,678
Interest and Divident Income 3,433,734 1,519,151 16,344 295,887 326,192
Net Realized gains
on investments 279,044 97,668 1,670 27,734 40,371
Net Increase (decrease) in
unrealized appreciation
of investments 10,244,314 8,135,589 28,503 208,461 256,580
Increase in Cash Surrender 14,078
Other Receipts 71,962 17,832 1,185 340 17,109
Transfers from other accounts 0 ($7,551,843) 699,948 136,750 509,878 419,056
Total Additions 20,125,912 (7,551,843) 13,811,321 231,285 1,446,734 1,382,986
Deductions
Distributions to Participants 3,152,095 1,432,432 2,029 223,188 118,700
Insurance Premiums 7,326
Fees and other Distributions 1,975
Transfers to Other accounts 0 (7,551,843) 1,521,416 74,771 348,206 392,257
Total Deductions 3,161,396 (7,551,843) 2,953,848 76,800 571,394 510,957
Net Increase/(Decrease) 16,964,516 0 10,857,473 154,485 875,340 872,029
Participants' Balance BOY 58,079,442 0 30,090,018 258,468 3,040,844 2,556,708
Participants' Balances EOY $75,043,958 $0 $40,947,491 $412,953 $3,916,184 $3,428,737
ENERGEN CORPORATION
EMPLOYEE SAVINGS PLAN
CONSOLIDATING STATEMENTS OF CHANGES IN PARTICIPANTS' BALANCES
FOR THE YEAR ENDED DECEMBER 31, 1996
(CONT'D)
Vanguard Vanguard Vanguard
Fixed Income Vanguard Vanguard Life Stra- Life Stra-
Securities VMMR Prime Index 500 Index Small tegy Income tegy Conserv.
Fund Portfolio Portfolio Cap Port Portfolio Growth
Additions
Employer Contributions ($12,548)
Employee Contributions $123,542 $590,072 668,932 $31,119 $319 $11,147
Interest and Divident Income 73,304 373,366 169,902 18,713 688 19,840
Net Realized gains
on investments (12,811) 63,880 (491) 1 341
Net Increase (decrease) in
unrealized appreciation
of investments (44,056) 1,197,783 10,792 88 10,749
Increase in Cash Surrender
Other Receipts 1,937 16,847 16,161
Transfers from other accounts 170,688 1,719,876 776,953 166,402 3,247 44,147
Total Additions 310,667 2,685,251 2,881,749 226,535 4,343 102,385
Deductions
Distributions to Participants 51,093 678,386 234,771 7,195 613
Insurance Premiums
Fees and other Distributions 1,975
Transfers to Other accounts 158,511 2,079,544 568,583 81,492 6,009 37,052
Total Deductions 209,604 2,757,930 803,354 90,662 6,009 37,665
Net Increase/(Decrease) 101,063 (72,679) 2,078,395 135,873 (1,666) 64,720
Participants' Balance BOY 820,837 7,481,255 5,978,171 135,168 10,877 293,407
Participants' Balances EOY $921,900 $7,408,576 $8,056,566 $271,041 $9,211 $358,127
ENERGEN CORPORATION
EMPLOYEE SAVINGS PLAN
CONSOLIDATING STATEMENTS OF CHANGES IN PARTICIPANTS' BALANCES
FOR THE YEAR ENDED DECEMBER 31, 1996
(CONT'D)
Vanguard Vanguard Vanguard
Intermediate InternationalLife Strategy
Term. Corp. Vanguard Growth Mod. Growth
Portfolio Windsor II Portfolio Portfolio Loan Fund Insurance
Additions
Employer Contributions $476
Employee Contributions $5,268 287,901 $231,715 $28,759
Interest and Divident Income 3,122 191,646 88,547 7,804 $329,228
Net Realized gains
on investments (830) 34,141 27,162 208
Net Increase (decrease) in
unrealized appreciation
of investments (773) 284,984 148,944 6,670
Increase in Cash Surrender $14,078
Other Receipts 412 139 0
Transfers from other accounts 49,090 485,704 318,499 68,313 1,983,292
Total Additions 55,877 1,285,264 815,006 111,754 2,312,520 14,078
Deductions
Distributions to Participants 17,297 134,855 138,143 14,527 98,866
Insurance Premiums 7,326
Fees and other Distributions
Transfers to Other accounts 39,494 250,185 283,849 17,765 1,692,709
Total Deductions 56,791 385,040 421,992 32,292 1,791,575 7,326
Net Increase/(Decrease) (914) 900,224 393,014 79,462 520,945 6,752
Participants' Balance BOY 35,879 1,875,353 1,725,748 93,098 3,596,407 87,204
Participants' Balances EOY $34,965 $2,775,577 $2,118,762 $172,560 $4,117,352 $93,956
</TABLE>
ENERGEN CORPORATION
EMPLOYEE SAVINGS PLAN
CONSOLIDATING STATEMENTS OF CHANGES IN PARTICIPANTS' BALANCES
FOR THE YEAR ENDED DECEMBER 31, 1995
<TABLE>
<CAPTION>
Vanguard
Life Strategy Vanguard Morgan
Consolidated Elimination Energen Growth Wellington Growth
Totals Entries Stock Fund Portfolio Fund Fund
<S> <C> <C> <C> <C> <C> <C>
Additions
Employer Contributions $2,969,517 $2,969,517
Employee Contributions 3,120,720 370,781 $22,777 $414,546 $277,081
Interest and Divident Income 2,784,352 1,390,600 8,889 143,636 214,271
Net appreciation in fair
value of investments 5,767,839 2,665,227 36,516 540,993 412,164
Decrease in cash surrender (8,269)
Other Receipts 34,440 1,888 4,585 731
Transfers from other accounts 0 (7,814,719) 441,022 217,196 483,672 377,608
Total Additions 14,668,599 (7,814,719) 7,839,035 285,378 1,587,432 1,281,855
Deductions
Distributions to Participants 3,589,138 1,263,521 12,708 158,836 127,313
Insurance Premiums 11,260
Fees and other Distributions 1,700
Transfers to Other accounts 0 (7,814,719) 2,979,551 15,125 298,690 303,201
Total Deductions 3,602,098 (7,814,719) 4,243,072 27,833 457,526 430,514
Net Increase/(Decrease) 11,066,501 0 3,595,963 257,545 1,129,906 851,341
Participants' Balance BOY 47,012,941 0 26,494,055 923 1,910,938 1,705,367
Participants' Balances EOY $58,079,442 $0 $30,090,018 $258,468 $3,040,844 $2,556,708
ENERGEN CORPORATION
EMPLOYEE SAVINGS PLAN
CONSOLIDATING STATEMENTS OF CHANGES IN PARTICIPANTS' BALANCES
FOR THE YEAR ENDED DECEMBER 31, 1995
(CONT'D)
Vanguard Vanguard Vanguard
Fixed Income Vanguard Vanguard Life Stra- Life Stra-
Securities VMMR Prime Index 500 Index Small tegy Income tegy Conserv.
Fund Portfolio Portfolio Cap Port Portfolio Growth
Additions
Employer Contributions
Employee Contributions $134,055 $714,905 $640,539 13,730 $407 $8,693
Interest and Divident Income 46,982 402,797 133,707 $4,933 246 10,616
Net appreciation in fair
value of investments 106,456 1,399,332 9,891 224 15,963
Decrease in cash surrender
Other Receipts 2,284 18,184 2,949
Transfers from other accounts 155,620 2,098,106 968,102 159,198 10,000 258,408
Total Additions 445,397 3,233,992 3,144,629 187,752 10,877 293,680
Deductions
Distributions to Participants 28,765 1,101,530 378,292 31,963
Insurance Premiums
Fees and other Distributions 1,700
Transfers to Other accounts 102,895 1,346,353 670,680 19,021 273
Total Deductions 131,660 2,447,883 1,048,972 52,684 0 273
Net Increase/(Decrease) 313,737 786,109 2,095,657 135,068 10,877 293,407
Participants' Balance BOY 507,100 6,695,146 3,882,514 100 0 0
Participants' Balances EOY $820,837 $7,481,255 $5,978,171 $135,168 $10,877 $293,407
ENERGEN CORPORATION
EMPLOYEE SAVINGS PLAN
CONSOLIDATING STATEMENTS OF CHANGES IN PARTICIPANTS' BALANCES
FOR THE YEAR ENDED DECEMBER 31, 1995
(CONT'D)
Vanguard Vanguard Vanguard
Intermediate InternationalLife Strategy
Term. Corp. Vanguard Growth Mod. Growth
Portfolio Windsor II Portfolio Portfolio Loan Fund Insurance
Additions
Employer Contributions
Employee Contributions $4,598 $252,357 $247,701 $18,550
Interest and Divident Income 622 109,543 45,194 3,679 $268,637
Net appreciation in fair
value of investments 921 388,497 172,422 19,233
Decrease in cash surrender ($8,269)
Other Receipts 3,242 577 0
Transfers from other accounts 45,625 370,278 317,422 174,499 1,737,963
Total Additions 51,766 1,123,917 783,316 215,961 2,006,600 (8,269)
Deductions
Distributions to Participants 216,835 52,751 123,152 93,472
Insurance Premiums 11,260
Fees and other Distributions
Transfers to Other accounts 15,902 194,829 372,247 104 1,495,848
Total Deductions 15,902 411,664 424,998 123,256 1,589,320 11,260
Net Increase/(Decrease) 35,864 712,253 358,318 92,705 417,280 (19,529)
Participants' Balance BOY 15 1,163,100 1,367,430 393 3,179,127 106,733
Participants' Balances EOY $35,879 $1,875,353 $1,725,748 $93,098 $3,596,407 $87,204
</TABLE>
10
<PAGE>
Supplemental Schedules
Energen Corporation Employee Savings Plan
Item 27a - Schedule of Assets Held for Investment Purposes
as of December 31, 1996
<TABLE>
<CAPTION>
c. Description of
b. Identity of Investment Including
Issuer, Borrower, Maturity Date, Rate of
Lessor, or Similar Interest, Collateral, e. Current
a. Party Par, or Maturity Value d. Cost Value
<S><C> <C> <C> <C>
* Energen Corporation Common stock $26,296,438 $40,347,108
* W.L. Morgan Growth Fund Mutual fund 2,917,493 3,386,813
* Vanguard Index 500
Portfolio Mutual fund 5,433,050 7,966,920
* VMMR-Prime Portfolio Money market fund 7,336,491 7,336,491
* Wellington Fund Mutual fund 3,242,010 3,865,773
* VFISF-Corporate Bond Fund Mutual fund 907,441 906,051
* Windsor II Fund Mutual fund 2,208,030 2,738,486
* International Growth Fund Mutual fund 1,723,515 2,090,623
* Life Strategy Growth
Portfolio Mutual fund 349,985 406,749
* Vanguard Index Small Cap
Portfolio Mutual fund 53,694 268,088
* Life Strategy Income
Portfolio Mutual fund 8,994 9,181
* Life Strategy
Conservative Growth Mutual fund 332,111 356,043
* Intermediate-Term
Corporate Bond Mutual fund 34,811 34,551
* Life Strategy Moderate
Growth Mutual fund 156,663 167,770
* Loan Fund (participant
loans) 7% to 10% 0 4,213,494
Cash surrender value
of life insurance 93,956 93,956
$51,294,682 $74,188,097
* Represents party-in-interest
</TABLE>
11<PAGE>
Energen Corporation Employee Savings Plan
Item 27d - Schedule of Reportable Transactions
for the year ended December 31, 1996
I.Single transactions exceeding 5% of assets.
NONE
II.Series of transactions involving property other than securities.
Schedule attached.
NOTE: Information required in Columns e, f, and h is inapplicable.
III.Series of transactions of same issue exceeding 5% of assets.
Schedule attached.
NOTE: Information required in Columns e, f, and h is inapplicable.
IV.Transaction in conjunction with same person involved in reportable single
transactions.
NONE
12
<PAGE>
Energen Corporation Employee Savings Plan
Item 27d - Schedule of Reportable Transactions
for the year ended December 31, 1996
<TABLE>
a.Identity b.Description c.Purchases d.Sales g.Cost i.Net
Of Party Of Asset Price Number Price Number of Gain
Involved Asset (Loss)
<S> <C> <C> <C> <C> <C> <C> <C>
Energen
Corp. Common stock $5,574,292 96 $2,941,034 167 $2,265,651 $675,383
VMMR Prime
Portfolio Money market $2,673,714 181 $2,757,930 184 $2,757,930 $0
</TABLE>
13
