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 seven
subsidiaries, each of which 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. Midtown NGV, Inc., which is in the business of
marketing natural gas as a vehicle fuel and is a subsidiary
of Alabama Gas Corporation;
f. Taurus Exploration, Inc., an oil and gas exploration
and production company;
g. Taurus Exploration U.S.A., Inc., an oil and gas
exploration and production company and a subsidiary of
Taurus Exploration, Inc.; and
Three former subsidiaries, Graves Well Drilling Company,
Inc., Taurus Exploration U.K. Limited, and W & J Propane Gas,
Inc., were dissolved during fiscal 1997 and the first quarter of
fiscal 1998.
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: 40,911,000 Mcf
b. Mcf of natural or manufactured gas transported on
behalf of end users: 65,622,000 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: 40,870,000 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, 1997, 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
20th day of February, 1998.
ENERGEN CORPORATION
(Name of Claimant)
By /s/ Wm. Michael Warren, Jr.
Wm. Michael Warren, Jr.
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
<PAGE>
Exhibit A
ENERGEN CORP.
Consolidating Statement of Income
Year Ended September 30, 1997
Unaudited
(in thousands of dollars)
<TABLE>
<CAPTION>
Energen Alabama Basin W & J EGN American
Consolidated Elims Parent* Gas** Taurus*** Pipeline Prop Service Heatech
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Operating Revenues
Natural gas
distribution $362,984 -- -- $362,984 -- -- -- -- --
Oil & gas
production 86,130 -- -- -- $86,130 -- -- -- --
Other 1,439 -- -- -- -- $1,439 -- -- --
Intercompany
eliminations (2,323)($2,323)-- -- -- -- -- -- --
- ------------------------------------------------------------------------------
Total operating
revenues 448,230 (2,323) -- 362,984 86,130 1,439 -- -- --
- -------------------------------------------------------------------------------
Operating Expenses
Cost of gas 175,514 ($2,323) -- $177,837 -- -- -- -- --
Operations 116,886 -- $1,510 $85,119 $29,380 $861 -- -- $16
Maintenance 11,112 -- -- $11,088 -- $24 -- -- --
Depreciation, depletion
& amortization 59,688 -- -- $23,487 $35,879 $322 -- -- --
Taxes, other than
income taxes 33,044 -- -- $26,661 $6,336 $44 -- -- $3
- -------------------------------------------------------------------------------
Total operating
expenses 396,244 (2,323) 1,510 324,192 71,595 1,251 -- -- 19
- --------------------------------------------------------------------------------
Operating
income 51,986 -- (1,510) 38,792 14,535 188 -- -- (19)
- -------------------------------------------------------------------------------
Other Income and
(Expense)
Interest expense(22,906) $631 ($29)($10,809) ($12,603) ($102) -- -- $6
Dividends on
preferred stock of
subsidiaries -- -- -- -- -- -- -- -- --
Allowance for
funds used during
construction 492 -- -- $492 -- -- -- -- --
Other,net 2,522 ($631) $877 $216 $721 $7 $157 $593 $582
- --------------------------------------------------------------------------------
Total other income
(expense) (19,892) -- 848 (10,101) (11,882) (95) 157 593 588
- --------------------------------------------------------------------------------
Income Before
Income Taxes 32,094 -- (662) 28,691 2,653 93 157 593 569
Income taxes 3,097 -- ($200) $10,117 ($7,371) $30 $59 $219 $243
- --------------------------------------------------------------------------------
Net Income $28,997 -- ($462) $18,574 $10,024 $63 $98 $374 $326
- --------------------------------------------------------------------------------
Retained Earnings @ Beginning of Period
$98,658 ($128,946) $98,658 $95,044 $33,146 $86 $1,495$1,104($1,929)
Less Common Stock
Dividends ($15,299) 6,720 (15,299) (6,720)
Net Income
From Sub. -- (29,459) 29,459
Dividend To/From
Parent Company -- 1,593 -- -- (1,593) -- --
- --------------------------------------------------------------------------------
Retained Earnings @ End of
Period $112,356 ($151,685) $113,949 $106,898 $43,170 $149 -- $1,478 ($1,603)
==============================================================================
* 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>
Exhibit A
ENERGEN CORP.
Consolidating Balance Sheet
September 30, 1997
Unaudited
(in thousands of dollars)
<TABLE>
<CAPTION>
Energen Alabama Basin W & J EGN America
Consolidated Elims Parent * Gas ** Taurus***PipelinePropaneServiceHeattec
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Property Plant
and Equipment
Utility Plant 583,630 -- -- $583,630 -- -- -- -- --
Less: A/D 287,749 -- -- $287,749 -- -- -- -- --
- --------------------------------------------------------------------------------
Utility
property 295,881 -- -- 295,881 -- -- -- -- --
- --------------------------------------------------------------------------------
Oil and gas properties
454,210 -- -- -- $454,210 -- -- -- --
Less: A/D 87,554 -- -- -- $87,554 -- -- -- --
- --------------------------------------------------------------------------------
Oil & gas properties, net
366,656 -- -- -- 366,656 -- -- -- --
- --------------------------------------------------------------------------------
Other
property net 4,466 -- -- $347 $2,641 $1,380 -- $98 --
- --------------------------------------------------------------------------------
Property plant and equipment
667,003 -- -- 296,228 369,297 1,380 -- 98 --
- --------------------------------------------------------------------------------
Current Assets
Cash 6,766 -- $3,681 $2,580 $40 $5 -- $403 $57
Temporary cash
investments 98,636 -- $98,636 -- -- -- -- -- --
Accounts
receivable 73,861 ($100,977) $100,157 $39,541 $33,808 $346 -- $971 $15
Allowance (3,185) -- -- ($3,156) -- -- -- ($29) --
Inventories 36,278 -- -- $34,388 $397 -- -- $1,493 --
Deferred
gas cost 2,512 -- -- $2,512 -- -- -- -- --
Prepayments and other
19,859 -- -- $6,696 $13,176 $20 -- ($33) --
Deferred taxes 7,438 $666 -- $5,675 $1,031 $66 -- -- --
- --------------------------------------------------------------------------------
Total current assets
242,165 (100,311) 202,474 88,236 48,452 437 -- 2,805 72
- --------------------------------------------------------------------------------
Other assets
Notes
receivable 1,011 -- -- -- 1,011 -- -- -- --
Deferred charges
and other 9,618 (16,446) 565 5,917 18,267 1,314 -- -- 1
- --------------------------------------------------------------------------------
Total other assets
10,629 (16,446) 565 5,917 19,278 1,314 -- -- 1
- --------------------------------------------------------------------------------
Total Assets
$919,797 ($116,757) $203,039 $390,381 $437,027 $3,131 -- $2,903 $73
===============================================================================
* 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>
Exhibit A
ENERGEN CORP.
Consolidating Balance Sheet
September 30, 1997
Unaudited
(in thousands of dollars)
<TABLE>
<CAPTION>
Energen Alabama Basin W & J EGN American
Consolidated Elims Parent * Gas **Taurus***PipelinePropaneServiceHeattec
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Capitalization
Common stockholders' equity
Common stock $144 ($24) $144 $20 $1 $1 -- $1 $1
Treasury Stock -- -- -- -- -- -- -- -- --
Premium on capital stock
$185,841 (154,869) 219,719 6,682 111,756 648 -- -- 1,905
Capital surplus
$2,802 (25,000) -- 27,802 -- -- -- -- --
Retained earnings
$112,356 (119,013) 81,280 106,894 43,171 149 -- 1,478 (1,603)
- --------------------------------------------------------------------------------
Total common stockholders' equity
301,143 (298,906) 301,143 141,398 154,928 798 -- 1,479 303
Minority preferred stock
--
Long-term debt
279,602 -- -- 125,000 154,602 -- -- -- --
- --------------------------------------------------------------------------------
Total capitalization
580,745 (298,906) 301,143 266,398 309,530 798 -- 1,479 303
- --------------------------------------------------------------------------------
Current Liabilities
LTD due in one year
1,855 -- -- -- 1,855 -- -- -- --
Notes payable to banks
202,000 -- 191,000 11,000 -- -- -- -- --
Accounts payable
49,196 (100,977) -- 33,907 112,659 2,210 -- 1,392 5
Accrued taxes
18,300 -- 148 16,745 1,328 -- -- 16 63
Customers' deposits
16,399 -- -- 16,399 -- -- -- -- --
Supplier refund
-- -- -- -- -- -- -- -- --
Other amounts due
customers 7,347 -- -- 7,347 -- -- -- -- --
Accrued wages and
benefits 13,719 -- 9,055 3,879 773 (33) -- 45 --
Other 21,935 -- 946 10,481 10,423 81 -- -- 4
- --------------------------------------------------------------------------------
Total current liabilities
330,751 (100,977) 201,149 99,758 127,038 2,258 -- 1,453 72
- --------------------------------------------------------------------------------
Deferred Credits and Other
Deferred income -- (16,446) (27) 16,739 -- -- -- 9 (275)
Deferred investment
tax credits 3,130 -- -- 3,130 -- -- -- -- --
Customer advances for construction and other
5,171 -- 281 4,356 459 75 -- -- --
- --------------------------------------------------------------------------------
Total Deferred Credits and Other
8,301 (16,446) 254 24,225 459 75 -- 9 (275)
- --------------------------------------------------------------------------------
Total Capital and Liabilities
$919,797 ($416,329) $502,546 $390,381 $437,027 $3,131 -- $2,941 $100
==============================================================================
* 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> <S> <C>
<ARTICLE> OPUR3
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 919,797
<TOTAL-OPERATING-REVENUES> 448,230
<NET-INCOME> 28,997
</TABLE>
