4
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 direct and indirect subsidiaries. Unless otherwise
noted, each subsidiary is an Alabama corporation:
Alabama Gas Corporation is a natural gas distribution company and has
the following subsidiary:
Midtown NGV, Inc. is in the business of marketing natural gas as
a vehicle fuel.
Energen Resources Corporation is an oil and gas exploration and
production company and has the following subsidiaries:
Energen Resources MAQ, Inc., a Delaware corporation was
acquired October 15, 1998 and is an oil and gas exploration and
production company with the following subsidiary:
Horse Creek Trading and Compression Company
LLC, a Colorado limited liability company, is in the
business of gas gathering and compression.
Basin Pipeline Corp. is in the business of gathering and
transporting natural gas and coalbed methane.
Energen Resources TEAM, Inc. is an owner and operator of
coalbed methane properties.
EGN Services, Inc. is a wholesale distributor of gas appliances.
American Heat Tech, Inc. has a passive investment in a company
that owns certain high temperature combustion technology patents,
licenses and royalty rights.
Energyrunner, Inc., a Delaware corporation, was formed in January 2000
to pursue certain new business opportunities.
The business address of the Claimant and each of its subsidiaries is:
605 Richard Arrington, Jr. Boulevard North
Birmingham, Alabama 35203-2707
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 prope
rty. 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:
36,413,000 Mcf. MCF of natural or manufactured gas transported on
behalf of end users: 66,356,000 Mcf
b. Mcf of natural or manufactured gas distributed at retail outside
the State in which each such company is organized: None
c. Mcf of natural or manufactured gas sold at wholesale outside the
State in which such company is organized, or at the State line:
None
d. Mcf of natural or manufactured gas purchased outside the State
in which each such company is organized or at the State line:
37,423,000 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, 1999,
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 day of February, 2000.
ENERGEN CORPORATION
(Name of Claimant)
By
Wm. Michael Warren, Jr.
Its Chairman of the Board
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
605 Richard Arrington, Jr. Boulevard North
Birmingham, Alabama 35203-2707
EXHIBIT A
ENERGEN CORPORATION
Consolidating Statement of Income
Year Ended September 30, 1999
Unaudited
(in thousands of dollars)
<TABLE>
Energen Alabama Energen EGN American
Consolidated Elims Parent Gas ** Resources ServicesHeattech
***
<S> <C> <C> <C> <C> <C> <C> <C>
Operating Revenues
Natural gas distribution $325,554 0 0 $325,554 0 0 0
Oil and gas production 173,848 0 0 0 $173,848 0 0
Other 0 0 0 0 0 0 0
Intercompany eliminations (1,885) ($1,885) 0 0 0 0 0
--------- -------- -------- -------- --------- -------- --------
Total operating 497,517 (1,885) 0 325,554 173,848 0 0
revenues
--------- -------- -------- -------- --------- -------- --------
--
Operating Expenses
Cost of gas 124,379 (1,885) 0 126,264 0 0 0
Operations 160,189 0 $177 90,793 69,199 0 $20
Maintenance 9,685 0 0 9,685 0 0 0
Depreciation, depletion 88,615 0 0 26,730 61,885 0 0
and amortization
Taxes, other than income 37,266 0 0 25,517 11,749 0 0
taxes
--------- --------- -------- -------- --------- -------- --------
Total operating 420,134 (1,885) 177 278,989 142,833 0 20
expenses
--------- --------- -------- -------- --------- -------- --------
Operating income 77,383 0 (177) 46,565 31,015 0 (20)
--------- --------- -------- -------- --------- -------- --------
Other Income (Expense)
Interest expense (37,173) 1,191 (207) (10,366) (27,758) ($33) 0
Dividends on preferred 0 0 0 0 0 0 0
stock of subsidiary
Allowance for funds used 374 0 0 374 0 0 0
during construction
Other, net 961 (1,191) 476 (113) 572 774 443
--------- --------- -------- -------- --------- -------- --------
Total other income (35,838) 0 269 (10,105) (27,186) 741 443
(expense)
--------- --------- -------- -------- --------- -------- --------
Income Before Income 41,545 0 92 36,460 3,829 741 423
Taxes
Income taxes 135 0 19 13,163 (13,472) 276 149
--------- --------- -------- -------- --------- -------- --------
Net Income 41,410 0 73 23,297 17,301 465 274
--------- --------- -------- -------- --------- -------- --------
Retained Earnings @ 130,280 (179,446) 130,280 120,205 58,615 1,917 (1,291)
Beginning of Period
Less Common Stock (19,118) 0 (9,472) 0 (9,646) 0 0
Dividends
Net Income From 0 (41,337) 41,337 0 0 0 0
Subsidiaries
Other Decreases 0 475 0 0 (475) 0 0
--------- --------- -------- -------- --------- -------- --------
Retained Earnings @ End $152,572 ($220,308)$162,218 $143,502 $65,795 $2,382 ($1,017)
of Period
========= ========= ======== ======== ========= ======== ========
</TABLE>
** Includes transactions and balances of its
subsidiary Midtown NGV
*** Includes transactions and balances of its
subsidiaries and its
affiliate Energen Resources TEAM Inc.
ENERGEN CORPORATION
Consolidating Balance Sheet
September 30, 1999
Unaudited
(in thousands of dollars)
<TABLE>
Energen Alabama Energen EGN American
Consolidated Elims Parent Gas ** Resources ServicesHeattech
***
<S> <C> <C> <C> <C> <C> <C> <C>
Property Plant and
Equipment
Utility Plant $645,596 $0 $0 $645,596 $0 $0 $0
Less: A/D 328,775 0 0 328,775 0 0 0
--------- --------- -------- -------- --------- -------- --------
Utility plant, net 316,821 0 0 316,821 0 0 0
--------- --------- -------- -------- --------- -------- --------
Oil and gas properties 669,985 0 0 0 669,985 0 0
Less: A/D 129,839 0 0 0 129,839 0 0
--------- --------- -------- -------- --------- -------- --------
Oil and gas properties, 540,146 0 0 0 540,146 0 0
net
--------- --------- -------- -------- --------- -------- --------
Other property, net 4,140 0 0 298 3,742 100 0
--------- --------- -------- -------- --------- -------- --------
Property, plant and 861,107 0 0 317,119 543,888 100 0
equipment, net
--------- --------- -------- -------- --------- -------- --------
Current Assets
Cash 4,473 0 527 533 3,160 216 37
Temporary cash 140,917 0 139,827 0 0 220 870
investments
Accounts receivable 80,103 (158,654) 137,972 62,060 37,568 1,157 0
Allowance for doubtful (5,598) 0 0 (4,532) (989) (77) 0
accounts
Inventories 36,327 0 0 33,064 944 2,319 0
Deferred gas cost 2,305 0 0 2,305 0 0 0
Prepayments and other 22,529 0 44 4,652 17,845 (12) 0
Deferred taxes 14,691 1,649 0 11,621 1,421 0 0
--------- --------- -------- -------- --------- -------- --------
Total current assets 295,747 (157,005) 278,370 109,703 59,949 3,823 907
--------- --------- -------- -------- --------- -------- --------
Other assets
Notes receivable 0 0 0 0 0 0 0
Deferred charges and 28,041 (376,537) 360,597 3,833 40,245 0 (97)
other
--------- --------- -------- -------- --------- -------- --------
Total other assets 28,041 (376,537) 360,597 3,833 40,245 0 (97)
--------- --------- -------- -------- --------- -------- --------
Total Assets $1,184,895 ($533,542)$638,967 $430,655 $644,082 $3,923 $810
========= ========= ======== ======== ========= ======== ========
</TABLE>
** Includes transactions and balances of its
subsidiary Midtown NGV
*** Includes transactions and balances of its
subsidiaries and its
affiliate Energen Resources TEAM Inc.
ENERGEN CORPORATION
Consolidating Balance Sheet
September 30, 1999
Unaudited
(in thousands of dollars)
<TABLE>
Energen Alabama Energen EGN American
Consolidated Elims Parent Gas ** Resources Services Heattech
***
<S> <C> <C> <C> <C> <C> <C> <C>
Capitalization
Common shareholders' equity
Common stock $299 ($22) $299 $20 $0 $1 $1
Treasury stock (2,054) 0 (2,054) 0 0 0 0
Premium on capital stock 205,831 (155,346) 239,709 6,682 112,881 0 1,905
Capital surplus 2,802 (25,000) 0 27,802 0 0 0
Deferred compensation 2,054 0 2,054 0 0 0 0
obligation
Retained earnings 152,572 (179,586) 121,496 143,502 65,794 2,382 (1,016)
--------- --------- -------- -------- --------- -------- --------
Total common 361,504 (359,954) 361,504 178,006 178,675 2,383 890
shareholders' equity
Minority preferred stock 0 0 0 0 0 0 0
Long-term debt 371,824 0 0 119,650 252,174 0 0
--------- --------- -------- -------- --------- -------- --------
Total capitalization 733,328 (359,954) 361,504 297,656 430,849 2,383 890
--------- --------- -------- -------- --------- -------- --------
Current Liabilities
LTD due in one year 1,955 0 0 0 1,955 0 0
Notes payable to banks 268,000 0 268,000 0 0 0 0
Accounts payable 61,418 (158,654) 0 36,985 181,585 1,604 (102)
Accrued taxes 22,247 0 363 18,799 2,975 (6) 116
Customers' deposits 16,301 0 0 16,301 0 0 0
Amounts due customers 18,576 0 0 18,576 0 0 0
Accrued wages & benefits 19,404 0 9,184 9,663 557 0 0
Other 37,381 1,650 (628) 10,847 25,589 (60) (17)
--------- --------- -------- -------- --------- -------- --------
Total current 445,282 (157,004) 276,919 111,171 212,661 1,538 (3)
liabilities
--------- --------- -------- -------- --------- -------- --------
Deferred Credits and
Other Liabilities
Deferred income taxes 0 (16,584) (30) 16,689 0 2 (77)
Deferred investment tax 2,213 0 0 2,213 0 0 0
credits
Other liabilities 4,072 0 574 2,926 572 0 0
--------- --------- -------- -------- --------- -------- --------
Total deferred 6,285 (16,584) 544 21,828 572 2 (77)
credits and other liabilities
--------- --------- -------- -------- --------- -------- --------
Total Capital and $1,184,895($533,542) $638,967 $430,655 $644,082 $3,923 $810
Liabilities
========= ========= ======== ======== ========= ======== ========
</TABLE>
** Includes transactions and balances of its
subsidiary Midtown NGV
*** Includes transactions and balances of its
subsidiaries and its
affiliate Energen Resources TEAM Inc.
<TABLE> <S> <C>
<ARTICLE> OPUR3
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> SEP-30-1999
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 1,184,895
<TOTAL-OPERATING-REVENUES> 497,517
<NET-INCOME> 41,410
</TABLE>
