Energen Board Increases Cash Dividend 3.8 Percent

BIRMINGHAM, Ala.--(BUSINESS WIRE)--The Board of Directors of Energen Corporation (NYSE: EGN) today increased the quarterly cash dividend 3.8 percent to 13.5 cents per share. This marks the 29th consecutive year that Energen’s cash dividend has been increased.

On an annualized basis, the company’s new dividend rate is 54 cents per share. The dividend is payable March 1, 2011, to shareholders of record on February 15, 2011.

Energen Corporation is a diversified energy holding company with headquarters in Birmingham, Alabama. Its dominant business is engaged in the acquisition, development, and exploration of oil, natural gas, and natural gas liquids reserves. Through Energen Resources Corporation, the company has more than 615 million barrels of oil-equivalent proved, probable, and possible reserves. These all-domestic reserves are located mainly in the San Juan and Permian basins. Energen subsidiary Alabama Gas Corporation is the largest distributor of natural gas in Alabama and has a business heritage in the state spanning more than 150 years. For more information, go to http://www.energen.com.