Energen GICS Code Changed to Oil & Gas Exploration & Production

BIRMINGHAM, Ala.--(BUSINESS WIRE)--Energen Corporation (NYSE: EGN) announced today that its industry designation under the Global Industry Classification Standard (GICS) has been changed to Oil & Gas Exploration & Production (GICS 10102020). The new designation became effective at the close of business on May 31, 2011.

Historically a natural gas utility, Energen has focused over the last 15 years on growing its oil and gas exploration and production operations; today, its Energen Resources Corporation subsidiary is a top 20 independent producer on the basis of U.S. proved reserves, and approximately 85 percent of consolidated earnings are generated by Energen Resources.

At year-end 2010, Energen Resources’ proved reserves totaled 303 million barrels of oil equivalents (MMBOE), and the company’s probable and possible reserves totaled more than 388 MMBOE. During 2011 Energen Resources plans to invest a record $735 million of capital to explore and develop its U.S. holdings, with approximately 90 percent being deployed in the oil-rich Permian Basin of west Texas.

Developed by Standard & Poor's and MSCI Barra, GICS consists of 10 sectors, 24 industry groups, 68 industries and 154 sub-industries.

Energen Corporation (NYSE: EGN) is a top independent producer of oil, natural gas, and natural gas liquids in the United States with more than 690 million barrels of oil-equivalent proved, probable, and possible reserves. These all-domestic reserves are located mainly in the Permian Basin in west Texas and the San Juan Basin in New Mexico and Colorado. Energen’s single-state natural gas utility, Alabama Gas Corporation, is the largest distributor of natural gas in Alabama. Energen’s headquarters are in Birmingham, Alabama. For more information, visit the Energen Corporation Web site at http://www.energen.com.