Energen Corporation (EGN) said today that it is assessing the impact of severe winter weather on its Permian Basin operations. Adverse weather conditions began affecting the company’s operations in the Delaware and Midland basins and Central Basin Platform on December 30, 2014. The storm’s impacts include power outages, trucking curtailments, limited access to production and drilling facilities, and frozen facilities. Given the timing of the storm, the company’s fourth quarter 2014 production is expected to be minimally affected (less than 100,000 barrels of oil equivalent); additional production impacts will be felt in the first quarter of 2015 and will be reflected in the company’s 2015 guidance to be issued after the market closes on February 12.
Energen Corporation is an oil and gas exploration and production company with headquarters in Birmingham, Alabama. At year-end 2013, the company had approximately 775 million barrels of oil-equivalent proved, probable, and possible reserves and 2.5 billion BOE of contingent resources. These all-domestic reserves are located primarily in the Permian Basin of west Texas. For more information, go to http://www.energen.com.
