UPDATE 1-Energen Corp Q1 profit tops Wall Street view

(Recasts; adds details, share movement)

April 23 (Reuters) - Energen Corp (EGN.N: Quote, Profile, Research), a diversified oil and gas company, reported better-than-expected quarterly profit, driven by higher commodity prices and a gain from a property sale, and also raised its full-year earnings view.

Energen, which explores oil and natural gas, and distributes natural gas in central and north Alabama, said its outlook reflects higher price assumptions for its unhedged production due to the rising oil and gas prices.

Oil has surged above $100 a barrel this year in response to booming demand from emerging markets such as China alongside underinvestment in new oil supplies that have contributed to a five-fold increase in prices since 2002.

Energen said it was raising its 2008 and 2009 earnings outlook range by 20 cents. It now expects to earn $4.15 to $4.55 a share in 2008 and $4.65 to $5.05 a share in 2009.

Analysts on average were expecting earnings of $4.42 a share in 2008 and $4.69 a share in 2009, both excluding special items, according to Reuters Estimates.

In the first quarter, the Birmingham, Alabama-based company's net income rose more than 12 percent to $116.7 million, or $1.62 a share, compared with $103.9 million, or $1.44 a share, a year ago.

The results included a gain of $6.4 million on the sale of a small property in the Permian Basin, the company said.

Operating revenue rose nearly 6 percent to $521.6 million.