February 20, 2018 / 11:11 AM / 8 months ago

Energen posts quarterly profit on higher oil prices

Feb 20 (Reuters) - Oil and gas company Energen Corp reported a fourth-quarter profit on Tuesday, compared to a year-ago loss, due to a rise in production and higher realized prices for oil.

The Alabama-based company’s net income was $262.4 million, or $2.68 per share, in the three months ended Dec. 31, compared to a loss of $54.5 million, or 56 cents per share, a year earlier.

The company recorded a gain of $6 million due to the sale of assets in the reported quarter.

The company, which is in the middle of a proxy battle with Keith Meister-led Corvex Management, said total revenue more than doubled to $271.8 million. (Reporting by Anirban Paul in Bengaluru; Editing by Shounak Dasgupta)

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