Energen Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. The company announced that its earnings in the three months ended December 31, 2012, totaled $62.8 million or $0.87 per diluted share on total operating revenues of $433 million versus earnings of $288.1 million or $0.20 diluted per share on total operating revenues of $168.7 million of prior year period. Adjusted net income in the fourth quarter totaled $47.2 million or $0.65 per diluted share. In the same period last year, adjusted net income totaled $71 million or $0.98 per diluted share. On an after-tax basis, this charge impacted net income by $3.4 million or $0.05 per diluted share. EBITDA (non-GAAP) was $234.0 million against $117.7 million of prior year period. Consolidated adjusted EBITDA (non-GAAP) totaled $209.3 million and compared with $208.5 million in the prior-year fourth quarter. Income before income taxes was $98.2 million against $19.3 million for the same period last year. Operating income was $115.2 million against $31.6 million for the comparable period last year.

The company's 2012 net income totaled $253.6 million or $3.51 per diluted share on total operating revenues of $1,617.2 million versus net income of $259.6 million or $3.59 diluted per share on total operating revenues of $1,483.5 million of prior year period. In looking at the full calendar year, net income adjusted for non-cash items totaled $229.7 million or $3.18 per diluted share. Adjusted 2011 earnings were $283 million or $3.91 per diluted share. EBITDA (non-GAAP) was $882.5 million against $734.1 million of prior year period. Consolidated adjusted EBITDA in 2012 totaled $845.3 million and increased 10% from 2011 adjusted EBITDA of $771.7 million. Income before income taxes was $397.4 million against $405.3 million for the last year. Operating income was $459.4 million against $448.3 million for the last year. Net cash provide by operating activities was $738 million against $762 million of prior year.

The company plans to invest $875 million to explore and develop Permian Basin assets, including drilling 299 wells. The company plan to invest only $25 million in traditional gas basins, and this will be primarily recompletions in the San Juan basin that have really good economics, even at low gas prices.

The company estimates that production will increase to 26.1 million BOE in 2013, and estimate that consolidated after-tax cash flows will range between $917 million and $946 million. Average realized oil and gas prices for Energen Resources' production associated with NYMEX contracts as well as for unhedged production will reflect the impact of basis differentials; average realized oil prices also will reflect oil transportation charges of approximately $2.50 per barrel in 2013; and average realized NGL prices will be net of transportation and fractionation fees that are estimated to average $0.11-$0.16 per gallon in 2013.

The company's guidance range for 2013 consolidated after-tax cash flows is $917-$946 million. The company's after-tax cash flows are estimated to be $822-$851 million. Net income in 2013 is estimated to be $219-$248 million, or $3.03-$3.43 per diluted share, and includes $22.2 million, or 31 cents per diluted share, of potential dry hole expense.