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Energen Q2 earnings miss estimates despite higher revenue

Despite higher revenue year on year, Energen Corp.'s second-quarter earnings missed consensus estimates.

In an Aug. 7 release, the Alabama–based exploration and production company reported a GAAP net income of $68.27 million, or 70 cents per share, a miss from the S&P Global Market Intelligence consensus estimate of 76 cents per share, but much higher than the $29.48 million, or 30 cents per share, reported during the corresponding period in 2017.

Total revenues for the quarter saw a rise at $339.65 million, beating the S&P Global Market Intelligence consensus estimate of $338.65 million, and also remaining above the $256.82 million posted during the second quarter of 2017. The company also reported a second-quarter operating income of $98.43 million, climbing from $54.60 million in the same period in 2017.

Production also increased year on year. Total average daily production volume for the quarter was pegged at 97,400 barrels of oil equivalent per day, up from the 72,500 boe/d reported during the same quarter in 2017.

Looking ahead, while total capital spending for drilling and development remains unchanged at a range of $1.1 billion to $1.3 billion, the firm raised its production guidance for the year by 5%, above the prior guidance midpoint. Production is now expected to span 97,000 boe/d to 104,000 boe/d.