WASHINGTON (dpa-AFX) - Oil and gas company Energen Corp. (EGN) Wednesday reported fourth-quarter net income of $14.4 million or $0.20 per share, sharply down from $80 million or $1.11 per share last year. Results for the quarter include non-cash mark-to-market losses on certain financial commodity contracts of $90.8 million. Excluding items, adjusted earnings for the quarter was $71 million or $0.98 per share. The company reported revenues of $288 million, a decline from $374 million in the prior year. Street analysts expected the company to earn $0.98 per share and revenues of $386.15 million for the quarter. Analysts' estimates typically excludes special items. Energen revised its earnings guidance range for 2012 to reflect lower assumed natural gas prices and higher assumed oil prices applicable to its unhedged volumes. Revised guidance also reflects increased DD&A expense.
The company now expects fiscal 2012 earnings of $3.15 to $3.55 per share, excluding non-cash mark-to-market impacts. Earlier, the company provided 2012 guidance of $3.40 to $3.80 per share. Analysts currently expect the company to report earnings of $3.85 per share for 2012. Energen said its proved reserves at year-end 2011 totaled 343 MMBOE, a 20 percent increase from 2010 after adjusting for production of 20.4 MMBOE.
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