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Tuesday, January 28, 2014

Energen launches sale process for Alagasco - source, (NYSE: EGN)

Oil and gas company Energen Corp has launched a sale process for its Alabama natural gas utility Alagasco, according to a source familiar with the matter. Alagasco is the largest natural gas distributor in Alabama, with around 425,000 customers in north and central Alabama.The source could not be named because the sale process is not yet public.In April, Energen Chief Executive James McManus acknowledged that the firm was considering selling the utility, noting that his thinking on the matter had evolved."I don't think ... we're never going separate," he said, speaking on a conference call with investors. "That's not the thinking right now." Incorporated ( is a digital media company that connects advertisers to a worldwide audience of engineers. Shares of EGN traded higher by 3.76% or $2.56/share to $70.73. In the past year, the shares have traded as low as $44.46 and as high as $89.92. On average, 830450 shares of EGN exchange hands on a given day and today's volume is recorded at 851395.