8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT

Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report
March 22, 2005

Commission			IRS Employer
File		State of	Identification
Number	Registrant	Incorporation	Number
1-7810	Energen Corporation	Alabama	63-0757759
2-38960	Alabama Gas Corporation	Alabama	63-0022000

605 Richard Arrington Jr. Boulevard North Birmingham, Alabama	35203
(Address of principal executive offices)	(Zip Code)

(205) 326-2700

(Registrant's telephone number including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 7.01          Regulation FD Disclosure.

On March 22, 2005, Energen Corporation and Alabama Gas Corporation issued a press release announcing increased earnings guidance for 2006. The press release is attached hereto as Exhibit 99.1 to this Form 8-K and is furnished to, but not filed with, the Commission.

ITEM 9.01          Financial Statements and Exhibits.

(c) Exhibits.

The following exhibit is furnished as part of this Current Report on Form 8-K.

Exhibit
Number:

99.1 Press Release dated March 22, 2005

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	ENERGEN CORPORATION
March 22, 2005	By /s/ G. C. KETCHAM
	G. C. KETCHAM Executive Vice President, Chief Financial Officer and Treasurer of Energen Corporation and Alabama Gas Corporation

EXHIBIT INDEX

EXHIBIT NUMBER		DESCRIPTION
99.1	*	Press Release dated March 22, 2005

* This exhibit is furnished to, but not filed with, the Commission by inclusion herein.

EX-99.1

For Immediate Release: Contact: Julie S. Ryland

Tuesday, March 22, 2005 205-326-8421

New Oil Hedges Drive 10-Cent Rise in Energen's 2006 Earnings Guidance Range

BIRMINGHAM, Ala -- Energen Corporation (NYSE:EGN) announced today that it has hedged another 9.5 percent of its estimated 2006 oil production and, as a result, is raising its 2006 earnings guidance by 10 cents to a new range of $5.00-$5.20 per diluted share.

Yesterday, the diversified energy company's oil and gas acquisition and development unit, Energen Resources Corporation, hedged an additional 360,000 barrels (30,000 barrels per month) of its 2006 sour oil production at a NYMEX-equivalent price of $54.14 per barrel. This brings the Company's total oil hedge position for 2006 to 1.44 million barrels (MMBbl) at an average NYMEX-equivalent price of $46.01 per barrel.

Energen Resources' total current hedge position with respect to its estimated 2006 production is as follows:

Commodity	Hedge Vols.	Estimated 2006 Production		% Hedged		NYMEX-equiv. price
Natural Gas	17.6 Bcf	65.6 Bcf1	58.7 Bcf2	27%1	30%2	$6.84 per Mcf
Oil	1,440 MBbl	3,800 MBbl1	3,500 MBbl2	38%1	42%2	$46.01 per barrel
NGL	30.2 MMgal	86.6 MMgal1	79.7 MMgal2	35%1	38%2	$0.56 per gallon

1 With unidentified 4th quarter acquisition in 2005 and 2006

2 Without unidentified 4th quarter acquisition in 2005 and 2006

Impact of Commodity Price Changes on 2006 Earnings

With additional uncertainty associated with commodity prices removed from Energen's earnings outlook for 2006, the Company raised its guidance for the year to a range of $5.00-$5.20 per diluted share.

Embedded in Energen's 2006 earnings guidance is an estimated 16 cents per diluted share from unidentified oil and gas property acquisitions of approximately $200 million each in the fourth quarters of 2005 and 2006.

The Company's guidance for 2006 earnings assumes that NYMEX prices applicable to Energen Resources' unhedged production in 2006 will average $6.15 per Mcf for gas and $35 per barrel for oil and that NGL prices will average approximately 58 cents per gallon.

Given Energen Resources' current hedge position for 2006 and assuming prices as outlined above for its unhedged production (excluding volumes from unidentified acquisitions), sensitivities to pricing changes applicable to Energen's 2006 earnings guidance are as follows:

• Every 10-cent change in the average NYMEX price of gas from $6.15 per Mcf represents an estimated net income impact of approximately $2,100,000 (5.7 cents per diluted share).
• Every $1.00 change in the average NYMEX price of oil from $35 per barrel represents an estimated net income impact of approximately $1,100,000 (2.9 cents per diluted share).
• Every 1-cent change in average price of NGL from $0.58 per gallon represents an estimated net income impact of approximately $250,000 (0.6 cents per diluted share).

Price-related events such as substantial basis differential changes could cause earnings sensitivities to be materially different from those outlined above.

Energen Corporation is a diversified energy holding company with headquarters in Birmingham, Alabama. Its two lines of business are the acquisition and development of natural gas, oil and natural gas liquids onshore in North America and natural gas distribution in central and north Alabama. Additional information on Energen is available at www.energen.com.

FORWARD-LOOKING STATEMENTS: This release contains statements expressing expectations of future plans, objectives and performance that constitute forward-looking statements made pursuant to the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. Except as otherwise disclosed, the Company's forward-looking statements do not reflect the impact of possible or pending acquisitions, divestitures or restructurings. We undertake no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise. All statements based on future expectations rather than on historical facts are forward-looking statements that are dependent on certain events, risks and uncertainties that could cause actual results to differ materially from those anticipated. In addition, the Company cannot guarantee the absence of errors in input data, calculations and formulas used in its estimates, assumpt ions and forecasts. A more complete discussion of risks and uncertainties that could affect future results of Energen and its subsidiaries is included in the Company's periodic reports filed with the Securities and Exchange Commission.

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