Energen shopping natural gas utility, expects to fetch more than $1B

Energen (EGN +5.2%) reportedly is shopping its Alabama natural gas utility, and is working with J.P. Morgan on the sale, as it looks to refocus its operations on its core oil and gas extraction business.

EGN has indicated in the past that it might sell the Alagasco business, which distributes gas to ~425K customers in central Alabama and whose worth Citi has estimated at ~$1.2B.

Macquarie analysts have said a main risk facing EGN's stock was any change in Alabama utility regulations, but the unit has long contributed much of EGN's dividend.

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