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Energen Corporation (EGN) saw its loss narrow to $54.47 million, or $0.56 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $590.81 million, or $7.50 a share. On an adjusted basis, loss from continuing operations for the quarter stood at $26.60 million, or $0.27 a share compared with a Income from continuing operations of $28.40 million, or $0.36 a share in the last year period. Revenue during the quarter plunged 40.60 percent to $114.52 million from $192.80 million in the previous year period. Gross margin for the quarter contracted 674 basis points over the previous year period to 66.06 percent.
Operating loss for the quarter was $68.60 million, compared with an operating loss of $915.55 million in the previous year period.
"The year 2016 likely will be remembered by our industry as the year that the oil commodity price cycle bottomed out in the mid-$20s in February," said James McManus, Energen’s chairman and chief executive officer. "I will remember it more for the determination and resiliency of our company. We were tested and challenged and came out stronger than ever.
Working capital turns positive
Working capital of Energen Corporation has turned positive to $167.71 million on Dec. 31, 2016 from negative $41.18 million on Dec. 31, 2015. Current ratio was at 1.50 as on Dec. 31, 2016, up from 0.86 on Dec. 31, 2015. Debt comes down significantly
Energen Corporation has recorded a decline in total debt over the last one year. It stood at $551.44 million as on Dec. 31, 2016, down 28.71 percent or $222.11 million from $773.55 million on Dec. 31, 2015. Short-term debt stood at $24 million as on Dec. 31, 2016. Total debt was 12.04 percent of total assets as on Dec. 31, 2016, compared with 16.77 percent on Dec. 31, 2015. Debt to equity ratio was at 0.18 as on Dec. 31, 2016, down from 0.27 as on Dec. 31, 2015.
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