Exhibit 99.1

ENERGEN RAISES CY14 PRODUCTION GUIDANCE MIDPOINT BY 500 MBOE

Latest San Juan Basin Mancos Oil Wells Generate Strong Rates

FIRST MARTIN COUNTY CLINE WELL POSTS STRONG RESULTS

COMPANY EYES MONETIZATION OF GAS ASSETS IN SAN JUAN BASIN

Highlights

BIRMINGHAM, Alabama – For the 3 months ended September 30, 2014, Energen Corporation (NYSE: EGN) reported GAAP net income from all operations of $457.3 million, or $6.22 per diluted share. After adjusting for a mark-to-market gain, impairment losses in advance of potential asset sales, dry hole expense, and discontinued operations, Energen’s adjusted income from continuing operations in the 3^rd quarter of 2014 totaled $45.2 million, or $0.62 per diluted share. This compares with adjusted income from continuing operations in the 3^rd quarter of 2013 of $46.6 million, or $0.64 per diluted share. The difference between the periods primarily is attributable to a 13 percent increase in oil and natural gas liquids (NGL) production being more than offset by lower realized oil and NGL prices and increased DD&A expense. [See “Non-GAAP Financial Measures” beginning on pp 13 for more information and reconciliation.]

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Energen’s adjusted EBITDAX from continuing operations totaled $229.3 million in the 3^rd quarter of 2014, up approximately 5 percent from $217.9 million in the same period last year. [See “Non-GAAP Financial Measures” beginning on pp 13 for more information and reconciliation.]

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“Energen had a terrific 3rd quarter,” said James McManus, Energen’s chairman and chief executive officer. “Production exceeded our internal expectations by half-a-million barrels. We now estimate that our Permian Basin production in 2014 could grow approximately 23 percent from 2013 levels and that our December 2014 exit rate could exceed 77,000 barrels of oil equivalent per day (boepd).

“Our excellent exploratory and development drilling results in the Midland Basin served to further reinforce our current plans to add two development rigs in the Midland Basin in 2015. And the results of our exploratory wells in the Delaware Basin served to increase our excitement about the Wolfcamp potential across much of our acreage there while underscoring the need for continued delineation.

“The results coming from the Mancos formation oil play in the San Juan Basin continue to impress. We have a 50 percent non-operated working interest in four Mancos oil wells drilled this year in the south-central portion of the basin, and the results of wells three and four were even better than the first two. We continue to secure drilling permits and plan to run a rig in 2015 to test our acreage position in the play. We recently purchased approximately 15,000 net acres in the Mancos formation oil window, bringing our total position in the emerging play to 90,000 net acres. If we find what we expect from our 2015 drilling program, this play will compete on a return basis with our best Permian opportunities.

“As we look ahead to 2015 in our budget planning process, we are very conscious of the recent pull-back in oil prices and are scenario-planning for different price levels. Given our quality of assets, under-levered balance sheet, financial capacity, and hedge position, we believe we are extremely well-positioned to continue moving forward with most of our preliminary plans for 2015, even if oil prices were to average in the low $80s. Midland Basin Wolfcamp economics remain attractive at those levels; however, we may choose to limit our lower-return, exploratory drilling activity in the Delaware Basin Wolfcamp. Even at sub-$80 price levels, Midland Basin Wolfcamp economics remain solid.

“Energen’s balance sheet may be further de-levered in 2015 through asset sales. We anticipate marketing for sale the majority of our gas assets in the San Juan Basin as well as 5,300 net acres and assets in the northeast quadrant of Glasscock County located in the Eastern Shelf of the Permian Basin.

“Despite the current uncertainty surrounding near-term oil prices, Energen is in an excellent position — both in terms of our assets and our financial strength — and we have a great deal of flexibility with which to manage our capital investments and operating plans to best serve the interests of our shareholders.”

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Permian Basin Exploration and Development Well Update

Midland and Delaware Basin Exploration Program Results

Energen tested six new exploratory wells in the Permian Basin during the 3^rd quarter of 2014, including its first two Cline wells in the Midland Basin and its first Wolfcamp C well in the Delaware Basin. [See locator maps at www.energen.com]

Permian Basin Exploratory Well Results (3-Stream)

“Energen’s Jones Holton #401H generated the best known publicly disclosed rates for a Cline well in Martin County,” said McManus. “We are very pleased with this well and our two Wolfcamp B wells in Martin and Glasscock counties. All three have outperformed our internal expectations as we continue to successfully delineate the Wolfcamp and Cline potential across our Midland Basin footprint. [See discussion of Horwood SN 36-37 #401H on page 5, Asset Sales Under Consideration].

Energen’s 2014 Midland Basin exploratory drilling plans include a total of 19 gross (18 net) wells. In addition to the 8 gross wells drilled, completed, and producing, 7 gross wells currently are in various stages of drilling, completion, and flow back. These include the first of two planned Martin County Lower Spraberry test wells, a Glasscock County Lower Spraberry test, the company’s third Martin County Wolfcamp A well as well as its second Martin County Wolfcamp B well, and the company’s first three Wolfcamp C wells in Glasscock County. Energen expects to complete 18 gross wells in 2014.

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“In the Delaware Basin, we are pleased with the results of our first Wolfcamp C test, the Intrepid 55-12 #1H. The Intrepid and the Atlantis 59-10 #1H are among our top six Delaware Wolfcamp performers on the basis of 30-day rates,” McManus added.

Energen’s 2014 Delaware Basin Wolfcamp drilling plans include a total of 13 gross (12 net) wells. In addition to the 4 gross wells drilled, completed, and producing, 7 gross wells currently are in various stages of drilling, completion, and flow back, including a 6,700’ lateral length well targeting the Wolfcamp B in Reeves County and a second Wolfcamp C well in Reeves County. Energen expects to complete 12 gross wells in 2014.

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Southern Glasscock Development Well Results (3-Stream)

In addition to its exploratory programs in the Midland and Delaware basins, Energen drilled 16 gross (15 net) wells in the 3^rd quarter as part of its Wolfcamp development program in southern Glasscock County. This brings the total number of development wells drilled in the first nine months of the year to 34 gross (32 net). Energen’s development program consists of pad drilling stacked A & B laterals with lengths of 6,700’ and 7,500’.

Energen completed and tested 11 gross (10 net) wells in the development program during the 3^rd quarter; another 3 gross (3 net) wells were completed but do not have sufficient production history to report. The new 3^rd quarter wells generated average peak 24-hour IP rates (3-stream) of 1,066 boepd (79% oil) and peak 30-day average rates (3-stream) of 766 boepd (72% oil), both of which exceeded our internal expectations. For the year to date through September 30, Energen has completed and tested 15 gross (14 net) wells.

In the 4th quarter, the company expects to drill 19 gross (19 net) development wells and complete an additional 18 gross (17 net) wells. For the full year, the company plans to drill 53 gross (51 net) and complete 36 gross (34 net) wells.

“We have continued to realize improved drilling efficiency during the 3^rd quarter and currently are averaging 18-21 days from spud to rig release,” McManus said. “This improvement in cycle time is helping us execute completions in a timely manner and helping offset cost increases associated with a variety of items from increasing our pipe inspection level and frequency to using more sand as we refine our completions. Our target drill-and-complete cost for Wolfcamp development wells for the remainder of the year is $7.5-$8.0 million.

“We will have six rigs drilling development wells within the next couple of weeks and plan to add two more before year end to get a jump-start on next year’s program,” McManus added. “We anticipate running 6-8 development rigs throughout 2015.”

San Juan Basin Mancos Oil Well Results (3-Stream)

In the San Juan Basin, Energen is a 50 percent non-operated participant in four oil wells that have been drilled this year by WPX Energy in the Mancos formation in south-central San Juan Basin. Results of all four wells, the first two of which were disclosed last quarter, are strong indicators that this horizontal oil play in northern New Mexico could generate returns that compete with Energen’s extensive opportunity set in the Permian Basin.

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Utility Sale Completed

Energen completed the sale of its natural gas utility company, Alabama Gas Corporation, to The Laclede Group on September 2, 2014. The transaction’s effective date was August 31, 2014. The $1.6 billion purchase price included the assumption of approximately $267 million of utility debt. Energen’s net pre-tax proceeds from the sale totaled approximately $1.3 billion (subject to additional working capital adjustments post-close). Energen estimates its after-tax proceeds will be $1.1 billion.

Immediately following the close, Energen repaid $570 million in outstanding principal under its December 2013 Senior Term Loans along with $750 million outstanding under its October 2012 Credit Facility Agreement. Energen also executed a new syndicated, senior secured, revolving credit facility with initial aggregate lender commitments of $1.5 billion and a reserve-backed borrowing base of $2.1 billion. In the fourth quarter of 2014, the company intends to draw approximately $230 million in borrowings under the September 2014 Credit Facility to pay income taxes generated from the sale; the full tax obligation is being partially offset by the expensing of intangible drilling costs incurred during 2013 and 2014.

Asset Sales Under Consideration

Energen expects to market for sale the majority of its natural gas assets in the San Juan Basin as well as properties in the northeast quadrant of Glasscock County located in the Eastern Shelf of the Permian Basin. Both assets were marked down in the 3rd quarter to their estimated fair market value in anticipation of being designated as “held for sale” by year-end 2014.

Energen has not invested drilling capital in its San Juan Basin gas assets for several years, and management does not expect to see in the foreseeable future a recovery in prices sufficient to allow these natural gas plays to compete for capital with the company’s extensive oil opportunities.

The assets under consideration to be sold include approximately 985 net operated wells on some 208,000 net acres. These assets had proved reserves at year-end 2013 of 73.1 MMBOE, of which 84 percent was natural gas and 16 percent was NGL; associated production in 2014 is estimated to be 6.7 MMBOE.

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In 2014 Energen has been testing the Cline potential on an isolated 5,300 net acres in far eastern Glasscock County. Through the prior testing of vertical targets, the company determined that, on this acreage, the Cline shale offered the greatest potential to be economically competitive with its drilling opportunities in the core of the Midland Basin. While the results of the Horwood SN 36-37 #401H Cline well were good for this northeastern Glasscock area (see page 3), the company has decided its deep inventory in the core of the Midland Basin offers better economics and repeatable returns.

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3^rd Quarter Financial Review

Reconciliation of Consolidated GAAP Net Income to Adjusted Income from Continuing Operations

[See “Non-GAAP Financial Measures” beginning on pp. 13 for more information]

Note: Per share amounts may not sum due to rounding

Production from Continuing Operations by Product

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Production from Continuing Operations by Area

Note: Totals may not sum due to rounding

Average Realized Sales Prices from Continuing Operations

Expenses from Continuing Operations (per barrel)

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3^rd Quarter Comparisons, 2014 vs 2013 (Continuing Operations)

4^th Quarter and Full-year 2014 Capital, Production and Financial Guidance

Energen’s 2014 drilling and development capital is estimated to remain under $1.4 billion, in keeping with prior guidance. The company production guidance midpoint, however, is estimated to increase 0.5 MMBOE to 25.9 MMBOE (70,950 boepd). Energen is both raising and narrowing its 2014 production guidance range to 25.6 to 26.2 MMBOE (70,135-71,780 boepd). The company is maintaining its 4th quarter production guidance midpoint of 6.9 MMBOE (75,000 boepd) within a range of 6.6 to 7.2 MMBOE (71,740-78,260 boepd).

Energen’s estimated expenses from continuing operations in the 4^th quarter of 2014 and CY2014 are:

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Approximately 72 percent of the company’s 4^th quarter production guidance midpoint of 6.9 MMBOE is hedged. Hedges also are in place that limit the company’s exposure in the 4^th quarter to the Midland to Cushing differential. Energen has hedged the WTS Midland to WTI Cushing (sour oil) differential for 0.3 million barrels of oil production at an average price of $3.30 per barrel and the WTI Midland to WTI Cushing differential for 0.6 million barrels at an average price of $3.08 per barrel. Energen estimates that approximately 76 percent of its oil production for the remainder of 2014 will be sweet. Gas basis assumptions are $0.05 per Mcf in the Permian and San Juan basins.

The company’s current hedge position for the 4^th quarter of 2014:

Note: Known actuals included

In the table above, basin-specific contract prices for natural gas have been converted for comparability purposes to a NYMEX-equivalent price by adding to them Energen’s assumed San Juan and Permian basis differentials.

Average realized oil and gas prices for Energen’s production associated with NYMEX contracts as well as for unhedged production will reflect the impact of basis differentials; average realized oil prices also will reflect estimated oil transportation charges of $2.65 per barrel in the 4th quarter; and average realized NGL prices will be net of transportation and fractionation fees that are estimated to average $0.09 per gallon in the Permian Basin and $0.12-$0.17 per gallon in the San Juan Basin. The company also has basin-specific natural gas contracts whereby Energen Resources will receive the contracted hedge price.

Energen’s assumptions for the commodity prices of unhedged production in the 4^th quarter are $85 per

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barrel of oil, $4.00 per Mcf of gas, and $0.92 per gallon of NGL. As a result of Energen’s 2014 hedge position for the remainder of the year, changes in commodity prices are expected to have a minimal impact on Energen’s 2014 revenues.

Energen estimates that for the 4th quarter, every $1 change in the Midland to Cushing differentials for sweet and sour oil from our assumed $6 per barrel will impact net income by approximately $0.7 million and $0.2 million, respectively.

2014e Capital, Drilling and Production Summary

Note: “Facilities” capital includes salt water disposal wells, artificial lift, and central gathering facilities; “Other” capital includes payadds and refracs

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Production from Continuing Operations by Product

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Production from Continuing Operations by Basin per Quarter

NOTE: Totals may not sum due to rounding

2015 Hedges Include 8.3 Million Barrels of Oil and Oil Differential Hedges

The company’s current hedge position for 2015 is as follows:

Basin-specific contract prices for natural gas have been converted for comparability purposes to a NYMEX-equivalent price in the table above by adding to them Energen Resources’ assumed San Juan and Permian basis differentials for 2015 of $0.14 per Mcf and $0.20 per Mcf, respectively.

Hedges also are in place throughout 2015 that limit the company’s exposure to the Midland to Cushing differential. Energen has hedged the WTS Midland to WTI Cushing (sour oil) differential for 2.2 million barrels of oil production at an average price of $4.30 per barrel and the WTI Midland to WTI Cushing differential for 6.1 million barrels at an average price of $5.11 per barrel.

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Conference Call

Energen will hold its quarterly conference call Friday, October 31, at 11:00 a.m. EDT. Members of the investment community may participate by calling 1-877-407-8289 (reference Energen earnings call). A live audio Webcast of the program as well as a replay may be accessed through Web site, www.energen.com.

Energen Corporation is an oil and gas exploration and production company with headquarters in Birmingham, Alabama. The company has approximately 775 million barrels of oil-equivalent proved, probable, and possible reserves and another 2.5 billion barrels of oil-equivalent contingent resources. These all-domestic reserves and resources are located primarily in the Permian Basin in west Texas. For more information, go to http://www.energen.com.

Financial, operating, and support data pertaining to all reporting periods included in this release are unaudited and subject to revision.

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