Exhibit 99.1

		ENERGEN CORPORATION 605 Richard Arrington Jr. Blvd. N. Birmingham, AL 35203-2707
		For Release: 6:00 a.m. ET				Contacts:		Julie S. Ryland
		Tuesday, May 8, 2018						205.326.8421

PRODUCTION BEATS 1Q18 GUIDANCE MIDPOINT BY 4%

Gen 3 Delaware Basin Wells Continue to Outperform

First Gen 3 Cline Wells in Midland Basin Generate Excellent Results

Commodity and Differential Hedges Added in 2018 and 2019 to Help Mitigate Risk

****NOTE: 1Q18 conference call slides available at www.energen.com****

BIRMINGHAM, Alabama – Energen Corporation (NYSE: EGN) (“Energen” or the “company”) today announced financial and operating results for the first quarter ended March 31, 2018.

FINANCIAL AND OPERATING HIGHLIGHTS

CY18 OFF TO EXCELLENT START IN 1Q

STRONG EXECUTION SHOWCASED IN 1Q18

Comments from the CEO

“In the first quarter of 2018, Energen built on the strong execution, growth, and financial strength it demonstrated in 2017,” said James McManus, Energen’s chairman and chief executive officer. “Our Generation 3 completions continued to drive production outperformance and, in combination with execution excellence, resulted in wells being placed on production earlier than planned. Additionally, our first Gen 3 completions on two Cline wells in different areas of the Midland Basin are delivering exciting results.

“We are pleased to report that we have all of the rigs and services lined up to execute on our 2018 drilling and development plans. We have strong arrangements in place to provide flow assurance for our oil and gas production. And we have high-quality, oil-focused assets with attractive rates of return and an outstanding balance sheet,” McManus added. “In short, we are extremely pleased with our performance in the quarter and confident that Energen is well-positioned to continue delivering strong results and creating shareholder value.”

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1Q18 Operations Update

Energen’s production in 1Q18 totaled 92.9 mboepd, or 4 percent higher than the guidance midpoint of 89.5 mboepd; this primarily was due to the outperformance of wells. A secondary contributor was wells being placed on production ahead of schedule but generally late in the quarter. Energen turned to production 15 gross (13 net) wells in the Midland Basin and 10 gross (10 net) wells in the Delaware Basin as compared to guidance of 9 gross (8 net) wells and 4 gross (4 net) wells, respectively. Energen’s oil production in 1Q18 totaled 55.4 mbopd, or 5 percent higher than the guidance midpoint of 53.0 mbopd.

1Q18 Production (mboepd)

Note: Totals above may not sum due to rounding.

1Q18 Wells Turned to Production

Of the wells placed on production in 1Q18, 40 percent (all of which are in the Midland Basin) are multi-zone pattern wells completed in batches at original reservoir pressure. During 1Q18, Energen utilized an average of 6-7 horizontal drilling rigs and an average of 4 frac crews. The company currently is running 10 drilling rigs and 4 frac crews, with a 5^th frac crew scheduled to begin work in the Midland Basin this summer.

Among the operating highlights in the quarter was a 9,350’ lateral Wolfcamp A in the Delaware Basin that was drilled in a record 22 days from spud to total depth. The company also placed on production its longest completed lateral length wells to date: 11,574’ in the Delaware Basin and 11,053’ in the Midland Basin. In addition, drilling and completion down time continued to decline.

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1Q18 Financial Results

For the 3 months ended March 31, 2018, Energen reported GAAP net income from all operations of $118.9 million, or $1.22 per diluted share. Adjusting for non-cash items, including a $14.6 million gain on mark-to-market derivatives, a $26.0 million gain associated with a property trade, and $1.1 million miscellaneous loss, Energen had adjusted income in 1Q18 of $79.4 million, or $0.81 per diluted share. This compares with an adjusted loss in 1Q17 of $(12.4 million), or $(0.13) per diluted share. [See “Non-GAAP Financial Measures” beginning on p. 8 for more information and reconciliation.]

Energen’s adjusted 1Q18 earnings exceeded internal expectations by $0.16 per diluted share largely due to substantially higher production and realized commodity prices. The company’s adjusted EBITDAX totaled $240.6 million in 1Q18 and exceeded internal expectations by approximately 10 percent. In the same period a year ago, Energen’s adjusted EBITDAX totaled $95.6 million. [See “Non-GAAP Financial Measures” beginning on p. 8 for more information and reconciliation.]

Drilling and development capital invested in 1Q18 totaled $236 million. Energen also invested some $18 million for approximately 1,100 net acres of unproved leasehold, primarily in the Delaware Basin. Including lease renewals, FF&E, and other miscellaneous items, total capital spending in 1Q18 totaled approximately $260 million.

1Q18 Expenses

1Q18 Average Realized Prices

NOTE: Average prices for oil are net of transportation costs. Average prices for NGLs and natural gas in 1Q18 were impacted by the adoption of Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASC 606”), which requires certain transportation, gathering, processing, and compression fees paid to be recorded as a deduction to revenues. Prior to 2018, certain of these fees were recorded as gathering and transportation, which are included in lease operating expenses. Additional information can be found in the Company’s Form 10-Q filing with the SEC for the three months ending March 31, 2018, expected to be filed May 9, 2018.

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Liquidity and Leverage Update

As of March 31, 2018, Energen had cash of $0.6 million, long-term debt of $528.0 million, and line of credit borrowings of $228.0 million. The company estimates that its total net debt-to-adjusted EBITDAX at year end will range from 0.9x - 1.1x.

Effective April 30, 2018, as part of the spring redetermination process for its secured credit facility, the aggregate commitments for the line of credit increased from $1.05 billion to $1.25 billion and the borrowing base was raised from the $1.7 billion to $2.15 billion. Along with the renewal, the term of the line of credit was extended to April 2023. No changes were made to the financial covenants of the credit facility.

2018 Overview

Estimated total capital spending for drilling and development activities in 2018 remains unchanged from prior guidance of $1.1 billion to $1.3 billion. Drilling and development capital in 2Q18 is estimated to range from $300 million to $330 million. The company’s 2018 drilling and completion plans have been adjusted to reflect increased working interests and longer lateral lengths. The company expects to drill approximately 128 gross/117 net horizontal wells in 2018 and complete approximately 123 gross/114 net horizontal wells, including 30 gross/28 net year-end 2017 drilled but uncompleted wells (DUCs). The average lateral length of wells scheduled for completion in 2018 (including known completed lateral lengths) is 8,000’; and the working interest of completed wells in 2018 has increased to approximately 92 percent.

The company estimates its YE18 DUCs will total approximately 35 gross/32 net. Energen also plans to drill 7 gross/7 net vertical wells in the Midland Basin and complete 6 gross/6 net of them.

2018 Production Guidance

Estimated 2018 production guidance of 92.0 – 99.0 mboepd reflects the impact of 1Q18 actual results, while guidance ranges for the rest of the year remain unchanged.

Note: Totals in production table above may not sum due to rounding.

2018 First Production/Flow back (Operated Horizontal Wells – Gross/Net)

NOTE: Totals may not sum due to rounding

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CY18 Operating Expenses

* % of revenues, excluding hedges

LOE per boe in CY18 is estimated to range from $5.20-$5.40 in the Midland Basin, $5.25-$5.45 in the Delaware Basin, and $21.00-$21.20 in the Central Basin Platform/Northeast Shelf areas (“Platform”). Net SG&A per boe in CY18 is estimated to be comprised of cash of $1.90-$2.10 per boe and non-cash, equity-based compensation of $0.40-$0.60 per boe.

Hedges

Since reporting year-end 2018 results, Energen has continued to increase its hedge position in 2018 and 2019 to further mitigate commodity price and basis differential risks. For the last 9 months of 2018, approximately 72 percent of the company’s estimated oil production of 16.0 mmbo (at guidance midpoint) is hedged as well as approximately 49 percent of its estimated NGL production and approximately 24 percent of its estimated natural gas production. Energen also has hedged the Midland to Cushing differential on 9.2 mmbo, or approximately 58 percent of its estimated oil production, at an average price of $(1.37) per barrel. The company’s natural gas hedges cover both the commodity and the basis.

Energen’s total oil hedge position for the remainder of 2018 is as follows:

Energen’s total natural gas and NGL hedge positions for the remainder of 2018 are as follows:

Note: The average price reflected for natural gas represents a basin-specific net Permian price

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2Q18 Hedges

For the three months ended June 30, 2018, approximately 77 percent of the company’s estimated oil production of 4.8 mmbo (at guidance midpoint) is hedged as well as approximately 49 percent of its estimated NGL production and approximately 25 percent of its estimated natural gas production. Energen has hedged the Midland to Cushing differential on 2.9 mmbo, or approximately 60 percent of its estimated oil production, at an average price of $(1.19) per barrel. The company’s natural gas hedges cover both the commodity and the basis.

Energen’s total natural gas and NGL hedge positions for 2Q18 are as follows:

Note: The average price reflected for natural gas represents a basin-specific net Permian price

The company’s average realized prices in the last nine months of 2018 (and in 2Q18) will reflect commodity and basis hedges, oil transportation charges of approximately $1.95 per barrel, NGL transportation and fractionation fees of approximately $0.14 per gallon, and basis differentials applicable to unhedged production. Natural gas and NGL production are also subject to percent of proceeds contracts of approximately 85%.

The assumed gas basis is $(1.40) per Mcf for the rest of 2018 and $(1.33) per Mcf for 2Q18. The assumed per-unit Midland to Cushing basis differentials for unhedged sweet and sour production for the rest of the year are $(4.60) and $(6.17), respectively, and $(2.91) and $(3.39), respectively, for 2Q18. Energen’s assumed commodity prices for unhedged volumes for the last nine months of 2018 are: $65.00 per barrel of oil, $0.70 per gallon of NGL, and $2.85 per Mcf of gas (May-December).

Estimated Price Realizations (pre-hedge):

2019 Hedges

Energen’s total oil hedge position for 2019 is as follows:

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Energen’s NGL hedge position for 2019 is as follows:

Energen also has hedged the Midland to Cushing differential on 6.8 million barrels of its estimated 2019 oil production at an average price of $(1.11) per barrel.

Supplemental Slides and Conference Call

1Q18 supplemental slides associated with Energen’s quarterly release and conference call are available at www.energen.com. Energen will hold its quarterly conference call Tuesday, May 8, at 8:30 a.m. ET. Investment community members 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 via www.energen.com.

Energen Corporation is an oil-focused exploration and production company with operations in the Permian Basin in west Texas and New Mexico. For more information, go to 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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