Energen to stick with business plan, ignores Corvex's sale call

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June 19 (Reuters) - Energen Corp <EGN.N> said on Monday its
board had unanimously decided to stick to its business plan,
shrugging off hedge fund Corvex Management LP call in May for a
possible sale of the oil and gas producer.
    The Birmingham, Alabama-based company, which has a large
concentration of its assets in the Permian Basin, also raised
its 2017 production forecast by 5.9 percent to 70,200 barrels of
oil equivalent per day. [nBw3w84Z8a]
    Corvex called for a sale of the company in May, saying the
shares were "undervalued". [nL3N1IX3T2]
    The hedge fund, run by Carl Icahn protege Keith Meister,
holds a 5.5 percent stake in Energen as of May 31.
    The company's board reviewed the strategic alternatives with
inputs from financial advisers JPMorgan and Tudor Pickering Holt
& Co.

 (Reporting by Ahmed Farhatha in Bengaluru Editing by Sriraj
 ((Ahmed.Farhatha@thomsonreuters.com; within U.S. +1 646 223
8780, outside U.S.  +91 806749 6568; Reuters Messaging:


This article appears in: World Markets , Stocks
Referenced Symbols: EGN

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