Page 4 of 6 – SEC Filing
This Amendment No. 1 supplements the information set forth in the Schedule 13D filed by Corvex Management LP
and Keith Meister with the United States Securities and Exchange Commission (the SEC) on May 31, 2017 (the Schedule 13D), relating to the shares of common stock, par value $0.01 per share (the Shares), of
Energen Corporation, an Alabama corporation (the Issuer). Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Schedule 13D.
The information set forth in response to each separate Item below shall be deemed to be a response to all Items where such information is relevant. The
Schedule 13D is supplementally amended as follows.
Item 3. Source and Amount of Funds or Other Consideration
The Reporting Persons used the working capital of the Corvex Funds to purchase the 1,429,822 Shares reported herein and to acquire the call options referenced
in Item 5. The total purchase price for the Shares reported herein was approximately $74,301,817 and the purchase price to acquire such call options was approximately $84,118,968.
Various of the Reporting Persons may effect purchases of securities through margin accounts maintained for the Corvex Funds with brokers, which extend margin
credit as and when required to open or carry positions in their margin accounts, subject to applicable federal margin regulations, stock exchange rules and such firms credit policies. Positions in Shares may be held in margin accounts and may
be pledged as collateral security for the repayment of debit balances in such accounts.
Item 4. Purpose of Transaction
The Reporting Persons acquired the over-the-counter market American-style call
options and sold the over-the-counter market European-style put options disclosed in Exhibit 3 attached hereto.
The Reporting Persons intend to review their investment in the Issuer on a continuing basis and may from time to time and at any time in the future depending
on various factors, including, without limitation, the Issuers financial position and strategic direction, actions taken by the Issuers Board of Directors, price levels of the Shares, other investment opportunities available to the
Reporting Persons, conditions in the securities market and general economic and industry conditions, take such actions with respect to their investments in the Issuer as they deem appropriate. These actions may include, without limitation:
(i) acquiring additional Shares and/or other equity, debt, notes, other securities, or derivative or other instruments that are convertible into Shares, or are based upon or relate to the value of the Shares or the Issuer (collectively,
Securities) in the open market or otherwise; (ii) disposing of any or all of their Securities in the open market or otherwise; (iii) engaging in any hedging or similar transactions with respect to the Securities; or
(iv) proposing or considering one or more of the actions described in subsections (a) through (j) of Item 4 of Schedule 13D.
Item 5.
Interest in Securities of the Issuer
(a)-(b) Corvex may be deemed to be the beneficial owner of 1,429,822 Shares and 4,967,764 Shares underlying
the call options referenced below in this Item 5, which collectively represent approximately 6.6% of the Issuers outstanding Shares. By virtue of his position as control person of the general partner of Corvex, Mr. Meister may be
considered to beneficially own such Shares. The Reporting Persons may be deemed to have sole power to vote and sole power to dispose of 6,397,586 Shares.
The percentage calculated in the immediately foregoing paragraph is calculated based on a total of 97,188,418 Shares outstanding as of May 1, 2017, as
reported in the Issuers Quarterly Report on Form 10-Q filed with the SEC on May 9, 2017.
The call
options referenced above are over-the-counter market American-style call options referencing an aggregate of 4,967,764 Shares, which have an exercise price of $36.50 per
Share and expire on May 31, 2018.
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