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

June 19 Energen Corp 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.

Corvex called for a sale of the company in May, saying the shares were "undervalued".

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 Kalluvila)

我们的标准: 汤森路透“信任原则

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