June 19 (Reuters) - 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