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Denbury Swings To 1Q Profit As Revenue Jumps On Higher Prices

DOW JONES NEWSWIRES Denbury Resources Inc. (DNR) swung to a first-quarter profit as the oil-and-gas company reported surging revenue prices and benefited from a derivatives gain. Last month, Denbury reached a deal to sell some of its recently acquired properties for $900 million to privately-held Quantum Resources Management as Denbury needs money to pay off its $1.6 billion bank credit facility. The company, in March, completed a $4.5-billion deal to buy Encore Acquisition Co. (ECV). Denbury reported a profit of $100.2 million, or 32 cents a share, compared with a prior-year loss of $18.3 million, or 7 cents a share, a year earlier. Excluding derivatives impacts and other items, earnings fell to 6 cents from 19 cents though revenue more than doubled to $438.8 million. Analysts polled by Thomson Reuters expected earnings of 7 cents and $278 million in sales. Oil production jumped 18% while gas production slid 44%. Oil and gas prices, excluding hedging, jumped 95% and 32%, respectively. Shares closed at $18.01 Wednesday and were inactive premarket. The stock has risen 22% this year. -By Jodi Xu and John Kell, Dow Jones Newswires; 212-416-3037;

Stock News for Denbury (DNR)
10/17/201606:30:00Denbury Announces Reaffirmation of Borrowing Base and Third Quarter...
10/11/201606:53:16Amended Statement of Ownership (sc 13g/a)
10/06/201616:10:10Current Report Filing (8-k)
10/04/201616:26:13Statement of Changes in Beneficial Ownership (4)
10/03/201606:30:00Denbury Resources Promotes Christian S. Kendall to President
09/12/201612:27:07Statement of Changes in Beneficial Ownership (4)
09/01/201616:30:00Denbury Resources to Present at Barclays CEO Energy-Power Conference
08/16/201617:14:53Statement of Changes in Beneficial Ownership (4)
08/16/201617:12:13Statement of Changes in Beneficial Ownership (4)
08/15/201606:30:00Denbury Resources to Present at the Enercom Oil & Gas Conference
08/05/201616:16:48Quarterly Report (10-q)
08/04/201608:42:02Current Report Filing (8-k)
08/04/201606:30:00Denbury Reports Second Quarter 2016 Results
07/22/201616:30:00Denbury Announces Release Date for Second Quarter 2016 Results...
07/12/201611:28:39Statement of Changes in Beneficial Ownership (4)
07/12/201611:26:33Statement of Changes in Beneficial Ownership (4)
07/12/201611:23:55Statement of Changes in Beneficial Ownership (4)
07/12/201611:22:26Statement of Changes in Beneficial Ownership (4)
07/12/201611:19:05Statement of Changes in Beneficial Ownership (4)
07/08/201614:48:52Amended Statement of Ownership (sc 13g/a)

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