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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)
11/14/201507:45:02Denbury Resources' Headline Earnings Hide Some Promising Signs...
11/10/201516:30:00Denbury Resources to Present at Bank of America Merrill Lynch...
11/06/201517:26:18Quarterly Report (10-q)
11/05/201508:57:16Current Report Filing (8-k)
11/05/201506:30:00Denbury Reports Third Quarter 2015 Results
10/23/201516:30:00Denbury Announces Release Date for Third Quarter 2015 Results...
10/06/201513:55:32Statement of Ownership (sc 13g)
10/02/201511:12:15Statement of Changes in Beneficial Ownership (4)
10/02/201511:11:21Statement of Changes in Beneficial Ownership (4)
10/02/201511:09:54Statement of Changes in Beneficial Ownership (4)
09/30/201511:24:00Scanning Stocks From the Basic Material Sector - Ceres, Denbury...
09/28/201508:30:00Denbury Resources to Present at The Johnson Rice 2015 Energy...
09/23/201516:38:42Current Report Filing (8-k)
09/21/201517:13:17Current Report Filing (8-k)
09/21/201509:26:00Market Insight on the Basic Materials Sector -- Yamana Gold...
09/21/201508:20:00Denbury Resources Suspends Dividend
09/21/201507:00:00Denbury Announces Suspension of Dividend
09/18/201508:01:00Independent Oil and Gas Stocks on our Radar - Chesapeake Energy...
09/09/201514:59:19Statement of Changes in Beneficial Ownership (4)
09/09/201514:57:45Initial Statement of Beneficial Ownership (3)

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