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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; jodi.xu@dowjones.com

Stock News for Denbury (DNR)
DateTimeHeadline
04/20/201516:30:00Denbury Announces Release Date for First Quarter 2015 Results...
04/14/201514:34:02High Return Investments in Oil Potentially Worth the Risk
04/13/201517:45:19How Much Does It Cost To Produce One Barrel Of Oil (Breitburn...
04/13/201512:29:02Oil and Index Change Upend Denbury Resources Inc.âs Stock in M...
04/09/201511:33:21Additional Proxy Soliciting Materials (definitive) (defa14a)
04/09/201511:23:36Proxy Statement (definitive) (def 14a)
04/02/201514:47:57Statement of Changes in Beneficial Ownership (4)
04/02/201514:34:38Amended Statement of Changes in Beneficial Ownership (4/a)
04/02/201514:33:21Statement of Changes in Beneficial Ownership (4)
04/02/201514:32:00Statement of Changes in Beneficial Ownership (4)
04/02/201514:31:32Statement of Changes in Beneficial Ownership (4)
04/02/201514:28:36Statement of Changes in Beneficial Ownership (4)
04/02/201514:25:30Statement of Changes in Beneficial Ownership (4)
04/02/201514:23:46Statement of Changes in Beneficial Ownership (4)
04/02/201514:21:55Statement of Changes in Beneficial Ownership (4)
04/02/201514:20:04Statement of Changes in Beneficial Ownership (4)
03/28/201511:50:023 Oil Stocks Wall Street Is Wrong About
03/27/201512:14:33Annual Report of Employee Stock Plans (11-k)
03/26/201509:21:39Current Report Filing (8-k)
03/13/201518:05:51S&P 500 changes: EQIX, SLG, HBI, HSIC in, DNR, NBR, AVP, CFN...

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