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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)
08/12/201513:28:19Post-effective Amendment to an S-8 Filing (s-8 Pos)
08/12/201513:26:29Securities Registration: Employee Benefit Plan (s-8)
08/06/201518:23:42Quarterly Report (10-q)
08/05/201509:22:04Current Report Filing (8-k)
07/28/201516:50:27Current Report Filing (8-k)
07/09/201517:29:04Amended Statement of Ownership (sc 13g/a)
07/02/201514:21:14Statement of Changes in Beneficial Ownership (4)
07/02/201514:19:56Statement of Changes in Beneficial Ownership (4)
07/02/201514:19:05Statement of Changes in Beneficial Ownership (4)
06/18/201511:02:183 Stocks to Watch in Upstream Oil & Gas
06/17/201511:50:07Statement of Changes in Beneficial Ownership (4)
06/03/201513:39:1310 Best Oil Stocks by Oil Reserves
05/31/201511:00:03Oil Investment Opportunites for the Long Term
05/24/201508:00:033 Undervalued Stocks in Oil Worth Buying
05/22/201512:33:01Current Report Filing (8-k)
05/21/201516:07:55Statement of Changes in Beneficial Ownership (4)
05/21/201516:06:37Statement of Changes in Beneficial Ownership (4)
05/21/201516:04:28Statement of Changes in Beneficial Ownership (4)
05/21/201516:00:31Statement of Changes in Beneficial Ownership (4)
05/21/201515:59:14Statement of Changes in Beneficial Ownership (4)

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