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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
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...
03/13/201517:50:00Celgene, Kinder Morgan and Actavis Set to Join the S&P 100; Several...
02/27/201514:02:22Annual Report (10-k)
02/19/201509:34:37Current Report Filing (8-k)
02/19/201508:46:12Denbury Reports 2014 Fourth Quarter and Annual Results and Year-End...
02/13/201515:56:31Amended Statement of Ownership (sc 13g/a)
02/12/201517:02:44Amended Statement of Ownership (sc 13g/a)
02/12/201516:30:00Denbury Announces Release Date for Fourth Quarter and Full-Year...
02/12/201510:42:39Statement of Ownership (sc 13g)
02/10/201512:11:19Amended Statement of Ownership (sc 13g/a)
02/09/201506:01:34Amended Statement of Ownership (sc 13g/a)
02/03/201512:03:15Statement of Changes in Beneficial Ownership (4)
02/03/201512:01:11Statement of Changes in Beneficial Ownership (4)
02/03/201511:59:31Statement of Changes in Beneficial Ownership (4)
01/30/201509:17:19Statement of Ownership (sc 13g)
01/29/201506:01:04Current Report Filing (8-k)
01/28/201516:51:43MARKET SNAPSHOT: U.S. Stocks Sell Off After Fed Statement
01/28/201516:46:07MARKET SNAPSHOT: U.S. Stocks Sell Off After Fed Statement

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