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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
02/05/201607:00:00Denbury Announces Release Date for Fourth Quarter and Full-Year...
02/02/201607:49:59Amended Statement of Ownership (sc 13g/a)
02/01/201616:43:06Statement of Changes in Beneficial Ownership (4)
01/21/201606:02:29Current Report Filing (8-k)
01/20/201619:00:00Denbury Terminates Its Previously Announced Notes Exchange Offers
01/12/201610:53:15Current Report Filing (8-k)
01/12/201606:30:00Denbury Announces Covenant Amendment In Its Offers to Exchange...
01/11/201617:35:44Statement of Changes in Beneficial Ownership (4)
01/11/201617:34:12Statement of Changes in Beneficial Ownership (4)
01/11/201617:33:31Statement of Changes in Beneficial Ownership (4)
01/11/201617:32:11Statement of Changes in Beneficial Ownership (4)
01/08/201613:31:20Current Report Filing (8-k)
01/08/201610:54:43Current Report Filing (8-k)
01/08/201606:30:00Denbury Announces Extension of Deadline to Receive Early Participation...
01/05/201618:50:49Statement of Changes in Beneficial Ownership (4)
01/05/201618:49:54Statement of Changes in Beneficial Ownership (4)
01/05/201618:48:03Statement of Changes in Beneficial Ownership (4)
12/22/201509:40:00U.S. Hot Stocks: Hot Stocks to Watch
12/22/201506:02:51Current Report Filing (8-k)
12/21/201521:02:17Denbury Announces Offers to Exchange Outstanding Senior Subordinated...

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