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Denbury 3Q Net Up 8.3% As Higher Prices, Output Boost Revenue

DOW JONES NEWSWIRES Denbury Resources Inc.'s (DNR) third-quarter profit rose 8.3% as revenue climbed amid higher prices and output. Shares were up 1% at $17.61 in recent premarket trading as the revenue figure handily topped analysts' estimates. The stock gained 18% so far this year, as of Wednesday's close. The oil-and-gas explorer and producer has been benefiting from improved commodities pricing for several quarters and recent results have been boosted by its $4.5 billion acquisition of Encore in March. The deal transformed the company into one of the largest oil-focused independent producers. Denbury's profit rose to $29.1 million from $26.9 million a year earlier but fell to 7 cents from 11 cents on a per-share basis as the number outstanding grew 59% amid the acquisition. Excluding items such as hedging and merger impacts, earnings slid to 13 cents from 16 cents as revenue more than doubled to $466.7 million. Analysts polled by Thomson Reuters most recently forecast earnings of 13 cents on $451 million in revenue. Average daily production jumped 82% on the acquisition. Sales prices, excluding hedging impacts, rose 12% for oil and 47% for natural gas. -By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240; matthew.jarzemsky@dowjones.com

Stock News for Denbury (DNR)
DateTimeHeadline
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...
03/13/201517:50:00Celgene, Kinder Morgan and Actavis Set to Join the S&P 100; Several...

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