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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;

Stock News for Denbury (DNR)
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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