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Denbury 4Q Profit Triples On Higher Prices, Output

DOW JONES NEWSWIRES Denbury Resources Inc.'s (DNR) fourth-quarter profit almost tripled, beating analysts' estimates, as revenue surged amid higher prices and output. The oil-and-gas explorer and producer has posted rising sales in five straight quarters as it has benefited from improved commodities pricing and the $4.5 billion acquisition of Encore Acquisition Co. last March. The deal transformed Denbury into one of the largest oil-focused independent producers. Denbury's profit rose to $10.4 million, or 3 cents a share, from $3.5 million, or 1 cent a share, a year earlier. Excluding items such as tax, hedging and merger impacts, earnings climbed to 22 cents from 18 cents. Revenue almost doubled to $519.1 million from $270.8 million a year earlier. Analysts polled by Thomson Reuters most recently forecast earnings of 19 cents on $492 million in revenue. Average daily production jumped 70% on the acquisition. Sales prices, excluding hedging impacts, rose 12% for oil and 14% for natural gas. Shares slid 1.4% to $22.50 in premarket trading. The stock had surged 68% in the past year through Tuesday's close. -By Ian Thomson, Dow Jones Newswires; 212-416-2314; ian.thomson@dowjones.com Order free Annual Report for Denbury Resources Inc. Visit http://djnewswires.ar.wilink.com/?link=DNR or call 1-888-301-0513

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