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Denbury Resources 2Q Net Up 92% On Higher Production, Prices

DOW JONES NEWSWIRES Denbury Resources Inc.'s (DNR) second-quarter earnings soared 92% as the oil-and-natural-gas explorer increased production and reported higher commodity prices. The company has reported higher revenue in recent quarters due to a jump in oil prices and the acquisition of Encore Acquisition Co., a deal it completed in 2010. The transaction has transformed Denbury into one of the largest oil-focused independent producers. The higher oil prices and projected increase in cash flow generation also led Denbury to increase its capital expenditure budget for the year, with greater investments planned to almost all areas. It now expects to spend about $1.35 billion this year, excluding acquisitions. For the latest quarter, Denbury posted a profit of $259.2 million, or 64 cents a share, up from $135.4 million, or 34 cents a share, a year earlier. Excluding derivatives and other impacts, adjusted earnings grew to 37 cents a share from 18 cents. Revenue increased 21% to $601.4 million. Analysts surveyed by Thomson Reuters expected earnings of 33 cents a share on revenue of $560 million. Average daily production rose 23% from a year earlier. Sales prices excluding hedging impacts increased 44% for oil and 16% for natural gas. In June, Denbury said it would buy the remaining interest in a Wyoming gas and carbon dioxide project that it didn't already own, as well as a 33% interest in nearby land, for up to $191 million. Shares were up 0.9% at $18.29 in premarket trading. -By John Kell, Dow Jones Newswires; 212-480-2480; john.kell@dowjones.com

Stock News for Denbury (DNR)
DateTimeHeadline
01/28/201516:51:43MARKET SNAPSHOT: U.S. Stocks Sell Off After Fed Statement
01/28/201515:28:17MARKET SNAPSHOT: U.S. Stocks Stumble After Fed Statement
01/28/201514:53:33MARKET SNAPSHOT: U.S. Stocks Fall After Fed Statement
01/28/201513:41:51MARKET SNAPSHOT: U.S. Stocks Lose Steam In Choppy Trade
01/28/201513:40:40MARKET SNAPSHOT: U.S. Stocks Turn Lower Ahead Of Fed Meeting
01/20/201510:48:18U.S. Stocks Drop Along With Oil Prices
01/05/201513:14:06MARKET SNAPSHOT: U.S. Stocks Nose Dive As Oil Prices Tumble
01/05/201511:12:27MARKET SNAPSHOT: U.S. Stocks Getting Walloped Amid Oil, Euro...
01/05/201510:53:21MARKET SNAPSHOT: U.S. Stocks Getting Walloped Amid Euro, Oil...
01/05/201510:19:27MARKET SNAPSHOT: U.S. Stocks Threaten 200-point Tumble Amid Euro...
01/05/201510:17:03MARKET SNAPSHOT: U.S. Stocks Tumble Amid Euro, Oil Turmoil
12/29/201419:35:44MARKET SNAPSHOT: S&P 500 Hits Another Record As Stocks Edge Up
12/15/201413:17:25U.S. Hot Stocks: Hot Stocks to Watch
12/09/201415:54:02MARKET SNAPSHOT: The S&P 500 Recorded Its Biggest Drop In Nearly...
11/30/201421:40:08Even After Selloff, Energy Stocks Find Few Buyers
06/12/201416:43:41MARKET SNAPSHOT: U.S. Stocks Fall; S&P 500 Down For Third Day
06/12/201414:52:18MARKET SNAPSHOT: U.S. Stocks Fall; Dow In Triple-digit Decline
06/12/201410:29:47MARKET SNAPSHOT: U.S. Stocks Edge Lower; Energy Sector Rallies
11/15/201309:19:39Omega Advisors 3Q 13F: Largest Purchases
11/15/201309:19:36Omega Advisors 3Q 13F: Holdings As Of Sep 30

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