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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;

Stock News for Denbury (DNR)
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11/06/201517:26:18Quarterly Report (10-q)
11/05/201508:57:16Current Report Filing (8-k)
11/05/201506:30:00Denbury Reports Third Quarter 2015 Results
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10/06/201513:55:32Statement of Ownership (sc 13g)
10/02/201511:12:15Statement of Changes in Beneficial Ownership (4)
10/02/201511:11:21Statement of Changes in Beneficial Ownership (4)
10/02/201511:09:54Statement of Changes in Beneficial Ownership (4)
09/30/201511:24:00Scanning Stocks From the Basic Material Sector - Ceres, Denbury...
09/28/201508:30:00Denbury Resources to Present at The Johnson Rice 2015 Energy...
09/23/201516:38:42Current Report Filing (8-k)
09/21/201517:13:17Current Report Filing (8-k)
09/21/201509:26:00Market Insight on the Basic Materials Sector -- Yamana Gold...
09/21/201508:20:00Denbury Resources Suspends Dividend
09/21/201507:00:00Denbury Announces Suspension of Dividend
09/18/201508:01:00Independent Oil and Gas Stocks on our Radar - Chesapeake Energy...
09/09/201514:59:19Statement of Changes in Beneficial Ownership (4)
09/09/201514:57:45Initial Statement of Beneficial Ownership (3)

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