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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; [email protected]

Stock News for Denbury (DNR)
02/23/201709:04:35Current Report Filing (8-k)
02/23/201706:30:00Denbury Reports 2016 Fourth Quarter and Annual Results
02/14/201718:02:07Statement of Ownership (sc 13g)
02/14/201709:03:35Current Report Filing (8-k)
02/14/201706:30:00Denbury Announces 2017 Capital Budget and Estimated Production;...
02/13/201716:40:46Amended Statement of Ownership (sc 13g/a)
02/10/201716:33:00Amended Statement of Ownership (sc 13g/a)
02/09/201716:08:11Statement of Ownership (sc 13g)
02/09/201712:42:18Amended Statement of Ownership (sc 13g/a)
02/06/201706:30:00Denbury Announces Release Date for Fourth Quarter and Full-Year...
02/03/201707:47:56Amended Statement of Ownership (sc 13g/a)
02/02/201716:37:06Statement of Changes in Beneficial Ownership (4)
01/11/201716:28:55Statement of Changes in Beneficial Ownership (4)
01/11/201716:27:09Statement of Changes in Beneficial Ownership (4)
01/11/201716:24:26Statement of Changes in Beneficial Ownership (4)
01/09/201714:06:55Amended Statement of Ownership (sc 13g/a)
01/05/201716:27:23Statement of Changes in Beneficial Ownership (4)
12/21/201613:56:52Current Report Filing (8-k)
11/07/201617:37:19Quarterly Report (10-q)
11/03/201609:42:06Current Report Filing (8-k)

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