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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
03/28/201511:50:023 Oil Stocks Wall Street Is Wrong About
03/27/201512:14:33Annual Report of Employee Stock Plans (11-k)
03/26/201509:21:39Current Report Filing (8-k)
03/13/201518:05:51S&P 500 changes: EQIX, SLG, HBI, HSIC in, DNR, NBR, AVP, CFN...
03/13/201517:50:00Celgene, Kinder Morgan and Actavis Set to Join the S&P 100; Several...
02/27/201514:02:22Annual Report (10-k)
02/19/201509:34:37Current Report Filing (8-k)
02/19/201508:46:12Denbury Reports 2014 Fourth Quarter and Annual Results and Year-End...
02/13/201515:56:31Amended Statement of Ownership (sc 13g/a)
02/12/201517:02:44Amended Statement of Ownership (sc 13g/a)
02/12/201516:30:00Denbury Announces Release Date for Fourth Quarter and Full-Year...
02/12/201510:42:39Statement of Ownership (sc 13g)
02/10/201512:11:19Amended Statement of Ownership (sc 13g/a)
02/09/201506:01:34Amended Statement of Ownership (sc 13g/a)
02/03/201512:03:15Statement of Changes in Beneficial Ownership (4)
02/03/201512:01:11Statement of Changes in Beneficial Ownership (4)
02/03/201511:59:31Statement of Changes in Beneficial Ownership (4)
01/30/201509:17:19Statement of Ownership (sc 13g)
01/29/201506:01:04Current Report Filing (8-k)
01/28/201516:51:43MARKET SNAPSHOT: U.S. Stocks Sell Off After Fed Statement

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