Denbury 3Q Net Up 8.3% As Higher Prices, Output Boost Revenue

Date : 11/04/2010 @ 9:24AM
Source : Dow Jones News
Stock : Denbury Resources Inc. (DNR)
Quote : 1.76  0.03 (1.73%) @ 2:35PM

Denbury 3Q Net Up 8.3% As Higher Prices, Output Boost Revenue

Denbury (NYSE:DNR)
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Denbury Resources Inc.'s (DNR) third-quarter profit rose 8.3% as revenue climbed amid higher prices and output.

Shares were up 1% at $17.61 in recent premarket trading as the revenue figure handily topped analysts' estimates. The stock gained 18% so far this year, as of Wednesday's close.

The oil-and-gas explorer and producer has been benefiting from improved commodities pricing for several quarters and recent results have been boosted by its $4.5 billion acquisition of Encore in March. The deal transformed the company into one of the largest oil-focused independent producers.

Denbury's profit rose to $29.1 million from $26.9 million a year earlier but fell to 7 cents from 11 cents on a per-share basis as the number outstanding grew 59% amid the acquisition. Excluding items such as hedging and merger impacts, earnings slid to 13 cents from 16 cents as revenue more than doubled to $466.7 million.

Analysts polled by Thomson Reuters most recently forecast earnings of 13 cents on $451 million in revenue.

Average daily production jumped 82% on the acquisition. Sales prices, excluding hedging impacts, rose 12% for oil and 47% for natural gas.

-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240; matthew.jarzemsky@dowjones.com

 
 

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