Denbury (DNR) Q1 Loss Wider Than Expected, Revenues Beat
Zacks Investment Research | May 07, 2017 09:39PM ET
Denbury Resources Inc. (NYSE:DNR) – a predominantly oil exploration and production company – incurred first-quarter 2017 loss of 2 cents per share (excluding one-time items), wider than the Zacks Consensus Estimate of a loss of 1 cent per share. Lower production adversely affected the results. The company had posted a loss of 3 cents in the first quarter of 2016.
First-quarter total revenue of $275.4 million increased from $194.8 million a year ago. The top line also beat the Zacks Consensus Estimate of $251.3 million.
Operational Performance
During the reported quarter, production averaged 59,933 barrels of oil equivalent per day (Boe/d) compared with 69,351 Boe/d in the prior-year quarter.
Oil production averaged 58,303 barrels per day (approximately 97.3% of the total volume), down 11.8% from the year-ago level. Natural gas production averaged 9,778 thousand cubic feet/Mcf (down 49.3%), on a daily basis.
The company’s production from tertiary operations averaged 37,070 barrels per day, down 8.4% year over year.
Oil price realization (including the impact of hedges) averaged $45.17 per barrel in the quarter, up 5.8% year over year. Gas prices also rose 47.1% year over year to $2.50 per Mcf. On an oil equivalent basis, the overall price realization was $44.35 per barrel, up 7.6% from the year-earlier level of $41.20 per barrel.
Financials
Cash flow from operations was $24.3 million in the reported quarter compared with $2.0 million in the prior year. Oil and natural gas capital investments for the reported period were approximately $53.3 million compared with the year-earlier level of $52.3 million. As of Mar 31, 2017, cash balance was $1.7 million and total debt was $2,826.2 million.
Denbury Resources Inc. Price, Consensus and EPS Surprise
Zacks Investment Research
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.