Denbury Resources (DNR) Tops Q2 EPS by 2c

Denbury Resources (NYSE: DNR) reported Q2 EPS of $0.13, $0.02 better than the analyst estimate of $0.11. Revenue for the quarter came in at $387.06 million versus the consensus estimate of $337.36 million.

2018 CAPITAL BUDGET AND ESTIMATED PRODUCTION

The Company’s 2018 capital budget, excluding acquisitions and capitalized interest, remains unchanged from the previously estimated range of approximately $300 million to $325 million, which, based on current projections, is expected to be significantly less than the Company’s estimated 2018 cash flow from operations. The capital budget consists of approximately $270 million for tertiary and non-tertiary field costs and CO2 supply, plus approximately $45 million of estimated capitalized costs (including capitalized internal acquisition, exploration and development costs and pre-production tertiary startup costs). Of this combined capital expenditure amount, approximately $129 million (41%) has been incurred through the second quarter of 2018, which was fully funded with $246 million of cash flow from operations. Denbury’s estimated 2018 production is also unchanged from the previously disclosed range of 60,000 to 64,000 BOE/d.

For earnings history and earnings-related data on Denbury Resources (DNR) click here.

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