Denbury (DEN) Tops Q1 EPS by 11c, Revenues Beat

Denbury (NYSE: DEN) reported Q1 EPS of $0.44, $0.11 better than the analyst estimate of $0.33. Revenue for the quarter came in at $251.16 million versus the consensus estimate of $204.61 million.

Chris Kendall, the Company’s President and CEO, commented, “I am pleased with our first quarter performance, and we are off to a great start to the year. Although severe winter weather temporarily impacted operations, Denbury’s low-decline and low capital-intensity asset base nonetheless delivered meaningful free cash flow in the first quarter. Looking forward to the rest of the year, we are preparing to kick off construction on our CCA CO2 pipeline in the coming weeks. The CCA EOR development, which will produce low carbon-intensity blue oil through utilization of industrial-sourced CO2, provides the Company with a deep inventory of resource development opportunities and decades of free cash flow.

The Denbury Carbon Solutions team continues to progress multiple agreements that we expect will advance significant growth in Denbury’s transport and storage of captured industrial-sourced CO2. Denbury’s proven track record of partnership with industrial emitters in providing practical, reliable, and secure CO2 transportation and storage solutions is unmatched in the industry. Considering the Company’s ideally positioned infrastructure and extensive CO2 experience, CCUS represents an incredible value creation opportunity for our Company.”

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

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