Denbury (DEN) Misses Q1 EPS by 9c; Updates outlook

Denbury (NYSE: DEN) reported Q1 EPS of $1.36, $0.09 worse than the analyst estimate of $1.45. Revenue for the quarter came in at $341.02 million versus the consensus estimate of $345.75 million.

GUIDANCE:

Updated Outlook

Second quarter 2023 sales volumes are anticipated to be similar to the first quarter based on increased production associated with the commencement of the CCA EOR flood, along with new production from the Charles development wells at CCA, primarily offset by a planned Delhi facility turnaround and the timing of inventory sales at Tinsley. Associated with the startup and ramp of EOR production at CCA, the Company anticipates DD&A and LOE per BOE to increase from first quarter levels, driven by the expected recording of initial tertiary reserves at CCA and the conversion of CO2 injection to LOE rather than capital.

Second quarter 2023 capital expenditures are anticipated to be modestly higher than the first quarter of the year, led by CCUS capital expenditures, which should increase based on CO2 storage site acquisition and pre-development spend. Oil & gas development capital is expected to be at similar levels as the first quarter of the year.

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

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