Denbury down as Q2 earnings miss estimates, production guidance lowered

|About: Denbury Resources Inc. (DNR)|By:, SA News Editor

Denbury Resources (DNR -1%) is lower after slightly missing Q2 earnings expectations, as losses on commodity derivatives and early extinguishment of debt masked growth in revenue.

Total Q2 production edged up to 75,320 boe/day from ~74K boe/day in the year-ago quarter, but lowers FY 2014 production to below the lower end of the 76.5K boe/day guidance level due to lower natural gas sales from Riley Ridge gas processing facility.

Estimates FY 2014 capex of $1.1B, down $25M from prior $1.125B, and reiterates plans to grow the dividend to an annualized rate of $0.50-$0.60 per share in 2015.