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Denbury Resources surges on Q2 profit beat

Aug. 07, 2019 9:05 AM ETDenbury Inc. (DEN) StockDENBy: Carl Surran, SA News Editor11 Comments
  • Denbury Resources (NYSE:DNR) +4.6% pre-market after beating Q2 earnings and revenue expectations and raising the midpoint of its full-year production outlook.
  • Q2 production rose 1% Q/Q but fell 3% Y/Y to 59.7K boe/day, driven primarily by increased production from Bell Creek's phase five development.
  • DNR's Q2 average realized oil price, excluding derivatives, was $62.22/bbl vs. $56.50/bbl in Q1 and $68.24/bbl in the year-ago quarter.
  • Q2 lease operating expenses fell 6% Q/Q and 2% Y/Y to $118M, or $21.70/boe.
  • For FY 2019, DNR raises the midpoint of its production guidance range to 58,250 boe/day and tightens its full-year estimated production guidance range to 57K-59.5K boe/day vs. its previous outlook of 56K-60K boe/day.

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