Denbury Resources Inc. (NYSE: DNR) ("Denbury" or the "Company") today announced its third quarter 2011 financial and operating results. The Company recognized net income during the third quarter of 2011 of $275.7 million, or $0.69 per basic common share ($0.68 per diluted common share), as compared to net income of $29.1 million, or $0.07 per basic and diluted common share, in the third quarter of 2010. Net income adjusted to exclude certain non-cash or unusual items would have been approximately $148.2 million, or $0.37 per basic and diluted common share, in the third quarter of 2011 and would have been $52.7 million, or $0.13 per basic and diluted common share, in the prior year third quarter. The significant non-cash item included in third quarter 2011 results was a $205.6 million ($127.5 million net of taxes) non-cash gain on the change in the fair value of commodity derivatives. See the accompanying schedules for a reconciliation of “net income” as defined by generally accepted accounting principles (“GAAP”) to the non-GAAP measure “adjusted net income.” The Company completed the acquisition of Encore on March 9, 2010; therefore, the operating results for the comparative first nine months of 2010 only include amounts associated with Encore for the period from March 9, 2010 to September 30, 2010.
Adjusted cash flow from operations (cash flow from operations before changes in assets and liabilities, a non-GAAP measure) for the third quarter of 2011 was a Company quarterly record of $357.7 million, as compared to adjusted cash flow from operations of $219.9 million in the third quarter of 2010, with the increase due primarily to higher oil prices during the 2011 quarter. Cash flow from operations, the GAAP measure, totaled $315.7 million during the third quarter of 2011, compared to $208.5 million during the third quarter of 2010. Adjusted cash flow from operations and cash flow from operations differ in that the latter measure includes the changes in receivables, accounts payable and accrued liabilities during the quarter (see the accompanying schedules for a reconciliation of the GAAP measure “cash flow from operations,” to “adjusted cash flow from operations,” which is the non-GAAP measure discussed above). Net increases in operating assets and liabilities of $42.0 million during the third quarter of 2011 were primarily due to increases in trade and other receivables, and decreases in accounts payable and accrued liabilities.
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