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Denbury Resources' CEO Discusses Q4 2011 Results - Earnings Call Transcript

In a moment, I will turn the call over to Phil and the other members of our senior management team to discuss our results. But before that, let me remind you that today's call will include forward-looking statements that are based on the best and most reasonable information we have today. There are numerous factors that could cause actual results to differ materially from what is discussed. You can read our full disclosure on forward-looking statements and the risk factors associated with our business in our corporate presentation, our latest 10-K and today's press release, all of which are posted to our website at www.denbury.com.

In addition, over the course of today's call, we will reference certain non-GAAP measures. Reconciliations and disclosures on these measures is provided in today's press release.

With that, let me turn the call over to Phil.

Phil Rykhoek

Thanks, Jack. First of all, let me just say welcome, Jack, to Denbury. I think this is his first call, but he's been with us for a couple of months. We're happy to have him on board, and he's heading up our Investor Relations. So welcome aboard, Jack.

I'm excited about the bottom line results as again, this quarter we were at record levels. This is the third consecutive quarter that we've set records in adjusted income and adjusted cash flow. Adjusted net income was $175 million, adjusted cash flow of $387 million, and that's up 18% and 8% respectively from last quarter's records. Of course, these are non-GAAP measures so do take care and note the reconciling items, which are mainly noncash and nonrecurring items.

Part of our positive results were due to our best-ever oil differentials with our net received oil price averaging $9.14 above NYMEX, at nearly $2 better than last quarter and more than $13 a barrel higher than a year ago, primarily driven by the expanding WTI-LLS differentials.

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