As you also probably know, because I'm sure you watch the market, the LLS differentials have been rather volatile contracting by more than half by the end of 2011 but then have begun to expand again recently. Of course, the Bakken differentials have also experienced some significant volatility. Mark will talk a little bit more about this in his comments but suffice it to say, we believe our exposure to LLS pricing will continue to benefit our overall oil price realization as we now have more than 70% of our crude sold on some basis other than WTI.Our production growth this quarter was in line or exceeded expectations and the outlook is favorable. Craig will talk a bit more about that. Operating cost declined quarter-to-quarter, and so all of this contributes to a bottom line that significantly beat first call expectations.
Denbury Resources' CEO Discusses Q4 2011 Results - Earnings Call Transcript
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