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Denbury Reports Second Quarter 2013 Results

Stocks in this article: DNR

PLANO, Texas, Aug. 6, 2013 (GLOBE NEWSWIRE) -- Denbury Resources Inc. (NYSE:DNR) ("Denbury" or the "Company") today announced adjusted net income (a non-GAAP measure) (1) of $151 million for the second quarter of 2013, or $0.41 per diluted share. Second quarter of 2013 net income (the GAAP measure) was $130 million, or $0.35 per diluted share, on record high quarterly revenues of $645 million. Adjusted net income for the second quarter of 2013 differs from GAAP net income primarily due to $70 million of pre-tax lease operating expenses related to the Denbury-operated Delhi Field (see discussion below) partially offset by a pre-tax gain of $46 million associated with non-cash fair value changes in Denbury's commodity derivative contracts.

Sequential and year-over-year comparisons of selected financial items are shown in the following table:

  Quarter Ended
(in millions, except per share amounts) June 30, 2013 March 31, 2013 (3) June 30, 2012
Revenues $645 $580 $597
Net income $130 $88 $212
Net income per diluted share $0.35 $0.23 $0.54
Adjusted net income (1) $151 $123 $138
Adjusted net income per diluted share (1) $0.41 $0.33 $0.35
Cash flow from operations $438 $269 $441
Adjusted cash flow from operations (1)(2) $309 $316 $362

Adjusting for the impact of non-cash derivative fair value changes and non-recurring items, the improvement in adjusted net income from the first quarter of 2013 was primarily driven by the increase in production volumes related to the Cedar Creek Anticline acquisition which closed late in the first quarter of 2013, partially offset by a decline in realized oil prices. The change in adjusted net income from the year ago quarter was primarily the result of higher production volumes and realized oil prices, partially offset by an increase in lease operating expenses following the Company's Bakken-related transactions in the fourth quarter of 2012 and first quarter of 2013, as the assets acquired have higher operating costs than the assets divested. 

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