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Denbury Reports Third Quarter 2013 Results

Stocks in this article: DNR

PLANO, Texas, Nov. 5, 2013 (GLOBE NEWSWIRE) -- Denbury Resources Inc. (NYSE:DNR) ("Denbury" or the "Company") today announced adjusted net income (a non-GAAP measure) (1) of $165 million for the third quarter of 2013, or $0.45 per diluted share. Third quarter of 2013 net income (the GAAP measure) was $102 million, or $0.28 per diluted share, on record high quarterly revenues of $674 million. Adjusted net income for the third quarter of 2013 differs from GAAP net income for the quarter primarily due to the adjusted amount showing net income without a pre-tax expense of $80 million for the noncash fair value changes in Denbury's commodity derivative contracts and without $28 million of pre-tax lease operating expenses related to the remediation of an area within the Denbury-operated Delhi Field following a release of well fluids in the second quarter of 2013.

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

  Quarter Ended
(in millions, except per share amounts) Sep. 30, 2013 June 30, 2013 (3) Sep. 30, 2012
Revenues $674 $645 $595
Net income (GAAP measure) $102 $130 $85
Adjusted net income (1) $165 $151 $127
Net income per diluted share $0.28 $0.35 $0.22
Adjusted net income per diluted share (1) $0.45 $0.41 $0.33
Cash flow from operations (GAAP measure) $305 $438 $294
Adjusted cash flow from operations (1)(2) $352 $309 $350

Adjusting for the impact of noncash derivative fair value changes and other certain items including Delhi Field remediation expenses, the improvement in adjusted net income from the prior-year quarter was primarily the result of an increase in realized oil prices, partially offset by a slight decrease in production volumes, with the latter primarily due to the net impact of the Bakken asset sale and exchange in the fourth quarter of 2012 preceding the Cedar Creek Anticline acquisition in the first quarter of 2013. 

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