This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

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. 

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,325.56 -353.14 -2.00%
S&P 500 2,030.90 -26.19 -1.27%
NASDAQ 4,693.6510 -78.1120 -1.64%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs