The company reported adjusted net income of $23 million, or 7 cents per diluted share, down from $93 million, or 27 cents per diluted share, in the same period one year earlier. Revenue fell to $304 million from $480 million year-over-year.
Analysts polled by Thomson Reuters had expected earnings of 7 cents a share on revenue of $440.48 million.
Denbury's total production for the first quarter of 2015 increased slightly to average 74,356 barrels of oil equivalent per day.
"We are pleased with our first quarter results, as they were generally in line or better than our expectations. We were particularly pleased with the reductions we have seen in our base lease operating costs," said Denbury President and CEO Rykhoek in a statement.DNR data by YCharts