Denbury Resources Inc. Presents at Bank of America Merrill Lynch Energy and Power Leveraged Finance Conference, Jun-02-2015 10:10 AM
May 30 15
Denbury Resources Inc. Presents at Bank of America Merrill Lynch Energy and Power Leveraged Finance Conference, Jun-02-2015 10:10 AM. Venue: The Westin Times Square Hotel, New York, New York, United States. Speakers: Mark C. Allen, Chief Financial Officer, Senior Vice President, Treasurer and Assistant Secretary.
Denbury Resources Inc. Presents at RBC Capital Markets 2015 Global Energy and Power Executive Conference, Jun-01-2015 10:30 AM
May 6 15
Denbury Resources Inc. Presents at RBC Capital Markets 2015 Global Energy and Power Executive Conference, Jun-01-2015 10:30 AM. Venue: The Ritz Carlton Battery Park Hotel, New York, New York, United States. Speakers: Mark C. Allen, Chief Financial Officer, Senior Vice President, Treasurer and Assistant Secretary.
Denbury Resources Inc. Reports Unaudited Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2015; Provides Production and Capital Expenditure Guidance for the Full Year 2015; Reports Write-Down of Oil and Natural Gas Properties for the First Quarter of 2015
May 6 15
Denbury Resources Inc. reported unaudited consolidated earnings and production results for the first quarter ended March 31, 2015. The company's total revenue and other income was $307,649,000 compared to $641,744,000 a year ago. Loss before income taxes was $172,207,000 compared to income of $93,103,000 a year ago. Net loss was $107,746,000 or $0.31 per diluted share compared to net income of $58,310,000 or $0.17 per diluted share a year ago. Adjusted net income was $23,439,000 compared to $89,000,000 a year ago. Adjusted cash flow from operations was $195,476,000 compared to $288,684,000 a year ago. Cash flow from operations was $137,764,000 compared to $214,858,000 a year ago. Capital expenditure was $111,359,000 compared to $220,623,000 a year ago.
Total production for the first quarter of 2015 averaged 74,356 barrels of oil equivalent per day (“BOE/d”), which included 41,827 Bbls/d from tertiary properties and 32,529 BOE/d from non-tertiary properties. Total production during the first quarter of 2015 increased slightly compared to the first quarter of 2014, in spite of a decrease in the company's ownership interest in Delhi Field due to the November 1, 2014 contractual reversionary assignment of approximately 25% of the company's interest to the seller of the field. First quarter of 2015 production was 95% oil, unchanged from oil production during the first and fourth quarters of 2014. Tertiary oil production during the first quarter of 2015 was relatively unchanged on a sequential-quarter basis and up 5%, or 1,935 Bbls/d, from the first quarter of 2014. The tertiary production increase over first quarter of 2014 production levels was primarily due to production growth at Heidelberg, Oyster Bayou, Tinsley, and Bell Creek fields, partially offset by mature area production declines and the reversionary assignment of approximately 25% of the company's interest in Delhi Field. Non-tertiary oil equivalent production was down 1%, or 473 BOE/d, from the fourth quarter of 2014 levels and down 4%, or 1,297 BOE/d, from the prior-year first quarter levels. These decreases in non-tertiary oil-equivalent production were primarily due to declines at the company's Mississippi non-tertiary fields and Cedar Creek Anticline. The year-over-year quarterly comparison was further impacted by natural gas production at Riley Ridge, which remained shut-in during the first quarter of 2015.
Based on the production levels for the first quarter of 2015 and the estimates for the remainder of the year, the company felt confident that its original guidance for the full year is achievable. The company's estimated 2015 production is unchanged from previously disclosed estimates. The company expects total production of 72,500 - 75,500 BOE/d.
Full-year 2015 capital expenditure budget remains unchanged from the previously disclosed amount of $550 million. The capital budget consists of $465 million of tertiary, non-tertiary, and CO2 supply and pipeline projects, plus approximately $85 million of estimated capitalized costs (including capitalized internal acquisition, exploration and development costs; capitalized interest; and pre-production startup costs associated with new tertiary floods). Of this combined capital expenditure amount, $111 million (approximately 20%) has been spent through the first quarter of 2015.
Write-down of oil and natural gas properties for the first quarter of 2015 was $146,200,000.
Denbury Resources Seeks Acquisitions
May 6 15
Denbury Resources Inc. (NYSE:DNR) is looking for acquisitions. Phil Rykhoek, President and Chief Executive Officer of Denbury Resources states, "With our-cost cutting measures and other efforts, we now expect to generate in excess of $150 million of free cash flow this year. These funds will likely be used for debt reduction but could be used for other things as well such as acquisitions or capital expenditures."