Denbury Q1 Profit Declines, But Meets View

(RTTNews) - Denbury Resources Inc.'s (DNR) first-quarter earnings declined to $58 million or $0.17 per share from $87.5 million or $0.23 per share in the year-ago period.

On an adjusted basis, earnings for the quarter amounted to $89 million or $0.25 per share. On average, 21 analysts polled by Thomson Reuters expected earnings per share of $0.25 for the quarter. Analysts'estimates typically exclude one-time items.

The company's total revenues and other income rose to $641.7 million from $583.08 million last year. Analysts estimated revenues of $605.54 million for the quarter.

Looking forward, the firm's focus in 2014 remains on increasing shareholder value and executing on its value-driven growth and income strategy. Further, it aims to cut costs throughout the organization, as well as to reduce both capital project costs and per-barrel lease operating costs, while increasing shareholder value through growth in production, proved reserves, and cash dividend payments.