Denbury Q2 Earnings Miss Estimates, Revenues Beat; Cuts FY Production Outlook

(RTTNews) - Texas-based oil producer Denbury Resources Inc (DNR), with operations in the Gulf Coast and Rocky Mountain regions, Wednesday reported loss for the second quarter, compared with a profit last year, as losses on commodity derivatives and early extinguishment of debt dwarfed revenue growth.

Excluding certain items, the company reported earnings, which missed analysts' estimates, while revenues topped them.

For the three months to June, net loss totaled $55.2 million or $0.16 per share, compared with a profit of $129.98 million or $0.35 per share a year earlier.

Excluding certain items, the company reported a profit of $92.67 million or $0.26 per share, compared with a profit of $150.75 million or $0.41 per share a year earlier.

On average, twenty analysts polled by Thomson-Reuters estimated the company's earnings to be $0.27 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly revenues rose to $672.12 million, from $650.08 million last year, above the $628.06 million Wall Street expected.

Total production edged up to 75,320 BOE per day from 74,052 BOE per day a year earlier.

Looking ahead, the company now expects production to be below the lower end of the 76,500 BOE per day guidance level, due to lower natural gas sales from Riley Ridge gas processing facility.