Denbury Resources Posts Narrower-than-expected Loss In Q1; Backs Production View

(RTTNews) - Denbury Resources Inc. (DNR) reported Thursday that its first-quarter net loss was $185.19 million, or $0.53 per share, compared to loss of $107.75 million or $0.31 per share last year.

Adjusted net loss was $9.10 million, or $0.03 per share, compared to profit of $23.44 million or $0.07 per share a year ago.

On average, 16 analysts polled by Thomson Reuters expected loss of $0.07 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues and other income plunged to $194.84 million from $ 307.65 million last year. Analysts were looking for revenues of $269.86 million.

Oil and natural gas revenues, excluding the impact of derivative contracts, decreased 37%, primarily due to a 30% decline in realized commodity prices and a 7% decrease in production.

Denbury's total production averaged 69,351 BOE per day.

Looking ahead, the company's 2016 capital budget, excluding acquisitions and capitalized interest, remains unchanged from the previously disclosed amount of $200 million.

Denbury's estimated 2016 production is also unchanged from previously disclosed estimates of between 64,000 and 68,000 BOE/d.