Denbury Resources Q2 Profit Down, But Beats View

(RTTNews) - Denbury Resources Inc. (DNR), an independent oil and natural gas company, reported a decrease in second-quarter net income, reflecting higher expenses. On an adjusted basis, earnings per share exceeded analyst estimates.

For the three-month period, the company reported net income of $130 million or $0.35 per share, compared with $212 million or $0.54 per share during the same quarter last year.

Excluding special items, adjusted net income for the quarter was $151 million or $0.41 per share, compared with $138 million or $0.35 per share.

On average, twenty analysts polled by Thomson Reuters expected earnings per share of $0.34 for the quarter. Analysts' estimates typically exclude one-time items.

Total expenses for the quarter were $438.7 million, up from $258.9 million last year, of which lease operating expenses were $220.5 million this year, and $124.5 million last year.  Revenues, however, increased to $645 million, from $597 million last year. Analysts expected the company to report revenues of $637.51 million for the quarter.

Denbury's full year capital expenditure budget is unchanged from the previously disclosed amount of $1.06 billion, of which approximately one-half has been spent through the first half of 2013.