Denbury Resources Q3 Earnings Rise, Match Estimates; Revenues Beat

(RTTNews) - Oil producer Denbury Resources Inc. (DNR) Wednesday a rise in third-quarter earnings, as a large gain on fair value adjustments to commodity derivatives masked a decline in oil sales due to lower prices.

Production increased to an average of 73,810 barrels of oil equivalent per day, from 71,531 a year earlier.

Net earnings rose to $268.75 million or $0.77 per share, from $102.05 million or $0.28 per share a year earlier.

Excluding certain items, per-share earnings of $0.26 matched the $0.26 average estimate of nineteen analysts polled by Thomson-Reuters. Analysts' estimates typically exclude one-time items.

Revenues declined to $637.66 million, from $684.83 million a year earlier, but were above the $627.88 million Wall Street expected

The company expects sequential growth in output in the fourth quarter, and sees annual average daily production to be approximate its year-to-date average daily production rate of 74,283 boe.