Denbury Anticipates Production Bottoming Out in 2017
Denbury Resources delivered volumes of 60 thousand barrels of oil equivalent per day in the first quarter, which was 1% lower sequentially and 14% lower year over year due to extremely limited spending as a result of the downturn in global crude prices. This production was in line with our forecast, but because of higher-than-expected unit production costs the firm’s first-quarter financial results missed our estimates. Adjusted EBITDA and adjusted earnings per share were $65 million and negativ...Denbury Resources is an independent oil and natural gas company. The company's operations are focused in two main operating areas: the Gulf Coast and Rocky Mountain regions. The company's properties with proved and producing reserves in the Gulf Coast region are situated in Mississippi, Texas, Louisiana and Alabama, and in the Rocky Mountain region are situated in Montana, North Dakota and Wyoming.
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