Denbury Guidance for 2017 Up 1 Mboe/d at Midpoint Despite Budget Decrease
Denbury delivered production of 60 mboe/d in the second quarter, which was flat sequentially and 7% lower year over year. This compares with our forecast of 59 mboe/d. The firm’s financial results were generally consistent with expectations as well, with adjusted EBITDA and adjusted earnings per share coming in at $78 million and $0.00 respectively (consensus estimates were $73 million and negative $0.02).In response to disappointing crude prices in the first half of the year, management has op...
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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