Denbury Reiterates 2019 Volume and Capital Expenditure Guidance After Slight Miss in First Quarter
Our fair value estimate and no-moat rating are unchanged after a first pass at Denbury’s first-quarter financial and operating results. The firm delivered production of 59.2 mboe/d in the first quarter, which was 1% lower sequentially and 2% lower year over year. This was slightly below our forecast of 59.9 mboe/d, but there was no change to annual guidance (management still expects average production to be 56-60 mboe/d). Likewise, capital expenditures in the period were $61 million, putting the...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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