Denbury Tops Guidance Despite Slight Production Miss, Still Undervalued
No-moat Denbury delivered production of 60 thousand barrels of oil equivalent per day in the first quarter, which was 1% lower sequentially due to the impact of extreme weather in the Gulf Coast area. These curtailments have been restored, and management still expects output to average 60-64 mboe/d in 2018 (3% higher at the midpoint, year over year). In any case, the firm’s financial results were slightly stronger than expected (adjusted EBITDA and adjusted earnings per share were $142 million a...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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