Exploration & Production
Denbury Reports Second Quarter 2012 Results; Bakken Drives Production Growth
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Denbury Resources Inc. today announced adjusted net income (a non-GAAP measure)1 of $138 million for the second quarter of 2012, or $0.35 per diluted share, on quarterly revenues of $597 million. This compares to $147 million of adjusted net income, or $0.36 per diluted share, on revenues of $596 million for the prior year second quarter, and $161 million of adjusted net income, or $0.41 per diluted share, on revenues of $640 million for the first quarter of 2012.
Production
Second quarter of 2012 continuing total production averaged 72,280 BOE/d, up 16% from the prior year period level, and up 4% from the first quarter of 2012 level. The comparative quarterly increases were the result of gains in tertiary and Bakken production, which were offset by reductions in conventional production…
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