Bakken boosts Denbury

Bakken boost: Denbury nearly doubles profits on higher production

PETROBAKKEN

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Luke Johnson

 04 August 2011 17:50 GMT

US tertiary recovery specialist Denbury Resources saw its earnings nearly double in the second quarter, as increased Bakken production and higher oil prices led to a record quarterly cash flow for the company.

Plano, Texas-based Denbury reported net income of $259.2 million in the three months to June on revenues of $601.4 million.

That represented a 92% increase from the $135.4 million the company earned in the second quarter of 2010, and a 21% jump in second-quarter revenues of $497.2 million last year.

Excluding non-cash derivative gains and other unusual items, Denbury’s income was about $146.7 million in the second quarter this year compared to $72.9 million adjusted income in the same period last year.

Denbury’s solid results were underpinned by strong output from the company’s operations…

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