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Denbury Resources Inc. Message Board

  • danwilson_Yorkshire danwilson_Yorkshire Feb 27, 2002 9:16 PM Flag

    DNR: Earnings/Cash Flow

    BUY DNR for continued growth potential. This small-cap has one of the best growth profiles in its peer group.

    1999 Actuals:
    EPS = $0.12
    CFPS = $0.75
    Average Daily Production = 16,748 boe
    Average Realized Prices = $2.34/mcf , $13.08/bbl

    2000 Actuals:
    EPS = $3.07 (includes $1.45 non-cash tax credit)
    CFPS = $2.41
    Average Daily Production = 21,330 boe
    Average Realized Prices = $3.28/mcf , $23.37/bbl

    2001 Actuals:
    EPS = $1.12
    CFPS = $3.71
    Average Daily Production = 31,151 boe
    Note: Q4 averaged 34,956 boepd
    Average Realized Prices = $4.66/mcf , $21.65/bbl

    2002 Forecast:
    EPS = $0.50
    CFPS = $2.16
    Average Daily Producton = 35,250 boe
    Note: Per CC, production forecast to be flat with Q4 in first half of 2002 with production ramping up in Q3 and Q4 primarily on CO2 floods. Based on Q4 2001 actual production and comments made during the CC their production forecast for 2002 looks conservative.
    Average Realized Prices = $2.50/mcf , $20.00/bbl

    Price Floors in place for 2002:
    > 75% of NG protected by floors at $2.50/mcf
    > 62% of oil protected by floors at $21.00/bbl

    Special items included in 2002 forecast:
    > $13.3 million credit related to Enron settlement
    > $3.5 million Section 43 EOR tax credit

    Good Luck!
    DWY

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DNR
16.09-0.01(-0.06%)2:44 PMEDT

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