A mild bit of criticism of your post since Ed isn't here. When you talk about income at an e & p you've generally identified yourself either as someone who doesn't understand the basic business model or as a chronic whiner. EVERYONE who knows anything about e & ps in a serious way looks at cash flow. The reason for that is pretty simple: if you don't there are a lot of line items like costs of hedging and dd & a which are historical accidents and which make individual companies non-comparable to their peers and otherwise hard to understand.
When you take a look at the full year data for Denbury Resources you will see that Operating Cash Flow, which is generally regarded in the entire investment community as the correct metric for analysis, was $531 mm for '09 down 31% from the $775 mm for '08, a very good year. The direct cause of the decline, of course was the decline in prices largely. BOE pricing went from $79.42 to $49.16 for the respective years for a decline of 38%. Importantly, OCF declined less than prices which means that they had to do a reasonable job of containing costs.
I am not a fan in any sense of the recent DNR operating report. I don't think it measured up to their standards in some respects. But I would be remiss if I didn't point out to you that you were barking largely up the wrong tree in that post.