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News Breaks
February 4, 2013
07:40 EDTDNRDenbury Resources reports proved reserves at Dec. 31, 2012 was $9.9B
The estimated discounted net present value of Denbury's proved reserves at December 31, 2012, before projected income taxes, using a 10% per annum discount rate, or PV-10 Value, a non-GAAP measure, was $9.9B, using first-day-of-the-month 12-month average 2012 prices of $94.71 per barrel, or Bbl, for oil and $2.85 per million British thermal unit, or MMBtu, for natural gas. This represents a $700M decline from the prior year level as the strategic sale of properties with a PV-10 Value of $1.9B at year-end 2011, using first-day-of-the-month 12-month average 2011 prices of $96.19 per Bbl for oil and $4.16 per MMBtu for natural gas, and the impact of lower oil and natural gas prices more than offset increases from additional tertiary reserves and acquired properties. The year-end 2012 PV-10 Value of proved reserves attributable to Denbury's tertiary oil activities was $6.8B, a $1.1B, or 19%, increase from the prior year level. Also, year-end 2012 PV-10 Values do not include any PV-10 Value of the pending CCA Acquisition, which is currently estimated at $1.1B using the same commodity price assumptions as those in Denbury's year-end 2012 report. On a pro forma basis, it is currently estimated that the CCA Acquisition would increase the Company's PV-10 Value to approximately $11B.
News For DNR From The Last 14 Days
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January 26, 2015
16:26 EDTDNRMarathon Oil, Cobalt, RSP Permian downgraded at UBS
UBS lowered its Brent and WTI forecasts to $52.50 and $49 from $67.50 and $62.50, respectively, and downgraded a number of names in the energy space in conjunction. Along with making changes to its oil price forecasts, UBS downgraded Marathon Oil (MRO), Cobalt (CIE) and RSP Permian (RSPP), all to Neutral from Buy. The firm also identified ConocoPhillips (COP), Devon Energy (DVN), Murphy Oil (MUR), Ultra Petroleum (UPL), Range Resources (RRC), Denbury Resources (DNR), and Magnum Hunter (MHR) as having high valuations, slowing growth and wide free cash flow deficits and said it was cautious on all of those names as well.
January 21, 2015
12:11 EDTDNRStocks with call strike movement; DNR ESV
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