Denbury Resources Inc (DNR) saw its loss narrow to $385.73 million, or $0.99 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $885.08 million, or $2.56 a share. On the other hand, adjusted net loss for the quarter widened to $6.53 million, or $0.02 a share from a loss of $2.58 million or $0.01 a share, a year ago.
Revenue during the quarter went up marginally by 0.74 percent to $271.62 million from $269.62 million in the previous year period. Gross margin for the quarter expanded 843 basis points over the previous year period to 60.99 percent.
Operating loss for the quarter was $544.66 million, compared with an operating loss of $1,356.64 million in the previous year period.
Phil Rykhoek, Denbury’s chief executive officer, commented, "We are pleased with our results this quarter and the progress we have made on several fronts during this past year. During 2016 we successfully executed on our goals of optimizing our business, reducing costs, preserving cash and liquidity and reducing debt. Our cash operating costs, including corporate overhead and interest, for full-year 2016 were just under $34 per BOE, a decrease of $2 per BOE, or 7%, when compared to 2015 and a decrease of over $9 per BOE, or 21%, when compared to 2014. We ended 2016 with debt principal outstanding of approximately $2.8 billion, a decrease of $530 million from year-end 2015, and a decrease of nearly $800 million from year-end 2014. Although our production declined in 2016, it was at levels that we expected with capital spending of only around $200 million, all of which was funded from operating cash flow."
Operating cash flow drops significantly
Denbury Resources Inc has generated cash of $219.22 million from operating activities during the year, down 74.64 percent or $645.08 million, when compared with the last year. The company has spent $205.42 million cash to meet investing activities during the year as against cash outgo of $550.18 million in the last year.
The company has spent $15.01 million cash to carry out financing activities during the year as against cash outgo of $334.46 million in the last year period.
Cash and cash equivalents stood at $1.61 million as on Dec. 31, 2016, down 42.89 percent or $1.21 million from $2.81 million on Dec. 31, 2015.
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