Morningstar

Morningstar, Inc.

Equity Bottom-Up

Our fair value estimate and no-moat rating are unchanged after a first pass at Denbury’s first-quarter financial and operating results. The firm delivered production of 59.2 mboe/d in the first quarter, which was 1% lower sequentially and 2% lower year over year. This was slightly below our forecast of 59.9 mboe/d, but there was no change to annual guidance (management still expects average production to be 56-60 mboe/d). Likewise, capital expenditures in the period were $61 million, putting the…

United States

Denbury Resources Inc. produces petroleum products. The Company acquires, develops, operates, and explores oil and gas properties. Denbury Resources markets its services to customers in the Gulf Coast region of the United States.

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