DEN - Denbury Non-GAAP EPS of $1.69 in-line revenue of $482.16M beats by $73.61M
- Denbury press release ( NYSE: DEN ): Q2 Non-GAAP EPS of $1.69 in-line.
- Revenue of $482.16M (+60.0% Y/Y) beats by $73.61M .
- Generated $55 million of free cash flow (1) during the second quarter and $106 million year-to-date.
- Repurchased $100 million of the Company’s shares (3.2% of March 2022 shares outstanding) in June and July 2022 at $61.92 per share, with $29 million repurchased in the second quarter.
- Outlook: Denbury is increasing its anticipated full-year 2022 oil and gas capital expenditures to $360 million, up from the previously-guided $320 million.
- Capital expenditures for the CCUS business are planned at $50 million for 2022, but could increase depending on activity levels in the second half of the year. Denbury’s current plans for 2022 include drilling one or more stratigraphic test wells in the Company’s potential CO 2 sequestration sites.
- The Company’s full-year 2022 production guidance range is unchanged at between 46,000 and 49,000 BOE/d. For the third quarter, the Company anticipates sales volumes will be roughly flat compared to the second quarter of the year before increasing significantly in the fourth quarter, driven by incremental production from multiple projects in the Company’s 2022 capital program.
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Denbury Non-GAAP EPS of $1.69 in-line, revenue of $482.16M beats by $73.61M