Denbury Resources’ 2Q17 production
For 2Q17, Denbury Resources (DNR) reported total production (USO) (UNG) of 59.8 Mboepd (thousand barrels of oil equivalent per day). Sequentially, Denbury Resources’ 2Q17 production is less than 1% lower than its 1Q17 production of 59.9 Mboepd.
On a year-over-year basis, Denbury Resources’ 2Q17 production is ~7% lower when compared with its 2Q16 production of 64.5 Mboepd. DNR’s year-over-year decline in production can be attributed to the reduced capital expenditures and divestitures implemented in the last one-year period.
For 2Q17, Denbury Resources reported tertiary oil production of ~36.7 Mboepd. Out of this, ~33.6 Mboepd of tertiary production came from the Gulf Coast region, and the remaining tertiary production of ~3.1 Mboepd came from the Rocky Mountain region. For 2Q17, Denbury Resources reported non-tertiary oil and gas production of ~23.1 Mboepd.
For 2Q17, Denbury Resources reported crude oil production of ~57.9 Mboepd and natural gas production of ~11.4 MMcfpd (million cubic feet per day). So, DNR’s 2Q17 production contained ~97% crude oil. In 2Q16, DNR’s production mix contained ~96% crude oil.
For 2Q17, Denbury Resources’ continuing production averaged 59.8 Mboepd, which is ~5% lower than its 2Q16 continuing production of ~63.0 Mboepd.
Denbury’s continuing production excludes production from assets in the Williston Basin, which were sold during 3Q16, and other minor property divestitures. These divested assets produced ~1.5 Mboepd in 2Q16.
For 2017, Denbury Resources expects fiscal 2017 production in the range of 60–62 Mboepd, a midpoint decrease of 3 Mboepd (or ~5%) from its fiscal 2016 production of 64 Mboepd.
DNR’s peer ConocoPhillips (COP) expects fiscal 2017 production guidance in the range of 1,340–1,370 Mboepd, a midpoint decrease of ~207 Mboepd (or ~13%) from its 2016 production.