Denbury Resources Inc. (NYSE:DNR) has reported record fourth-quarter 2011 adjusted earnings of 45 cents per share (excluding one-time items), beating our expectation of 33 cents. The quarterly results were also well above the year-earlier adjusted earnings of 22 cents, attributable to overall higher price realization.
For the full year 2012, adjusted profit was $1.43 per share versus 61 cents in the prior year period. The reported figure comfortably surpassed our expectation of $1.33.
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