$DNR - Denbury Resources (NYSE:DNR) -7.2% premarket after posting a surprise Q4 loss on below-consensus revenues that were 44% lower than the year-ago quarter.
DNR says it expects FY 2016 capex of ~$200M, which would represent a 51% reduction from 2015 capex of $407M.
Despite the second year in a row of reduced capital spending, DNR says its production declines should be minimized due to the long-lived low-decline profile of its asset base; the company sees 2016 production of 64K-68K boe/day, a 7%-12% Y/Y decrease.
Q4 production averaged 72K boe/day, up 1% Q/Q and down 4% Y/Y; total estimated proved oil and natural gas reserves at Dec. 31 were 289M boe.
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