On Monday, Shares of Denbury Resources Inc. (NYSE:DNR), surged 21.59% to $4.28.
Denbury Resources declared adjusted net income (a non-GAAP measure) of $47 million for the second quarter of 2015, or $0.13 per diluted share. On a GAAP basis, the Company recorded a net loss of $1.1 billion, or $3.28 per diluted share, on quarterly revenues of $374 million. Adjusted net income for the second quarter of 2015 differs from GAAP net income due to the exclusion of a $1.7 billion ($1.1 billion after tax) write-down of oil and natural gas properties, a $173 million ($107 million after tax) loss on noncash fair value adjustments on commodity derivatives (a non-GAAP measure), and a $31 million income tax valuation allowance.
Phil Rykhoek, Denbury’s President and CEO, commented, “As demonstrated in our second quarter results, we continue to make noteworthy strides in reducing our cost structure while maintaining relatively flat production levels even with a significantly reduced level of capital spending. Our second quarter lease operating expenses were below $20 per BOE and represented the sixth successive quarterly drop not taking into account non-recurring items. We continue to see new cost reduction ideas and efficiencies being implemented across Denbury, many of which have come directly from the work of our innovation and improvement teams, as we recently accomplished in-depth evaluations of all fields and certain operational processes. One of the direct outcomes of our innovation and improvement teams, which contributed to our cost reductions in the second quarter, was improved CO2 utilization in the Gulf Coast region, resulting in a nearly 25% decrease in CO2 usage from first quarter 2015 levels. In addition to our cost savings, we have seen promising results from our new Hastings Field series flood, which contributed to a 14% enhance in that field’s tertiary production from first quarter 2015 levels. This assisted boost our overall tertiary production by 2% on a sequential-quarter basis to a new quarterly record high of 42,584 barrels of oil per day. Overall, our total production on a sequential-quarter basis was down less than 1%, primarily due to weather-related downtime caused by flooding at our Thompson Field in south Texas, which influenced our second quarter production by about 500 barrels of oil equivalent per day.
Denbury Resources Inc. operates as an independent oil and natural gas company in the United States. The company primarily focuses on improved oil recovery utilizing carbon dioxide.
Shares of Viacom, Inc. (NASDAQ:VIAB), inclined 3.41% to $47.02, during its last trading session.
Viacom declared the addition of three executives with expertise in developing, marketing, and monetizing data products, boosting the company’s industry-leading advanced analytic and marketing solutions.
Joining Viacom are Bryson Gordon as Senior Vice President of Data Strategy and Viacom Vantage; Gabe Bevilacqua as Vice President of Product Administration for Viacom Vantage; and, Kodi Foster as Vice President of Data Strategy. Bevilacqua and Foster report to Gordon, who will manage the team under the leadership of Kern Schireson, Viacom Executive Vice President of Data Strategy and Consumer Intelligence.
Gordon and his team will be responsible for the development of innovative and game-changing data products for Viacom, which has taken an industry-leading role in introducing new marketing programs that precisely target consumers. They will build upon the success of advertising tools such as Viacom Vantage, which enters its second year as a market leader in advanced predictive targeting, analytics and custom data implementations for agencies and advertisers. This new technical and product expertise significantly accelerates Viacom’s already robust data capabilities and product portfolio to more fully monetize the continued engagement around the company’s programming and brands.
Viacom Inc. operates as an entertainment content company in the United States and internationally. The company creates television programs, motion pictures, short-form video, applications, games, consumer products, social media, and other entertainment content.
Finally, International Business Machines Corporation (NYSE:IBM), ended its last trade with 1.05% gain, and closed at $156.75.
Markor International Home Furnishings Co., Ltd. declared it selected an International Business Machines Corporation MobileFirst for iOS app to improve its customers’ shopping experience — empowering sales associates with iPhones or iPads to place orders, demo products and show 3D images of custom furniture. Analytics will give sales associates the ability to make personalized recommendations such as complementary pieces or fabric patterns personalized to a customer’s unique taste and preferences.
As the leading high-end furniture and home brand in China, Markor Furnishings has been at the forefront of digital transformation in the home furnishing industry. With the new IBM MobileFirst for iOS app, Markor sales associates can assist customers browse home furnishings, offering to record their preferences and capture purchase details on their iPhone or iPad and feeding that data into Markor’s back-end systems. That data can, in turn, be analyzed to classify customers’ historical buying behaviors — improving product recommendations — in addition to to guide Markor on the design of new products and pricing.
The new IBM MobileFirst for iOS app will specifically address the requirements of lifestyle and home furnishing retailers.
International Business Machines Corporation provides information technology (IT) products and services worldwide. The company’s Global Technology Services segment provides IT infrastructure and business process services, such as outsourcing, processing, integrated technology, cloud, and technology support.
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