On Thursday, Shares of Denbury Resources Inc. (NYSE:DNR), surged 14.79% to $3.57, hitting its lowest level.
Denbury Resources declared adjusted net income(1) (a non-GAAP measure) of $47 million for the second quarter of 2015, or $0.13(1)(2) 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(1) for the second quarter of 2015 differs from GAAP net income due to the exclusion of (1) a $1.7 billion ($1.1 billion after tax) write-down of oil and natural gas properties, (2) a $173 million ($107 million after tax) loss on noncash fair value adjustments on commodity derivatives(1) (a non-GAAP measure), and (3) 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 Windstream Holdings, Inc. (NASDAQ:WIN), inclined 9.85% to $5.69, during its last trading session.
Windstream Holdings has accepted $175 million annually for seven years from Phase II of the Connect America Fund to expand and support broadband service to about 400,000 rural locations in 17 states.
Administered by the Federal Communications Commission (FCC), the Connect America Fund provides ongoing funding to support and expand rural broadband networks capable of delivering at least 10 Mbps download and 1 Mbps upload speeds.
Thomas says the company has made noteworthy strides in expanding and improving its broadband capabilities in its rural service areas, through its own investments and universal service and stimulus funds.
Under the rules for Connect America Fund Phase II, state-by-state support levels were generated using a new FCC cost model. Companies may accept the funding and related service obligations for its service area in each state. If a company declines an offer for a state, funding will be subject to a competitive process in which any eligible provider can bid to serve all or part of the area. Windstream has declined the statewide offer for New Mexico.
Windstream Holdings, Inc. provides communications and technology solutions in the United States. It offers managed services and cloud computing services to businesses, in addition to broadband, voice, and video services to consumers primarily in rural markets.
Finally, Skyworks Solutions Inc. (NASDAQ:SWKS), ended its last trade with -3.35% loss, and closed at $85.98.
Skyworks Solutions declared that executives will be presenting a company overview at two technology conferences:
- Oppenheimer Technology, Internet and Communications Conference – Wednesday, August 12, 2015 at 9:05 a.m. Eastern time from the Four Seasons Hotel in Boston
- Citi Global Technology Conference – Thursday, September 10, 2015 at 8:45 a.m. Eastern time from the Hilton New York (Midtown)
Skyworks Solutions, Inc., together with its auxiliaries, designs, develops, manufactures, and markets analog and mixed signal semiconductors worldwide. Its product portfolio comprises amplifiers, attenuators, battery chargers, circulators, DC/DC converters, demodulators, detectors, diodes, directional couplers, filters, front-end modules, hybrids, infrastructure radio frequency subsystems, isolators, LED drivers, mixers, modulators, optocouplers, optoisolators, phase shifters, phase locked loops/synthesizers/VCOs, power dividers/combiners, power administration devices, receivers, switches, technical ceramics, and voltage regulators.
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