Aug 2 (Reuters) - Oil-focused producer Denbury Resources Inc’s quarterly profit fell 18 percent, as a rise in production was not enough to offset the weak crude oil prices.
Denbury said second-quarter production rose 16 percent to 72,280 barrels of oil equivalent per day. Oil constituted 93 percent of Denbury’s production in the quarter.
U.S. crude oil prices fell 9 percent to average $93 per barrel in the April-June quarter.
Net income fell to $212 million or 54 cents per share, in the second quarter, from $259 million or 64 cents per share, a year earlier.
Revenue rose marginally to $601.7 million.
Denbury shares were trading down 2 percent before the bell. They closed at $15.40 on Wednesday on the New York Stock Exchange.