| What Does Denbury’s Balance Sheet Tell Us about the Company? | |
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Denbury Resources Financials: A Comprehensive Analysis and Peek into the Future (Part 4 of 12) (Continued from Part 3) Denbury’s balance sheet
Let’s take a look at how Denbury Resources’ (DNR) balance sheet has evolved over the last six years.
A balance sheet gives a snapshot of a company’s assets, liabilities, and net assets (or equity) on a particular date, usually at the end of a quarter or year.
Assets
Denbury Resources’ (DNR) balance sheet shows that the company’s assets have grown about 3.5x, from ~$3.6 billion at the end of 2008 to ~$12.7 billion at the end of 2014. This was driven mainly by more than tripling its net property plant and equipment.
In comparison, close peers Newfield Exploration Company (NFX), Ultra Petroleum (UPL), and Whiting Petroleum (WLL) had balance sheet sizes of ~$9.6 billion, ~$4.2 billion, and ~$14 billion, respectively, at the end of 2014.
These companies, along with Denbury, account for ~5.6% of the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) and ~1% of the iShares U.S. Energy ETF (IYE).
Liabilities and Equity
Denbury’s liabilities have grown fourfold in the six years to 2014. This was driven by a combination of ballooning debt and deferred tax liabilities, both long-term items.
Denbury’s asset growth was also funded by a far slower 3x increase in equity. This would imply that Denbury’s growth was more debt-fueled than fed by savings from prior earnings.
The sudden expansion in the company’s equity in 2010 is related to its $4.5 billion acquisition of Encore Acquisition Company that year. Also noteworthy here are the numbers that reflect how Denbury has been steadily adding to its net worth (retained earnings) and that it has been rewarding shareholders via stock repurchases since 2011 (treasury stock).
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Whiting Petroleum Corporation
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CODE : WLL |
ISIN : US9663871021 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Whiting Petroleum est une société de production minière de pétrole basée aux Etats-Unis D'Amerique. Whiting Petroleum est cotée aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 6,2 milliards US$ (6,1 milliards €). La valeur de son action a atteint son plus haut niveau récent le 22 août 2008 à 99,26 US$, et son plus bas niveau récent le 03 avril 2020 à 0,25 US$. Whiting Petroleum possède 90 927 193 actions en circulation. |