Earnings Announcements And Market Action

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Overall market down today; crude oil flat. 

EOG: crude output up 35%; beats; shares surge after-hours almost 5%;

OAS: beats by $0.05, beats on revs : earnings of $0.65 per share, excluding non-recurring items, $0.05 better than the estimate of $0.60; revenues rose 70.8% year/year to $254.6 mln vs the $245.88 mln consensus.

Increased average daily production to 30,171 barrels of oil equivalent per day, a 48% increase over the second quarter of 2012. Average daily production was relatively flat as compared to the first quarter of 2013 and within the Company's guidance range of 29,000 to 31,000 boepd.

DNR: beats by $0.06, reports revs in-line: Reports Q2 (Jun) earnings of $0.41 per share, excluding non-recurring items, $0.06 better than the estimate of $0.35; revenues rose 8.0% year/year to $645 mln vs the $641.41 mln consensus. Denbury's estimated 2013 production is unchanged from previous estimates. Denbury's full year 2013 capital expenditure budget is unchanged from the previously disclosed amount of $1.06 billion; transcript;

MRO: press release; 60 cents vs 54 cents 2Q12;

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Don sent me this item from Denbury's 2Q13 transcript at SeekingAlpha:

We've said for some time we expect to generate significant and growing levels of free cash flow in 2017 and thereafter, following substantial completion of our CO2 infrastructure. For the last few months, we've been conducting internal analysis of our options for distributing that free cash flow to shareholders, including consideration of possibly forming an MLP. In addition to review and analysis of the various organizational structures, we've also been evaluating whether we could potentially accelerate the cash distributions. 

Both of these are still being analyzed, and I think one of the most significant benefits of these discussions is they highlight our planned transition to an income and growth company made possible by the unique characteristics of our business model and strategy. In our interactions, many of you have expressed your opinions, and these have been and will continue to be helpful for us. 

However, there's still an extensive amount of work to be done, and so, we will not be able to provide you with further guidance on this subject on today's call. Instead, we plan to present our conclusions and plan to you at our annual Analyst Meeting on November 11 in Houston, which is also when we plan to provide you our initial estimates for 2014 production.

This is a huge story, and fits my worldview of the oil and gas industry based on what I'm seeing in the Bakken. More on this later, if I ever get caught up. Again, for investors only. And this is not an investment site. I do this for education and entertainment. I certainly wouldn't make any investment decisions based on anything I post here. Go to the linked sources for full story. Check out the Bakken Shale Discussion Group if you want the best information about the Bakken.