Last $6.90 USD
Change Today +0.38 / 5.83%
Volume 12.4M
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As of 8:04 PM 01/30/15 All times are local (Market data is delayed by at least 15 minutes).

denbury resources inc (DNR) Key Developments

Denbury Resources Inc. Presents at BMO Capital Markets Energy Forum, Jan-13-2015 03:30 PM

Denbury Resources Inc. Presents at BMO Capital Markets Energy Forum, Jan-13-2015 03:30 PM. Venue: 100 Stuart Street, Boston, Massachusetts, United States. Speakers: Phil Rykhoek, Chief Executive Officer, President, Interim Chief Operating Officer and Director.

Denbury Announces New Credit Facility

Denbury Resources Inc. announced that it has entered into a new five-year revolving credit facility which amends and restates the Company's prior facility that was set to mature in May 2016. This new amended and restated revolving credit facility has a maximum facility size of $3.5 billion and an initial borrowing base of $3 billion. The company elected to maintain the aggregate lender commitments at $1.6 billion to be consistent with the Company's prior facility. The Facility provides for an annual redetermination of the borrowing base around May 1 of each year and permits the Company to increase the aggregate lender commitments up to the borrowing base amount with approval and incremental commitments from the existing lenders or new lenders. The facility also reduces borrowing costs by 25 basis points on the drawn spread, provides for a lower interest rate on the undrawn spread, and grants Denbury the option to release all collateral upon the receipt of a single investment grade rating. The Facility was provided by a syndicate of 24 financial institutions including JPMorgan Chase Bank, N.A., as administrative agent, and Bank of America, N.A. and Wells Fargo Bank, National Association as co-syndication agents.

Denbury Resources Seeks Acquisitions

Denbury Resources Inc. (NYSE:DNR) will consider acquisitions. Mark Allen, Senior Vice President, Chief Financial Offcer, Treasurer, and Assistant Secretary said, "In addition to our cash flow, our other liquidity is primarily our bank facility. Today that's $1.6 billion. We believe it could be significantly higher than that based on our borrowing base, if we wanted to. We try to keep that relatively free and give us open and available liquidity also to potentially fund acquisitions in the short term, if they were to come along."

Denbury Resources Inc. Provides Production and Capital Spending Guidance for 2015

Denbury Resources Inc. announced that it will cut its capital spending in half and is targeting "relatively flat" production for the 2015. The company reduces 2015 capital spending to a level that believe can maintain production and build liquidity to further enhance solid financial position, thereby making more funds available to take advantage of future opportunities.

Denbury Resources Inc. Announces Executive Changes

Denbury Resources Inc. announced that Craig McPherson, Senior Vice President and Chief Operating Officer, and Charlie Gibson, Senior Vice President - Production Operations, have resigned from their positions as officers of the Company. McPherson's and Gibson's roles will be temporarily assumed by Phil Rykhoek, Denbury's President and Chief Executive Officer, as the Company conducts a search for their replacements.

 

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