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Denbury Resources Inc. (NYSE: DNR) announced on July 31, 2020, that the New York Stock Exchange (NYSE) will commence proceedings to delist its common stock due to the Company's voluntary Chapter 11 bankruptcy filing on July 30, 2020. As of July 31, trading of Denbury's common stock will be suspended on the NYSE and will shift to the OTC Pink marketplace under the symbol 'DNRCQ'. These actions reflect significant financial challenges facing the Company.
Denbury Resources Inc. (NYSE: DNR) has filed for Chapter 11 reorganization to eliminate approximately $2.1 billion in bond debt, following a Restructuring Support Agreement with major debtholders. This process allows Denbury to continue normal operations while restructuring. The company will receive a $615 million debtor-in-possession loan to support its operations during this process. Denbury aims to emerge as a financially stronger entity focused on CO2 enhanced oil recovery.
Denbury Resources Inc. (NYSE: DNR) announced plans to file voluntary Chapter 11 petitions as part of a financial restructuring to eliminate $2.1 billion in bond debt. The company has secured up to $615 million in debtor-in-possession and exit financing to support operations. With backing from its lenders, Denbury aims for a smooth transition while continuing normal operations during the court-supervised process. The restructuring will address the challenges posed by low oil prices and COVID-19 impacts, allowing Denbury to focus on its CO2 enhanced oil recovery strategy.
Denbury Resources Inc. (NYSE: DNR) has confirmed that a press release about a fraudulent acquisition proposal was not issued by the Company. The Company has reported this fraudulent activity to the New York Stock Exchange. Denbury focuses on oil and natural gas operations, primarily in the Gulf Coast and Rocky Mountain regions. The Company aims to enhance property value through strategic exploitation and drilling, with a significant emphasis on carbon dioxide enhanced oil recovery (CO2 EOR) operations.
Denbury Resources reported first quarter 2020 results, achieving a net income of $74 million, or $0.14 per diluted share. Adjusted net income stood at $27 million ($0.06 per share), with adjusted EBITDAX of $116 million. The company produced 55,965 BOE/d and generated $35 million in free cash flow. Debt was reduced by $34 million, with no borrowings on its bank credit facility. Capital expenditures were trimmed by 44% to $95-$105 million. However, the company shut-in 8,500 BOE/d of uneconomic production due to falling oil prices amid the COVID-19 pandemic, highlighting ongoing operational adjustments.
Denbury Resources Inc. (NYSE: DNR) will release its first quarter 2020 financial results on May 18, 2020, before the market opens. A conference call for investors is scheduled for the same day at 8:00 A.M. Central Time. Participants can access the call by dialing 877.705.6003 domestically or 201.493.6725 internationally. Denbury focuses on increasing the value of its oil and gas properties, particularly through carbon dioxide enhanced oil recovery (CO2 EOR) operations, primarily in the Gulf Coast and Rocky Mountain regions.
