Forecast - Production | Capital Markets | Project Suspended | Capital Expenditure | Suspend or Reduced Operations | Capex Decrease | Capital Expenditure - 2020 | 2020 Guidance
Denbury Axes 2020 Capex by 44%; Defers CO2 Project
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Denbury Resources Inc. reported an update in the wake of the market uncertainty.
2020 ChangesDenbury has reduced its 2020 capital budget by ~$80 million, or 44%. As a result, Denbury's revised 2020 capital budget, excluding acquisitions and capitalized interest, is now $95 million to $105 million.
The Denbury Board of Directors has also determined to defer the Company's Cedar Creek Anticline CO2 tertiary flood development project beyond 2020.
Based upon current projections, the Company expects that its estimated full-year 2020 oil and gas production will be reduced by approximately 3,000 BOE/d from the 54,500 BOE/d midpoint of its initial 2020 production estimates.
Approximately half of this expected production impact is due to the reduction in capital spending, and the other half is…
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