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Denbury Focuses on Debt Reduction in 1Q; Repays $97MM
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Denbury Resources Inc. reported its first quarter 2016 results.
Key Points: Actively looking for opportunities to monetize the discount the market has placed on our subordinated debt to improve our balance sheet without sacrificing liquidity. During the first quarter, we spent approximately $56 million drawn under our bank credit facility to repurchase over $152 million of our outstanding senior subordinated notes on the open market, resulting in a net debt reduction of $97 million. The Company estimated approximately 2,800 BOE/d of production was shut-in as of March 31, 2016 attributable to uneconomic wells Denbury's total production for the first quarter of 2016 averaged 69,351 BOE per dayPhil Rykhoek, Denbury's President and CEO, commented, "I am very pleased with our first quarter…
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