Exploration & Production | Quarterly / Earnings Reports | Capital Markets | Capital Expenditure
Denbury Ups 2013 CapEx by $60M to $1B
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Denbury's 2013 capital expenditure budget was recently increased by $60 million, to $1.06 billion. The additional $60 million will primarily fund capital projects on the newly acquired Cedar Creek Anticline properties and capital projects scheduled for 2012 that were carried into 2013. The budgeted amount excludes potential acquisitions, and approximately $160 million of estimated capitalized costs (including capitalized corporate exploration and development overhead; geological and geophysical costs; capitalized interest; and pre-production start-up costs associated with new tertiary floods), which is up from the previous estimate of these capitalized costs of $125 million. Denbury expects its 2013 capital expenditure budget to be fully funded with its estimated cash…
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