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DNR - Denbury Resources: A Look At Its Acquisition Of Penn Virginia
Denbury Resources Inc.
Denbury Resources (DNR) recently agreed to acquire Penn Virginia (PVAC) for approximately $1.7 billion (including the assumption of Penn Virginia's debt). This transaction should help Denbury deleverage modestly, and give it significant near-term growth potential.
The deal price looks a bit expensive based on net drilling locations and fairly cheap based on EBITDA multiples. This divergence may explain the attractiveness of Penn Virginia to Denbury as Penn Virginia has a relatively limited amount of drilling inventory, but Denbury can extend the productive life of the assets via EOR.