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DNR - Denbury Resources: High Restructuring Risk With Its 2021 Debt Maturities
Denbury Resources Inc.
Denbury Resources (DNR) is another oil producer that is in deep trouble with the current oil price crash. I had discussed before how Denbury probably needed low-$60s WTI oil to help with its refinancing outlook. An extended spell of $20s or $30s oil will cause Denbury to tap its credit facility (or see higher production declines from a reduced capex budget) and make it pretty unlikely that it will be able to deal with its 2021 notes.
Denbury does have hedges covering around 70% of its projected 2020 oil production. However, most of