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DNR - Denbury Resources: More Cost Cutting And Debt Reduction
Denbury Resources Inc.
Denbury Resources (DNR) has continued to make incrementally positive moves, including exchanging shares and cash for outstanding subordinated debt and cutting costs. Oil prices have also improved, helping the company's projected 2020 results, although it could also use a $5 further increase in oil prices to get its net second-lien debt down to around 2.0x EBITDAX.
Cost Reductions And Debt Exchanges
Denbury implemented a voluntary separation program that has resulted in around 12% of its workforce deciding to leave the company. This is expected to reduce annual costs by around $21 million, and