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DNR - Denbury Resources Slashes Its Costs And Capex Budget
Denbury Resources Inc.
Denbury Resources (DNR) has cut costs and its capital expenditure budget for 2020, which should allow it to avoid cash burn at $35 WTI oil. This comes with the price of a significant decline in production though, with 2020 production now expected to average around 12% below 2019 levels.
Denbury has $667 million in debt maturing in 2021 and also may violate the debt to EBITDAX covenant for its credit facility later in 2020. It may be able to repurchase some of its debt at a major discount, but will still likely need