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DNR - Denbury Resources: The Sale Of Some Texas Assets
Denbury Resources Inc.
Denbury Resources (DNR) sold half of its working interest in four oil fields for $42 million in net proceeds. This appears to be for a relatively decent multiple of cash flow. Combined with around $60 WTI oil, that would give Denbury around $200 million (based on 2020 estimated cash flow plus the sale proceeds) to help with debt repurchases and its 2021 debt maturities.
Transaction Details
Denbury's sale of 50% of its working interest in four oil fields (Webster, Thompson, Manvel and East Hastings) is for $50 million in cash and a carried interest in