Key Developments: Denbury Resources Inc (DNR.N)

DNR.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Denbury Resources Inc Sees FY 2013 Production Guidance At Upper Half Off Prior Range-Conference Call
Monday, 13 May 2013 05:20pm EDT 

Denbury Resources Inc announced that production for fiscal 2013 is expected to raised to the upper half of the range.  Full Article

Denbury Resources Inc Announces Acquisition Of Rocky Mountain Property From ConocoPhillips's Subsidiary
Thursday, 28 Mar 2013 07:30am EDT 

Denbury Resources Inc announced the closing of acquisition of producing property interests in the Cedar Creek Anticline (CCA) of Montana and North Dakota from a wholly owned subsidiary of ConocoPhillips for cash consideration of $1.05 billion before purchase price adjustments. The acquired assets include additional interests in certain of Denbury's existing operated fields in CCA along with operating interests in other CCA fields. The Company estimates the final adjusted purchase price will be closer to $1.0 billion after adjustment for the net cash flows from the assets between the January 1, 2013 effective date and the closing date. The purchase was part of a like-kind exchange transaction that was funded with a portion of the cash received from the Company's Bakken sale and asset exchange with ExxonMobil completed in December 2012.  Full Article

Denbury Resources Inc Announces Pricing of $1.2 Billion Senior Subordinated Notes Offering
Tuesday, 22 Jan 2013 07:00pm EST 

Denbury Resources Inc announced that it has priced its offering of senior subordinated notes due July 2023, and increased the size of the offering from $1.0 billion to $1.2 billion aggregate principal amount of notes. The notes will carry a coupon rate of 4.625% and are being sold at 100% of par. The Company expects to close the sale of the notes on February 5, 2013. The net proceeds from the offering will be used by Denbury to fund the repurchase of any and all of its $426.4 million aggregate principal amount of 9.75% senior subordinated notes due March 2016 and any and all of its $224.9 million aggregate principal amount of 9.5% senior subordinated notes due May 2016, for which tender offers were announced earlier on January 22, 2013. The remaining proceeds from the offering will be used by Denbury for repayment of current borrowings under its bank credit facility and then for general corporate purposes. BofA Merrill Lynch, J.P. Morgan, Credit Suisse, Wells Fargo Securities, Credit Agricole Securities, and RBC Capital Markets acted as joint book-running managers for the senior subordinated notes offering.  Full Article

Denbury Resources Inc Agrees To Acquire Rocky Mountain Properties For $1.05 Billion
Tuesday, 15 Jan 2013 07:30am EST 

Denbury Resources Inc announced that it has entered into an agreement to acquire producing property interests in the Cedar Creek Anticline (CCA) of Montana and North Dakota from a wholly-owned subsidiary of ConocoPhillips for $1.05 billion cash. The assets to be purchased include additional interests in certain of Denbury's existing operated fields in CCA along with operating interests in other CCA fields. Denbury plans to fund the purchase out of the approximately $1.3 billion of cash received from its Bakken sale and asset exchange with ExxonMobil completed in December 2012, $1.05 billion of which was deposited in qualified trust accounts to allow for potential future asset purchases that would qualify for like-kind exchange treatment. The utilization of federal tax rules on like-kind exchanges for both the CCA properties to be acquired and the Rocky Mountain carbon dioxide ("CO2") reserves acquired in the ExxonMobil exchange transaction is expected to allow Denbury to defer more than $400 million of the $500 million of cash taxes originally estimated on the Bakken transaction prior to completing the CO2 reserves acquisition and agreeing to acquire the CCA properties.  Full Article

Denbury Resources Inc Announces Closing Of First Phase Of Bakken Sale And Asset Exchange With Exxon Mobil Corporation And Its Wholly-Owned Subsidiary XTO Energy Inc.
Monday, 3 Dec 2012 07:30am EST 

Denbury Resources Inc announced the closing of the first phase of its previously announced Bakken sale and asset exchange with Exxon Mobil Corporation and its wholly-owned subsidiary XTO Energy Inc. (collectively, "ExxonMobil"). In the first of two closings, ExxonMobil paid cash of approximately $1.3 billion (which includes preliminary closing adjustments) and transferred to Denbury ExxonMobil's operating interests in Webster Field in Texas and Hartzog Draw Field in Wyoming. For the second phase closing, which is expected to take place prior to year-end, Denbury retained approximately 17.5% of its pre-closing interest in Bakken area assets, and ExxonMobil withheld $350 million of cash consideration for such Bakken area assets. The parties continue to work to finalize an agreement and documentation pursuant to which Denbury will receive an interest in the CO2 reserves in ExxonMobil's LaBarge Field in Wyoming in exchange for the retained Bakken interests, together with any necessary cash adjustments. Barring this exchange taking place in the second phase closing as expected, Denbury would sell its retained 17.5% Bakken area interest to ExxonMobil for the $350 million of cash which has been withheld.  Full Article

Denbury Resources Inc Reaffirms FY 2012 Production Guidance
Tuesday, 6 Nov 2012 08:30am EST 

Denbury Resources Inc announced that for fiscal 2012, it pany continues to expect tertiary and total production to be in the upper half of estimated ranges.  Full Article

Denbury Resources Inc Announces Bakken Sale and Asset Exchange to Exxon Mobil Corporation and Wholly Owned Subsidiary XTO Energy Inc
Thursday, 20 Sep 2012 08:30am EDT 

Denbury Resources Inc announced that it has entered into an agreement to sell its Bakken assets in North Dakota and Montana to Exxon Mobil Corporation and its wholly owned subsidiary XTO Energy Inc. (collectively, ExxonMobil). Denbury will receive $1.6 billion in cash and ExxonMobil's operating interests in Webster Field in Texas and Hartzog Draw Field in Wyoming, both of which are ideal candidates for carbon dioxide (CO2) flooding and close to Denbury's existing or planned CO2 pipelines. In addition, Denbury has agreed in principle to either purchase an interest in the CO2 reserves in ExxonMobil's LaBarge Field in southwestern Wyoming or purchase incremental CO2 from that field, on terms and conditions to be mutually agreed upon by the parties. The purchase of an interest in CO2 reserves would reduce the amount of cash received by Denbury. The transactions are expected to close late in the fourth quarter of 2012 with a July 1, 2012 effective date. The sale price is subject to standard adjustments for revenues and costs of the respective assets from the effective date to the closing date.  Full Article

Denbury Resources Inc Reaffirms FY 2012 Production Guidance
Thursday, 2 Aug 2012 08:30am EDT 

Denbury Resources Inc announced that production for fiscal 2012 is expected to remain in the upper half of estimated ranges.  Full Article

Denbury Resources Inc Announces Closing Of Gulf Coast Acquisition
Wednesday, 6 Jun 2012 08:30am EDT 

Denbury Resources Inc announced the closing of its previously announced acquisition of Thompson Field in Fort Bend County, Texas for cash consideration of approximately $360 million before purchase price adjustments. The Company funded the purchase with approximately $213 million of cash received from its property sales earlier this year as part of a like-kind exchange transaction, and the remainder from borrowings under its revolving credit facility.  Full Article

Denbury Resources Inc Reaffirms FY 2012 Production Guidance-Conference Call
Thursday, 3 May 2012 10:00am EDT 

Denbury Resources Inc announced that production for fiscal 2012 as previously announced is doing well and it is expected to remain in the upper half of production guidance for fiscal 2012.  Full Article

Two Denbury Resources crude oil tanks on fire in Louisiana

NEW YORK - Two crude oil storage tanks were on fire Friday at a Denbury Resources Inc facility in Denham Springs, Louisiana, after an explosion in one of the tanks on Thursday night, according to company, state and parish officials.

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