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Denbury Resources Inc Announces Initiation of Quarterly Dividends And Increase In Share Repurchase Authorization

Sunday, 10 Nov 2013 01:00pm EST 

Denbury Resources Inc. announced that it currently expects to pay a regular full-year dividend of $0.25 per share, or $0.0625 per share quarterly, beginning in the first quarter of 2014. Based on its current financial projections and commodity price outlook, Denbury expects to grow its regular annual dividend rate to between $0.50 per share and $0.60 per share in 2015, and at a sustainable rate thereafter. All dividends are subject to declaration by Denbury's Board of Directors. Denbury's Board of Directors has approved an increase in the dollar amount of remaining share repurchases authorized under its multi-year share repurchase program to $250 million from $109 million. The increase raises the total amount authorized under the program since it commenced in October 2011 to $912 million, of which Denbury has spent $662 million as of September 30, 2013, to acquire a total of 43 million common shares, or about 11% of shares outstanding at September 30, 2011, at an average cost of $15.48 per share. There is no set expiration date for the program and no requirement that the entire authorized amount be used. 

Company Quote

-0.52 -4.06%
22 Oct 2014