November 14, 2014 / 11:05 PM / 5 years ago

Denbury Resources plans to halve 2015 capital spending

Nov 14 (Reuters) - Denbury Resources Inc said it planned to cut its 2015 capital spending by 50 percent, joining a raft of oil and gas producers scaling back investments due to the recent slide in crude oil prices.

The company, which focuses on the Gulf Coast and Rocky Mountain regions, is also targeting a relatively flat production for 2015.

Brent oil prices have fallen nearly 27 percent from a high of $115 per barrel in June.

Denbury Resources said it would discuss these proposals at its annual analyst day on Nov. 18.

The Plano, Texas-based company said it plans to cut 2015 capital expenditure to $550 million.

Denbury Resources also said it planned to give an annual dividend of 40 cents per share in 2015, below its previous range of 50-60 cents.

While top U.S. oil producers such as Chevron Corp are yet to announce 2015 capital plans, many smaller companies have already pared their spending for next year.

Halcon Resources Corp on Monday nearly cut half the rigs it originally planned to operate next year, while Continental Resources Inc has said it would not add rigs.

Denbury Resources’ shares closed at $11.20 on the New York Stock Exchange on Friday. The stock had fallen nearly 32 percent this year. (Reporting by Sneha Banerjee in Bangalore)

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