Deleveraging Milestone No. 1: Denbury Brings Net Debt to EBITDA Below 5 Times
After the second quarter, Denbury remains on track to hit its 2018 guidance for production and capital spending. The firm reported average volumes of 62 mboe/d for the period (3% higher sequentially and 4% higher year over year). Realized prices for crude were above the WTI benchmark for the third straight quarter (since 60% of the firm’s output is tied to Gulf Coast pricing), and unit costs were about $1/boe (3%) lower than our forecast. Consequently, the firm’s financial results were slightly ...Denbury Resources is an independent oil and natural gas company. The company's operations are focused in two main operating areas: the Gulf Coast and Rocky Mountain regions. The company's properties with proved and producing reserves in the Gulf Coast region are situated in Mississippi, Texas, Louisiana and Alabama, and in the Rocky Mountain region are situated in Montana, North Dakota and Wyoming.
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