Denbury Still Struggling With High Leverage; Weak 2018 Oil Prices Could Delay Growth Plans
Denbury spent 2016 on the defensive, scrambling to cope with very weak global crude prices. Production was 64 mboe/d for the full year, which was at the low end of guidance and 12% lower than in the prior year. That's not bad, given the firm's skeletal capital program (2016 spending was $250 million, 75% below the 2014 budget). But low prices and declining production weighed heavily on its cash flows from operations, which fell 75%. That put more pressure on the balance sheet, which was already ...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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