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Denbury Announces Initiation Of Quarterly Dividends, Appointment Of New Board Member, And Increase In Share Repurchase Authorization

Stocks in this article: DNR

PLANO, Texas, Nov. 10, 2013 (GLOBE NEWSWIRE) -- Denbury Resources Inc. (NYSE:DNR) ("Denbury" or the "Company") today announced that senior management will review the following key developments at the Company's annual analyst day being held tomorrow:

  • The intention to initiate regular quarterly dividends to common shareholders beginning in the first quarter of 2014
  • The appointment of John P. Dielwart to the Board of Directors
  • 2014 production and capital expenditure estimates
  • An increase in the amount authorized under the Company's share repurchase program

Management Comment

Phil Rykhoek, Denbury's President and CEO commented, "This is an important day for Denbury as we announce several new developments that will define our Company for many years to come. Our focused strategy, significant inventory of development projects and proven track record of value creation give us confidence that we can deliver a long-term cash flow profile that is unique among independent oil companies, and enables us to expand our shareholder value proposition to include both growth and income.

"Our shift to a growth and income company does not contemplate any changes to our corporate structure or the creation of a master limited partnership, since we are not satisfied that any such changes would create a significant and sustained increase in shareholder value. We have instead focused on the development timeline for future projects and made adjustments to our development plan. This will allow us to reduce our capital spending on major infrastructure projects over the next few years, accelerating our plan of providing a return to our shareholders through a dividend, while still growing our reserves and production. We look forward to sharing more details about this decision at tomorrow's analyst day.

"On behalf of the entire Denbury team, I would like to thank our shareholders for their support and their confidence in our unique strategy that will allow us to begin to distribute a portion of our free cash flow to them. We look forward to executing our value driven growth and income strategy in 2014 and beyond."

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