NEW YORK (TheStreet) -- Shares of Denbury Resources Inc. (DNR) are lower by 12.14% to $9.84 in mid-morning trading on Monday, as a result of the announcements the company made on Friday, saying it is planning on reducing its capital spending in 2015, and that two of its top executives have resigned, MarketWatch reports.
On Friday, the independent oil and natural gas company announced its plan to reduce its capital spending by 50% to $550 million in 2015, citing the recent decline in oil prices as the cause.
"Given the recent decline and uncertainty around future oil prices, we have decided to reduce our 2015 capital spending to a level that we believe can maintain production and build liquidity to further enhance our solid financial position," company CEO Phil Rykhoek said in a statement.
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Brent oil prices have declined by almost 27%, from a high of $115 per barrel in June, Reuters reported.
Additionally, two top executives, Craig McPherson, Senior Vice President and Chief Operating Office, and Charlie Gibson, Senior Vice President-Production Operations, have resigned, Denbury announced.
Their duties will be temporarily taken over by Denbury's CEO, the company said.
Separately, TheStreet Ratings team rates DENBURY RESOURCES INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation: