Denbury Announces $250MM Share Repurchase Authorization
05 Mai 2022 - 12:25PM
Business Wire
Denbury Inc. (NYSE: DEN) (“Denbury” or the “Company”) today
announced that its Board of Directors has authorized a share
repurchase program under which the Company may repurchase up to
$250 million of its outstanding shares of common stock, which
represent more than 7% of Denbury’s current market
capitalization.
“Denbury maintains a disciplined approach to capital allocation
and is committed to deploying capital toward opportunities that
drive the greatest value for our shareholders,” commented Mark
Allen, EVP and Chief Financial Officer. “With our anticipated
strong free cash flow generation and the significant value
opportunity ahead of us with CCUS, we believe a share repurchase
program is warranted. We expect to maintain our strong balance
sheet and advance our EOR and CCUS strategic priorities while
returning meaningful capital to shareholders through this share
repurchase program.”
The timing and amount of any share repurchases under the share
repurchase program will be determined by Denbury’s management at
its discretion based on ongoing assessments of the capital needs of
its business, the market price of Denbury’s common stock, general
market conditions and applicable legal requirements. Share
repurchases may be made through a variety of methods, which could
include open market purchases, negotiated transactions, block
trades, exchange transactions, other methods or any combination of
such methods. The program does not obligate Denbury to acquire any
particular dollar amount or number of shares of its common stock,
and the share repurchase program may be suspended or discontinued
at any time at the Company’s discretion. The share repurchase
program has no prescribed term.
ABOUT DENBURY
Denbury is an independent energy company with operations and
assets focused on Carbon Capture, Use and Storage (CCUS) and
Enhanced Oil Recovery (EOR) in the Gulf Coast and Rocky Mountain
regions. For over two decades, the Company has maintained a unique
strategic focus on utilizing CO2 in its EOR operations and since
2012 has also been active in CCUS through the injection of captured
industrial-sourced CO2. The Company currently injects over four
million tons of captured industrial-sourced CO2 annually, with an
objective to fully offset its Scope 1, 2, and 3 CO2 emissions by
2030, primarily through increasing the amount of captured
industrial-sourced CO2 used in its operations. For more information
about Denbury, visit www.denbury.com.
Follow Denbury on Twitter and Linkedin.
This press release contains forward looking statements that
involve risks and uncertainties, including risks and uncertainties
detailed in the Company’s filings with the Securities and Exchange
Commission, which risks and uncertainties are incorporated by
reference as though fully set forth herein. These statements are
based on financial and operating assumptions that the Company
believes are reasonable based on currently available information
however, management’s assumptions and the Company’s future
performance are subject to a wide range of business risks, and
there is no assurance that these goals and projections can or will
be met. Actual results may vary materially. Any forward-looking
statements represent the Company’s estimates only as of today and
should not be relied upon as representing its projections as of any
future date.
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version on businesswire.com: https://www.businesswire.com/news/home/20220505005178/en/
DENBURY IR CONTACTS Brad Whitmarsh, 972.673.2020,
brad.whitmarsh@denbury.com Beth Bierhaus, 972.673.2554,
beth.bierhaus@denbury.com
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