Denbury Declares Initial Quarterly Cash Dividend of $0.0625 per Share
Denbury Resources Inc. (NYSE: DNR) announced today that its Board of Directors has declared a quarterly cash dividend of $0.0625 per common share, a rate of $0.25 per share on an annualized basis, payable March 25, 2014, to shareholders of record as of the close of business on February 25, 2014. This will be the first cash dividend paid to stockholders in Denbury's history and marks the expansion of the Company's shareholder value proposition to include quarterly cash dividends.
Phil Rykhoek, Denbury's President and CEO commented, "The declaration of our first-ever quarterly dividend represents an important step in our path to becoming a leading growth and income company. We remain focused on developing our significant inventory of enhanced oil recovery projects in order to increase shareholder value through growth in production, reserves, and dividends. Based on our current financial projections and commodity price outlook, we expect to grow our annual dividend rate to between $0.50 and $0.60 per share in 2015 and at a sustainable rate thereafter. We look forward to executing our value driven growth and income strategy in 2014 and beyond."
Conference Presentation and Fourth Quarter and Full Year 2013 Results Conference Call
Phil Rykhoek will be presenting at the Credit Suisse 19th Annual Energy Summit on Wednesday, February 12, 2014, at 10:25 A.M. (Mountain) in Vail, Colorado. A live audio webcast and the slides of the presentation will be available on the Company's website and will be archived there for approximately 30 days after the presentation. Prior to the presentation, Denbury plans to publish a news release disclosing 2013 year-end reserves and estimated 2013 production and capital expenditures, the full text of which will be available on the Company's website.
Denbury will host a conference call to review and discuss fourth quarter and full year 2013 financial and operating results on Thursday, February 20, 2014 at 10:00 A.M. (Central). Results will be released before the market opens on the day of the conference call and the full text of the news release will be available on the Company's website. Individuals who would like to participate should dial the applicable dial-in number listed below ten minutes before the scheduled start time and provide the confirmation number to the operator.
What: Denbury Resources Fourth Quarter and Full Year 2013 Results Conference Call
Date: Thursday, February 20, 2014
Time: 10:00 A.M. (Central) / 11:00 A.M. (Eastern)
Dial-in numbers: 800.230.1096 (domestic) and 612.332.0725 (international)
Confirmation number: 260593
A live audio webcast of the results conference call will be available on the Company's website. This audio webcast will be archived on the website for at least one month and a telephonic replay will be accessible for one month after the call by dialing 800.475.6701 or 320.365.3844 and entering confirmation number 260593.
Denbury is a growing domestic independent oil and natural gas company. The Company's primary focus is on enhanced oil recovery utilizing carbon dioxide and its operations are focused in two key operating areas: the Gulf Coast and Rocky Mountain regions. Denbury is the largest combined oil and natural gas producer in both Mississippi and Montana, and owns the largest reserves of carbon dioxide used for tertiary oil recovery east of the Mississippi River. The Company's goal is to increase the value of acquired properties through a combination of exploitation, drilling and proven engineering extraction practices, with the most significant emphasis relating to tertiary recovery operations. For more information about Denbury, please visit www.denbury.com.
This news release contains forward-looking statements including statements about anticipated future dividend payments and dividend growth rates. There are a variety of risks and uncertainties, many of which are beyond Denbury's control, that affect the Company's operations, performance, business strategy and results and which could cause the payment of future dividends and/or their rate to differ materially from the assumptions, expectations and objectives expressed in any forward-looking statements. These risks and uncertainties include expectations and assumptions concerning estimated future cash flows, oil prices and revenues; future production rates and operating costs; performance of existing and future enhanced oil recovery projects; anticipated timing and results of capital expenditures; availability of tax benefits; and other risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission, including Denbury's most recent reports on Form 10-K and Form 10-Q. These risks and uncertainties are incorporated by this reference as though fully set forth herein. These forward-looking statements are based on engineering, geological, financial and operating assumptions that management believes are reasonable based on currently available information; however, management's assumptions and the Company's future performance are both 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. Future dividends will be subject to declaration by the Company's Board of Directors at its discretion, subject to requirements of applicable law. In addition, any forward-looking statements represent the Company's estimates only as of today and should not be relied upon as representing its estimates as of any future date. Denbury assumes no obligation to update its forward-looking statements.
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