18 Sept 2020listing compliance notice▲ GoodMajor
the exchange certified DENBURY INC's securities for listing, clearing them to begin trading.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
18 Sept 2020securities registration● Neutral
DENBURY INC amended its automatic shelf registration statement.
17 Aug 2020listing compliance notice● NeutralMajor
DENBURY INC's exchange filed to remove a class of its securities from listing.
11 Aug 2020quarterly activities report▼ Bad
DENBURY INC reported quarterly revenue of $117.9 million and a net loss of $697.5 million for the period ended 2020-06-30.
11 Aug 2020quarterly activities report▼ Bad
DENBURY INC reported quarterly revenue of $117.9 million and a net loss of $697.5 million for the period ended 2020-06-30.
11 Aug 2020late filing notice▼ Bad
DENBURY INC notified the SEC that its quarterly report would be filed late.
7 Aug 2020substantial holder notice● Neutral
BlackRock, Inc reported no remaining DENBURY INC shareholding in its periodic institutional filing.
10 July 2020substantial holder notice● Neutral
BlackRock, Inc reported a DENBURY INC shareholding of 49,093,885 shares (9.70% of votes) in a periodic institutional filing.
10 July 2020substantial holder notice● Neutral
The Vanguard Group reported a DENBURY INC shareholding of 37,481,790 shares (7.40% of votes) in a periodic institutional filing.
30 June 2020debt financing▼ BadMajor
On 26 June 2020 Denbury signed an Eighth Amendment to its bank credit agreement. It reaffirmed the $615m borrowing base but temporarily cut maximum availability to $275m plus outstanding letters of credit (up to $100m) until the fall 2020 redetermination, and added temporary dollar limits on certain covenant baskets. Denbury also chose not to pay the roughly $8m interest due 30 June 2020 on its 6⅜% convertible notes due 2024 'to evaluate certain strategic alternatives', none implemented yet. A 30-day grace period applies before it becomes an event of default. It drew $200m on the credit facility on 29 June as a precaution, leaving $265m borrowed and about $95m of letters of credit. Skipping the interest payment and drawing the facility is a negative signal for shareholders and raises the risk to their position; the filing does not say what the alternatives are.
11 June 2020director interest notice● Neutral
DENBURY INC VP & Chief Accounting Officer Alan Rhoades disposed of 335,532 shares via option/appreciation-right settlement.
11 June 2020director interest notice● Neutral
DENBURY INC EVP, CAO, GC & Sec'y James S. Matthews disposed of 296,362 shares via option/appreciation-right settlement.
11 June 2020director interest notice● Neutral
DENBURY INC President and CEO Christian S Kendall disposed of 1,205,049 shares via option/appreciation-right settlement.
18 May 2020quarterly activities report● Neutral
DENBURY INC reported quarterly revenue of $242.2 million and net income of $74.0 million for the period ended 2020-03-31.
18 May 2020quarterly activities report● Neutral
DENBURY INC reported quarterly revenue of $242.2 million and net income of $74.0 million for the period ended 2020-03-31.
6 Mar 2020listing compliance notice▼ BadMajor
On 5 March 2020 the NYSE told Denbury its average share price over 30 trading days was below $1.00, the minimum for listing. Denbury has six months to cure, and says it is considering options including a reverse stock split, which needs board and stockholder approval. The shares keep trading as DNR with a '.BC' (below compliance) marker, and the company says the notice does not trigger any violation of its debt obligations. Failure to cure could lead to delisting.
11 Feb 2020substantial holder notice● Neutral
The Vanguard Group reported a DENBURY INC shareholding of 69,375,119 shares (14.35% of votes) in a periodic institutional filing.
4 Feb 2020substantial holder notice● Neutral
BlackRock, Inc reported a DENBURY INC shareholding of 74,867,065 shares (14.70% of votes) in a periodic institutional filing.
25 Nov 2019capital raising announcement● Neutral
On 22 November 2019 Denbury agreed to issue 15,150,000 common shares and pay $2.95m cash for $8.75m of 5½% 2022 and $25.361m of 4⅝% 2023 subordinated notes. This is another round of the same share-for-debt exchanges and is the largest share issuance of the series so far, so it dilutes existing shareholders further.
15 Nov 2019capital raising announcement● Neutral
Between 11 and 14 November 2019 Denbury agreed to issue 9,447,217 common shares and pay $2,270,850 cash for $3.071m of 5½% 2022 and $21.077m of 4⅝% 2023 subordinated notes. This continues the October pattern of swapping sub notes for shares and some cash, and adds further dilution for existing shareholders.
8 Nov 2019quarterly activities report● Neutral
DENBURY INC reported quarterly revenue of $315.5 million and net income of $72.9 million for the period ended 2019-09-30.
7 Nov 2019quarterly activities report● Neutral
DENBURY INC reported quarterly revenue of $315.5 million and net income of $72.9 million for the period ended 2019-09-30.
17 Oct 2019capital raising announcement● NeutralMajor
Between 7 and 16 October 2019 Denbury agreed to issue 13,690,000 common shares and pay $5.8m cash for $13.2m of 5½% 2022 and $29.3m of 4⅝% 2023 subordinated notes. It also bought back $11.3m of 2022 notes on the open market for about $5.4m. In total it retired $53.8m (about 15%) of its $357.8m of sub notes outstanding at 30 June 2019, for about $11.2m cash plus the new shares. This continues the debt-reduction exchanges, now paid partly in stock, which dilutes existing shareholders. The company says it may do more but is not obliged to.
9 Aug 2019quarterly activities report● Neutral
DENBURY INC reported quarterly revenue of $343.4 million and net income of $146.7 million for the period ended 2019-06-30.
7 Aug 2019quarterly activities report● Neutral
DENBURY INC reported quarterly revenue of $343.4 million and net income of $146.7 million for the period ended 2019-06-30.
2 July 2019debt financing● Neutral
On 1 July 2019 Denbury did the final settlement of the second lien exchange, accepting about $4.0m of old 7½% second lien notes for about $3.8m of new 7¾% second lien notes. Including the June settlement, the totals are $152.2m of 2021 sub notes, $219.9m of 2022 sub notes, $96.3m of 2023 sub notes and $429.4m of old second liens exchanged for about $120.0m cash, $531.8m new second liens and $245.5m new 6⅜% convertibles. This closes out the June 2019 exchange; the remainder of the filing is collateral paperwork.
24 June 2019capital raising announcement● NeutralMajor
On 19 June 2019 Denbury settled the early-participation part of the exchange announced 3 June. It accepted about $152.2m of 6⅜% 2021 sub notes, $219.9m of 5½% 2022 sub notes, $96.3m of 4⅝% 2023 sub notes and $425.4m of old 7½% second lien notes. In return it issued about $528.0m of new 7¾% second lien notes due 2024 and $245.5m of new 6⅜% convertible notes due 2024, and paid about $120.0m cash. The new convertibles convert at 370 shares per $1,000 and auto-convert if the share price stays at or above $2.43 (10 of 15 trading days), so shareholders face possible dilution (the earlier context put the maximum at ~92m shares). This completes the pending exchange's main settlement; the filing text was truncated after the convertible terms.
3 June 2019capital raising announcement● NeutralMajor
On 3 June 2019 Denbury announced private exchange agreements and public exchange offers to swap its 6⅜% subordinated notes due 2021, 5½% subordinated notes due 2022 and 7½% second lien notes due 2024 for new 7¾% second lien notes due 2024, new 6⅜% convertible notes due 2024, or cash. The private deals cover about $44.8m of 2021 notes, $93.1m of 2022 notes and $96.3m of 4⅝% 2023 notes for about $48.5m cash, $36.6m new second lien notes and $149.1m new convertible notes, plus $168.0m of old second liens for the same amount of new second liens. The new convertibles convert at 370 shares per $1,000 (about $2.70 per share), with up to about 92 million shares possible, so this could dilute shareholders if the notes convert. This continues the earlier pattern of note exchanges; closing depends on the exchange offers completing.
9 May 2019quarterly activities report▼ Bad
DENBURY INC reported quarterly revenue of $305.5 million and a net loss of $25.7 million for the period ended 2019-03-31.
7 May 2019quarterly activities report▼ Bad
DENBURY INC reported quarterly revenue of $305.5 million and a net loss of $25.7 million for the period ended 2019-03-31.