U.S. energy firm Denbury Resources hires bank for debt advice -sources [Reuters]
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Source: Reuters
U.S. energy firm Denbury Resources hires bank for debt advice -sources NEW YORK, April 8 (Reuters) - Denbury Resources Inc, a U.S. energy producer which specializes in bolstering well productivity with carbon dioxide, has hired investment bank Evercore Inc to advise on managing its $2.3 billion debt pile, people familiar with the matter said. Denbury has been struggling with plummeting oil prices and economic fallout of the coronavirus pandemic. Last week, it said it would cut its 2020 capital expenditure budget by 44%, warning it could trim the figure further if storage or takeaway capacity was restricted. The Plano, Texas-based company has tapped Evercore for advice on handling its debt, the sources said, stressing a debt restructuring is not imminent. Denbury did not respond to a request for comment. Evercore declined to comment. An oil price war between Saudi Arabia and Russia and a steep fall in demand for petroleum amid the coronavirus-induced economic slowdown have pushed many
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