Denbury Board Decides To Suspend Quarterly Cash Dividend, Beginning Q4

(RTTNews) - Denbury Resources Inc. (DNR) announced that its Board has decided to suspend the company's current $0.0625 per share quarterly cash dividend, beginning with the fourth quarter of 2015. The company will pay its previously announced third quarter cash dividend on September 29, 2015.

Phil Rykhoek, Denbury's CEO, said, "We expect to reinstate a dividend in the future, but the timeline for doing so is uncertain and will likely be highly dependent on oil prices. We remain focused on reducing costs and further optimizing our business to ensure that Denbury emerges from this downturn a much stronger company."

Separately, the company's Board has reinstated the ability for the company to repurchase shares under its previously authorized share repurchase program which was suspended in November of 2014. Under the program, approximately $222 million remains authorized.