Denbury (DEN) Announces $250M Share Buyback

Denbury Inc. (NYSE: DEN) 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.

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