Denbury Resources 2012 capital expenditure budget remains at $1.5B Approximately two-thirds of which is for tertiary projects, with the remainder for the Bakken. The budgeted amount excludes acquisitions, capitalized interest, and tertiary start-up costs and is net of estimated proceeds from equipment sale/leasebacks. Of the $1.5B budgeted, slightly less than three-quarters had been spent through Q3 of 2012.
Denbury Resources downgraded to Neutral at RW Baird Baird downgraded Denbury Resources to Neutral from Outperform following a transfer of coverage, citing operational challenges and macro headwinds in the crude market. Baird lowered its price target on Denbury Resources to $16 from $19.