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IPAA OGIS NEW YORK – Denbury Resources Inc.

Denbury Resources Inc. · Apr 20, 2015 · 36 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. IPAA OGIS NEW YORK – Denbury Resources Inc. – slide 1
    Corporate Presentation April 2015
  2. IPAA OGIS NEW YORK – Denbury Resources Inc. – slide 2
    Click A toto edit Different Click Master Kind edit title of Oil title style Company style Proven process Long-Term Lower-risk & long-life assets Visibility Tremendous resource potential Fund capex & dividends with cash flow…
  3. IPAA OGIS NEW YORK – Denbury Resources Inc. – slide 3
    Click Plan: Click 2015 toto edit Master edit Value title title style style Focused Reduced capital spending by 50% for 2015 to 550MM Planning on utilizing liquidity to take advantage of potential opportunities Building…
  4. IPAA OGIS NEW YORK – Denbury Resources Inc. – slide 4
    Click toto edit Innovation Click &Master titletitle Improvement edit style style Teams (IITs) Identify opportunities to significantly improve the economic value and profitability of Denburys fields. Increase Field PV10 and Cash…
  5. IPAA OGIS NEW YORK – Denbury Resources Inc. – slide 5
    Click toto Click Denbury editaMaster atedit titletitle Glance style style Total 3P Reserves (12/31/14) 1.2 BBOE % Oil Production (4Q14) 95% Total Daily Production BOE/d (4Q14) 74,875 Proved PV-10 (12/31/14) 94.99 NYMEX Oil Price…
  6. IPAA OGIS NEW YORK – Denbury Resources Inc. – slide 6
    Click is What Click toto edit CO Master title 2 EORtitle edit & How style Oil Does it Recover Much style Transport Inject Secure via into CO2 Supply Pipeline Oilfield Remaining Oil Primary 20% CO2 EOR Delivers Almost…
  7. IPAA OGIS NEW YORK – Denbury Resources Inc. – slide 7
    ClickLower-48 U.S. Click toto edit Master editCO title 2 EOR title style Potential style Technically Recoverable(1,2) (amounts in billions of barrels) Permian 9-21 East & Central Texas 6-15 Mid-Continent 6-13 California 3-7…
  8. IPAA OGIS NEW YORK – Denbury Resources Inc. – slide 8
    Up to 16 Billion Gross Barrels Recoverable(1) Click toto Click edit Master edit title title style style in Our Two CO2 EOR Target Areas 2.8 to 6.6 MT ND Billion Barrels Estimated Recoverable in Rocky Mountain Region(2) WY…
  9. IPAA OGIS NEW YORK – Denbury Resources Inc. – slide 9
    CO 2 EOR Click to in Gulf edit Coast Master titleRegion: style Click to edit title style Control of CO2 Sources & Pipeline Infrastructure Provides a Strategic Advantage Tinsley(3) Summary(1) Delhi(3) 46 MMBbls 45 MMBbls Tinsley…
  10. IPAA OGIS NEW YORK – Denbury Resources Inc. – slide 10
    CO 2 EOR Click to in Rocky edit MasterMountain title styleRegion: Click to edit title style Control of CO2 Sources & Pipeline Infrastructure Provides a Strategic Advantage CO2 Sources Summary(1) Existing or Proposed CO2 Source Cedar…
  11. IPAA OGIS NEW YORK – Denbury Resources Inc. – slide 11
    Click toto Continued Click edit Master Tertiary edit title Oil title style Production style Growth 45,000 41,873 Bbls/d 40,000 35,000 30,000 Bbls/d 25,000 20,000 15,000 10,000 5,000 0 2001 2002 2003…
  12. IPAA OGIS NEW YORK – Denbury Resources Inc. – slide 12
    Click CO toto edit 2 Supply Click Master to edit titletitle Support styleCoast Growth Gulf style 1,400 Additional CO2 Potential(1) (not reflected in graph) Probable & Possible Reserves: 1.7 TCF Improved Recovery of Proved…
  13. IPAA OGIS NEW YORK – Denbury Resources Inc. – slide 13
    ClickCoast Gulf Click toto edit Master titletitle Industrial edit style Partners style MS Power AL PCS Nitrogen Air Products Denbury Owned Fields Current CO2 Floods Denbury Owned Fields Future CO2 Floods Fields Owned…
  14. IPAA OGIS NEW YORK – Denbury Resources Inc. – slide 14
    Click Click CO toto edit 2 Supply Master edit to titletitle Support style Mountain Growth style Rocky LaBarge Area Estimated field size: 750 square miles Estimated 100 TCF of CO2 recoverable Riley Ridge Denbury Operated…
  15. IPAA OGIS NEW YORK – Denbury Resources Inc. – slide 15
    Click Operating Click High toto edit Master edit titletitle Margin (1)style style /BOE 12-Months ended 12/31/2014 70 95% Oil Production Drives Higher Margins 60 50 40 30 20 10 - Peer A DNR (2) Peer B Peer C Peer…
  16. IPAA OGIS NEW YORK – Denbury Resources Inc. – slide 16
    Unique Click toAsset edit Structure Master Relative title style to Other Click to edit title style Independents Reserve life index(1) 1st year of decline rate by basin(2) Selected Companies (3) EOR Assets Non-EOR Assets DNR 22x…
  17. IPAA OGIS NEW YORK – Denbury Resources Inc. – slide 17
    Denburys Click toto Click Funding edit Master edit Priorities title title style style Maintain solid financial position Base dividend Additional (priority depends on circumstances) Capital expenditures Reduce debt…
  18. IPAA OGIS NEW YORK – Denbury Resources Inc. – slide 18
    (1) Click to edit titletitle Click 2015 to edit GuidanceMaster style style Capital Budget: 550 Million(2) Anticipated Dividends: 89 Million Tertiary Floods 320MM Estimated Production 2014 2015E Operating area (BOE/d)…
  19. IPAA OGIS NEW YORK – Denbury Resources Inc. – slide 19
    Click toto Click Dividend edit Master edit titletitle Philosophy style style Maintain solid financial position Goal is to have sustainable dividend that can grow with cash flow over time Fund both capital expenditures and dividends…
  20. IPAA OGIS NEW YORK – Denbury Resources Inc. – slide 20
    Click to edit Master title style (1) Click to edit title style Commodity Hedge Summary as of March 31, 2015 2015 2016 1Q 2Q 3Q 4Q 1Q 2Q Crude Oil (WTI NYMEX Equivalent)(2)(3) Total Oil Volumes Hedged (Bbls/d) 58,000 58,000 58,000…
  21. IPAA OGIS NEW YORK – Denbury Resources Inc. – slide 21
    Click to edit Master title(1) style Debt Maturity Schedule Click to edit title style No Significant Near-Term Debt Maturities 12/31/13 12/31/14 Total Net Debt (MM) 3,285 3,548 TTM EBITDA(2) (MM) 1,403 1,386 Total Net Debt to TTM…
  22. IPAA OGIS NEW YORK – Denbury Resources Inc. – slide 22
    Click toto Click edit Leveraging Master edit titletitle Strengths style to Lower Oil Prices &style Adjusting We believe in our assets and strategy but know we can improve our operational efficiency: Innovation teams and other key…
  23. IPAA OGIS NEW YORK – Denbury Resources Inc. – slide 23
    Appendix
  24. IPAA OGIS NEW YORK – Denbury Resources Inc. – slide 24
    Clickis Click Why toto edit CO Master 2edit EOR ourtitle title style style core focus High Confidence of Oil Target Over 100 million barrels (gross) produced by Denbury to date CO2 Flooding Recovers Oil (CO2 s Crude Oil)…
  25. IPAA OGIS NEW YORK – Denbury Resources Inc. – slide 25
    Click Click CO toto 2 EOR edit aMaster isedit titletitle Proven style style Process Significant CO2 EOR Operators by Significant CO2 Suppliers by Region Region Gulf Coast Region Gulf Coast Region Jackson Dome, MS (Denbury…
  26. IPAA OGIS NEW YORK – Denbury Resources Inc. – slide 26
    Click Click CO toto edit Master edit 2 Operations: Oil title title style Process style Recovery CO2 PIPELINE - from Jackson Dome INJECTION WELL - Injects CO2 in dense phase PRODUCTION WELLS Produce oil, water and CO2 Oil…
  27. IPAA OGIS NEW YORK – Denbury Resources Inc. – slide 27
    Click toIndustry Click Actual edit to Master edit titletitle Recovery style styleCurves Range of Recovery 10%-18% Denbury.com NYSE: DNR 28
  28. IPAA OGIS NEW YORK – Denbury Resources Inc. – slide 28
    Click toCurves Click Actual edit to Master edit title title Denbury style style Mature Fields Range of Recovery 11%-20+% Denbury.com NYSE: DNR 29
  29. IPAA OGIS NEW YORK – Denbury Resources Inc. – slide 29
    Click Click CO toto 2 EOR edit Master edit titletitle Superior style style Production Profile Capital Spending per Projected Production Profile with Same Capital Spending Year Based on EOR Spending Pattern 12,000 Gulf Coast…
  30. IPAA OGIS NEW YORK – Denbury Resources Inc. – slide 30
    Click toto Click edit Production Master edit by titletitle Area style style (BOE/d) Operating area 2011 2012 2013 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 2014 2015E(1) Tertiary Oil Fields 30,959 35,206 38,477 39,057 38,752…
  31. IPAA OGIS NEW YORK – Denbury Resources Inc. – slide 31
    Click toto Click Tertiary edit Master edit title titleby Production style style Field Average Daily Production (BOE/d) Field 2011 2012 2013 2014 1Q14 2Q14 3Q14 4Q14 Brookhaven 3,255 2,692 2,223 1,759 1,877 1,818 1,767 1,579…
  32. IPAA OGIS NEW YORK – Denbury Resources Inc. – slide 32
    Click toto NYMEX Click edit Oil Master titletitle Differential edit style Summary style Crude Oil Differentials 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 Tertiary Oil Fields Gulf Coast Region 9.80 13.60 10.61…
  33. IPAA OGIS NEW YORK – Denbury Resources Inc. – slide 33
    Click Oil toto Hedge Click edit Master Detail edit title as of title style31, 2015 March style 2015 2016 1Q 2Q 3Q 4Q 1Q 2Q WTI NYMEX Swaps Volumes Hedged (Bbls/d) 14,000 8,000 10,000 12,000 12,000 2,000 Average Swap Price (1)…
  34. IPAA OGIS NEW YORK – Denbury Resources Inc. – slide 34
    Click toto Analysis Click edit Master ofedit titletitle Operating style Costs style Correlation 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 w/Oil /BOE /BOE /BOE /BOE /BOE /BOE /BOE /BOE /BOE /BOE /BOE /BOE CO2…
  35. IPAA OGIS NEW YORK – Denbury Resources Inc. – slide 35
    Click toto Analysis Click edit Master ofedit titletitle Tertiary Only style Operating Costs style Correlation 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 w/Oil /Bbl /Bbl /Bbl /Bbl /Bbl /Bbl /Bbl /Bbl /Bbl /Bbl /Bbl…
  36. IPAA OGIS NEW YORK – Denbury Resources Inc. – slide 36
    Click CO toto 2 Cost Click edit (1) &Master edit titletitle NYMEX Oilstyle Price style 0.45 110 0.40 100 0.35 90 0.30 NYMEX Crude Oil Price 80 CO2 Costs/Mcf 0.25 0.20 70 0.15 60 0.10 50 0.05 0.00 40…

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