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August 2015 Investor Presentation – Denbury Resources Inc.

Denbury Resources Inc. · Aug 3, 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. August 2015 Investor Presentation – Denbury Resources Inc. – slide 1
    Corporate Presentation August 2015 NYSE: DNR
  2. August 2015 Investor Presentation – 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. August 2015 Investor Presentation – 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. August 2015 Investor Presentation – 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 PV-10 and Cash…
  5. August 2015 Investor Presentation – 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 (2Q15) 95% Total Daily Production BOE/d (2Q15) 73,716 Proved PV-10 (12/31/14) 94.99 NYMEX Oil Price…
  6. August 2015 Investor Presentation – Denbury Resources Inc. – slide 6
    Click is What Click toto edit CO Master 2 EORtitle edit title & 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. August 2015 Investor Presentation – 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. August 2015 Investor Presentation – 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. August 2015 Investor Presentation – 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. August 2015 Investor Presentation – Denbury Resources Inc. – slide 10
    Click toWeather Recent Click edit to Master edit titletitle Impact to style Houston Area Fields style Flooding and power outages throughout the Houston area impacted some of our Houston area fields in June 2015 Minimal impact…
  11. August 2015 Investor Presentation – Denbury Resources Inc. – slide 11
    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…
  12. August 2015 Investor Presentation – 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. August 2015 Investor Presentation – 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. August 2015 Investor Presentation – 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. August 2015 Investor Presentation – Denbury Resources Inc. – slide 15
    Click toto Reducing Click edit Master titletitle Operating edit Costsstyle style(1)(2) Tertiary Operating Costs(1) Total Operating Costs(1) /Bbl 28.72 30.00 26.24 25.00 22.70 21.08 20.52 19.70 20.00 15.00…
  16. August 2015 Investor Presentation – Denbury Resources Inc. – slide 16
    Click toAsset Click Unique edit to Master edit titletitle Structure style to Other Independents(3) style Relative Reserve life index(1) 1st year of decline rate by basin(2) Selected Companies(3) EOR Assets Non-EOR Assets DNR…
  17. August 2015 Investor Presentation – Denbury Resources Inc. – slide 17
    Click toto Denburys Click edit Master Funding edit title style Priorities title style Maintain solid financial position Base dividend Additional (priority depends on circumstances) Capital expenditures Reduce debt…
  18. August 2015 Investor Presentation – 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. August 2015 Investor Presentation – 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. August 2015 Investor Presentation – Denbury Resources Inc. – slide 20
    Click to edit Master title style (1) Click to edit title style Commodity Hedge Summary as of August 4, 2015 2015 2016 2Q 3Q 4Q 1Q 2Q 3Q Crude Oil (WTI NYMEX Equivalent)(2)(3) Total Oil Volumes Hedged (Bbls/d) 58,000 58,000 38,000…
  21. August 2015 Investor Presentation – 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 12/31/14 6/30/15 Total Net Debt (MM) 3,548 3,505 TTM EBITDA(2) (MM) 1,386 1,231 Total Net Debt to TTM…
  22. August 2015 Investor Presentation – 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 and know we must continue to improve our operational efficiency: Innovation teams…
  23. August 2015 Investor Presentation – Denbury Resources Inc. – slide 23
    Appendix
  24. August 2015 Investor Presentation – 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. August 2015 Investor Presentation – 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. August 2015 Investor Presentation – 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. August 2015 Investor Presentation – 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. August 2015 Investor Presentation – 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. August 2015 Investor Presentation – 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. August 2015 Investor Presentation – Denbury Resources Inc. – slide 30
    Click toto Click edit Production Master edit by titletitle Area style style (BOE/d) Operating area 2012 2013 2014 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 2015E(1) Tertiary Oil Fields 35,206 38,477 41,079 39,057 38,752…
  31. August 2015 Investor Presentation – Denbury Resources Inc. – slide 31
    Click toto Click Tertiary edit Master edit title titleby Production style style Field Average Daily Production (BOE/d) Field 2012 2013 2014 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 Brookhaven 2,692 2,223 1,759 1,877 1,818 1,767 1,579 1,612…
  32. August 2015 Investor Presentation – Denbury Resources Inc. – slide 32
    Click toto NYMEX Click edit Oil Master titletitle Differential edit style Summary style Crude Oil Differentials 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 Tertiary Oil Fields Gulf Coast Region 15.82 11.23 4.32 0.32 3.68…
  33. August 2015 Investor Presentation – Denbury Resources Inc. – slide 33
    Click Oil toto Hedge Click edit Master Detail edit title as of title style 4, 2015 August style 2015 2016 2Q 3Q 4Q 1Q 2Q 3Q WTI NYMEX Swaps Volumes Hedged (Bbls/d) 8,000 10,000 12,000 12,000 13,500 --- Average Swap Price (1)…
  34. August 2015 Investor Presentation – Denbury Resources Inc. – slide 34
    Click toto Analysis Click edit Master ofedit Total title style Operating title style Costs Correlation 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 w/Oil /BOE /BOE /BOE /BOE /BOE /BOE /BOE /BOE /BOE /BOE CO2 Costs Direct…
  35. August 2015 Investor Presentation – Denbury Resources Inc. – slide 35
    Click toto Analysis Click edit Master ofedit titletitle Tertiary Only style Operating Costs style Correlation 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 w/Oil /Bbl /Bbl /Bbl /Bbl /Bbl /Bbl /Bbl /Bbl /Bbl /Bbl CO2 Costs…
  36. August 2015 Investor Presentation – 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 / Bbl 80 CO2 Costs / Mcf 0.25 0.20 70 0.15 60 0.10 50…

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