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December 2015 Investor Presentation – Denbury Resources Inc.

Denbury Resources Inc. · Dec 10, 2015 · 34 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. December 2015 Investor Presentation – Denbury Resources Inc. – slide 1
    Corporate Presentation December 2015 NYSE: DNR
  2. December 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 with cash flow Capital…
  3. December 2015 Investor Presentation – Denbury Resources Inc. – slide 3
    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…
  4. December 2015 Investor Presentation – Denbury Resources Inc. – slide 4
    Click toto Click Denbury editaMaster atedit titletitle Glance style style Total 3P Reserves (12/31/14) 1.2 BBOE Total Proved Reserves (12/31/14) 437.7 MMBOE % Oil Production (3Q15) 95% Total Daily Production BOE/d (3Q15) 71,410…
  5. December 2015 Investor Presentation – Denbury Resources Inc. – slide 5
    Click toto Click edit Proactively Master edit titletitle Responding style style To a Lower Oil Price Environment Reduced capital spending 50% for 2015 (now est. at 475MM) Focusing on operational initiatives, increasing…
  6. December 2015 Investor Presentation – Denbury Resources Inc. – slide 6
    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…
  7. December 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. December 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. December 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. December 2015 Investor Presentation – 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. December 2015 Investor Presentation – Denbury Resources Inc. – slide 11
    Click CO toto edit 2 Supply Click Master to edit titletitle Support styleCoast Growth Gulf style 1,200 Forecasted Gulf Coast CO2 Demand INDUSTRIAL SOURCE CO2 SUPPLY - Future Construction 1,000 CO2 Volumes, MMcf/Day…
  12. December 2015 Investor Presentation – Denbury Resources Inc. – slide 12
    Click CO toto edit Master 2 Efficiencies Click edit title style Savings = Significant title style Total Company Injected CO2 Volumes MMcf/d CO2 Costs(1) /BOE on Total Operating Costs (0.09) 0.62 3.03 10% of 979 (0.77) Cost…
  13. December 2015 Investor Presentation – Denbury Resources Inc. – slide 13
    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…
  14. December 2015 Investor Presentation – Denbury Resources Inc. – slide 14
    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 5.72 20.52 19.63 6.07 19.70 19.43 20.00 1.73…
  15. December 2015 Investor Presentation – Denbury Resources Inc. – slide 15
    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…
  16. December 2015 Investor Presentation – Denbury Resources Inc. – slide 16
    Click toto Click Full-Yearedit Master edit Capital title title Budget style Reduction(1) style Development capital spending Other capitalized items(2) Estimated Production Amounts in millions 2014 2015E Operating area 550…
  17. December 2015 Investor Presentation – Denbury Resources Inc. – slide 17
    Click to edit Master title style (1) Click to edit title style Commodity Hedge Summary as of November 4, 2015 2015 2016 4Q 1Q 2Q 3Q Crude Oil (WTI NYMEX Equivalent)(2)(3) Total Oil Volumes Hedged (Bbls/d) 38,000 36,000 34,000…
  18. December 2015 Investor Presentation – Denbury Resources Inc. – slide 18
    Click Click toto Liquidityedit and Master editDebt title style Maturity title style Schedule Ample Revolver Liquidity No Significant Near-Term Maturities(1) Borrowing Base: 2.6 Billion Potential Credit Facility Additional…
  19. December 2015 Investor Presentation – Denbury Resources Inc. – slide 19
    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: Utilize…
  20. December 2015 Investor Presentation – Denbury Resources Inc. – slide 20
    Appendix
  21. December 2015 Investor Presentation – Denbury Resources Inc. – slide 21
    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)…
  22. December 2015 Investor Presentation – Denbury Resources Inc. – slide 22
    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…
  23. December 2015 Investor Presentation – Denbury Resources Inc. – slide 23
    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…
  24. December 2015 Investor Presentation – Denbury Resources Inc. – slide 24
    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…
  25. December 2015 Investor Presentation – Denbury Resources Inc. – slide 25
    Click toIndustry Click Actual edit to Master edit titletitle Recovery style styleCurves Range of Recovery 10%-18% Denbury.com NYSE: DNR 26
  26. December 2015 Investor Presentation – Denbury Resources Inc. – slide 26
    Click toCurves Click Actual edit to Master edit title title Denbury style style Mature Fields Range of Recovery 11%-20+% Denbury.com NYSE: DNR 27
  27. December 2015 Investor Presentation – Denbury Resources Inc. – slide 27
    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…
  28. December 2015 Investor Presentation – Denbury Resources Inc. – slide 28
    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 3Q15 2015E(1) Tertiary Oil Fields 35,206 38,477 41,079 39,057…
  29. December 2015 Investor Presentation – Denbury Resources Inc. – slide 29
    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 3Q15 Brookhaven 2,692 2,223 1,759 1,877 1,818 1,767 1,579…
  30. December 2015 Investor Presentation – Denbury Resources Inc. – slide 30
    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 3Q15 Tertiary Oil Fields Gulf Coast Region 15.82 11.23 4.32 0.32…
  31. December 2015 Investor Presentation – Denbury Resources Inc. – slide 31
    Click Oil Click toto Hedgeedit Master Detail edit title as of title style November style 4, 2015 2015 2016 4Q 1Q 2Q 3Q WTI NYMEX Swaps Volumes Hedged (Bbls/d) 12,000 12,000 13,500 --- Average Swap Price (1) 92.42 92.43 66.06…
  32. December 2015 Investor Presentation – Denbury Resources Inc. – slide 32
    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 3Q15 w/Oil /BOE /BOE /BOE /BOE /BOE /BOE /BOE /BOE /BOE /BOE /BOE CO2 Costs…
  33. December 2015 Investor Presentation – Denbury Resources Inc. – slide 33
    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 3Q15 w/Oil /Bbl /Bbl /Bbl /Bbl /Bbl /Bbl /Bbl /Bbl /Bbl /Bbl /Bbl CO2…
  34. December 2015 Investor Presentation – Denbury Resources Inc. – slide 34
    Click CO toto 2 Cost Click edit (1) &Master edit titletitle NYMEX Oilstyle Price style 0.45 110 0.40 100 0.35 NYMEX Crude Oil Price / Bbl 90 0.30 CO2 Costs / Mcf 80 0.25 0.20 70 0.15 60 0.10 50 0.05…

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