4thQuarter 2015 Earnings Presentation February 18, 2016 NYSE:DNR NYSE:DNR
Agenda Introduction Ross Campbell, Manager of Investor Relations Overall review and outlook Phil Rykhoek, Chief Executive Officer Financial review Mark Allen, Chief Financial Officer Operational review Chris Kendall, Chief…
NYSE:DNR NYSE:DNR
Responding to Oil Price Volatility Focus for 2016 Reduce costs and optimize business Preserve cash and liquidity Reduce leverage over time Specific Actions Eighth consecutive quarterly reduction in recurring LOE and reductions in…
Continued Focus on Cost Reductions Lease Operating Expenses(1) /BOE 26% decrease since 4Q13 25.68 16% decrease FY14 to FY15 23.26 23.17 22.64 21.08 19.70 LOE under 20/BOE for 19.43 19.31 three consecutive quarters 1Q14 2Q14…
2016 Capital Budget & Production Guidance 2016 Capital Budget:200 Million 2016 Production Guidance Capitalized 74,432 72,861 64,000 - 68,000 Items(1) 55 MM 145 MM Development Capital 2014 2015 2016E Low Decline Production…
Financial Overview Mark Allen NYSE:DNR NYSE:DNR
Reconciliation of Adjusted Net Income (Loss)(1) f Reconciliation of Adjusted Net Income (Loss)(1) In millions, except per share data 4Q15 3Q15 Net loss (GAAP measure) (885) (2,244) Noncash fair value adjustments on commodity…
4th Quarter Selected Financial Highlights Selected Financial Highlights In millions, except per unit data 4Q15 3Q15 Adjusted cash flows from operations (non-GAAP measure)(1) 129 243 Net change in assets and liabilities relating to…
NYMEX Oil Differential Summary Crude Oil Differentials per barrel 4Q15 3Q15 Tertiary oil fields (1.02) 0.85 Gulf Coast region (0.97) 0.98 Rocky Mountain region (1.81) (1.30) Gulf Coast non-tertiary (0.34) 0.58 Cedar Creek…
Selected Expense Line Items Expenses 4Q15 3Q15 In millions, unless otherwise noted () (/BOE) () (/BOE) Lease operating expense, excluding special items(1) 128 19.31 128 19.43 General and administrative expense 27 4.14 33 5.01…
Oil Hedge Detail as of February 17, 2016 1Q16 2Q16 3Q16 4Q16 1Q17 WTI NYMEX Volumes Hedged (Bbls/d) 11,500 12,500 23,000 2,000 Fixed-Price Swaps Average Swap Price (1) 61.84 37.77 37.97 41.30 WTI NYMEX Volumes Hedged (Bbls/d)…
Oil Price Sensitivity on Hedging Settlements The following chart details the expected impact to pre-tax income from the settlement of oil derivative contracts, outlined on slide 13, at various NYMEX oil prices. Quarterly Hedging…
Liquidity and Debt Maturity Schedule Ample Revolver Liquidity No Near-Term Maturities(1) Credit Facility Elected Commitments 1.6 billion as of 12/31/15 Sr. Subordinated Notes 5.50% 1.5 billion current 4.625% Undrawn & Available…
Credit Facility Amendment Post-Amendment vs. Previous Amendment Post-Amendment Previous Interest coverage 1.25x EBITDAX through December 31, 2017 2.25x EBITDAX covenant Senior Secured 3.0x EBITDAX through December 31, 2017 2.5x…
Operational Overview Chris Kendall NYSE:DNR NYSE:DNR
2015 Reserves Update Reserves Oil Gas Total (MMBbl) (MMcf) MMBOE(1) Proved reserves at December 31, 2014 362 452 438 Revision due to price changes (61) (389) (126) 2015 production (25) (8) (27) Other revisions 6 (17) 4…
Total Production by Field Average Daily Production (BOE/d) Field 4Q15 3Q15 4Q14 Mature area(1) 10,403 10,946 11,091 Delhi(2) 3,898 3,676 3,743 Hastings 5,082 5,114 4,811 Heidelberg 5,635 5,600 6,164 Oyster Bayou 5,831 5,962 5,638…
Analysis of Total Operating Costs Total Operating Costs /BOE Correlation 4Q15 3Q15 4Q14 with Oil CO2 Costs Direct 2.70 2.17 3.43 Power & Fuel Partially 5.43 5.77 5.78 Labor & Overhead None 5.23 5.25 5.34 Repairs & Maintenance…
CO2 Efficiencies = Significant Savings Total Company Injected CO2 Volumes Total Company CO2 Costs(1) MMcf/d (/BOE) 942 (0.07) 3.43 10% of (0.66) Cost 705 Reduction 90% of 2.70 25% due to CO2 Price Cost Reduction Decline…
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