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Q1 2016 Earnings Presentation – Denbury Resources Inc.

Denbury Resources Inc. · May 5, 2016 · 16 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. Q1 2016 Earnings Presentation – Denbury Resources Inc. – slide 1
    1st Quarter 2016 Earnings Presentation May 5, 2016 NYSE:DNR NYSE:DNR
  2. Q1 2016 Earnings Presentation – Denbury Resources Inc. – slide 2
    Adjusting to Lower Oil Prices Adapting to significant changes in oil prices WTI Price /BBL 9th consecutive quarterly reduction in LOE per BOE lowest level in 6 years 98.42 Recurring LOE(1) 53.27 /BOE 25.68 38.34 23.26 23.17…
  3. Q1 2016 Earnings Presentation – Denbury Resources Inc. – slide 3
    Balance Sheet Improvements Amended our bank credit facility to provide flexibility in managing our balance sheet: Maintenance financial covenants relaxed for 2016 and 2017 Borrowing base and lender commitments adjusted to 1.05…
  4. Q1 2016 Earnings Presentation – Denbury Resources Inc. – slide 4
    Reconciliation of Adjusted Net Loss(1) f Reconciliation of Adjusted Net Loss(1) In millions, except per-share data 1Q16 4Q15 Net loss (GAAP measure) (185) (885) Noncash fair value adjustments on commodity derivatives and other 95…
  5. Q1 2016 Earnings Presentation – Denbury Resources Inc. – slide 5
    1Q16 Selected Financial Highlights Selected Financial Highlights In millions, except per-unit data 1Q16 4Q15 Adjusted cash flows from operations (non-GAAP measure)(1) 57 129 Net change in assets and liabilities relating to…
  6. Q1 2016 Earnings Presentation – Denbury Resources Inc. – slide 6
    NYMEX Oil Differential Summary NYMEX Oil Differentials per barrel 1Q16 4Q15 Tertiary oil fields (2.03) (1.02) Gulf Coast region (1.95) (0.97) Rocky Mountain region (3.09) (1.81) Cedar Creek Anticline (4.82) (3.08) Denbury totals…
  7. Q1 2016 Earnings Presentation – Denbury Resources Inc. – slide 7
    Selected Expense Line Items Expenses 1Q16 4Q15 In millions, unless otherwise noted () (/BOE) () (/BOE) Lease operating expenses(1) 102 16.23 128 19.31 General and administrative expenses(2) 34 5.37 27 4.14 Interest expense (net…
  8. Q1 2016 Earnings Presentation – Denbury Resources Inc. – slide 8
    Oil Hedge Detail as of May 4, 2016 2Q16 3Q16 4Q16 1Q17 2Q17 WTI NYMEX Volumes Hedged (Bbls/d) 11,500 18,500 26,000 22,000 22,000 Fixed-Price Swaps Swap Price (1) 61.84 38.96 38.70 42.67 43.99 WTI NYMEX Volumes Hedged (Bbls/d)…
  9. Q1 2016 Earnings Presentation – Denbury Resources Inc. – slide 9
    Pro Forma Capital Structure 1Q16 Activity Open-Market Announced Pro Forma Amounts in thousands 12/31/2015 Repurchases Other 3/31/2016 Exchanges(1) 3/31/2016 Long-term debt: Senior Secured Bank credit facility 175,000 55,521 79,479…
  10. Q1 2016 Earnings Presentation – Denbury Resources Inc. – slide 10
    Quarterly Change in Bank Credit Facility (In millions) 350 300 (14) 310 275 - 300 Capital Lease (64) Payments 250 Balanced Cash Flow and CapEx & Other Changes in 200 (56) Working & Accrued 175 Note Capital 150 57 (58)…
  11. Q1 2016 Earnings Presentation – Denbury Resources Inc. – slide 11
    Senior Secured Bank Credit Facility Info Commitments & borrowing base 1.05 billion Redetermination Semi-annually May 1st and November 1st Maturity date December 9, 2019 Permitted bond repurchases Up to 225 million of bond repurchases…
  12. Q1 2016 Earnings Presentation – Denbury Resources Inc. – slide 12
    Breakdown of Total Operating Costs Total Operating Costs /BOE 1Q16 4Q15 1Q15 CO2 Costs 1.97 2.70(1) 3.03 Power & Fuel 5.26 5.43 5.88 Labor & Overhead 5.09 5.23 5.45 Repairs & Maintenance 0.80 1.41 1.44 Chemicals 0.97 1.08 1.14…
  13. Q1 2016 Earnings Presentation – Denbury Resources Inc. – slide 13
    CO2 Efficiencies = Significant Savings 979 35% REDUCTION SINCE 1Q15 762 705 678 634 Total Company Injected Volumes (MMcf/d) 1Q15 2Q15 3Q15 4Q15 1Q16 Change in Total Company CO2 Costs (/BOE) 0.31 (0.64) Increased 3.03…
  14. Q1 2016 Earnings Presentation – Denbury Resources Inc. – slide 14
    Total Production by Field Average Daily Production (BOE/d) Field 1Q16 4Q15 1Q15 Mature properties (1) 9,666 10,403 10,801 Delhi 3,971 3,898 3,551 Hastings 5,068 5,082 4,694 Heidelberg 5,346 5,635 6,027 Oyster Bayou 5,494 5,831…
  15. Q1 2016 Earnings Presentation – Denbury Resources Inc. – slide 15
    Analysis of Shut-in Production 2,800 BOE/d of Shut-in Production Economic Scenarios for Shut-in Production(1) Reason for Shut-in Economic at Economic at 60+ 50 or below 40% Uneconomic 32% to produce 2,800 48% BOE/d 60%…
  16. Q1 2016 Earnings Presentation – Denbury Resources Inc. – slide 16
    Update on Delhi Field NGL Plant Benefits Benefitsofofthe Focus NGL the for Plant NGL2016 Plant Extracts NGLs from our gas stream to be sold separately Improves the Delhi flood with a purer CO2 recycle stream Generates…

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