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Q2 2016 Earnings Presentation – Denbury Resources Inc.

Denbury Resources Inc. · Aug 4, 2016 · 20 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. Q2 2016 Earnings Presentation – Denbury Resources Inc. – slide 1
    2nd Quarter 2016 Earnings Presentation August 4, 2016 NYSE:DNR NYSE:DNR
  2. Q2 2016 Earnings Presentation – Denbury Resources Inc. – slide 2
    Agenda Introduction John Mayer, Investor Relations Overall review and outlook Phil Rykhoek, Chief Executive Officer Financial review Mark Allen, Chief Financial Officer Operational review Chris Kendall, Chief Operating…
  3. Q2 2016 Earnings Presentation – Denbury Resources Inc. – slide 3
    Overview Phil Rykhoek
  4. Q2 2016 Earnings Presentation – Denbury Resources Inc. – slide 4
    Responding to Oil Price Volatility Focus Focus for 2016 for 2016 Reduce costs Optimize business Reduce debt Preserve cash and liquidity NYSE:DNR 5
  5. Q2 2016 Earnings Presentation – Denbury Resources Inc. – slide 5
    Production Update Adjusted mid-point of 2016 production guidance from 66,000 BOE/d to 65,000 BOE/d due to non-core asset sales and weather-related impacts BOE/d Previous guidance 64,000 68,000 Weather-related shut-in production…
  6. Q2 2016 Earnings Presentation – Denbury Resources Inc. – slide 6
    Continued Improvement of Cash Costs 25% 15% REDUCTION SINCE FY2014 REDUCTION SINCE 1Q15 38.22 37.26 35.00 34.06 32.93 32.32 CORPORATE CASH COSTS FIELD LEVEL CASH COSTS /BOE 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 Net G&A - Cash…
  7. Q2 2016 Earnings Presentation – Denbury Resources Inc. – slide 7
    Financial Overview Mark Allen
  8. Q2 2016 Earnings Presentation – Denbury Resources Inc. – slide 8
    Reconciliation of Adjusted Net Loss(1) f Reconciliation of Net Loss (GAAP Measure) to Adjusted Net Loss (Non-GAAP Measure)(1) In millions, except per-share data 2Q16 1Q16 Net loss (GAAP measure) (381) (185) Adjustments to…
  9. Q2 2016 Earnings Presentation – Denbury Resources Inc. – slide 9
    2Q16 Selected Financial Highlights Selected Financial Highlights In millions, except per-unit data 2Q16 1Q16 Cash flows from operations (GAAP measure) 61 2 Net change in assets and liabilities relating to operations 32 55 Adjusted…
  10. Q2 2016 Earnings Presentation – Denbury Resources Inc. – slide 10
    NYMEX Oil Differential Summary NYMEX Oil Differentials per barrel 2Q16 1Q16 Tertiary oil fields (1.10) (2.03) Gulf Coast region (0.98) (1.95) Rocky Mountain region (2.43) (3.09) Cedar Creek Anticline (3.77) (4.82) Denbury totals…
  11. Q2 2016 Earnings Presentation – Denbury Resources Inc. – slide 11
    Selected Expense Line Items Expenses 2Q16 1Q16 In millions, unless otherwise noted () (/BOE) () (/BOE) Lease operating expenses(1) 100 17.04 102 16.23 General and administrative expenses(2) 23 3.84 34 5.37 Interest expense (net…
  12. Q2 2016 Earnings Presentation – Denbury Resources Inc. – slide 12
    Oil Hedge Detail as of August 3, 2016 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 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…
  13. Q2 2016 Earnings Presentation – Denbury Resources Inc. – slide 13
    Liquidity & Debt Maturity Schedule Ample Liquidity & No Near-Term Maturities(1) Bank Credit Facility: Borrowing Base In millions 1,050 671 million in liquidity Undrawn & Available 797 as of 6/30/16 671 615 622 Basket for 1 billion…
  14. Q2 2016 Earnings Presentation – Denbury Resources Inc. – slide 14
    1H16 Change in Bank Credit Facility (In millions) 350 300 (22) 320 275 - 300 (103) 250 Cash Flow Covers CapEx 200 (56) 150 175 150 (114) 100 50 0 4Q15 Adjusted CapEx(2) Note Changes in Capital Lease 2Q16 YE2016 Bank…
  15. Q2 2016 Earnings Presentation – Denbury Resources Inc. – slide 15
    Operational Overview Chris Kendall
  16. Q2 2016 Earnings Presentation – Denbury Resources Inc. – slide 16
    Breakdown of Total Operating Costs Total Operating Costs /BOE 2Q16 1Q16 2Q15 CO2 Costs 2.13 1.97 2.71 Power & Fuel 5.02 5.26 5.28 Labor & Overhead 5.22 5.09 5.33 Repairs & Maintenance 0.73 0.80 1.22 Chemicals 0.90 0.97 1.23…
  17. Q2 2016 Earnings Presentation – Denbury Resources Inc. – slide 17
    Consistent Improvement in CO2 Efficiency 1,200 Total Company Injected Volumes (MMcf/d) 1,000 979 53% 28% REDUCTION SINCE 1Q15 REDUCTION SINCE 1Q16 800 762 678 705 634 600 82% Jackson Dome CO2 459 400 75% 200 18%…
  18. Q2 2016 Earnings Presentation – Denbury Resources Inc. – slide 18
    Total Production by Field Average Daily Production (BOE/d) Field 2Q16 1Q16 2Q15 Mature properties(1) 9,415 9,666 11,170 Delhi 3,996 3,971 3,623 Hastings 4,972 5,068 5,350 Heidelberg 5,246 5,346 5,885 Oyster Bayou 5,088 5,494 5,936…
  19. Q2 2016 Earnings Presentation – Denbury Resources Inc. – slide 19
    Analysis of Shut-in Production 2,600 BOE/d of Shut-in Production(1) Economic Scenarios for Shut-in Production(2) Reason for Shut-in Economic at Economic at 60+ 50 or below 40% Uneconomic 34% to produce 39% 2,600 BOE/d 60%…
  20. Q2 2016 Earnings Presentation – Denbury Resources Inc. – slide 20
    Capital Structure Total Debt Principal Reduction YTD 545,014 (1) Open-Market Debt Debt ( in thousands) 12/31/2015 Debt Purchases Other Exchanges(2) 6/30/2016 Senior Secured Bank Credit Facility 175,000 55,521 89,479 320,000 9% Senior…

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