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Q1 2017 Earnings Presentation – Denbury Resources Inc.

Denbury Resources Inc. · May 4, 2017 · 19 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 2017 Earnings Presentation – Denbury Resources Inc. – slide 1
    1Q17 Earnings Presentation May 4, 2017 www.denbury.com NYSE: DNR NYSE: DNR www.denbury.com 1
  2. Q1 2017 Earnings Presentation – Denbury Resources Inc. – slide 2
    Agenda Introduction John Mayer, Investor Relations Overall Review and Outlook Phil Rykhoek, Chief Executive Officer Operational Review Chris Kendall, President & Chief Operating Officer Financial Review Mark Allen, Chief…
  3. Q1 2017 Earnings Presentation – Denbury Resources Inc. – slide 3
    Overview Phil Rykhoek
  4. Q1 2017 Earnings Presentation – Denbury Resources Inc. – slide 4
    Responding to Oil Price Volatility Reduce costs Down-Cycle Optimize business Focus Reduce debt Preserve cash and liquidity Stabilize production and resume growth as oil prices improve Looking Ahead Continue to improve balance…
  5. Q1 2017 Earnings Presentation – Denbury Resources Inc. – slide 5
    New JV in Gulf Coast Region West Yellow Creek Field is conveniently located near our CO2 sources and pipelines MS AL Acquired 48% non-operating working interest for 16 million Denbury will sell CO2 to the Operator Production is…
  6. Q1 2017 Earnings Presentation – Denbury Resources Inc. – slide 6
    Operational Overview Chris Kendall
  7. Q1 2017 Earnings Presentation – Denbury Resources Inc. – slide 7
    Total Production by Field (BOE/d) Field 1Q17 4Q16 1Q16 Mature properties(1) 8,111 8,440 9,666 Delhi 4,991 4,387 3,971 Hastings 4,288 4,552 5,068 Heidelberg 4,730 4,924 5,346 Oyster Bayou 5,075 4,988 5,494 Tinsley 6,666 6,786 7,899…
  8. Q1 2017 Earnings Presentation – Denbury Resources Inc. – slide 8
    Breakdown of Total Operating Costs 1Q17 4Q16 (MM) (/BOE) (MM) (/BOE) CO2 Costs 16 2.86 13 2.40 Power & Fuel 32 5.93 31 5.53 Labor & Overhead 34 6.34 33 5.95 Repairs & Maintenance 5 0.95 5 0.83 Chemicals 6 1.15 6 1.06 Workovers…
  9. Q1 2017 Earnings Presentation – Denbury Resources Inc. – slide 9
    CO2 Utilization & Cost Summary 1,000 979 41% 18% Total Company Injected Volumes 762 REDUCTION SINCE 1Q15 REDUCTION SINCE 4Q15 800 678 705 634 (MMcf/d) 600 576 82% 545 459 458 Jackson Dome CO2 400 74% 200 18%…
  10. Q1 2017 Earnings Presentation – Denbury Resources Inc. – slide 10
    2017 Capital Budget Highlights Tertiary MM Non-Tertiary MM Bell Creek 25 Cedar Creek Anticline 25 Development Capital Budget(1) 55 Heidelberg 30 Exploitation 15 300 MM Total 10 Hastings 30 Other 20 Tinsley 20 Total 60 175 60…
  11. Q1 2017 Earnings Presentation – Denbury Resources Inc. – slide 11
    Financial Overview Mark Allen
  12. Q1 2017 Earnings Presentation – Denbury Resources Inc. – slide 12
    Increased Flexibility in Recent Bank Amendment Item Updates Revised Financial Covenants and Pricing Grid 2018 Commitments & Borrowing Base Reaffirmed at 1.05 billion 2017 2019 Q1 Q2 Q3 Q4 Total Net Debt to EBITDAX (max) Eliminated…
  13. Q1 2017 Earnings Presentation – Denbury Resources Inc. – slide 13
    Reconciliation of Adjusted Net Loss(1) Reconciliation of Net Income (Loss) (GAAP Measure) to Adjusted Net Loss (Non-GAAP Measure)(1) In millions, except per-share data 1Q17 4Q16 Net income (loss) (GAAP measure) 22 (386) Adjustments…
  14. Q1 2017 Earnings Presentation – Denbury Resources Inc. – slide 14
    1Q17 Selected Financial Highlights In millions, except per-unit data Reconciliation of Cash Flow from Operations (GAAP Measure) to Adjusted 1Q17 4Q16 Cash Flow from Operations (Non-GAAP Measure)(1) Cash flows from operations (GAAP…
  15. Q1 2017 Earnings Presentation – Denbury Resources Inc. – slide 15
    NYMEX Oil Differential Summary NYMEX Oil Differentials per barrel 1Q17 4Q16 Tertiary oil fields (1.60) (0.89) Gulf Coast region (1.58) (0.81) Rocky Mountain region (1.74) (1.74) Cedar Creek Anticline (2.08) (2.04) Denbury totals…
  16. Q1 2017 Earnings Presentation – Denbury Resources Inc. – slide 16
    Selected Expense Line Items Expenses 1Q17 4Q16 In millions, unless otherwise noted () (/BOE) () (/BOE) Lease operating expenses(1) 114 21.11 106 18.98 General and administrative expenses 28 5.24 29 5.17 Interest expense (net of…
  17. Q1 2017 Earnings Presentation – Denbury Resources Inc. – slide 17
    Oil Hedge Protection Detail as of May 3, 2017 1Q17 2Q17 3Q17 4Q17 WTI NYMEX Volumes Hedged (Bbls/d) 22,000 22,000 Fixed-Price Swaps Swap Price(1) Swaps 42.67 43.99 Argus LLS Volumes Hedged (Bbls/d) 10,000 7,000 Fixed-Price…
  18. Q1 2017 Earnings Presentation – Denbury Resources Inc. – slide 18
    Ample Liquidity & Significant Debt Reductions in millions Bank Credit Facility: Borrowing Base 1,050 Ample Liquidity 623 million in liquidity & No Near-Term Undrawn 773 & Available 623 615 622 as of 3/31/17 Maturities(1) LCs 385…
  19. Q1 2017 Earnings Presentation – Denbury Resources Inc. – slide 19
    Non-GAAP Measures Adjusted net income (loss) Adjusted net income (loss) is a non-GAAP measure provided as a supplement to present an alternative net loss measure which excludes expense and income items (and their related tax effects) not…

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