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2Q 2017 Earnings Presentation – Denbury Resources Inc.

Denbury Resources Inc. · Aug 8, 2017 · 18 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. 2Q 2017 Earnings Presentation – Denbury Resources Inc. – slide 1
    2Q17 Earnings Presentation August 8, 2017 www.denbury.com NYSE: DNR NYSE: DNR www.denbury.com 1
  2. 2Q 2017 Earnings Presentation – Denbury Resources Inc. – slide 2
    Agenda Introduction John Mayer, Investor Relations Overview and Operational Update Chris Kendall, President & Chief Executive Officer Financial Review Mark Allen, Chief Financial Officer NYSE: DNR www.denbury.com 2
  3. 2Q 2017 Earnings Presentation – Denbury Resources Inc. – slide 3
    Overview Chris Kendall
  4. 2Q 2017 Earnings Presentation – Denbury Resources Inc. – slide 4
    Realigning for Profitability and Sustainability Reduce cost structure Maximize value of broad asset base Improve balance sheet NYSE: DNR www.denbury.com 5
  5. 2Q 2017 Earnings Presentation – Denbury Resources Inc. – slide 5
    Hastings Redevelopment Project Production has increased by 1,700 Bbls/d (gross) on capital spend of 26 MM 8,000 Hastings CO2 Field Gross Oil Production (Bbls/d) 7,000 6,000 PREVIOUS Production Well 5,000 Up 1,700 Bbls/d Injection…
  6. 2Q 2017 Earnings Presentation – Denbury Resources Inc. – slide 6
    Total Production by Field (BOE/d) Field 2Q17 1Q17 2Q16 YTD 2017 Mature properties(1) 7,737 8,111 9,415 7,924 Delhi 4,965 4,991 3,996 4,978 Hastings 4,400 4,288 4,972 4,344 Heidelberg 4,996 4,730 5,246 4,864 Oyster Bayou 5,217 5,075…
  7. 2Q 2017 Earnings Presentation – Denbury Resources Inc. – slide 7
    Breakdown of Total Operating Costs 2Q17 1Q17 YTD 2017 (MM) (/BOE) (MM) (/BOE) (MM) (/BOE) CO2 Costs 13 2.36 16 2.86 28 2.61 Power & Fuel 33 6.04 32 5.93 65 5.98 Labor & Overhead 35 6.41 34 6.34 69 6.38 Repairs & Maintenance 5 0.83…
  8. 2Q 2017 Earnings Presentation – Denbury Resources Inc. – slide 8
    CO2 Utilization & Cost Summary 979 1,000 Total Company Injected Volumes 762 800 678 705 634 608 576 (MMcf/d) 600 82% 545 459 458 Jackson Dome CO2 400 76% 200 18% Industrial-sourced CO2 24% - 1Q15 2Q15 3Q15 4Q15…
  9. 2Q 2017 Earnings Presentation – Denbury Resources Inc. – slide 9
    2017 Capital Budget & Production Update 2017 Capital Budget Update 2017 Production Guidance Update PRODUCTION (BOE/D) REVISED DEVELOPMENT CAPITAL BUDGET(1) 58,000 - 62,000 60,000 - 62,000 (in millions) Reduced planned capital…
  10. 2Q 2017 Earnings Presentation – Denbury Resources Inc. – slide 10
    Financial Overview Mark Allen
  11. 2Q 2017 Earnings Presentation – Denbury Resources Inc. – slide 11
    Reconciliation of Adjusted Net Income (Loss) Reconciliation of Net Income (GAAP Measure) to Adjusted Net 2Q17 1Q17 YTD 2017 Income (Loss) (Non-GAAP Measure)(1) Per Diluted Per Diluted Per Diluted In millions, except per-share data…
  12. 2Q 2017 Earnings Presentation – Denbury Resources Inc. – slide 12
    2Q17 Selected Financial Highlights In millions, except per-unit data Reconciliation of Cash Flow from Operations (GAAP Measure) to 2Q17 1Q17 YTD 2017 Adjusted Cash Flow from Operations (Non-GAAP Measure)(1) Cash flows from operations…
  13. 2Q 2017 Earnings Presentation – Denbury Resources Inc. – slide 13
    NYMEX Oil Differential Summary NYMEX Oil Differentials per barrel 2Q17 1Q17 YTD 2017 Tertiary oil fields (1.07) (1.60) (1.32) Gulf Coast region (1.01) (1.58) (1.29) Rocky Mountain region (1.75) (1.74) (1.71) Cedar Creek Anticline…
  14. 2Q 2017 Earnings Presentation – Denbury Resources Inc. – slide 14
    Selected Expense Line Items Expenses 2Q17 1Q17 YTD 2017 In millions, unless otherwise noted () (/BOE) () (/BOE) () (/BOE) Lease operating expenses(1) 111 20.46 114 21.11 225 20.78 General and administrative expenses 26 4.74 28 5.24 54…
  15. 2Q 2017 Earnings Presentation – Denbury Resources Inc. – slide 15
    Oil Hedge Protection Detail as of August 7, 2017 2Q17 Jul-17 Aug-17 Sep-17 4Q17 2018 WTI NYMEX Volumes Hedged (Bbls/d) 22,000 3,750 7,000 9,000 9,000 Fixed-Price Swap Price(1) 43.99 49.20 49.60 49.67 50.08 Swaps Swaps Argus…
  16. 2Q 2017 Earnings Presentation – Denbury Resources Inc. – slide 16
    Debt & Quarterly Change in Bank Credit Facility in millions. Balances as of 06/30/2017 Borrowing Base 1,050 Bank Credit Facility: Ample Liquidity Undrawn Availability 498 773 498 million of borrowing & No Near-Term 615 622 LCs…
  17. 2Q 2017 Earnings Presentation – Denbury Resources Inc. – slide 17
    Q&A
  18. 2Q 2017 Earnings Presentation – Denbury Resources Inc. – slide 18
    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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