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Q3 2017 Presentation – Denbury Resources Inc.

Denbury Resources Inc. · Nov 7, 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. Q3 2017 Presentation – Denbury Resources Inc. – slide 1
    3Q17 Earnings Presentation November 7, 2017 www.denbury.com NYSE: DNR NYSE: DNR www.denbury.com 1
  2. Q3 2017 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, Executive Vice President & Chief Financial Officer NYSE: DNR…
  3. Q3 2017 Presentation – Denbury Resources Inc. – slide 3
    Overview Chris Kendall
  4. Q3 2017 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. Q3 2017 Presentation – Denbury Resources Inc. – slide 5
    Cedar Creek Anticline Mission Canyon High Value Exploitation Opportunity Low-cost horizontal well development unlocks Horizontal wells targeting 7.2 MMBOE resource potential over 9,000 upper portion of Mission acres within existing…
  6. Q3 2017 Presentation – Denbury Resources Inc. – slide 6
    Hurricane Harvey No long-term damage sustained Production impact of 2,000 BOE/d for 3Q17 and 500-700 BOE/d for full year Cleanup and repair costs 3 million in 3Q17 and 4 million anticipated in 4Q17 Hurricane Harvey Impact to 3Q17…
  7. Q3 2017 Presentation – Denbury Resources Inc. – slide 7
    Total Production by Field (BOE/d) Field 3Q17 2Q17 3Q16 YTD 2017 Mature properties(1) 7,450 7,737 8,653 7,764 Delhi 4,619 4,965 4,262 4,857 Hastings 4,867 4,400 4,729 4,520 Heidelberg 4,927 4,996 5,000 4,885 Oyster Bayou 4,870 5,217…
  8. Q3 2017 Presentation – Denbury Resources Inc. – slide 8
    Breakdown of Total Operating Costs 3Q17 2Q17 YTD 2017 (MM) (/BOE) (MM) (/BOE) (MM) (/BOE) CO2 Costs 18 3.22 13 2.36 46 2.81 Power & Fuel 34 6.18 33 6.04 99 6.05 Labor & Overhead 35 6.24 35 6.41 104 6.33 Repairs & Maintenance 4 0.76…
  9. Q3 2017 Presentation – Denbury Resources Inc. – slide 9
    CO2 Utilization & Cost Summary 1,000 979 Total Company Injected Volumes 762 800 705 678 634 608 (MMcf/d) 600 545 576 82% 487 459 458 Jackson Dome CO2 400 75% 200 18% Industrial-sourced CO2 25% - 1Q15 2Q15 3Q15…
  10. Q3 2017 Presentation – Denbury Resources Inc. – slide 10
    2017 Capital Budget & Production Update 2017 Capital Budget 2017 Production Guidance Update PRODUCTION (BOE/D) DEVELOPMENT CAPITAL BUDGET(1) 60,000 - 62,000 (in millions) 60,000 In mid-2017, reduced 55 planned capital spending…
  11. Q3 2017 Presentation – Denbury Resources Inc. – slide 11
    Financial Overview Mark Allen
  12. Q3 2017 Presentation – Denbury Resources Inc. – slide 12
    Reconciliation of Adjusted Net Income Reconciliation of Net Income (GAAP Measure) to 3Q17 2Q17 YTD 2017 Adjusted Net Income (Non-GAAP Measure)(1) Per Diluted Per Diluted Per Diluted In millions, except per-share data Amount Amount…
  13. Q3 2017 Presentation – Denbury Resources Inc. – slide 13
    3Q17 Selected Financial Highlights In millions, except per-unit data Reconciliation of Cash Flow from Operations (GAAP Measure) to 3Q17 2Q17 YTD 2017 Adjusted Cash Flow from Operations (Non-GAAP Measure)(1) Cash flows from operations…
  14. Q3 2017 Presentation – Denbury Resources Inc. – slide 14
    NYMEX Oil Differential Summary 8 NYMEX Oil Differentials 3Q17 2Q17 YTD 7 per barrel 2017 Argus LLS to NYMEX WTI Differential Tertiary oil fields (0.21) (1.07) (0.96) 6 Gulf Coast region (0.10) (1.01) (0.89) 5 1H18 Rocky Mountain…
  15. Q3 2017 Presentation – Denbury Resources Inc. – slide 15
    Oil Hedge Protection Detail as of November 6, 2017 Oct-17 Nov-17 Dec-17 1H 2018 2H 2018 Fixed Price Swaps Volumes Hedged (Bbls/d) 12,000 12,000 12,000 15,500 15,500 WTI NYMEX (1) Swap Price 49.76 49.76 49.76 50.13 50.13 Volumes…
  16. Q3 2017 Presentation – Denbury Resources Inc. – slide 16
    Selected Expense Line Items Expenses 3Q17 2Q17 YTD 2017 In millions, unless otherwise noted () (/BOE) () (/BOE) () (/BOE) Lease operating expenses(1) 118 21.22 111 20.46 343 20.93 General and administrative expenses 27 4.91 26 4.74 81…
  17. Q3 2017 Presentation – Denbury Resources Inc. – slide 17
    Debt & Quarterly Change in Bank Credit Facility in millions. Balances as of 09/30/2017 Bank Credit Facility: Borrowing Base 1,050 Reaffirmed borrowing base of Ample Liquidity Undrawn 493 773 1.05 billion in fall 2017 Availability…
  18. Q3 2017 Presentation – Denbury Resources Inc. – slide 18
    Q&A
  19. Q3 2017 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 income (loss) measure which excludes expense and income items (and their related tax…

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