1Q18 Earnings Presentation May 8, 2018 NYSE:DNR w w w. d e n b u r y. c o m
Agenda Introduction John Mayer, Director of Investor Relations Overview and Operational Update Chris Kendall, President & Chief Executive Officer Financial Review Mark Allen, Executive Vice President & Chief Financial Officer…
Overview & Operational Update Chris Kendall NYSE:DNR 4 w w w. d e n b u r y. c o m
Building on Initial Mission Canyon Success Mission Canyon Exploitation Two new horizontal wells drilled and completed in March/April 2018 in Pennel, north of 1st well MC 22-19NH 4,600 lateral; MC 22-19SH 2,400 lateral Performance…
Tinsley Perry Sand Overview Recovery Factor North Fault Proven light tight oil accumulation with low historical Well 1 April 18) Block vertical well recovery; plan to develop with horizontal wells Up to 6,000 prospective acres…
2018 Watch List 1H18 2H18 Development Oyster Bayou Facility Expansion Bell Creek Phase 5 Response West Yellow Creek Response CCA EOR Investment Decision Grieve Field Startup Delhi Tuscaloosa Infill Exploitation Cedar Creek…
Production by Area & 2018 Guidance Average Daily Production (BOE/d) 2018 Production Guidance (BOE/d) Field 1Q18 4Q17 1Q17 Delhi 4,169 4,906 4,991 1Q18 impacted by extreme winter weather 800 net BOE/d; previously Hastings 5,704 5,747…
Analysis of Total Operating Costs Total Operating Costs per BOE 1Q18 4Q17 1Q17 (MM) (/BOE) (MM) (/BOE) (MM) (/BOE) CO2 Costs 17 3.16 17 3.02 16 2.86 Power & Fuel 38 6.95 32 5.72 32 5.93 Labor & Overhead 36 6.64 35 6.24 34 6.34…
Operating Margin Improvement 90% of oil price change contributed to higher Operating Margin Revenue per BOE(1) 62.61 Revenue per BOE(1) 49.35 34.45 Operating Margin per BOE (2) 22.51 5.73 6.36 Marketing, Transportation and…
Financial Review Mark Allen NYSE:DNR 11 w w w. d e n b u r y. c o m
Reconciliation of Adjusted Net Income Reconciliation of Net Income (GAAP Measure) to Adjusted Net Income (Non-GAAP Measure)(1) 1Q18 4Q17 Per Diluted Per Diluted In millions, except per-share data Amount Amount Share Share Net…
1Q18 Selected Financial Highlights In millions 1Q18 4Q17 Reconciliation of Cash Flow from Operations (GAAP Measure) to Adjusted Cash Flow from Operations (Non-GAAP Measure)(1) Cash flows from operations (GAAP measure) 92 124 Net…
NYMEX Oil Differential Summary 1Q18 was the strongest Rocky Mountain differential the Company has ever realized NYMEX Oil Differentials per barrel 1Q17 2Q17 3Q17 4Q17 1Q18 Tertiary oil fields (1.60) (1.07) (0.21) 2.27 1.61 Gulf…
Hedge Positions as of May 7, 2018 2018 2019 Detail as of May 7, 2018 1H 2H 1H 2H Volumes Hedged (Bbls/d) 15,500 15,500 Fixed Price Swaps (1) WTI Swap Price 50.13 50.13 NYMEX Volumes Hedged (Bbls/d) 5,000 5,000 3,500 Swap…
Selected Expense Line Items 1Q18 4Q17 In millions, unless otherwise noted () (/BOE) () (/BOE) Lease operating expenses(1) 118 21.80 105 18.64 General and administrative expenses 20 3.73 21 3.64 Interest expense (net of amounts…
Significantly Improving Leverage Profile 953 Million Debt Principal Reduction Since 12/31/14 3/31/18 Pro Forma Debt Maturity Profile (In millions) (In millions) Expect significant improvement in 500 million of bank line 3,571 debt…
Significantly Improving Leverage Metrics Trailing Trailing 12 months 1Q18 in millions 12 months (excl. hedges) 1Q18 (excl. hedges) Adjusted EBITDAX(1) 487 541 142 175 1Q18 Annualized 568 700 3/31/18 Pro Forma Debt Principal(2)…
Q&A NYSE:DNR 19 w w w. d e n b u r y. c o m
Non-GAAP Measures Reconciliation of net income (GAAP measure) to adjusted EBITDAX (non-GAAP measure) 2017 2018 In millions Q1 Q2 Q3 Q4 FY Q1 TTM Net income (GAAP measure) 22 14 0 127 163 40 181 Adjustments to reconcile to Adjusted…
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