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 4
Generating Significant Free Cash in 2019 2019E Free Cash Flow Range, Including Hedges(1) 2019E Sources & Uses 50 oil(1) In millions, unless otherwise noted In millions 2019 200 Adjusted cash flow from operations(2) 420 470 175…
Consistently Strong Operating Margin Operating Margin Highly Correlated with Oil Price 62.61 59.44 Revenue per BOE(1) 55.27 30.48 34.45 Operating Margin per BOE(2) 25.73 Marketing, Transportation and Taxes per BOE 6.01 5.64…
1Q19 Capital Spend in Line with Full-Year Guidance 2019 Development Capital(1) Significant Capital Projects In Millions Tertiary Timing 1Q 2019 61 Million 2019E Bell Creek Field Phase 6 Development 1Q-3Q 240 - 260 Million 26 22…
Continuing Production Essentially Flat with 4Q18 and 1Q18 Average Daily Production by Area (BOE/d) 2019E Production Guidance (BOE/d) Field 1Q19 4Q18 1Q18 Delhi 4,474 4,526 4,169 Hastings 5,539 5,480 5,704 59,218 56,000 - 60,000…
Operating Costs Reduced from 4Q18 FY19 Estimated Range 22-24/BOE Total Operating Costs 1Q19 4Q18 1Q18 (MM) (/BOE) (MM) (/BOE) (MM) (/BOE) CO2 Costs 21 3.90 20 3.62 17 3.09 Power & Fuel 36 6.70 33 6.08 36 6.68 Labor & Overhead 36…
Bell Creek 50% Production Growth Over Last Two Years Continuing Field Development Best rock quality in Phases 5 and 6 leads Phase 5 to faster and better Initial phase response in 2018 production response Total Bell Creek Production…
Unswept Low-Perm Oil Potential Conroe Field 2A Sand Promising Initial Well Results Low-Perm Sand Horizontal Well Concept Target is 2A Sand in Conroe Field 20-60% oil cuts in current vertical producers Lower quality reservoir not…
Tinsley Significant Gas Condensate Resource Potential Positive Initial Well Results First well reached target depth in 1Q19 Cotton Valley Prospective Area Logged 100 Cotton Valley net pay Likely gas condensate Estimated 3-8 MMBOE…
Financial Review Mark Allen NYSE:DNR 13 13
Adjusted Net Income Consistent with 4Q18 Reconciliation of Net Income (Loss) (GAAP Measure) to Adjusted Net Income (non-GAAP Measure)(1) 1Q19 4Q18 Per Diluted Per Diluted In millions, except per-share data Amount Amount Share(2)…
Generating Free Cash Flow In millions 1Q19 4Q18 Reconciliation of Cash Flows from Operations (GAAP Measure) to Adjusted Cash Flows from Operations (Non-GAAP Measure)(1) Cash flows from operations (GAAP measure) 64 136 Net change in…
Bank Line Reaffirmed May 2019 Debt Principal Debt Maturities (In millions) (In millions) 2,532 2,526 185 179 615 Million Undrawn Bank Credit Facility 615 456 1,521 1,521 Maturing in Dec 2021 560 Million of Bank Line…
Positive Overall Oil Differentials Six consecutive quarters of company-wide positive differential to NYMEX NYMEX Oil Differentials per barrel 1Q19 4Q18 3Q18 2Q18 1Q18 Tertiary oil fields 2.96 3.45 2.37 0.54 1.61 Gulf Coast region…
Selected Expense Line Items 1Q19 4Q18 In millions, unless otherwise noted () (/BOE) () (/BOE) Lease operating expenses(1) 125 23.53 128 23.32 General and administrative expenses 19 3.55 10 1.87 Interest expense (net of amounts…
Hedge Positions as of May 6, 2019 Downside Protection with Significant Upside Potential 2019 2020 2Q 2H 1H 2H FY20 WTI Volumes Hedged (Bbls/d) 3,500 2,000 2,000 2,000 Fixed Price NYMEX Swap Price(1) 59.05 60.59 60.59 60.59…
Q&A NYSE:DNR 21 21
Appendix NYSE:DNR 22 22
Non-GAAP Measures Reconciliation of net income (loss) (GAAP measure) to adjusted EBITDAX (non-GAAP measure) 2018 2019 In millions Q1 Q2 Q3 Q4 FY Q1 TTM Net income (loss) (GAAP measure) 40 30 78 174 323 (26) 256 Adjustments to…
Non-GAAP Measures (Cont.) Reconciliation of net income (loss) (GAAP measure) to adjusted cash flows from operations (non-GAAP measure) to cash flows from operations (GAAP measure) 2018 2019 In millions Q1 Q2 Q3 Q4 FY Q1 Net income…
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