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1Q 2020 Earnings Presentation – Denbury Resources Inc.

Denbury Resources Inc. · May 18, 2020 · 21 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. 1Q 2020 Earnings Presentation – Denbury Resources Inc. – slide 1
    1Q20 Earnings Presentation May 18, 2020
  2. 1Q 2020 Earnings Presentation – Denbury Resources Inc. – slide 2
    Agenda Introduction John Mayer, Director of Investor Relations Overview Chris Kendall, President & Chief Executive Officer Operational Update David Sheppard, Senior Vice President Operations Financial Review Mark Allen,…
  3. 1Q 2020 Earnings Presentation – Denbury Resources Inc. – slide 3
    Overview Chris Kendall, President & Chief Executive Officer NYSE:DNR 4
  4. 1Q 2020 Earnings Presentation – Denbury Resources Inc. – slide 4
    Denbury, What We Are A Unique Energy Business Rocky 65% of production via CO2 enhanced oil recovery (EOR) Mountain Vertically integrated CO2 supply and distribution Region Cost structure largely independent from industry 1Q20…
  5. 1Q 2020 Earnings Presentation – Denbury Resources Inc. – slide 5
    1Q20 and Recent Highlights Generated 35 million of free cash flow 1Q Results Continuing production 55,185 BOE/d Completed Gulf Coast conventional working interests sale for 40 million net cash Responding Reduced capital budget by…
  6. 1Q 2020 Earnings Presentation – Denbury Resources Inc. – slide 6
    Operations Update David Sheppard, Senior Vice President Operations NYSE:DNR 7
  7. 1Q 2020 Earnings Presentation – Denbury Resources Inc. – slide 7
    1Q20 Capital Spend 39% of FY Guidance FY20 Capital Budget Reduced 44% in March 2020 Capital Timing(1) Capital Detail(1) FY2020E 2Q-4Q spend primarily related to maintenance 95 - 105 million capital and other capitalized items…
  8. 1Q 2020 Earnings Presentation – Denbury Resources Inc. – slide 8
    1Q20 Production In-Line with Expectations Average Daily Production by Area (BOE/d) Continuing Production (BOE/d) Field 1Q20 4Q19 1Q19 Delhi 3,813 4,085 4,474 4% decline from 1Q19 to 1Q20 Hastings 5,232 5,097 5,539 Heidelberg 4,371…
  9. 1Q 2020 Earnings Presentation – Denbury Resources Inc. – slide 9
    Operating Cost Summary Total Operating Costs Correlation 1Q20 4Q19 1Q19 with Oil Price (MM) (/BOE) (MM) (/BOE) (MM) (/BOE) CO2 Costs High 15 2.98 16 2.98 21 3.90 Power & Fuel Moderate 33 6.38 33 6.32 36 6.70 Labor & Overhead Low 33…
  10. 1Q 2020 Earnings Presentation – Denbury Resources Inc. – slide 10
    Bell Creek Update Continuing Field Development Bell Creek Production Phase 5 (Net Bbl/d) Phase 6 Initial phase response in 2018 2019 average production of 2,300 net Bbl/d 3Q19 CO2 Phase 6 source Phase 5 maintenance Commenced…
  11. 1Q 2020 Earnings Presentation – Denbury Resources Inc. – slide 11
    Houston Acreage Land Sale Update Highlights Conroe 52 million closed or under contract as of May 2020 3,400 surface acres 6 million closed in 2018 consisting of 7 parcels for 14 million closed in 2019 commercial and residential…
  12. 1Q 2020 Earnings Presentation – Denbury Resources Inc. – slide 12
    Financial Review Mark Allen, Executive Vice President & Chief Financial Officer NYSE:DNR 13
  13. 1Q 2020 Earnings Presentation – Denbury Resources Inc. – slide 13
    Adjusted Net Income Reconciliation Reconciliation of Net Income (GAAP Measure) to Adjusted Net Income (non-GAAP Measure)(1) 1Q20 4Q19 In millions, except per-share data Amount Per Diluted Share Amount Per Diluted Share Net income…
  14. 1Q 2020 Earnings Presentation – Denbury Resources Inc. – slide 14
    1Q20 Free Cash Flow Cash Flow Reconciliation In millions 1Q20 4Q19 Reconciliation of Cash Flows from Operations (GAAP Measure) to Adjusted Cash Flows from Operations (Non-GAAP Measure)(1) Cash flows from operations (GAAP measure) 62…
  15. 1Q 2020 Earnings Presentation – Denbury Resources Inc. – slide 15
    Oil Differentials NYMEX Oil Differentials per barrel 1Q20 4Q19 3Q19 2Q19 1Q19 Tertiary oil fields (0.05) (0.17) 1.81 3.39 2.96 Gulf Coast region 0.84 0.60 2.88 4.66 4.07 Rocky Mountain region (3.28) (3.05) (2.78) (1.36) (2.01)…
  16. 1Q 2020 Earnings Presentation – Denbury Resources Inc. – slide 16
    Selected Expense Line Items 1Q20 4Q19 In millions, except per-BOE data () (/BOE) () (/BOE) Lease operating expenses(1) 109 21.46 116 21.93 General and administrative expenses, excluding severance-related 10 1.91 10 1.83 expense(2)…
  17. 1Q 2020 Earnings Presentation – Denbury Resources Inc. – slide 17
    Hedge Positions as of May 15, 2020 2020 Restructured 2Q-4Q 1Q 2Q 2H FY WTI Volumes Hedged (Bbls/d) 2,000 13,500 13,500 10,641 Fixed Price NYMEX Swap Price(1) 60.59 40.52 40.52 41.46 Swaps Volumes Hedged (Bbls/d) 4,500 7,500…
  18. 1Q 2020 Earnings Presentation – Denbury Resources Inc. – slide 18
    Debt Profile Debt Principal 3/31/20 Maturity Window 3/31/20 (In millions) (In millions) 3,571 395 1.3B debt reduction 528 million of Bank Line Availability at 3/31/20 after 87 million of LCs 324 since 2014 799 2,532 185 2,282…
  19. 1Q 2020 Earnings Presentation – Denbury Resources Inc. – slide 19
    Appendix NYSE:DNR 20
  20. 1Q 2020 Earnings Presentation – Denbury Resources Inc. – slide 20
    Non-GAAP Measures Reconciliation of net income (loss) (GAAP measure) to adjusted cash flows from operations (non-GAAP measure) to cash flows from operations (GAAP measure) 2019 2020 In millions Q1 Q2 Q3 Q4 FY Q1 TTM Net income (loss)…
  21. 1Q 2020 Earnings Presentation – Denbury Resources Inc. – slide 21
    Non-GAAP Measures (Cont.) Reconciliation of net income (loss) (GAAP measure) to adjusted EBITDAX (non-GAAP measure) 2019 2020 In millions Q1 Q2 Q3 Q4 FY Q1 TTM Net income (loss) (GAAP measure) (26) 147 73 23 217 74 317 Adjustments to…

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