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,…
Overview Chris Kendall, President and Chief Executive Officer NYSE:DEN 4
Denbury Overview NYSE: DEN A Unique Market Cap: 2.2B Strategically Energy Business Enterprise Value: 2.3B Advantaged Operations CO2 Enhanced Oil Recovery (EOR) is our primary focus Vertically integrated CO2 supply and distribution…
Strategically Positioned to Lead in CCUS Gulf Coast pipeline network provides extensive framework for CCUS operations 140 MM tons / year(1) of Gulf Coast Infrastructure Highlights CO2 are currently emitted within 15 miles of Denburys…
A Leading Producer of Low-Carbon Oil 20% of Denburys production is Scope 3 carbon negative through the use of industrial sourced CO2 CO2 Emissions per Barrel of Oil Produced Industrial CO2 Injected 1,700 lbs/Bbl Scope 1+2+3 1,100…
2020 Highlights & Results Highlights and Accomplishments 4Q20 Operating Margin (/BOE)(1) Achieved record levels of safety performance for 36% Cash Operating Margin the fourth consecutive year Realized Price Executed agreement for…
2021 Estimated Capital, Production and Cash Flow Capital (MM) Production (BOE/d) Cash Flow Range (MM) 2021 Budget Capital 2021 Guidance 2021 Budget 250 270 MM(1) includes Gulf Coast 350 Est. 2021 260 MM Midpoint winter storm impact…
Cedar Creek Anticline A World Class CO2 EOR Project 400 MMBbl total recovery potential using 100% industrial-sourced CO2 Est. 5 Billion Bbls OOIP CO2 Pipeline to CCA from Bell Creek 175,000 net acres Plan to install in 2H 2021; 100 MM…
CCA EOR A Scope 3 Carbon Negative Development Phases 1 & 2 will collectively store 85 million metric tons of industrial-sourced CO2 Additional Development Details Phase 1 incremental peak production Estimated Production Profile…
Operational Update David Sheppard, Senior Vice President - Operations NYSE:DEN 12
Achieved FY20 Production Guidance Target Average Daily Production by Area (BOE/d) 2020 Production (BOE/d) Field 4Q20 3Q20 2Q20 1Q20 FY 2020 Delhi 3,132 3,208 3,529 3,813 3,419 2020 total production at mid- point of revised guidance…
2021 Estimated Capital, Production and Cash Flow Capital (MM) Production (BOE/d) Cash Flow Range (MM) 2021 Budget Capital 2021 Guidance 2021 Budget 250 270 MM(1) includes Gulf Coast 350 Est. 2021 260 MM Midpoint winter storm impact…
Operating Cost Summary Ability to flex operating costs in a low oil price environment, LOE reduced 26 million from 4Q19 to 4Q20 2021 LOE Guidance 22 24/BOE Correlation with 4Q20 3Q20 4Q19 FY 2020 LOE Cost Type Oil Price (MM) (/BOE)…
Financial Review Mark Allen, Executive Vice President and Chief Financial Officer NYSE:DEN 16
Debt Profile and Liquidity Leverage ratio of 0.4x at year-end 2020 Net Debt 482 million of (In millions, unless otherwise noted) availability under Bank Credit Facility Credit Facility Overview at 12/31/20 154 Sr. Secured Bank…
Adjusted Net Income Reconciliation of Net Loss (GAAP Measure) to Adjusted Net Income (Non-GAAP Measure)(1) Successor Combined (non-GAAP)(1) Combined (non-GAAP)(1) 4Q20 3Q20 FY 2020 Per Diluted Per Diluted Per Diluted In millions,…
Free Cash Flow Reconciliation of Cash Flows from Operations (GAAP Measure) to Adjusted Cash Flows from Operations less Special Items (Non-GAAP Measure)(1) and Free Cash Flow (Non-GAAP Measure)(1) Successor Combined (non-GAAP)(1)…
Selected Expense Line Items 4Q20 3Q20 FY 2020 In millions, except per-BOE data () (/BOE) () (/BOE) () (/BOE) Lease operating expenses(1) 90 19.99 71 15.57 352 18.78 General and administrative expenses(2) 18 3.95 17 3.66 68 3.63…
Hedge Portfolio As of February 24, 2021 2021 2022 Jan Feb Mar 2Q 3Q 4Q 1H 2H Fixed Volumes Hedged (Bbls/d) 26,000 27,000 29,000 29,000 29,000 29,000 9,500 1,000 WTI Price NYMEX Swaps Swap Price(1) 42.54 42.96 43.86 43.86 43.86…
Q&A NYSE:DEN 23
Appendix NYSE:DEN 24
Senior Secured Bank Credit Facility Info Commitments & borrowing base Borrowing Base / Commitment level: 575 million Scheduled redeterminations Semiannually May 1st and November 1st, next redetermination is May 2021 Maturity date…
2020 Proved Reserves Oil Gas Total PV-10 Value(2) SEC Oil (MMBbl) (Bcf) (MMBOE) (Billion) Pricing(1) Proved reserves(1) at December 31, 2019 226 24 230 2.6 55.69 2020 production (18) (3) (19) (0.2) Revisions due to price changes…
2021 Tertiary Capital - Oyster Bayou A1 Development Expansion Continues success from A2 Development Expansion project executed in 2020 2021 Future A1 Development Overview A1 Development Pattern Development A1 Development Expansion…
2021 Tertiary Capital Tinsley Perry CO2 Pilot 2021 Pilot unlocks development target of 10 MMBbls Development Overview Current Future CO2 Flood New CO2 flood in Tinsley Future Perry Phase Woodruff o Targets high residual oil…
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 Combined Combined Predecessor Predecessor…
Non-GAAP Measures Reconciliation of net income (loss) (GAAP measure) to adjusted EBITDAX (non-GAAP measure) 2019 2020 Combined Combined Predecessor Predecessor (non-GAAP)(1) Successor (non-GAAP)(1) In millions Q1 Q2 Q3 Q4 FY Q1 Q2 Q3…
Non-GAAP Measures Reconciliation of the standardized measure of discounted estimated future net cash flows after income taxes (GAAP measure) to PV-10 Value (non-GAAP measure) December 31, In millions 2019 2020 Standardized Measure…
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