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2Q21 Earnings Presentation – Denbury Inc.

Denbury Inc. · Aug 5, 2021 · 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. 2Q21 Earnings Presentation – Denbury Inc. – slide 1
    2Q21 Earnings Presentation August 5, 2021
  2. 2Q21 Earnings Presentation – Denbury Inc. – slide 2
    Powering the Energy Transition With World-Leading Carbon Solutions 20+ years 1000+ miles Scope 3 Financial Strategic Experience of CO2 Carbon Strength and Focus Managing CO2 Pipelines Negative Flexibility By 2030 Leading in Safely…
  3. 2Q21 Earnings Presentation – Denbury Inc. – slide 3
    2Q21 Highlights Cash Flow from Operations 91 million; Adjusted Cash Flows From Operations(1) 71 million Commenced installation of 105-mile Greencore CO2 Pipeline extension Progressed multiple negotiations for CO2 transport and/or…
  4. 2Q21 Earnings Presentation – Denbury Inc. – slide 4
    2Q21 Operational Update Rocky Mountain Region Gulf Coast Region a Denbury CO2 Pipelines Denbury Planned CO2 Pipelines CO2 Pipelines Owned by Others Industrial CO2 Sources Naturally-Occurring CO2 Source Denbury Owned Fields…
  5. 2Q21 Earnings Presentation – Denbury Inc. – slide 5
    CCA CO2 EOR Development Update 400 MMBbl total recovery potential using 100% industrial-sourced CO2 Multiple construction crews progressing install 105-mile extension of Greencore CO2 Pipeline to CCA 30% complete as of early…
  6. 2Q21 Earnings Presentation – Denbury Inc. – slide 6
    A Leading Producer of Low-Carbon Oil 25% 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…
  7. 2Q21 Earnings Presentation – Denbury Inc. – slide 7
    Denbury Carbon Solutions Strategy Secure CO2 Transportation & Providing emitters with a full range of CO2 offtake services Storage Agreements Negotiating potential transportation/storage of 50 million tons of CO2 per year Develop…
  8. 2Q21 Earnings Presentation – Denbury Inc. – slide 8
    Industry-Leading Gulf Coast CCUS Infrastructure Spanning the highly concentrated CO2 emissions corridor of the industrial Gulf Coast Transportation, Use & CO2 Emissions Storage 2.6 billion tons/year from Strategically located, high-…
  9. 2Q21 Earnings Presentation – Denbury Inc. – slide 9
    2021 Development Capital & Sales Volumes Capital (MM) Sales Volumes (BOE/d) 2021 Budget Capital Expect 2H21 to average 50,000 BOE/d 250 270 MM(1) 1Q21 20 Million FY 2021 Guidance 47,500 51,500 2Q21 49,133 54 Million 100 MM CCA…
  10. 2Q21 Earnings Presentation – Denbury Inc. – slide 10
    Operating Margin Cash Operating Margin/BOE(1) Industry-Leading Oil Weighting(5) 63.23 Realized Price (excluding hedges) 55.24 97% Oil 1Q21 % Oil Production 28.51 Cash Operating Margin 28.51 per BOE Cash Operating Margin 26.02…
  11. 2Q21 Earnings Presentation – Denbury Inc. – slide 11
    Debt Profile and Liquidity Leverage ratio of 0.2x as of June 30, 2021 Total Debt 531 million total liquidity (In millions) including unrestricted cash at June 30, 2021 176 Credit Facility Overview Sr. Secured Bank Credit Facility…
  12. 2Q21 Earnings Presentation – Denbury Inc. – slide 12
    2021 Guidance As of August 5, 2021 2Q21 Actual YTD Actual 2021 Guidance Development Capital 54 million 74 million 250 270 million(1) full year Sales Volumes 49,133 BOE/d 48,250 BOE/d 47,500 51,500 BOE/d full year Realized Oil…
  13. 2Q21 Earnings Presentation – Denbury Inc. – slide 13
    NYMEX Oil Differentials NYMEX Oil Differentials per barrel 2Q21 1Q21 4Q20 3Q20 2Q20 Gulf Coast region (1.13) (1.37) (1.85) (1.38) (3.59) Rocky Mountain region (1.59) (1.80) (2.30) (2.03) (4.68) Total Company NYMEX Oil Differential…
  14. 2Q21 Earnings Presentation – Denbury Inc. – slide 14
    Operating Cost Summary Operating Cost Summary 2Q21 1Q21 2Q20 Correlation with LOE Cost Type Commodity Price (MM) (/BOE) (MM) (/BOE) (MM) (/BOE) CO2 Costs High 19 4.18 13 3.14 12 2.65 Power & Fuel(1) Moderate 32 7.22 16 3.87 27…
  15. 2Q21 Earnings Presentation – Denbury Inc. – slide 15
    Hedge Portfolio As of August 5, 2021 NYMEX Oil Hedges 2021 2022 3Q 4Q 1H 2H Volumes Hedged (Bbls/d) 29,000 29,000 15,500 9,000 Fixed-Price Swaps Swap Price(1) 43.86 43.86 49.01 56.35 Volumes Hedged (Bbls/d) 4,000 4,000 11,000…
  16. 2Q21 Earnings Presentation – Denbury Inc. – slide 16
    Average Daily Sales Volumes by Area Average Daily Sales Volumes by Area (BOE/d) Sales Volumes (BOE/d) Field 2Q21 1Q21 4Q20 3Q20 2Q20 Expect 2H21 to average Delhi 2,931 2,925 3,132 3,208 3,529 50,000 BOE/d Hastings 4,487 4,226 4,598…
  17. 2Q21 Earnings Presentation – Denbury Inc. – slide 17
    Cash Flows from Operations/Free Cash Flow Reconciliation Reconciliation of Cash Flows from Operations (GAAP Measure) to Adjusted Cash Flows from Operations (Non-GAAP Measure) and Free Cash Flow (Non-GAAP Measure) (1) In millions 2Q21…
  18. 2Q21 Earnings Presentation – Denbury Inc. – slide 18
    Net Loss/Adjusted Net Income Reconciliation Reconciliation of Net Loss (GAAP Measure) to Adjusted Net Income (Non-GAAP Measure)(1) 2Q21 1Q21 Per Diluted Per Diluted In millions, except per-share data Amount Share(3) Amount Share(3)…
  19. 2Q21 Earnings Presentation – Denbury Inc. – slide 19
    Reconciliation of Net Income (Loss) to Adjusted EBITDAX Reconciliation of net income (loss) (GAAP measure) to adjusted EBITDAX (non-GAAP measure) 2020 2021 Combined Combined Combined Predecessor (non-GAAP)(1) Successor (non-GAAP)(1)…

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