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3Q21 Earnings Presentation November 4 2021 – Denbury Inc.

Denbury Inc. · Nov 4, 2021 · 23 slides

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Slides

  1. 3Q21 Earnings Presentation November 4 2021 – Denbury Inc. – slide 1
    3Q21 Earnings Presentation November 4, 2021
  2. 3Q21 Earnings Presentation November 4 2021 – 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. 3Q21 Earnings Presentation November 4 2021 – Denbury Inc. – slide 3
    3Q21 Highlights Cash Flow from Operations 104 million; Adjusted Cash Flows From Operations(1) 78 million 105-mile Greencore CO2 Pipeline extension installation ahead of schedule and at or under budget; completion targeted before the…
  4. 3Q21 Earnings Presentation November 4 2021 – Denbury Inc. – slide 4
    2021 Corporate Responsibility Report Report Highlights 2019/2020 Delivered negative Scope 1 and Scope 2 carbon emissions for each year Reduced total Scope 1, Scope 2, and Scope 3 emissions by 12% since 2018 Annually transported…
  5. 3Q21 Earnings Presentation November 4 2021 – Denbury Inc. – slide 5
    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…
  6. 3Q21 Earnings Presentation November 4 2021 – Denbury Inc. – slide 6
    Proposed 45Q Revisions Significantly Increase CCUS Opportunity Congressional Proposals(1) for CCUS Capture Potential on the Cost Curve(2) 45Q Enhancements 2018 Emissions/Existing Facilities 1,200 Higher Credit Structure 1,200…
  7. 3Q21 Earnings Presentation November 4 2021 – Denbury Inc. – slide 7
    Denbury Carbon Solutions Strategy Secure CO2 Transportation & Executed multiple agreements for CO2 transportation and storage from Storage Agreements greenfield projects ammonia/biofuels Develop Portfolio Agreed to jointly develop…
  8. 3Q21 Earnings Presentation November 4 2021 – 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. 3Q21 Earnings Presentation November 4 2021 – Denbury Inc. – slide 9
    3Q21 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…
  10. 3Q21 Earnings Presentation November 4 2021 – Denbury Inc. – slide 10
    CCA CO2 EOR Development Update 400 MMBbl total recovery potential using 100% industrial-sourced CO2 Phase 1 development work 105-mile extension of Greencore CO2 Pipeline to CCA Impressive safety record no recordable incidents to…
  11. 3Q21 Earnings Presentation November 4 2021 – Denbury Inc. – slide 11
    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…
  12. 3Q21 Earnings Presentation November 4 2021 – Denbury Inc. – slide 12
    Oyster Bayou CO2 Development Continuing to identify opportunities in active CO2 floods through active monitoring programs A1 and A2 Developments 2020 A2 Development 2021 A1 Development Projects completed in 2020 and 2021 Total…
  13. 3Q21 Earnings Presentation November 4 2021 – Denbury Inc. – slide 13
    2021 YTD Development Capital & Sales Volumes Capital (MM) Sales Volumes (BOE/d) 2021 Budget Capital 250 270 MM(1) 4Q21 Guidance 3Q21 YTD Capital 50,000 174 Million 49,682 47,357 49,133 1Q21 CCA CO2 Pipeline 20 Million Long-Term…
  14. 3Q21 Earnings Presentation November 4 2021 – Denbury Inc. – slide 14
    Operating Margin Pre-Hedge Cash Operating Margin/BOE(1) Industry-Leading Oil Weighting(5) 67.48 63.23 97% Oil 2Q21 Realized Price 55.24 % Oil Production Cash Operating Margin 32.58 28.51 32.58 per BOE Cash Operating Margin…
  15. 3Q21 Earnings Presentation November 4 2021 – Denbury Inc. – slide 15
    Debt Profile and Liquidity Leverage ratio of 0.05x as of September 30, 2021 Total Debt 565 million total liquidity (In millions) including unrestricted cash at September 30, 2021 176 Credit Facility Overview Sr. Secured Bank Credit…
  16. 3Q21 Earnings Presentation November 4 2021 – Denbury Inc. – slide 16
    Remaining 2021 Guidance As of November 3, 2021 3Q21 Actual 3Q21 YTD Actual 4Q21 Guidance Development Capital 100 million 174 million 75 95 million Sales Volumes 49,682 BOE/d 48,732 BOE/d Nearly 50,000 BOE/d Realized Oil…
  17. 3Q21 Earnings Presentation November 4 2021 – Denbury Inc. – slide 17
    NYMEX Oil Differentials NYMEX Oil Differentials per barrel 3Q21 2Q21 1Q21 4Q20 3Q20 Gulf Coast region (1.77) (1.13) (1.37) (1.85) (1.38) Rocky Mountain region (1.72) (1.59) (1.80) (2.30) (2.03) Total Company NYMEX Oil Differential…
  18. 3Q21 Earnings Presentation November 4 2021 – Denbury Inc. – slide 18
    Operating Cost Summary Operating Cost Summary 3Q21 2Q21 3Q20 Correlation with LOE Cost Type Commodity Price (MM) (/BOE) (MM) (/BOE) (MM) (/BOE) CO2 Costs High 18 3.99 19 4.18 10 2.28 Power & Fuel(1) Moderate 34 7.52 32 7.22 28…
  19. 3Q21 Earnings Presentation November 4 2021 – Denbury Inc. – slide 19
    Hedge Portfolio As of November 3, 2021 NYMEX Oil Hedges 2021 2022 4Q 1H 2H Volumes Hedged (Bbls/d) 29,000 15,500 9,000 Fixed-Price Swaps Swap Price(1) 43.86 49.01 56.35 Volumes Hedged (Bbls/d) 4,000 11,000 10,000 Collars Floor…
  20. 3Q21 Earnings Presentation November 4 2021 – Denbury Inc. – slide 20
    Average Daily Sales Volumes by Area Average Daily Sales Volumes by Area (BOE/d) Sales Volumes (BOE/d) Field 3Q21 2Q21 1Q21 4Q20 3Q20 Delhi 2,859 2,931 2,925 3,132 3,208 4Q21 Guidance 50,000 Hastings 4,343 4,487 4,226 4,598 4,473…
  21. 3Q21 Earnings Presentation November 4 2021 – Denbury Inc. – slide 21
    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 (Deficit) (Non-GAAP Measure) (1) In…
  22. 3Q21 Earnings Presentation November 4 2021 – Denbury Inc. – slide 22
    Net Income (Loss) / Adjusted Net Income Reconciliation Reconciliation of Net Income (Loss) (GAAP Measure) to Adjusted Net Income (Non-GAAP Measure)(1) 3Q21 3Q21 YTD Per Diluted Per Diluted In millions, except per-share data Amount…
  23. 3Q21 Earnings Presentation November 4 2021 – Denbury Inc. – slide 23
    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 Predecessor (non-GAAP)(1) Successor (non-GAAP)(1)…

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