Goldman Sachs Global Energy and Clean Technology Conference January 2022
Powering the Energy Transition With World-Leading Carbon Solutions ROCKY MOUNTAIN REGION Strategic Focus Market Cap: 3.8B Leading in Carbon Capture, Use and Enterprise Value: 3.8B Storage, including Enhanced Oil Recovery 3Q21 Sales…
Leading Sustainability Net Negative Combined Scope 1 and Scope 2 CO2 Emissions Environment Average of 2018, 2019 and 2020 Combined 1.8 million metric tons The only U.S. public company of scale where Scope 1 & 2 Emissions injecting…
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…
Carbon Capture, Use and Storage (CCUS) Overview CCUS both through CO2 EOR or direct CO2 injection is a proven technology with the potential for safe, long-term, deep underground containment of billions of tons of industrial-sourced CO2…
Massive Expansion in CCUS Required to Meet Global Targets Global Carbon Capture Required to Meet IEAs Net-Zero Emissions The IEAs Net-Zero Emissions by by 2050 Scenario (NZE) 2050 Scenario (NZE) outlines a carbon reduction pathway…
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…
Denbury Carbon Solutions Strategy Secure CO2 Transportation & Executed multiple arrangements for CO2 transportation and storage from greenfield projects ammonia/biofuels Storage Agreements Ongoing negotiations on potential…
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-…
Denburys Extensive CO2 Experience is Ideally Suited for CCUS Over 20+ years, we have transported and injected a combined 185 million metric tons of natural and industrial CO2 Subsurface Surveillance 4D seismic imaging to aid in…
The CO2 EOR Process CO2 Enhanced Oil Recovery (EOR) can produce nearly as much oil from a reservoir as was produced in either primary or secondary recovery CO2 EOR Process Overview Example Recovery of Original Oil in Place CO2…
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…
Cedar Creek Anticline A World Class CO2 EOR Project 400 MMBbl total recovery potential using 100% industrial-sourced CO2 Est. 5 Billion Bbls OOIP 175,000 net acres CO2 Pipeline to CCA from Bell Creek Installation complete. Initial…
CCA EOR A Scope 3 Carbon Negative Development Phases 1 & 2 will collectively store 85 million metric tons of industrial-sourced CO2 Phase 1 incremental CO2 Emissions Scope 3 Negative peak production Estimated Production Profile 7,500…
CCA CO2 EOR Development Update 400 MMBbl total recovery potential using 100% industrial-sourced CO2 Phase 1 development work Ahead of schedule and at or under budget 105-mile extension of Greencore CO2 Pipeline to CCA Lateral…
2021 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…
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…
Slide Notes Slide 12 Gulf Coast Region Slide 13 Rocky Mountain Region 1) Proved tertiary and non-tertiary oil and natural gas reserves based upon year-end 1) Proved tertiary and non-tertiary oil and natural gas reserves based upon…
Appendix NYSE:DEN 23
Significant CO2 EOR Potential in the U.S. Denbury's assets and pipeline infrastructure are well positioned in key EOR potential basins 2.8 to 6.6 MT ND Billion Barrels Rocky Mountain Region(2) 33-83 Billion Barrels of Technically…
CO2 EOR is a Proven Process CO2 EOR Oil Production by Region(1) Significant CO2 EOR Operators by Region 300 Gulf Coast/Other Gulf Coast Region Mid-Continent Denbury Hilcorp 250 Rocky Mountains Permian Basin Region Permian Basin…
Current Natural and Industrial CO2 Sources Gulf Coast CO2 Supply Rocky Mountain CO2 Supply Jackson Dome LaBarge Area Proved CO2 reserves as of 12/31/20: 4.6 Tcf(1) Estimated field size: 750 square miles Additional probable CO2…
CCA CO2 EOR Development EOR Formation Details Initial Formations Targeted Red River, Interlake, Stony Mountain Field Discovery Timeframe (Oil) 1930s (Discovery), 1950s (Development) Formation Type Dolomite Depth 7,000 9,000 ft…
Average Daily Sales Volumes by Area Average Daily Sales Volumes by Area (BOE/d) Field 2018 2019 1Q20 2Q20 3Q20 4Q20 2020 1Q21 2Q21 3Q21 Delhi 4,368 4,324 3,813 3,529 3,208 3,132 3,419 2,925 2,931 2,859 Hastings 5,596 5,403 5,232 4,722…
Analysis of Total Operating Costs Ability to flex operating costs in a low oil price environment Correlation with LOE Cost Type (/BOE) Commodity Price 2018 2019 1Q20 2Q20 3Q20 4Q20 2020 1Q21 2Q21 3Q21 CO2 Costs High 3.07 3.05 2.98…
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…
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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