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Corporate Presentation – Denbury Resources Inc.

Denbury Resources Inc. · Sep 30, 2014 · 47 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. Corporate Presentation – Denbury Resources Inc. – slide 1
    Corporate Presentation September 2014 Denbury.com NYSE: DNR
  2. Corporate Presentation – Denbury Resources Inc. – slide 2
    Click Click A toto edit Different Master edit Kind title title of Oil style style Company Proven Unique Return Environmentally Process Strategy Focused Responsible CO2 EOR is one of We acquire mature Continual focus on We…
  3. Corporate Presentation – Denbury Resources Inc. – slide 3
    Click Return Click Total toto edit Master edit titletitle Focus style style Growth Estimated 4%-8% organic production growth through 2020 & Income Estimated dividend yield(1) of 1.5% for 2014 and 3.3% for 2015 Large portfolio…
  4. Corporate Presentation – Denbury Resources Inc. – slide 4
    Click toto Click Denbury editaMaster atedit titletitle Glance style style Total 3P Reserves (12/31/13) 1.25 BBOE % Oil Production (2Q14) 94% Total Daily Production BOE/d (2Q14) 75,320 Proved PV-10 (12/31/13) 96.94 NYMEX Oil Price…
  5. Corporate Presentation – Denbury Resources Inc. – slide 5
    ClickistoCO Click What edit to Master 2edit EOR title &title How style style Much Oil Does it Recover Secure CO2 Supply Transport via Pipeline Inject into Oilfield CO2 EOR Delivers Almost as Much Production as each of…
  6. Corporate Presentation – Denbury Resources Inc. – slide 6
    Our Two Click to CO edit2 EOR Target Master Areas: title style Click to edit title style Up to 10 Billion Barrels Recoverable with CO2 EOR(1) Estimated 1.3 to 3.2 Billion Barrels ND MT Recoverable in Rocky Mountain Region(1)…
  7. Corporate Presentation – Denbury Resources Inc. – slide 7
    CO 2 EOR Click in Gulf to edit Coasttitle Master Region: style Click toSources Control of CO edit& Pipeline titleInfrastructure 2 style Provides a Strategic Advantage Summary(1) Delhi(3) Tinsley Tinsley(3) 45 MMBOEs Jackson 46…
  8. Corporate Presentation – Denbury Resources Inc. – slide 8
    CO 2 EOR Click in Rocky to edit Mountain Master Region: title style Click toSources Control of CO edit& Pipeline titleInfrastructure 2 style Provides a Strategic Advantage CO2 Sources Summary(1) Existing or Proposed CO2 Source…
  9. Corporate Presentation – Denbury Resources Inc. – slide 9
    Click than Click More toto edit Master edit title title a Billion style style Barrels of Oil Potential 1,500 102 1,250 1,250 680 ..... ..... 54% 90% Oil 100% 1,000 Oil Oil MMBOE 750 468 500 409 ..... 83%…
  10. Corporate Presentation – Denbury Resources Inc. – slide 10
    Click toto Click Proven edit Master edit Track titletitle Record style style Net Daily Oil Production Tertiary Operations (through 6/30/14) Mature Properties Tinsley Heidelberg Delhi Oyster Bayou Hastings Bell Creek 45,000…
  11. Corporate Presentation – Denbury Resources Inc. – slide 11
    Click Click CO toto edit 2 SupplyeditMaster to titletitle Support styleCoast Growth style Gulf 1,600 Additional CO2 Potential (not reflected in graph) Probable & Possible Reserves: 2.1 TCF Improved Recovery of Proved Reserves:…
  12. Corporate Presentation – Denbury Resources Inc. – slide 12
    ClickCoast Click Gulf toto edit Master edit titletitle Industrial style style Partners Currently Producing or Pending Startup Air Products PCS Nitrogen Mississippi Power (Pending Startup) Port Arthur, Texas Geismar, Louisiana…
  13. Corporate Presentation – Denbury Resources Inc. – slide 13
    Click Click CO toto edit 2 Supply toMaster edit titletitle Support style style Rocky Mountain Growth LaBarge Area Estimated field size: 750 square miles Estimated 100 TCF of CO2 recoverable Riley Ridge Denbury Operated…
  14. Corporate Presentation – Denbury Resources Inc. – slide 14
    Click Operating Click High toto edit Master edit titletitle Margin (1)style style /BOE 3-Months ended 6/30/2014 80 94% Oil Production Drives Higher Margins 70 60 50 40 30 20 10 0 Peer A Peer C DNR Peer B…
  15. Corporate Presentation – Denbury Resources Inc. – slide 15
    Click toto Click Leading edit Master edit Capital title title style style Efficiency (1) 45 41.46 Adjusted 2-Year Finding & Development Cost (/BOE)(2) 40 35 34.20 30 26.59 25 23.70 21.46 20 19.24 16.82 16.40 15 10 5…
  16. Corporate Presentation – Denbury Resources Inc. – slide 16
    Click toAsset Click Unique edit to Master edit titletitle Structure styleto Other Independents style Relative Reserve life index(1) 1st year of decline rate by basin(2) Selected Companies(3) EOR Assets Non-EOR Assets DNR 25x…
  17. Corporate Presentation – Denbury Resources Inc. – slide 17
    Click toto Click Dividend edit Master edit Growth title title style style Outlook Initiated dividend payments in 2014 0.0625 per share declared for 3Q14 Rate of 0.25 per share on an annualized basis Estimating an annual…
  18. Corporate Presentation – Denbury Resources Inc. – slide 18
    Click toto Click edit Disciplined Master edit titletitle Approach to style style Capital Allocation Remaining share Excess Cash repurchase authorization of 222 million as of Share June 30, 2014 repurchases, debt repayment,…
  19. Corporate Presentation – Denbury Resources Inc. – slide 19
    Click toto Click Dividend edit Master edit Yield titletitle Analysis style style Independent Dividend-Paying E&P C-Corps(1)(2) 3.5% 3.3% 3.3% 3.0% 2.8% 2.5% 2.3% 2.1% 2.0% 1.9% 1.5% 1.5% 1.5% 1.3% 1.3% 1.0% 1.0%…
  20. Corporate Presentation – Denbury Resources Inc. – slide 20
    Click toto Click edit Disciplined Master edit title title Share style Program style Repurchase Rationale and Objectives Repurchase shares at meaningful discount to net asset value Improve per share metrics 15% repurchased since…
  21. Corporate Presentation – Denbury Resources Inc. – slide 21
    Click Guidance Click 2014 toto edit Master edit titletitle (1) style style 2014 Capital Budget - 1.0 Billion(2) 2014 Production Estimate 2014 Anticipated Dividends - 90 Million CO2 Pipelines 60MM 2013 2014E 2014E Operating…
  22. Corporate Presentation – Denbury Resources Inc. – slide 22
    Click toto Click Balanced edit Master edit and titletitle style style Sustainable Value Creation(1) Steady Capital Expenditures(2) Continued Production Growth 1,200 100,000 Average Daily Production Annual Capital…
  23. Corporate Presentation – Denbury Resources Inc. – slide 23
    Click toto Click Strong edit Master edit Financial title title style style Position 1.1 billion availability under bank Debt to Capitalization credit facility as of 6/30/14 (6/30/14) Debt 38% 42% Unused Credit Facility…
  24. Corporate Presentation – Denbury Resources Inc. – slide 24
    Click toto Click Strong edit Master edit Financial title title style style Position (MM) 6/30/14 Cash and cash equivalents 12 Bank credit facility (Borrowing base of 1.6 billion, matures May 2016) 445 6.375% Sr. Sub Notes due…
  25. Corporate Presentation – Denbury Resources Inc. – slide 25
    Click toto Click Commodityedit Master edit title title Hedge style as of July 2014 style Summary Crude Oil 2014 2015 2016 2nd Half 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 1st Quarter Collar Volumes Hedged -- 28,000…
  26. Corporate Presentation – Denbury Resources Inc. – slide 26
    Click toto Click Estimatededit Master edit CO titletitle 2 EOR style style Peak Production Rates Estimated Peak Production Rate Produced Proved Potential First (Net MBOE/d) Expected to date Remaining Remaining(3) (2) (2)…
  27. Corporate Presentation – Denbury Resources Inc. – slide 27
    Click Click IN toto edit SUMMARY: Master edit titletitle Value style style Driven Leading Growth & Income, CO2 EOR Company in the US Focused on delivering value through consistent growth in production, reserves and dividends…
  28. Corporate Presentation – Denbury Resources Inc. – slide 28
    Click toto Click Corporateedit Master edit titletitle Information style style Corporate Headquarters Denbury Resources Inc. 5320 Legacy Drive Plano, Texas 75024 Ph: (972) 673-2000 denbury.com Contact Information Jack…
  29. Corporate Presentation – Denbury Resources Inc. – slide 29
    Appendix
  30. Corporate Presentation – Denbury Resources Inc. – slide 30
    Clickis Click Why toto edit CO Master 2edit EOR ourtitle title style style core focus High Confidence of Oil Target Over 100 million barrels (gross) produced by Denbury to date Net upward adjustments to reserves to date CO2…
  31. Corporate Presentation – Denbury Resources Inc. – slide 31
    Click Click CO toto 2 EOR edit aMaster isedit titletitle Proven style style Process Significant CO2 EOR Operators by Significant CO2 Suppliers by Region Region Gulf Coast Region Gulf Coast Region Jackson Dome, MS (Denbury…
  32. Corporate Presentation – Denbury Resources Inc. – slide 32
    Click Click CO toto edit Master edit 2 Operations: Oil title title style Process style Recovery CO2 PIPELINE - from Jackson Dome INJECTION WELL - Injects CO2 in dense phase PRODUCTION WELLS Produce oil, water and CO2 Oil…
  33. Corporate Presentation – Denbury Resources Inc. – slide 33
    Click Click CO toto 2 EOR edit Master edit titletitle Superior style style Production Profile Capital Spending per Projected Production Profile with Same Capital Spending Year Based on EOR Spending Pattern 12,000 Gulf Coast…
  34. Corporate Presentation – Denbury Resources Inc. – slide 34
    Click toto Click Reserve edit Master edit (1)title style title Efficiency style 35% 2013 Annual Production as % PDP Reserves 30% 25% 20% 15% 10% 5% 0% DNR Peer G Peer H Peer F Peer E Peer C Peer D Peer B Peer…
  35. Corporate Presentation – Denbury Resources Inc. – slide 35
    Click toto Click Spending edit Master edit Within title title Cash style style Flow CapEx to Cash Flow 2014E 1.8 1.6 1.6 1.4 1.3 1.3 1.3 1.3 1.2 1.2 1.1 1 1 0.8 0.8 0.6 0.4 0.2 0 DNR Peer E Peer C Peer B Peer A Peer…
  36. Corporate Presentation – Denbury Resources Inc. – slide 36
    ClickCoast Click Gulf toto edit Master edit CO titletitle 2 EOR style Value Creation style Proven Investments Inception-to-12/31/2013 () Billions EOR Fields 3.5 CO2 Sources & Pipelines 2.1 Less Undeveloped: EOR Fields 0.2…
  37. Corporate Presentation – Denbury Resources Inc. – slide 37
    Delhi Click Field to edit(1)Master title style Click to edit title style Status Update Successfully plugged source of leak & surface remediation completed(2) Restored CO2 injection outside impacted area and isolated impacted area with…
  38. Corporate Presentation – Denbury Resources Inc. – slide 38
    Click toto Click Hartzog edit Master edit Draw titletitle style style Shannon Development CapEx: 40MM Production: Growth Shannon Sand Tight Oil Sand Horizontal development 40 probable locations Drilled and completed five wells…
  39. Corporate Presentation – Denbury Resources Inc. – slide 39
    Click toto Click edit Production Master edit by titletitle Area style style (BOE/d) Operating area 2010 2011 2012 2013 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 2014E(1) Tertiary Oil Fields 29,062 30,959 35,206 38,477 39,057 38,752…
  40. Corporate Presentation – Denbury Resources Inc. – slide 40
    Click toto Click Tertiary edit Master edit title titleby Production style style Field Average Daily Production (BOE/d) Field 2010 2011 2012 2013 1Q14 2Q14 Brookhaven 3,429 3,255 2,692 2,223 1,877 1,818 Little Creek Area 1,805…
  41. Corporate Presentation – Denbury Resources Inc. – slide 41
    Click toto Click Analysis edit Master ofedit titletitle Tertiary style Costs style Operating Correlation 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 w/Oil /BOE /BOE /BOE /BOE /BOE /BOE /BOE /BOE /BOE /BOE CO2 Costs Direct…
  42. Corporate Presentation – Denbury Resources Inc. – slide 42
    Click toto Click NYMEX edit Master edit title Differential title style style Summary Crude Oil Differentials 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 Tertiary Oil Fields Gulf Coast Region 9.80 13.60 10.61 15.57 15.82…
  43. Corporate Presentation – Denbury Resources Inc. – slide 43
    Click toto Click Tracking edit Master edit Oil titletitle Prices style style During the second quarter of 2014, we sold 43% of our oil production based on LLS index price and 23% at prices partially tied to the LLS index price.…
  44. Corporate Presentation – Denbury Resources Inc. – slide 44
    Click toto Click Commodityedit Master edit title title Hedge style style Detail as of July 2014 2014 Crude Oil Hedges (BOPD) 2015 & 2016 Crude Oil Hedges (BOPD) Average(2) Ceiling (2) Average Instrument Volume Basis Floor…
  45. Corporate Presentation – Denbury Resources Inc. – slide 45
    Click to Click Texas CO edit to Master edit title 2 Pipeline title style Economies of Scale style Infrastructure Hastings Oyster Bayou Webster Conroe Thompson 14 12 70 MMBbls Pipeline cost per tertiary Bbl 10 95 8…
  46. Corporate Presentation – Denbury Resources Inc. – slide 46
    Click toIndustry Click Actual edit to Master edit titletitle Recovery style styleCurves Range of Recovery 10%-18% Denbury.com NYSE: DNR 47
  47. Corporate Presentation – Denbury Resources Inc. – slide 47
    Click toCurves Click Actual edit to Master edit title title Denbury style style Mature Fields Range of Recovery 11%-20+% Denbury.com NYSE: DNR 48

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