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CORPORATE PRESENTATION – Denbury Resources Inc.

Denbury Resources Inc. · Jan 12, 2015 · 34 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 January 2015 NYSE: DNR
  2. CORPORATE PRESENTATION – Denbury Resources Inc. – slide 2
    Click A toto edit Different Click Master Kind edit title of Oil title style Company style Proven process Long-Term Lower-risk & long-life assets Visibility Tremendous resource potential Fund capex & dividends with cash flow…
  3. CORPORATE PRESENTATION – Denbury Resources Inc. – slide 3
    Click Plan: 2015 Click toto edit Master Value edit title Focused title style style Reduced capital spending by 50% for 2015 to 550MM Plan to utilize liquidity to take advantage of potential opportunities Building liquidity…
  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 (3Q14) 96% Total Daily Production BOE/d (3Q14) 73,810 Proved PV-10 (12/31/13) 96.94 NYMEX Oil Price…
  5. CORPORATE PRESENTATION – Denbury Resources Inc. – slide 5
    Click is What Click toto edit CO Master 2 EORtitle edit title & How style Oil Does it Recover Much style Secure Transport Inject CO2 Supply via into Pipeline Oilfield Remaining Oil Primary CO2 EOR Delivers 20% Almost as…
  6. CORPORATE PRESENTATION – Denbury Resources Inc. – slide 6
    ClickLower-48 U.S. Click toto edit Master editCO title 2 EOR title style Potential style Technically Recoverable(1,2) (amounts in billions of barrels) Permian 9-21 East & Central Texas 6-15 Mid-Continent 6-13 California 3-7…
  7. CORPORATE PRESENTATION – Denbury Resources Inc. – slide 7
    Up to 16 Billion Gross Barrels Recoverable(1) Click toto Click edit Master edit title title style style in Our Two CO2 EOR Target Areas 2.8 to 6.6 MT ND Billion Barrels Estimated Recoverable in Rocky Mountain Region(2) WY…
  8. CORPORATE PRESENTATION – Denbury Resources Inc. – slide 8
    CO 2 EOR Click to in Gulf edit Coast Master titleRegion: style Click to edit title style Control of CO2 Sources & Pipeline Infrastructure Provides a Strategic Advantage Tinsley(3) Summary(1) Delhi(3) 46 MMBbls 45 MMBOEs Tinsley…
  9. CORPORATE PRESENTATION – Denbury Resources Inc. – slide 9
    CO 2 EOR Click to in Rocky edit MasterMountain title styleRegion: Click to edit title style Control of CO2 Sources & Pipeline Infrastructure Provides a Strategic Advantage CO2 Sources Summary(1) Existing or Proposed CO2 Source Cedar…
  10. CORPORATE PRESENTATION – Denbury Resources Inc. – slide 10
    Click toto Continued Click edit Master Tertiary edit title Oil title style Production style Growth 45,000 40,000 35,000 30,000 Bbls/d 25,000 20,000 15,000 10,000 5,000 - 2001 2002 2003 2004 2005 2006…
  11. CORPORATE PRESENTATION – Denbury Resources Inc. – slide 11
    Click CO toto edit 2 Supply Click Master to edit titletitle Support styleCoast Growth Gulf style 1,600 Additional CO2 Potential (not reflected in graph) Probable & Possible Reserves: 2.1 TCF Improved Recovery of Proved…
  12. CORPORATE PRESENTATION – Denbury Resources Inc. – slide 12
    ClickCoast Gulf Click toto edit Master titletitle Industrial edit style Partners style MS Power AL PCS Nitrogen Air Products Denbury Owned Fields Current CO2 Floods Denbury Owned Fields Future CO2 Floods Fields Owned…
  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 High Click toto edit Master edit titletitle Margin (1)style style /BOE 3-Months ended 9/30/2014 70 96% Oil Production Drives Higher Margins 60 50 40 30 20 10 - Peer A DNR Peer B Peer C Peer D…
  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 Growth Click edit & Master Income edit title Funding title style style Priorities Maintain solid financial position Base dividend Additional (priority depends on circumstances) Capital expenditures Dividend…
  18. CORPORATE PRESENTATION – Denbury Resources Inc. – slide 18
    Click Guidance 2015 Click toto edit Master edit titletitle (1) style style Capital Budget: 550 Million(2) Estimated Production Anticipated Dividends: 140 Million 2014E(1) 2015E 2015E (BOE/d) (BOE/d) Growth Tertiary Floods Total…
  19. CORPORATE PRESENTATION – Denbury Resources Inc. – slide 19
    Click toto Dividend Click edit Master titletitle Philosophy edit style style Goal is to have sustainable dividend that can grow with cash flow over time Fund both capital expenditures and dividends with cash flow Maintain solid…
  20. CORPORATE PRESENTATION – Denbury Resources Inc. – slide 20
    Click toto Click Commodityedit Master edit Hedge title title style style Summary as of October 31, 2014(1) 2014 2015 2016 4Q 1Q 2Q 3Q 4Q 1Q 2Q Crude Oil (WTI NYMEX Equivalent)(2)(3) Average Downside Hedge Price 92.52 85.50…
  21. CORPORATE PRESENTATION – Denbury Resources Inc. – slide 21
    Click Maturity Debt Click toto edit Master edit titletitle Schedule style (1) style No Significant Near-Term Debt Maturities 12/31/13 9/30/14 Total Debt (MM) 3,297 3,595 TTM EBITDA(2) (MM) 1,403 1,355 Total Debt to TTM EBITDA(2)…
  22. CORPORATE PRESENTATION – Denbury Resources Inc. – slide 22
    Click toto Click edit Leveraging Master edit titletitle Strengths style to Lower Oil Prices &style; Adjusting We believe in our assets and strategy but know we can improve our operational efficiency: Innovation teams and other key…
  23. CORPORATE PRESENTATION – Denbury Resources Inc. – slide 23
    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…
  24. CORPORATE PRESENTATION – Denbury Resources Inc. – slide 24
    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…
  25. CORPORATE PRESENTATION – Denbury Resources Inc. – slide 25
    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…
  26. CORPORATE PRESENTATION – Denbury Resources Inc. – slide 26
    Click toIndustry Click Actual edit to Master edit titletitle Recovery style styleCurves Range of Recovery 10%-18% Denbury.com NYSE: DNR 28
  27. CORPORATE PRESENTATION – Denbury Resources Inc. – slide 27
    Click toCurves Click Actual edit to Master edit title title Denbury style style Mature Fields Range of Recovery 11%-20+% Denbury.com NYSE: DNR 29
  28. CORPORATE PRESENTATION – Denbury Resources Inc. – slide 28
    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…
  29. CORPORATE PRESENTATION – Denbury Resources Inc. – slide 29
    Click toto Click edit Production Master by edit titletitle Area style (BOE/d) style Operating area 2011 2012 2013 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 2014E 2015E(1) Tertiary Oil Fields 30,959 35,206 38,477 39,057 38,752 37,513…
  30. CORPORATE PRESENTATION – Denbury Resources Inc. – slide 30
    Click toto NYMEX Click edit Master Differential edit titletitle style Summary style Crude Oil Differentials 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 Tertiary Oil Fields Gulf Coast Region 9.80 13.60 10.61 15.57 15.82…
  31. CORPORATE PRESENTATION – Denbury Resources Inc. – slide 31
    Click Oil toto Hedge Click edit Master Detail edit title as of title style 31, 2014 October style 2014 2015 2016 4Q 1Q 2Q 3Q 4Q 1Q 2Q WTI NYMEX Swaps Volumes Hedged (Bbls/d) 58,000 14,000 8,000 10,000 12,000 12,000 2,000 Average…
  32. CORPORATE PRESENTATION – Denbury Resources Inc. – slide 32
    Click toto Click Analysis edit Master ofedit titletitle Operating style style Costs Correlation 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 w/Oil /BOE /BOE /BOE /BOE /BOE /BOE /BOE /BOE /BOE /BOE /BOE CO2 Costs Direct…
  33. CORPORATE PRESENTATION – Denbury Resources Inc. – slide 33
    Click toto Analysis Click edit Master ofedit titletitle Tertiary Only style Operating Costs style Correlation 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 w/Oil /Bbl /Bbl /Bbl /Bbl /Bbl /Bbl /Bbl /Bbl /Bbl /Bbl /Bbl CO2…
  34. CORPORATE PRESENTATION – Denbury Resources Inc. – slide 34
    Click CO toto 2 Cost Click edit (1) &Master; edit titletitle NYMEX Oilstyle Price style 0.45 110 0.40 100 0.35 90 NYMEX Crude Oil Price 0.30 80 CO2 Costs/Mcf 0.25 0.20 70 0.15 60 0.10 50 0.05 0.00…

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