- Denbury is an oil and gas company focused on CO2 enhanced oil recovery (CO2 EOR) projects in the Gulf Coast and Rocky Mountain regions of the US.
- CO2 EOR has the potential to recover billions of barrels of oil nationally left behind by traditional oil recovery methods and can recover up to 20% of original oil in place.
- Denbury owns extensive CO2 reserves and pipelines in the Gulf Coast that support current and potential CO2 EOR projects across multiple oil fields, with over 150 million barrels already produced from CO2 EOR.
SandRidge Energy has built a portfolio focused on oil production growth from three key project areas: NW STACK, North Park Niobrara, and Mississippian. For 2017, the company plans to run two rigs in NW STACK to further delineate the Meramec and Osage formations, resume drilling at North Park Niobrara targeting multiple benches, and continue high-grading its Mississippian acreage. SandRidge has a strong balance sheet with $554 million in liquidity and no debt, positioning it to execute its development plans while generating free cash flow.
This document provides an overview of Denbury Resources Inc. (NYSE: DNR), an oil and gas company focused on enhanced oil recovery using carbon dioxide (CO2) flooding. Some key points:
- DNR owns over 1,100 miles of CO2 pipelines and has produced over 155 million gross barrels from CO2 EOR projects to date.
- DNR's two core CO2 EOR target areas in the Gulf Coast and Rocky Mountain regions have an estimated recoverable potential of up to 16 billion gross barrels.
- DNR's 2017 capital budget is approximately $300 million, focused on expanding existing CO2 floods and other projects. Production is expected to remain relatively flat in 2017 compared to
This corporate presentation by Denbury Resources provides an overview of the company's CO2 enhanced oil recovery (EOR) business. Some key points:
- Denbury focuses on CO2 EOR, owning significant CO2 reserves and over 1,100 miles of pipelines to transport CO2 for injection.
- The company's assets have substantial long-term EOR resource potential estimated at 890 million barrels recoverable.
- In response to low oil prices, Denbury is focusing on reducing costs, optimizing operations, reducing debt, and preserving cash and liquidity.
- The company has ample CO2 supply for EOR operations with no significant capital required for several years.
Denbury Resources is an oil and gas company focused on CO2 enhanced oil recovery. It owns over 1,100 miles of CO2 pipelines and has access to large CO2 reserves. Denbury estimates there is potential to recover up to 16 billion gross barrels using CO2 EOR in its operating areas in the Gulf Coast and Rocky Mountain regions. The company is focusing on reducing costs and debt in response to low oil prices. It has significantly improved CO2 efficiency and reduced cash operating costs per barrel. Denbury has ample CO2 supply for several years with no major capital required.
This document summarizes Devon Energy's presentation at the J.P.Morgan Energy Equity Conference on June 26, 2017. Devon has a premier portfolio of assets focused on the STACK and Delaware Basin plays, which provide multi-decade growth potential through large drilling inventories. Devon is accelerating its capital investment and rig activity to rapidly expand its high-margin production while maintaining a strong financial position and investment-grade credit ratings. The company is focused on operational excellence and technological innovation to improve capital efficiency and well productivity.
- Denbury Resources reported a net loss of $386 million for Q4 2016 and $976 million for the full year, primarily due to non-cash fair value adjustments and asset write-downs. However, when excluding these non-cash items, Denbury's adjusted net loss was only $7 million for Q4 2016 and adjusted net income was $14 million for the full year.
- For 2017, Denbury expects production to remain relatively flat at 60,000-62,000 barrels of oil equivalent per day, with a capital budget of $300 million focused on expanding existing CO2 flood projects and other infill opportunities.
- The company will prioritize stabilizing production, improving its balance sheet by reducing
Denbury Resources reported financial and operational results for the third quarter of 2016. Some key points:
- Total debt principal was reduced by $562 million year-to-date through open market debt purchases, debt exchanges, and a reduction in the bank credit facility balance.
- Adjusted net income was $1 million for the third quarter, compared to $29 million in the previous quarter.
- Average realized oil prices per barrel were $42.12 for the third quarter when including commodity derivative settlements, compared to $52.61 in the previous quarter.
- Total injected CO2 volumes averaged 459 million cubic feet per day for the third quarter, a 35% reduction from the previous quarter due
This document provides information about EOG Resources, Inc. (EOG), an oil and gas exploration and production company. It lists EOG's stock symbol and dividend, shares outstanding, and investor relations contacts. It also contains cautionary statements about forward-looking estimates and reserves, describes EOG's strategy of focusing on high-return oil growth through premium drilling locations and technological advantages, and provides production and well performance data to demonstrate EOG's leading position.
This document provides information about EOG Resources (EOG), including its stock symbol, common dividend, shares outstanding, and investor relations contacts. It also contains cautionary statements regarding forward-looking estimates and non-GAAP financial measures. EOG exceeded its 2017 production targets and delivered expenses below targets while reducing costs in several basins. EOG has also achieved $175 million in asset sale proceeds so far this year.
SN November 2016 Corporate PresentationMeghan Spicer
The document is a corporate presentation from Sanchez Energy Corporation outlining their business strategy and operations. Some key points:
- Sanchez Energy is an independent oil and gas company focused on developing its acreage positions in the Eagle Ford shale of South Texas and the Tuscaloosa Marine Shale.
- They have a large Eagle Ford position with over 200,000 net acres and over 3,000 potential drilling locations. Production has grown significantly from less than 1,000 boe/d at IPO to over 51,000 boe/d currently.
- The presentation provides 2016 capital and production guidance, showing a continued focus on cost reductions to optimize financial flexibility in the current commodity price environment.
- Denbury Resources is an oil and gas company focused on CO2 enhanced oil recovery (EOR) in the Gulf Coast and Rocky Mountain regions of the United States.
- CO2 EOR has the potential to recover billions of barrels of additional oil at Denbury's fields and elsewhere in the US. Denbury owns extensive CO2 pipelines and reserves that provide a strategic advantage for their EOR operations.
- In response to low oil prices, Denbury is focusing on reducing costs, optimizing their business, reducing debt, and preserving cash and liquidity.
This document provides an investor presentation for Devon Energy. It summarizes Devon's competitive advantages in the STACK and Delaware Basin areas, with over 30,000 potential locations. Devon's 2020 vision is to further high-grade its asset portfolio, expand per-unit margins, improve its balance sheet strength, and focus on financial returns. Key projects highlighted include the Showboat and Anaconda developments in the STACK and Delaware Basin, aimed at co-developing multiple zones to increase efficiencies.
EnerCom’s The Oil and Gas Conference 21 PresentationApproachResources
The document discusses forward-looking statements and provides cautionary statements regarding oil and gas quantities estimates. It then provides an overview of the company, noting it has an enterprise value of $588 million with 167 million barrels of oil equivalent of proved reserves, of which 63% are liquids. It also discusses the company's Permian Basin assets which include 139,000 gross acres and an estimated 1 billion barrels of oil equivalent of unrisked resource potential from 1,800 identified drilling locations.
AREX 2016 Wells Fargo West Coast Energy PresentationApproachResources
The document discusses AREX's operations in the Permian Basin, including its 167 million barrels of oil equivalent proved reserves, low cost structure, extensive drilling inventory, and significant resource potential from the Wolfcamp shale play. AREX has implemented enhanced completion designs that outperform type curves and reduced its lease operating expenses through the use of a centralized water recycling facility that lowers drilling and completion costs by reusing flowback and produced water.
SandRidge Energy has built a portfolio focused on three oil-weighted project areas: NW STACK, North Park Niobrara, and Mississippian. In 2017, the company will continue developing these areas, turning company oil production positive in late 2017. SandRidge has $563 million in liquidity and a moderate capital program focused on high-grading existing positions.
The document summarizes Arex Energy's second quarter 2016 results. It discusses:
- Low operating costs of $4.56 per barrel of oil equivalent and record low drilling and completion costs of $3.7 million per well.
- Average production of 12.6 thousand barrels of oil equivalent per day, exceeding guidance. New wells are outperforming type curves.
- Revenues of $22.4 million and EBITDAX of $13.7 million. Capital expenditures were $6.9 million, aligned with cash flow. The company has $51 million in liquidity.
Denbury Resources reported operational and financial results for 3Q17. Production was impacted by Hurricane Harvey but no long-term damage occurred. Denbury is focusing on reducing costs, maximizing asset value, and improving its balance sheet. It has identified opportunities to develop horizontal wells in the Mission Canyon interval of the Cedar Creek Anticline, which could unlock significant resource potential with attractive economics. Total operating costs for the quarter were $21.22 per BOE.
Company website presentation (c) february 2017AnteroResources
The document provides an overview of Antero Resources Corporation. It contains forward-looking statements regarding estimates, plans, expectations and guidance. It also cautions that actual results could differ materially from forward-looking statements due to risks and uncertainties. The document then provides details on Antero's market capitalization, reserves, production, acreage position, and drilling inventory to support long-term growth plans. Antero has over 8,000 potential drilling locations that provide multi-year development opportunities on its large, consolidated acreage position in the Marcellus and Utica shale plays.
Sandridge Energy presented its operational plan and investment thesis. Key points include:
- Focus on high-grading its Mid-Continent assets and appraising new zones while developing its North Park Niobrara acreage position.
- North Park Niobrara drilling is showing encouraging early results and potential upside through extended laterals and additional benches.
- The company has a strong balance sheet, $536 million in liquidity, and minimal covenants following its restructuring providing financial flexibility.
This document provides information about EOG Resources, Inc. (EOG), an oil and gas exploration and production company. It discusses EOG's stock symbol and dividend, shares outstanding, and investor relations contacts. The document also provides summaries of EOG's second quarter 2016 results, including increasing its premium well inventory and resource potential. It outlines EOG's strategy of shifting capital to premium wells with higher returns, and provides projections for oil production and cost reductions through 2020.
Denbury Resources presented at the Capital One Securities 12th Annual Energy Conference on December 6, 2017. Denbury has 254 million barrels of proved oil reserves and an estimated 900 million barrels of proved plus potential reserves recoverable through CO2 enhanced oil recovery. The company has a large CO2 supply and pipeline network across the Gulf Coast and Rocky Mountain regions. Denbury is focused on reducing costs by over $50 million in 2018, unlocking value from its asset base, and improving its balance sheet position through debt reduction and potential asset sales.
NYSE:DNR is an oil and gas company focused on CO2 enhanced oil recovery. It owns over 1,100 miles of CO2 pipelines and has significant CO2 reserves. Its core assets have long lives and large estimated original oil in place that could potentially be recovered through CO2 flooding. The company is reducing costs and debt in response to low oil prices while continuing to optimize its operations and preserve liquidity. It provided 2016 capital and production guidance focused on its low decline, oil-weighted assets.
Jp morgan 2017 global high yield leveraged finance conference finalDenbury
- Denbury is an oil and gas company focused on enhanced oil recovery using carbon dioxide flooding. Over 60% of its production comes from CO2 EOR projects.
- It has significant oil-weighted proved reserves of 260 MMBOE as well as substantial additional proved plus probable and possible reserves potential from identified CO2 EOR projects.
- Denbury has extensive CO2 pipeline infrastructure and owns natural underground CO2 resources, giving it a cost structure largely independent of oil prices.
Denbury Resources is an oil and gas company focused on enhanced oil recovery using carbon dioxide flooding. It operates in the Gulf Coast and Rocky Mountain regions of the United States. Denbury has over 1 billion barrels of proved and potential reserves that could be recovered through CO2 flooding. The company aims to grow its reserves and production through organic projects while maintaining spending within cash flows. Denbury also seeks to increase the sustainability of its operations by annually injecting millions of tons of industrial carbon dioxide into its oil reservoirs.
- Denbury Resources is an oil and gas company focused on enhanced oil recovery using carbon dioxide (CO2) flooding. Over 60% of its production comes from CO2 EOR projects.
- It has significant oil-weighted proved reserves of 260 million barrels of oil equivalent and potential additional reserves from tertiary recovery projects.
- In 2018, Denbury plans to spend $300-325 million on development projects focused on expanding CO2 EOR as well as exploitation projects, while maintaining spending within adjusted cash flow.
Denbury Resources is an oil and gas company focused on enhanced oil recovery from its assets in the Gulf Coast and Rocky Mountain regions. It has over 1 billion barrels of proved and tertiary recovery potential reserves. In 2018, Denbury plans to spend $300-325 million on development projects including expansions of tertiary recovery operations and exploitation drilling. This capital budget is expected to deliver 3% production growth to a range of 60,000-64,000 barrels of oil equivalent per day. Key growth drivers include response projects at Bell Creek field and exploitation of the Cedar Creek Anticline through horizontal drilling in the Mission Canyon formation. Denbury also has a large exploitation opportunity set that it aims to de-risk through an accelerated
The document discusses Denbury Resources' presentation at the 2018 J.P. Morgan Energy Conference. It provides an overview of Denbury, including its oil-weighted production, vertically integrated CO2 business, and significant CO2 enhanced oil recovery potential. It highlights Denbury's leading operating margins among peers and outlines its 2018 capital plan and production guidance. Additionally, it provides details on Denbury's plan to sanction CO2 enhanced oil recovery development at its Cedar Creek Anticline field, which has potential to recover over 400 million barrels of oil.
This document appears to be an earnings presentation by Denbury Resources (DNR) for the first quarter of 2018. It provides an overview of DNR's operational activities, including positive results from new horizontal wells drilled in the Mission Canyon field that exceeded expectations. It notes plans to drill additional wells across various fields in 2018. The presentation also provides a production overview by area for the first quarter and full year 2018 production guidance. It outlines DNR's priorities for the remainder of 2018, including further development and exploitation activities as well as financial objectives.
This document is a presentation by Denbury Resources for their 4Q17 earnings call. It includes an agenda for the presentation, cautionary statements, an overview and operational update from the CEO, and a financial review section. In the operational update, it summarizes Denbury's 2017 reserves, production by area and 2018 guidance, total operating costs, and highlights exploitation opportunities across their asset base including initial successes in Mission Canyon exploitation and opportunities in Tinsley and Hartzog Draw.
An updated investor slide presentation loaded with details about Range's operations in the Marcellus/Utica, and details about drilling in the northeast in general.
A fantastic presentation loaded with useful charts, maps, bullet points and more. Much of it focuses on Range's Marcellus (and northeast) shale drilling program, although other resource plays are covered as well. Range has done the industry (and their investors) a great service in releasing this presentation. Don't miss it!
A PowerPoint presentation from Range reviewing recent production and developments, delivered as part of their 1Q14 update. Lots of great information. In particular, MDN likes the following slides: 7, 11, 12-17, 31, 51, 53, 56. Take time to review the entire thing!
All Oil Companies Are Not Alike outlines Denbury Resources' strategy of acquiring mature oil fields and using carbon dioxide flooding techniques to recover additional oil reserves. Denbury has over 1 billion barrels of potential oil reserves accessible through CO2 enhanced oil recovery. They own or control over 1,000 miles of pipelines to transport CO2 to oil fields as well as strategic CO2 supply sources. Denbury focuses on applying proven CO2 flooding processes to repeatably grow production and reserves from its inventory of oil fields suitable for the technique.
August 2016 corporate_presentation_final Eclipse resourcesSteve Wittrig
Eclipse Resources is an oil and gas company focused on developing its 115,000 net acres in the core of the Utica Shale and 13,000 net acres in the Marcellus Shale. The presentation highlights Eclipse's strong operational performance, including increasing lateral lengths by 200% while decreasing drilling costs by 50% per foot. Eclipse plans to resume drilling activities in mid-2016 and grow production over 30% year-over-year in 2017 through completing DUCs and operating a one-rig program. The company also discusses its super-lateral drilling program aimed to significantly improve well returns through extending lateral lengths.
A presentation by Mike Middlebrook, vice president of Northern Marcellus Shale Division of Range Resources, delivered at the UBS conference on May 21, 2013. The presentaion focuses mostly on the Marcellus (and Utica) region, updating investors on Range's activities with shale drilling.
Rex Energy Corporate Presentation May 2013 - Including Upper Devonian DetailsMarcellus Drilling News
Rex Energy's May 2013 Corporate Presentation for investors. Slides 16 & 28 show details about Rex's Upper Devonian drilling activities. The Upper Devonian is a relatively new phenomenon in the northeast. The UD layer sits a few hundred feet above the Marcellus Shale layer and drillers are adopting a stacked play strategy of drilling the UD, Marcellus and Utica Shale--all in the same well bore.
The investor presentation issued by Magnum Hunter in September 2013. We believe this slide deck, or one very similar to this one, was used at the IPAA Oil & Gas Investment Symposium in San Francisco where MH CEO Gary Evans spoke. Slides #13-#27 are of interest to Marcellus Drilling News readers as they deal with MH's Marcellus and Utica Shale drilling operations and future plans. Some great charts, maps and pictures of operations in the Marcellus and Utica Shale!
Americas Petrogas Inc. holds over 1.37 million net acres in Argentina's Neuquén Basin where it has discovered significant oil and gas resources in Vaca Muerta shale formations with thicknesses up to 562 meters. It also has potash resources in Peru that could support a low-cost fertilizer project. The company has conventional reserves of 4.27 million barrels of oil and 36.9 billion cubic feet of gas in Argentina and unrisked prospective shale resources of over 2.25 billion barrels of oil and 35.8 trillion cubic feet of gas across its acreage. The regulatory environment in Argentina for developing these resources is improving with a new natural gas price of $7.50 per MMBtu
Similar to J.p. morgan 2017 energy equity conference final (20)
This corporate presentation provides an overview of Denbury Resources, a company that uses carbon dioxide enhanced oil recovery (CO2 EOR) to produce oil from mature oil fields. Some key points:
- Denbury has over 1,100 miles of CO2 pipelines and a large inventory of mature oil fields that it acquires and develops using CO2 EOR.
- CO2 EOR has provided Denbury with a 29% compound annual growth rate in production since 1999 and over 90 million barrels of oil produced to date.
- Denbury estimates there are over 1 billion barrels of potential oil reserves recoverable across its Gulf Coast and Rocky Mountain regions using CO2 EOR.
2013 05 ir presentation - 1 q13 earnings final-v001_x4807eDenbury
Denbury Resources is an oil and gas company that focuses on enhanced oil recovery using carbon dioxide (CO2) flooding. It has over 1,100 miles of CO2 pipelines and a large inventory of mature oil fields. Denbury acquires mature oil fields and recovers additional oil reserves through CO2 flooding, which can recover up to 17% of original oil left behind by primary and secondary recovery methods. Denbury estimates it has the potential to recover over 1 billion barrels of additional oil through CO2 flooding across its asset base. The company anticipates a decade of low teens annual growth in CO2 enhanced oil recovery production.
This corporate presentation from Denbury Resources outlines their business model of using carbon dioxide (CO2) enhanced oil recovery (EOR) to extract oil from mature oil fields. Denbury has over 1 billion barrels of potential oil reserves recoverable through CO2 EOR across their two key regions. Their strategy relies on strategic CO2 supply from pipelines over 1,100 miles long and a large inventory of oil fields. They expect a decade of low teens annual production growth through repeating their successful CO2 EOR process across multiple fields.
1) Denbury Resources is an oil and gas company that focuses on enhanced oil recovery using carbon dioxide injections.
2) They have a large inventory of mature oil fields well-suited for CO2 injections and own over 1,000 miles of pipelines to transport CO2.
3) CO2 enhanced oil recovery can recover significant amounts of additional oil, almost as much as primary and secondary recovery combined, extending the productive life of oil fields.
Denbury Resources is a leading CO2 enhanced oil recovery (EOR) company in the US with unique advantages. It has over 1 billion barrels of potential oil reserves recoverable through EOR using CO2, with infrastructure in place to access secure CO2 supplies. Denbury has achieved 30% compound annual growth in EOR production over 12 years through its scale, performance, and platform. It aims to sustainably grow EOR production 13-15% annually through 2020.
Denbury Resources is a leading CO2 enhanced oil recovery (EOR) company in the US with unique advantages. It has over 1 billion barrels of potential oil reserves recoverable through EOR using CO2, with infrastructure in place to access secure CO2 supplies. Denbury has achieved 30% compound annual growth in EOR production over 12 years through its scale, performance, and platform. It aims to sustainably grow EOR production 13-15% annually through 2020.
7 Ways to Verify the Legitimacy of DHS Ventures with Fernando Aguirre Guidanc...Fernando Aguirre DHS
Discover how DHS Ventures & Holdings, led by Fernando Aguirre, ensures legitimacy in corporate acquisitions, such as their recent purchase of Carolco Enterprises. This presentation explores seven crucial steps to verify their credibility, from thorough background research and financial transparency to industry reputation and strategic vision. Learn how DHS Ventures navigates regulatory compliance and consults with experts to maintain ethical standards and achieve long-term goals in global film production. Gain insights into their leadership and commitment to transparency in corporate transactions. Is DHS Ventures Legit? Find out through this comprehensive exploration of their practices and principles.
PEACE COIN Community Relations Report_EN_2024PEACE COIN
Our Community Relations Report 2024 is now available
We have released the Community Relations Report 2024, "'A Structure for Visualizing the Circulation of Social Capital."
This report provides a clear and concise introduction to the features of PEACE COIN, its future direction, and case studies of communities that have adopted it.
2. NYSE: DNR 2www.denbury.com
Cautionary Statements
Forward-Looking Statements: The data and/or statements contained in this presentation that are not historical facts are forward-looking statements, as that term is defined in Section 21E of the Securities
Exchange Act of 1934, as amended, that involve a number of risks and uncertainties. Such forward-looking statements may be or may concern, among other things, financial forecasts, future hydrocarbon
prices and timing and degree of any price recovery versus the length or severity of the current commodity price downturn, current or future liquidity sources or their adequacy to support our anticipated
future activities, our ability to further reduce our debt levels, possible future write-downs of oil and natural gas reserves, together with assumptions based on current and projected oil and gas prices and
oilfield costs, current or future expectations or estimations of our cash flows, availability of capital, borrowing capacity, future interest rates, availability of advantageous commodity derivative contracts or
the predicted cash flow benefits therefrom, forecasted capital expenditures, drilling activity or methods, including the timing and location thereof, estimated timing of commencement of carbon dioxide
(CO2) flooding of particular fields or areas, dates of completion of to-be-constructed industrial plants and the initial date of capture of CO2 from such plants, timing of CO2 injections and initial production
responses in tertiary flooding projects, acquisition plans and proposals and dispositions, development activities, finding costs, anticipated future cost savings, capital budgets, interpretation or prediction of
formation details, production rates and volumes or forecasts thereof, hydrocarbon reserve quantities and values, CO2 reserves and supply and their availability, potential reserves, barrels or percentages of
recoverable original oil in place, potential increases in regional or worldwide tariffs or other trade restrictions, the likelihood, timing and impact of increased interest rates, the impact of regulatory rulings or
changes, anticipated outcomes of pending litigation, prospective legislation affecting the oil and gas industry, environmental regulations, mark-to-market values, competition, long-term forecasts of
production, rates of return, estimated costs, changes in costs, future capital expenditures and overall economics, worldwide economic conditions and other variables surrounding our estimated original oil in
place, operations and future plans. Such forward-looking statements generally are accompanied by words such as “plan,” “estimate,” “expect,” “predict,” “forecast,” “to our knowledge,” “anticipate,”
“projected,” “preliminary,” “should,” “assume,” “believe,” “may” or other words that convey, or are intended to convey, the uncertainty of future events or outcomes. Such forward-looking information is
based upon management’s current plans, expectations, estimates, and assumptions and is subject to a number of risks and uncertainties that could significantly and adversely affect current plans,
anticipated actions, the timing of such actions and our financial condition and results of operations. As a consequence, actual results may differ materially from expectations, estimates or assumptions
expressed in or implied by any forward-looking statements made by us or on our behalf. Among the factors that could cause actual results to differ materially are fluctuations in worldwide oil prices or in
U.S. oil prices and consequently in the prices received or demand for our oil and natural gas; decisions as to production levels and/or pricing by OPEC in future periods; levels of future capital expenditures;
effects of our indebtedness; success of our risk management techniques; inaccurate cost estimates; availability of and fluctuations in the prices of goods and services; the uncertainty of drilling results and
reserve estimates; operating hazards and remediation costs; disruption of operations and damages from well incidents, hurricanes, tropical storms, or forest fires; acquisition risks; requirements for capital
or its availability; conditions in the worldwide financial, trade and credit markets; general economic conditions; competition; government regulations, including changes in tax or environmental laws or
regulations; and unexpected delays, as well as the risks and uncertainties inherent in oil and gas drilling and production activities or that are otherwise discussed in this presentation, including, without
limitation, the portions referenced above, and the uncertainties set forth from time to time in our other public reports, filings and public statements including, without limitation, the Company’s most recent
Form 10-K.
Note to U.S. Investors: Current SEC rules regarding oil and gas reserves information allow oil and gas companies to disclose in filings with the SEC not only proved reserves, but also probable and possible
reserves that meet the SEC’s definitions of such terms. We disclose only proved reserves in our filings with the SEC. Denbury’s proved reserves as of December 31, 2015 and December 31, 2016 were
estimated by DeGolyer and MacNaughton, an independent petroleum engineering firm. In this presentation, we may make reference to probable and possible reserves, some of which have been estimated
by our independent engineers and some of which have been estimated by Denbury’s internal staff of engineers. In this presentation, we also may refer to estimates of original oil in place, resource or
reserves “potential”, barrels recoverable or technically recoverable, or other descriptions of volumes potentially recoverable, which in addition to reserves generally classifiable as probable and possible (2P
and 3P reserves), include estimates of resources that do not rise to the standards for possible reserves, and which SEC guidelines strictly prohibit us from including in filings with the SEC. These estimates, as
well as the estimates of probable and possible reserves, are by their nature more speculative than estimates of proved reserves and are subject to greater uncertainties, and accordingly the likelihood of
recovering those reserves is subject to substantially greater risk.
3. NYSE: DNR 3www.denbury.com
Reserves
YE 2016
• Proved: 254 MMBOE (58% CO2 EOR, 97% Oil)
• Proved + EOR Potential: ~900 MMBOE
CO2
Supply
• Proved Reserves: 6.5 Tcf
• Plus significant quantities of industrial-sourced CO2
Production
1Q17
• 59,933 BOE/d (62% CO2 EOR, 97% Oil)
CO2
Pipelines
• >1,100 miles
Experience
• Nearly 2 decades of CO2 EOR Production
• Produced over 155 million gross barrels from CO2 EOR
A Different Kind of Oil Company
Rocky
Mountain
Region
Headquarters
Gulf Coast
Region
– CO2 enhanced oil recovery (“CO2 EOR”) is our core focus
– We have uniquely long-lived & lower-risk assets with extraordinary
resource potential
– Owning and controlling the CO2 supply and infrastructure provides our
strategic advantage
– “We bring old oil fields back to life!”
OPERATING
AREAS
4. NYSE: DNR 4www.denbury.com
CO2 EOR can produce about as much oil as
primary or secondary recovery(1)
CO2 EOR Process
17%
18%
20%
RecoveryofOriginalOilinPlace
(“OOIP”)
CO2 EOR
(Tertiary)
Secondary
(Waterfloods)
Primary
1) Based on OOIP at Denbury’s Little Creek Field
~
~
~
CO2 moves through formation mixing with oil, expanding
and moving it toward producing wells
CO2 Pipeline
CO2 Injection Well
Production Well
Oil Formation
5. NYSE: DNR 5www.denbury.com
1) Source: 2013 DOE NETL Next Gen EOR.
2) Total estimated recoveries on a gross basis utilizing CO2 EOR.
U.S. Lower-48 CO2 EOR Potential
33-83 Billion of Technically
Recoverable Oil(1,2)
(amounts in billions of barrels)
Permian 9-21
East & Central Texas 6-15
Mid-Continent 6-13
California 3-7
South East Gulf Coast 3-7
Rockies 2-6
Other 0-5
Michigan/Illinois 2-4
Williston 1-3
Appalachia 1-2
Up to 83 Billion Barrels of Technically Recoverable Oil(1)(2)
6. NYSE: DNR 6www.denbury.com
1) Total estimated recoveries on a gross basis utilizing CO2
EOR, based on a variety of recovery factors.
2) Source: 2013 DOE NETL Next Gen EOR.
3) Using approximate mid-points of ranges, based on a
variety of recovery factors.
Up to 16 Billion Gross EOR Barrels Recoverable(1) in Our Two Core Operating Areas
2.8 to 6.6
Billion Barrels
Estimated Recoverable in
Rocky Mountain Region(2)
Denbury-operated fields represent
~10% of total potential(3)
3.7 to 9.1
Billion Barrels
Estimated Recoverable in
Gulf Coast Region(2)
Existing or Proposed CO2 Source
Owned or Contracted
Existing Denbury CO2 Pipelines
Denbury owned oil fields
Planned Denbury CO2 Pipelines
MT ND
TX
MS AL
WY
LA
7. NYSE: DNR 7www.denbury.com
Gulf Coast Region
Vast CO2 Supply and Distribution Capacity in Texas, Louisiana & Mississippi
Jackson Dome
Citronelle
(2)
Tinsley
Martinville
Heidelberg
Soso
Eucutta
Yellow Creek
Brookhaven
Mallalieu
Little Creek
Olive
McComb
Delhi
Cranfield
Lockhart
Crossing
Hastings
Conroe
Thompson
Webster
~90 Miles
Cost: ~$220MM
Green Pipeline
~325 Miles
Oyster Bayou(3)
20 MMBbls
Tinsley(3)
25 MMBbls
Mature Area(3)
60 MMBbls
Manvel
Houston Area(3)
~100 - 200 MMBbls
Hastings 30 - 70 MMBbls
Webster 40 - 75 MMBbls
Thompson 20 - 40 MMBbls
Manvel 8 - 12 MMBbls
Delhi(3)
30 MMBOEs
Conroe(3)
130 MMBbls
Oyster Bayou
Heidelberg(3)
30 MMBbls
TX
LA
MS
AL
Cumulative Production
15 – 50 MMBOE
50 – 100 MMBOE
> 100 MMBOE
Denbury Owned Fields – Current CO2 Floods
Denbury Owned Fields – Potential CO2 Floods
Fields Owned by Others – CO2 EOR Candidates
Reserves Summary(1)
Tertiary Reserves:
Proved 130
Potential 320
Non-Tertiary Reserves:
Proved 22
Total MMBOE(2) 472
Pipelines
Denbury Operated Pipelines
Denbury Planned Pipelines
1) Proved tertiary and non-tertiary oil and natural gas reserves based upon
year-end 12/31/16 SEC pricing. Potential includes probable and possible
tertiary reserves estimated by the Company as of 12/31/16 (with the
exception of West Yellow Creek, estimated as of 3/31/17), using the
mid-point of ranges, based upon a variety of recovery factors and long-
term oil price assumptions, which also may include estimates of
resources that do not rise to the standards of possible reserves. See
slide 2, “Cautionary Statements” for additional information.
2) Total reserves in this table represent total proved plus potential tertiary
reserves, using the mid-point of ranges, plus proved non-tertiary
reserves, but excluding additional potential related to non-tertiary
exploitation opportunities.
3) Field reserves shown are estimated proved plus potential tertiary
reserves.
West Yellow Creek(3)
5 -10 MMBbls
8. NYSE: DNR 8www.denbury.com
Rocky Mountain Region
Control of CO2 Sources & Pipeline Infrastructure Provides a Strategic Advantage
MONTANA
NORTH DAKOTA
Elk Basin
Shute
Creek
(XOM)
Lost
Cabin
(COP)
DGC Beulah
Riley
Ridge
Greencore Pipeline
232 Miles
~250 Miles
Cost:~$400MM
~110 Miles
Cost:~$150MM
Bell Creek(3)
20 - 40 MMBbls
Hartzog Draw(3)
30 - 40 MMBbls
Grieve(3)
5 MMBbls
Gas Draw(3)
10 MMBbls
Cedar Creek Anticline Area(3)
260 - 290 MMBbls
Pipelines & CO2 Sources
Denbury Pipelines
Denbury Planned Pipelines
Pipelines Owned by Others
Existing or Proposed CO2 Source - Owned or Contracted
Reserves Summary(1)
Tertiary Reserves:
Proved
Potential
19
336
Non-Tertiary Reserves:
Proved 84
Total MMBOE(2) 439
MT
ND
SD
WY
NE
Cumulative Production
15 – 50 MMBOE
50 – 100 MMBOE
> 100 MMBOE
Denbury Owned Fields – Current CO2 Floods
Denbury Owned Fields – Potential CO2 Floods
Fields Owned by Others – CO2 EOR Candidates
1) Proved tertiary and non-tertiary oil and natural gas reserves based upon year-
end 12/31/16 SEC pricing. Potential includes probable and possible tertiary
reserves estimated by the Company as of 12/31/16, using the mid-point of
ranges, based upon a variety of recovery factors and long-term oil price
assumptions, which also may include estimates of resources that do not rise to
the standards of possible reserves. See slide 2, “Cautionary Statements” for
additional information.
2) Total reserves in this table represent total proved plus potential tertiary
reserves, using the mid-point of ranges, plus proved non-tertiary reserves, but
excluding additional potential related to non-tertiary exploitation opportunities
and excluding Salt Creek Field potential reserves to be acquired.
3) Field reserves shown are estimated proved plus potential tertiary reserves.
4) Acquisition pursuant to definitive agreement to acquire 23% non-operated
working interest in the field. Expected to close in late June, subject to due
diligence and customary closing conditions. Field reserves shown are
estimated proved plus potential tertiary reserves.
Salt Creek(4)
25 - 35 MMBbls
Expected to
close June 2017
9. NYSE: DNR 9www.denbury.com
2017 Priorities
Continue to improve
balance sheet$
Stabilize production and
resume growth
Maintain and enhance
efficiencies gained through
the down-cycle
Pursue opportunities to
increase or accelerate
growth
10. NYSE: DNR 10www.denbury.com
Building Scale in Our Core Operating Areas
Rocky Mountain
Region
Salt Creek
Gulf Coast
Region
Salt Creek
WY
Combined
• Proved reserve additions
expected to replace
Denbury’s full-year 2017
production
• All-in F&D costs, including
acquisition costs, estimated
at ~$7/Bbl
• Estimated 2018 production
of 3,000 – 3,500 Bbls/d
• Initially funded by bank
line; potential to offset
with sale of non-productive
surface acreage in Houston
area
MS
West Yellow
Creek
West Yellow Creek
• Potential reserves: ~5 MMBbls
• First production: est. late 2017 or early
2018
• Acquisition cost: $16 million
• Estimated 2017 capital: <$10 million
• Contract for Denbury to sell CO2 to the
operator, providing additional cash flow
• PDP reserves: ~9 MMbls
• Estimated PUD reserves(1): ~9 MMbls
• Proved + Potential: 25-35 MMbls
• Current production: ~2,100 Bbls
• Acquisition cost: $71.5 million
• Accretive to near-term credit metrics based on
2018 estimated cash flow
• Minimal capital spend anticipated for 2017 &
2018
• Expected to close late June 2017
1) Reserves based on current development plans. See “Cautionary Statements” for additional information.
11. NYSE: DNR 11www.denbury.com
$175
$60
$10
$55
Tertiary Non-Tertiary CO2 Sources & Other Capitalized Items
2017 Development Capital Budget(1)
2017 Production Guidance
CONTINUING PRODUCTION (BOE/D)(3)
• Expect 2017 full-year production to be relatively flat with 2016
exit rate on capital spending of ~$300 million
• Anticipate slight production growth for 2018 based on current
assumptions and expectations
DEVELOPMENT CAPITAL BUDGET
(in millions)
• Primarily focused on expanding existing CO2 floods and other
infill opportunities
• Tertiary Projects
– Development at Hastings, Heidelberg, Delhi and Bell Creek
– Expand compression capacity at Oyster Bayou
– Conformance work
• Non-Tertiary Projects
– Cedar Creek Anticline
– Other exploitation opportunities
1) 2016 development capital spending and 2017 estimated development capital budget presented exclude acquisitions and capitalized interest. 2017 capitalized interest currently estimated at $20-$30 million.
2) Includes capitalized internal acquisition, exploration and development costs and pre-production tertiary startup costs.
3) Continuing production excludes production from properties sold in 2016. See slide 21 for more detail on continuing production.
(2)
2017 Capital Budget & Production Guidance
~$300 Million Total
62,998 60,000 58,000 - 62,000
2017E CapEx(1)
~$300 MM
2016 CapEx(1)
~$209 MM FY2016
2016
Exit
Rate 2017E
~
12. NYSE: DNR 12www.denbury.com
Jackson Dome
– Proved CO2 reserves as of 12/31/16: ~5.3 Tcf(1)
– Additional probable CO2 reserves as of 12/31/16: ~1.2 Tcf
– Currently producing at less than 60% of capacity
Industrial-Sourced CO2
– Air Products (hydrogen plant): ~45 MMcf/d
– PCS Nitrogen (ammonia products): ~20 MMcf/d
– Mississippi Power (power plant): ~160 MMcf/d(2)
LaBarge Area
– Estimated field size: 750 square miles
– Estimated recoverable CO2: 100 Tcf
Shute Creek - ExxonMobil Operated
• Proved reserves as of 12/31/16: ~1.2 Tcf
• Denbury has a 1/3 overriding royalty interest and
could receive up to ~115 MMcf/d of CO2 by 2021 at
current plant capacity
Riley Ridge – Denbury Operated
• Future potential source of CO2: ~2.8 Tcf
• Gas processing facility shut-in since mid-2014 due to
facility issues and sulfur build-up in gas supply wells
• Evaluation of issues and corrective options ongoing
Lost Cabin – ConocoPhillips Operated
– Denbury could receive up to ~40 MMcf/d of CO2 at
current plant capacity
Gulf Coast CO2 Supply Rocky Mountain CO2 Supply
1) Reported on a gross (8/8th’s) basis.
2) Estimated startup in 2017. Volumes presented are based upon preliminary projections from Mississippi Power once the power plant is running at full capacity, which is currently estimated to occur in ~2020.
Abundant CO2 Supply & No Significant Capital Required for Several Years
13. NYSE: DNR 13www.denbury.com
3.03
2.71
2.17
2.70
1.97 2.13 2.17
2.40
2.86
$-
$0.10
$0.20
$0.30
$0.40
$0.50
$-
$1.00
$2.00
$3.00
$4.00
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17
-
200
400
600
800
1,000
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17
41%
REDUCTION SINCE 1Q15
979
TotalCompanyInjectedVolumes
(MMcf/d)
CO2CostsperMcfofCO2
1) CO2 costs in 4Q15 include workovers carried out at Jackson Dome of $3 million, or $0.46 per BOE.
(1)
Industrial-sourced CO2
Jackson Dome CO2
762
678 705
634
459
CO2CostsperBOE
74%
26%
82%
18%
458
18%
REDUCTION SINCE 4Q15
545
CO2 Utilization & Cost Summary
576
14. NYSE: DNR 14www.denbury.com
$2,826
$3,310
$355
$215
$615$623
$773
$622
2017 2018 2019 2020 2021 2022 2023
Bank Credit Facility:
• $623 million in liquidity
as of 3/31/17
• $385 million basket for
additional junior lien debt
• No near-term covenant
concerns at current strip
prices
Debt Reductions (as of 3/31/17):
• 15% reduction in total debt
principal since YE15
• 21% reduction in total debt
principal since YE14
$484 Million –
Total Debt
Principal
Reduction
since YE15
Ample Liquidity
& No Near-Term
Maturities(1)
12/31/15
Total Debt
Principal
3/31/17
Total Debt
Principal(2)
Change in Bank
Revolver &
Other
$46
2021
$1,050
Undrawn
& Available
Drawn
Sr. Subordinated NotesSr. Secured Bank Credit Facility Sr. Secured Second Lien Notes
6.375% 5.50% 4.625%9%
LC’s
Borrowing Base
12/31/14
Total Debt
Principal
1) All balances presented as of 3/31/17.
2) Excludes $229 million of future interest payable on the 9% Senior Secured Second Lien Notes due 2021 accounted for as debt for financial reporting purposes.
Ample Liquidity & Significant Debt Reductions
$ in millions
$ in millions
Maturity Date
$2,780
12/31/16
Total Debt
Principal
$3,571
15. NYSE: DNR 15www.denbury.com
Revised Financial Covenants and Pricing Grid
2017
2018
2019
Q1 Q2 Q3 Q4
N/A
3.0x 2.5x
1.25x
1) Based solely on bank debt.
Increased Flexibility in Recent Bank Amendment
Utilization Based Libor margin (bps) ABR margin (bps)
X >90% 350 250
>=75% X <90% 325 225
>=50% X <75% 300 200
>=25% X <50% 275 175
X <25% 250 150
Item Updates
Commitments & Borrowing Base • Reaffirmed at $1.05 billion
Total Net Debt to EBITDAX (max) • Eliminated covenant
Senior Secured Debt(1) to EBITDAX (max)
• 3.0x ratio extended through Q1 2018
• 2.5x ratio added through remaining
term of facility
EBITDAX to Interest Charges (min)
• Extended through remaining term of
facility
Pricing Grid
• Increased by 50 bps
16. NYSE: DNR 16www.denbury.com
Detail as of May 31, 2017 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18
Swaps
WTI NYMEX
Fixed-Price
Swaps
Volumes Hedged (Bbls/d) 22,000 — — 3,000 3,000 3,000 3,000
Swap Price(1) $43.99 — — $50.20 $50.20 $50.20 $50.20
Argus LLS
Fixed-Price
Swaps
Volumes Hedged (Bbls/d) 7,000 — — — — — —
Swap Price(1) $45.35 — — — — — —
Collars
WTI NYMEX
Collars
Volumes Hedged (Bbls/d) — — 1,000 — — — —
Floor/Ceiling Price(1) — — $40/$70 — — — —
WTI NYMEX
3-Way Collars
Volumes Hedged (Bbls/d) — 14,500 11,000 3,000 3,000 3,000 3,000
Sold Put Price/Floor/Ceiling
Price(1)(2) — $30/$40/$69.09 $30/$40/$69.67 $37.50/$47.50/$56.45 $37.50/$47.50/$56.45 $37.50/$47.50/$56.45 $37.50/$47.50/$56.45
Argus LLS
Collars
Volumes Hedged (Bbls/d) — — — — — — —
Floor/Ceiling Price(1) — — — — — — —
Argus LLS
3-Way Collars
Volumes Hedged (Bbls/d) — 2,000 1,000 — — — —
Sold Put Price/Floor/Ceiling
Price(1)(2) — $31/$41/$69.25 $31/$41/$70.25 — — — —
Total Volumes Hedged 29,000 16,500 13,000 6,000 6,000 6,000 6,000
1) Averages are volume weighted.
2) If oil prices were to average less than the sold put price, receipts on settlement would be limited to the difference between the floor price and sold put price.
Oil Hedge Protection
17. NYSE: DNR 17www.denbury.com
Key Takeaways
• Stabilize production and resume growth as oil prices improve
• Continue to improve balance sheet
• Maintain and enhance efficiencies gained through the down-cycle
• Pursue opportunities to increase or accelerate growth
Our
Advantages
Looking
Ahead
• Long-Term Visibility
– Low decline, long-lived and low risk assets
– Tremendous resource potential
• Capital Flexibility
– Relatively low capital intensity
– Adaptable to the oil price environment
• Competitive Advantages
– Large inventory of oil fields
– Strategic CO2 supply and over 1,100 miles of CO2 pipelines
19. NYSE: DNR 19www.denbury.com
CO2 EOR is a Proven Process
0
50
100
150
200
250
300
1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014
MBbls/d
Gulf Coast/Other
Mid-Continent
Rocky Mountains
Permian Basin
CO2 EOR Oil Production by Region(1)
Jackson
Dome
Bravo Dome
LaBarge
Lost Cabin
DGC
McElmo Dome
Naturally Occurring CO2 Source
Industrial-Sourced CO2
Port Arthur
Geismar
MS Power(2)
Sheep Mountain
1) Source: Advanced Resources International
2) Estimated startup in 2017.
Significant CO2 Supply by Region
Gulf Coast Region
» Jackson Dome, MS (Denbury Resources)
» Port Arthur, TX (Denbury Resources)
» Geismar, LA (Denbury Resources)
» Mississippi Power (Denbury Resources)
Permian Basin Region
» Bravo Dome, NM (Kinder Morgan, Occidental)
» McElmo Dome, CO (ExxonMobil, Kinder Morgan)
» Sheep Mountain, CO (ExxonMobil, Occidental)
Rocky Mountain Region
» LaBarge, WY (ExxonMobil, Denbury Resources)
» Lost Cabin, WY (ConocoPhillips)
Canada
» Dakota Gasification (Cenovus, Apache)
Significant CO2 EOR Operators by Region
Gulf Coast Region
» Denbury Resources
Permian Basin Region
» Occidental » Kinder Morgan
Rocky Mountain Region
» Denbury Resources
» Devon
» FDL
» Chevron
Canada
» Cenovus » Apache
20. NYSE: DNR 20www.denbury.com
Commitments & borrowing base $1.05 billion
Scheduled redeterminations Semi-annually – May 1st and November 1st
Maturity date December 9, 2019
Permitted bond repurchases Up to $225 million of bond repurchases (~$148 million remaining as of 3/31/2017)
Junior lien debt
Allows for the incurrence of up to $1 billion of junior lien debt (subject to customary
requirements) (~$385 million remaining as of 3/31/2017)
Anti-hoarding provisions If > $250 million borrowed, unrestricted cash held in accounts is limited to $225 million
Pricing grid
1) Based solely on bank debt.
Senior Secured Bank Credit Facility Info
Utilization Based Libor margin (bps) ABR margin (bps) Undrawn pricing (bps)
X >90% 350 250 50
>=75% X <90% 325 225 50
>=50% X <75% 300 200 50
>=25% X <50% 275 175 50
X <25% 250 150 50
Financial Performance Covenants 2017
2018
2019Q1 Q2 Q3 Q4
Senior secured debt(1) to EBITDAX (max) 3.0x 2.5x
EBITDAX to interest charges (min) 1.25x
Current ratio (min) 1.0x
21. NYSE: DNR 21www.denbury.com
Production by Area
Average Daily Production (BOE/d)
Field 2014 2015 1Q16 2Q16 3Q16 4Q16 2016 1Q17
Mature area(1) 11,817 10,830 9,666 9,415 8,653 8,440 9,040 8,111
Delhi 4,340 3,688 3,971 3,996 4,262 4,387 4,155 4,991
Hastings 4,777 5,061 5,068 4,972 4,729 4,552 4,829 4,288
Heidelberg 5,707 5,785 5,346 5,246 5,000 4,924 5,128 4,730
Oyster Bayou 4,683 5,898 5,494 5,088 4,767 4,988 5,083 5,075
Tinsley 8,507 8,119 7,899 7,335 6,756 6,786 7,192 6,666
Bell Creek 1,248 2,221 3,020 3,160 3,032 3,269 3,121 3,209
Total tertiary production 41,079 41,602 40,464 39,212 37,199 37,346 38,548 37,070
Gulf Coast non-tertiary 9,138 8,526 7,370 5,577 5,735 6,457 6,284 6,170
Cedar Creek Anticline 18,834 17,997 17,778 16,325 16,017 15,186 16,322 15,067
Other Rockies non-tertiary 3,106 2,743 2,070 1,862 1,763 1,696 1,844 1,626
Total non-tertiary production 31,078 29,266 27,218 23,764 23,515 23,339 24,450 22,863
Total continuing production 72,157 70,868 67,682 62,976 60,714 60,685 62,998 59,933
2016 property divestitures 2,275 1,993 1,669 1,530 819 — 1,005 —
Total production 74,432 72,861 69,351 64,506 61,533 60,685 64,003 59,933
1) Mature area includes Brookhaven, Cranfield, Eucutta, Little Creek, Lockhart Crossing, Mallalieu, Martinville, McComb, and Soso fields.
23. NYSE: DNR 23www.denbury.com
Analysis of Total Operating Costs
Total Operating Costs $/BOE
2014 2015 1Q16 2Q16 3Q16 4Q16 2016 1Q17
CO2 Costs $3.79 $2.66 $1.97 $2.13 $2.17 $2.40 $2.16 $2.86
Power & Fuel 5.93 5.59 5.26 5.02 5.39 5.53 5.29 5.93
Labor & Overhead 5.44 5.31 5.09 5.22 5.44 5.95 5.41 6.34
Repairs & Maintenance 1.45 1.33 0.80 0.73 0.98 0.83 0.84 0.95
Chemicals 1.37 1.14 0.97 0.90 1.18 1.06 1.02 1.15
Workovers 4.23 2.40 1.22 1.99 2.02 2.33 1.87 2.65
Other 1.89 1.38 0.92 1.05 1.05 0.88 0.97 1.23
Total Normalized LOE(1) $24.10 $19.81 $16.23 $17.04 $18.23 $18.98 $17.56 $21.11
Special or Unusual Items(2) (0.26) (0.51) — — — — — —
Thompson Field Repair Costs(3) — 0.07 — — 0.59 — 0.15 —
Total LOE $23.84 $19.37 $16.23 $17.04 $18.82 $18.98 $17.71 $21.11
Oil Pricing
NYMEX Oil Price $92.95 $48.85 $33.73 $45.56 $45.02 $49.25 $43.41 $51.95
Realized Oil Price(4) $90.74 $47.30 $30.71 $43.38 $43.45 $48.03 $41.12 $50.31
1) Normalized LOE excludes special or
unusual items and Thompson Field
repair costs (see footnote 2 and 3
below), but includes $12MM of
workover expenses at Riley Ridge
during 2014.
2) Special or unusual items consist of
Delhi remediation charges, net of
insurance reimbursements ($7MM) in
2014, and a reimbursement for a
retroactive utility rate adjustment
($10MM) and an insurance
reimbursement for previous well
control costs ($4MM), both in 2015.
3) Represents repair costs to return
Thompson Field to production
following weather-related flooding in
2Q16 and 2Q15.
4) Excludes derivative settlements.
24. NYSE: DNR 24www.denbury.com
Analysis of Tertiary Operating Costs
Tertiary Operating Costs $/Bbl
2014 2015 1Q16 2Q16 3Q16 4Q16 2016 1Q17
CO2 Costs $6.87 $4.65 $3.38 $3.51 $3.59 $3.89 $3.59 $4.62
Power & Fuel 7.46 6.72 5.98 5.62 6.08 6.15 5.96 6.52
Labor & Overhead 5.04 4.81 4.54 4.18 4.45 4.78 4.49 4.99
Repairs & Maintenance 0.90 1.02 0.71 0.77 0.83 0.75 0.76 0.97
Chemicals 1.36 1.10 0.96 1.06 1.26 1.19 1.12 1.26
Workovers 3.15 1.85 0.85 2.04 1.55 1.94 1.59 2.13
Other 0.90 0.62 0.47 0.50 0.31 0.34 0.39 0.39
Total Normalized LOE(1) $25.68 $20.77 $16.89 $17.68 $18.07 $19.04 $17.90 $20.88
Special or Unusual Items(2) (0.47) (0.90) — — — — — —
Total LOE $25.21 $19.87 $16.89 $17.68 $18.07 $19.04 $17.90 $20.88
Oil Pricing
NYMEX Oil Price $92.95 $48.85 $33.73 $45.56 $45.02 $49.25 $43.41 $51.95
Realized Oil Price(3) $94.65 $49.27 $31.70 $44.46 $44.11 $48.35 $41.99 $50.35
1) Normalized LOE excludes
special or unusual items. See
(2) below.
2) Special or unusual items
consist of Delhi remediation
charges, net of insurance
reimbursements ($7MM) in
2014, and a reimbursement for
a retroactive utility rate
adjustment ($10MM) and an
insurance reimbursement for
previous well control costs
($4MM), both in 2015.
3) Excludes derivative
settlements.
25. NYSE: DNR 25www.denbury.com
2017
Phase 5
Phase 8
Phase 7
Phase 9
Phase 6
Phases 1-4
(Current)
Bell Creek
Phase 5 CO2 EOR
Development
2017 Capital Budget Highlights
$175
$60
$10
$55
Tertiary Non-Tertiary
CO2 Sources & Other Capitalized Items(2)
Development Capital Budget(1)
~$300 MM Total
Tertiary $MM Non-Tertiary $MM
Bell Creek $25 Cedar Creek Anticline $25
Heidelberg $30 Exploitation $15
Hastings $30 Other $20
Tinsley $20 Total $60
Delhi $20
Other $50
Total $175
Fault Block A
(Current)
2017
Fault Blocks B/C
Fault Blocks D/E
Fault Blocks G-M
Hastings
Fault Block B/C
Upper Frio
Development
Heidelberg
Christmas Yellow Sand
Phase 1 & 2 Development
Christmas Red & Green
Sand Reconfigurations
Future
Future
Future
1) 2017 estimated development capital budget presented excludes acquisitions and capitalized interest.
2) Includes capitalized internal acquisition, exploration and development costs and pre-production tertiary startup costs.