Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nyse  >  Denbury Resources Inc.    DNR

DENBURY RESOURCES INC.

(DNR)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector news

Denbury Resources : First Quarter 2020 Results Presentation

share with twitter share with LinkedIn share with facebook
05/18/2020 | 08:56am EDT

1Q20 Earnings Presentation

May 18, 2020

Agenda

Introduction

  • John Mayer, Director of Investor Relations

Overview

  • Chris Kendall, President & Chief Executive Officer

Operational Update

  • David Sheppard, Senior Vice President - Operations

Financial Review

  • Mark Allen, Executive Vice President & Chief Financial Officer

N Y S E : D N R

2

Cautionary Statements

Forward-LookingStatements: 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 their volatility, current or future liquidity sources or their adequacy to support our anticipated future activities, our ability to refinance or extend the maturities of our long-term indebtedness which matures in 2021 and 2022, possible future write-downs of oil and natural gas reserves and the effect of these factors upon our ability to continue as a going concern, together with assumptions based on current and projected production levels, oil and gas prices and oilfield costs, current or future expectations or estimations of our cash flows or the impact of changes in commodity prices on cash flows, availability of capital, borrowing capacity, price and 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, the nature of any future asset purchases or sales or the timing or proceeds thereof, estimated timing of commencement of CO2 flooding of particular fields or areas, including Cedar Creek Anticline ("CCA"), or the availability of capital for CCA pipeline construction, or its ultimate cost or date of completion, timing of CO2 injections and initial production responses in tertiary flooding projects, 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, levels of tariffs or other trade restrictions, the likelihood, timing and impact of increased interest rates, the impact of regulatory rulings or changes, outcomes of pending litigation, prospective legislation affecting the oil and gas industry, environmental regulations, mark-to-market values, the extent and length of the drop in worldwide oil demand due to the COVID-19 coronavirus, competition, rates of return, estimated costs, changes in costs, future capital expenditures and overall economics, worldwide economic conditions, the likelihood and extent of an economic slowdown, and other variables surrounding 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 our ability to comply with the maximum permitted ratio of total net debt to consolidated EBITDAX maintenance financial covenant in our senior secured bank credit facility and the related impact on our ability to continue as a going concern, our ability to refinance our senior debt maturing in 2021 and the related impact on our ability to continue as a going concern, the outcome of any discussions with our lenders and bondholders regarding the terms of a potential restructuring of our indebtedness or recapitalization of the Company and any resulting dilution for our stockholders, 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; evolving political and military tensions in the Middle East; decisions as to production levels and/or pricing by OPEC or production levels by U.S. shale producers in future periods; levels of future capital expenditures; trade disputes and resulting tariffs or international economic sanctions; effects and maturity dates of our indebtedness; success of our risk management techniques; accuracy of our cost estimates; access to and or terms of credit in the commercial banking or other debt markets; 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, forest fires, or other natural occurrences; 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.

Statement Regarding Non-GAAPFinancial Measures: This presentation also contains certain non-GAAP financial measures including free cash flows, adjusted cash flows from operations, adjusted EBITDAX, and PV-10. Any non-GAAP measure included herein is accompanied by a reconciliation to the most directly comparable U.S. GAAP measure along with a statement on why the Company believes the measure is beneficial to investors, which statements are included at the end of this presentation.

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, 2018 and December 31, 2019 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 one or more of estimates of original oil in place, resource or reserves "potential," barrels recoverable, "risked" and "unrisked" resource potential, estimated ultimate recovery (EUR) 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.

N Y S E : D N R

3

Overview

Chris Kendall, President & Chief Executive Officer

N Y S E : D N R

4

Denbury, What We Are

A Unique Energy Business

  • ~65% of production via CO2 enhanced oil recovery (EOR)
  • Vertically integrated CO2 supply and distribution
  • Cost structure largely independent from industry

Industry Leader in Reducing CO2 Emissions

  • Annually injecting >3 million metric tons of industrial- sourced CO2 into our reservoirs
  • Potential to reach full carbon neutrality this decade with CCUS, including downstream Scope 3 emissions

Fundamentally Geared to Crude Oil

  • 98% oil, high exposure to Gulf Coast premium pricing
  • Superior crude quality (Mid-30's API gravity, low sulfur)

Relentless Focus on Execution and Results

  • Significant debt reduction and cost structure improvements since 2014
  • Track record of spending within cash flow

Value Sustaining with Organic Growth Upside

  • Over 1 billion BOE proved + EOR and exploitation potential

N Y S E : D N R

Rocky

Mountain

Region

1Q20 Production

55,965 BOE/d

YE19 Proved O&G Reserves

230 MMBOE

$2.6B PV-10 Value

YE19 Proved CO2 Reserves

5.9 Tcf

Plano HQ

Gulf Coast

Region

Denbury Owned Fields

Current CO2 Pipelines

CO2 Sources

Planned CO2 Pipelines

5

1Q20 and Recent Highlights

1Q Results

Responding to Lower Oil Prices

Preserve

Cash &

Liquidity

  • Generated $35 million of free cash flow
  • Continuing production 55,185 BOE/d
  • Completed Gulf Coast conventional working interests sale for $40 million net cash
  • Reduced capital budget by ~$80 million (44%); deferred CCA CO2 project
  • Implemented full or partial field shut-ins beginning in April to optimize cash flow
  • Further intensified focus on LOE and G&A cost reductions
  • Bank credit facility undrawn as of 3/31/20
  • Restructured a portion of 2020 three-way collars into fixed-price swaps to increase downside protection

N Y S E : D N R

6

Operations Update

David Sheppard, Senior Vice President - Operations

N Y S E : D N R

7

1Q20 Capital Spend ~39% of FY Guidance

FY20 Capital Budget Reduced 44% in March 2020

Capital Timing(1)

1Q20

39%

2Q20 - 4Q20

$39 Million

61%

$61 Million

FY2020E: $95 - $105 million

Capital Detail(1)

FY2020E

2Q-4Q spend primarily related to maintenance

$95 - $105 million

capital and other capitalized items

$35

Tertiary

Oyster Bayou A2 Development Expansion

CCA CO2 Facilities and Wellwork

Non-Tertiary

$25

Maintenance Capital

$10

CO2

Pipeline & Other

CCA CO2 pipe prepared for installation

$30

(In millions)

Tertiary

Non-Tertiary

CO2 Pipeline & Other

Other Capitalized Items(2)

  1. Amounts presented for 2020E are estimates and exclude capitalized interest.
  2. Includes capitalized internal acquisition, exploration and development costs and pre-production tertiary startup costs.

N Y S E : D N R

8

1Q20 Production In-Line with Expectations

Average Daily Production by Area (BOE/d)

Continuing Production (BOE/d)

Field

1Q20

4Q19

1Q19

Delhi

3,813

4,085

4,474

~4% decline from 1Q19 to 1Q20

Hastings

5,232

5,097

5,539

Heidelberg

4,371

4,409

3,987

Oyster Bayou

3,999

4,261

4,740

57,715

56,341

55,185

Tinsley

4,355

4,343

4,659

Bell Creek

5,731

5,618

4,650

Salt Creek

2,149

2,223

2,057

West Yellow Creek

775

807

436

Shut-in production

Mature area(1) and other

6,436

6,407

6,531

April: 2,000 BOE/d

Current: 8,500 BOE/d

Total tertiary production

36,861

37,250

37,073

Gulf Coast non-tertiary

4,173

4,169

4,342

Cedar Creek Anticline

13,046

13,730

14,987

Other Rockies non-tertiary

1,105

1,192

1,313

Total non-tertiary production

18,324

19,091

20,642

Total continuing production

55,185

56,341

57,715

1Q19

4Q19

1Q20

Property sales(2)

780

1,170

1,503

Total production

55,965

57,511

59,218

  1. Mature area includes Brookhaven, Cranfield, Eucutta, Little Creek, Mallalieu, Martinville, McComb, and Soso fields.
  2. Includes non-tertiary production related to the sale of half of our nearly 100% working interests in Webster, Thompson, Manvel, and East Hastings fields, sold in March 2020 which averaged 780 BOE/d, 1,170 BOE/d and 1,047 BOE/d for the three months ended March 31, 2020, December 31, 2019 and March 31, 2019 and non-tertiary production from Citronelle Field, sold July 1, 2019, which averaged 456 BOE/d for the three months ended March 31, 2019.

N Y S E : D N R

9

Operating Cost Summary

Total Operating Costs

Correlation

1Q20

4Q19

1Q19

with Oil Price

($MM)

($/BOE)

($MM)

($/BOE)

($MM)

($/BOE)

CO2 Costs

High

$15

$2.98

$16

$2.98

$21

$3.90

Power & Fuel

Moderate

33

6.38

33

6.32

36

6.70

Labor & Overhead

Low

33

6.52

38

7.22

36

6.71

Repairs & Maintenance

Moderate

4

0.77

5

0.86

5

1.00

Chemicals

Moderate

5

1.06

5

0.92

6

1.08

Workovers

High

12

2.31

11

2.17

16

2.94

Other

Low

7

1.44

8

1.46

5

1.20

Total LOE

$109

$21.46

$116

$21.93

$125

$23.53

Total LOE excluding CO2 Costs

$94

$18.48

$100

$18.95

$104

$19.63

Total LOE reduced $16 million (13%) from 1Q19

N Y S E : D N R

10

Bell Creek Update

Continuing Field Development

Phase 5

  • Initial phase response in 2018
  • 2019 average production of ~2,300 net Bbl/d

Phase 6

  • Commenced CO2 injection in April 2019
  • Expect results similar to Phase 5
  • Production response in 1Q20 in-line with expectations

N Y S E : D N R

Bell Creek Production

(Net Bbl/d)

Phase 6

3Q19 CO2 source

Phase 5maintenance turnaround

Phase 1-4

Best rock quality in Phases 5 and 6 leads to greater production response

11

Houston Acreage Land Sale Update

Highlights

  • $52 million closed or under contract as of May 2020
    • $6 million closed in 2018
    • $14 million closed in 2019
    • $32 million under contract estimated to close in 2020
  • $30 - $50 million estimated value in remaining acreage

N Y S E : D N R

Conroe

~3,400 surface acres

consisting of 7 parcels for commercial and residential development

Webster

~800 surface acres

consisting of 11 commercial

parcels

Multiple parcels along I-45

frontage road

12

Financial Review

Mark Allen, Executive Vice President & Chief Financial Officer

N Y S E : D N R

13

Adjusted Net Income Reconciliation

Reconciliation of Net Income (GAAP Measure) to Adjusted Net Income (non-GAAP Measure)(1)

1Q20

4Q19

In millions, except per-share data

Amount

Per Diluted Share

Amount

Per Diluted Share

Net income (GAAP measure)

$74

$0.14

$23

$0.05

Adjustments to reconcile to adjusted net income (non-GAAP measure)

Noncash fair value losses (gains) on commodity derivatives

(122)

(0.21)

64

0.11

Write-down of oil and natural gas properties

73

0.12

-

-

Accelerated depreciation charge

37

0.06

-

-

Gain on debt extinguishment

(19)

(0.03)

(50)

(0.09)

Severance-related expense included in general and administrative expenses

-

-

19

0.03

Other adjustments

1

0.00

(1)

(0.00)

Estimated income taxes on above adjustments to net income and other discrete tax items

(17)

(0.02)

(8)

(0.01)

Adjusted net income (non-GAAP measure)(1)

$27

$0.06

$47

$0.09

Weighted-average shares outstanding

Basic

494.3

478.0

Diluted

586.2

571.0

1) See press release attached as exhibit 99.1 to the Form 8-K filed May 18, 2020 for additional information indicating why the Company believes this non-GAAP measure is useful for investors.

N Y S E : D N R

14

1Q20 Free Cash Flow

Cash Flow Reconciliation

In millions

1Q20 4Q19

Reconciliation of Cash Flows from Operations (GAAP Measure) to Adjusted Cash Flows from Operations (Non-GAAP Measure)(1)

Cash flows from operations (GAAP measure)

$62

$150

Net change in assets and liabilities relating to operations

43

(35)

Adjusted cash flows from operations (non-GAAP measure)(1)

$105

$115

Severance-related expense

-

19

Adjusted cash flows from operations less special items (non-GAAP measure)(1)

$105

$134

Free Cash Flow Reconciliation

Adjusted cash flows from operations less special items (non-GAAP measure)(1)

Interest on notes treated as debt reduction(2)

Development capital expenditures

Capitalized interest

Free cash flow (non-GAAP measure)(1)

$105$134

(21)(21)

(39)(48)

(10)(9)

$35$56

Realized Oil Prices

Average realized oil price per barrel (excluding derivative settlements)

$45.96

$56.58

Average realized oil price per barrel (including derivative settlements)

$50.92

$58.30

  1. A non-GAAP measure. See press release attached as exhibit 99.1 to the Form 8-K filed May 18, 2020 for additional information, as well as slide 21 indicating why the Company believes this non-GAAP measure is useful for investors.
  2. See slide 17 for a reconciliation of the components of interest expense.

N Y S E : D N R

15

Oil Differentials

NYMEX Oil Differentials

$ per barrel

1Q20

4Q19

3Q19

2Q19

1Q19

Tertiary oil fields

($0.05)

($0.17)

$1.81

$3.39

$2.96

Gulf Coast region

0.84

0.60

2.88

4.66

4.07

Rocky Mountain region

(3.28)

(3.05)

(2.78)

(1.36)

(2.01)

Cedar Creek Anticline

(2.34)

(1.98)

(0.91)

(1.43)

(2.69)

Denbury totals

($0.38)

($0.44)

$1.30

$2.35

$1.63

During 1Q20, ~60% of our crude oil was exposed to Gulf Coast premium pricing

N Y S E : D N R

16

Selected Expense Line Items

1Q20

4Q19

In millions, except per-BOE data

($)

($/BOE)

($)

($/BOE)

Lease operating expenses(1)

109

21.46

116

21.93

General and administrative expenses, excluding severance-related

10

1.91

10

1.83

expense(2)

General and administrative expenses, severance-related expense

-

-

19

3.52

Interest expense (net of amounts capitalized)

20

3.92

21

3.96

DD&A, excluding accelerated depreciation charge

60

11.68

63

11.94

DD&A, accelerated depreciation charge

37

7.34

-

-

Components of Interest Expense (In millions)

1Q20

4Q19

Cash interest(3)

$46

$47

Less: interest not reflected as expense for financial reporting

(21)

(21)

purposes(3)

Noncash interest expense

1

1

Amortization of debt discount

4

3

Less: capitalized interest

(10)

(9)

Interest expense, net

$20

$21

  1. See slide 10 for additional detail on lease operating expenses.
  2. General and Administrative expense for 4Q19 excludes $19 million in severance expense related to the Company's voluntary separation program.
  3. Cash interest includes interest which is paid semiannually on the Company's 9% Senior Secured Second Lien Notes due 2021 and 9¼% Senior Secured Second Lien Notes due 2022. As a result of the accounting for certain exchange transactions in previous years, most of the future interest related to these notes was recorded as debt as of the transaction date, which is reduced as semiannual interest payments are made, and therefore not reflected as interest for financial reporting purposes.

N Y S E : D N R

17

Hedge Positions - as of May 15, 2020

2020

1Q

2Q

2H

FY

Fixed Price Swaps

WTI

Volumes Hedged (Bbls/d)

2,000

13,500

13,500

10,641

NYMEX

Swap Price(1)

$60.59

$40.52

$40.52

$41.46

Argus LLS

Volumes Hedged (Bbls/d)

4,500

7,500

7,500

6,754

Swap Price(1)

$62.29

$51.67

$51.67

$53.43

Volumes Hedged (Bbls/d)

23,000

11,500

9,500

13,354

WTI

Sold Put Price(1)(2)

$48.25

$47.95

$47.93

$48.07

Collars

NYMEX

Floor Price(1)

$56.95

$57.18

$57.00

$57.02

Ceiling Price(1)

$62.83

$63.44

$63.25

$63.11

3-Way

Volumes Hedged (Bbls/d)

10,000

7,000

5,000

6,740

Argus LLS

Sold Put Price(1)(2)

$52.85

$52.93

$52.80

$52.85

Floor Price(1)

$61.52

$62.09

$61.63

$61.71

Ceiling Price(1)

$68.21

$69.54

$70.35

$69.35

Total Volumes Hedged

39,500

39,500

35,500

37,489

% of 1Q20 Continuing Production (BOE/d)

72%

72%

64%

68%

Weighted Averages

Fixed Price Swaps - Weighted Avg. Price (WTI NYMEX)

$60.59

$40.52

$40.52

$41.46

3-Way Collars - Weighted Avg. Floor Less Sold Put (All)

$8.69

$9.21

$8.99

$8.92

Fixed Price Swaps - Weighted Avg. Price (Argus LLS)

$62.29

$51.67

$51.67

$53.43

  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.

N Y S E : D N R

Restructured 2Q-4Q

11,500 Bbl/d

3,000 Bbl/d

18

Debt Profile

Debt Principal - 3/31/20

Maturity Window - 3/31/20

(In millions)

(In millions)

$3,571

>$1.3B debt reduction

$395

$528 million of Bank Line Availability at

since 2014

3/31/20 after $87 million of LCs

$324

$799

$2,532

$185

$2,282

$2,248

$636

$246

$167

$163

$514

$2,852

$1,521

$1,623

$1,593

$585

$456

$553

$136

$826

$246

$246

$136

$246

$246

$51

$58

12/31/14

12/31/18

12/31/19

3/31/2020

2020

2021

2022

2023

2024

Sr. Secured Credit Facility

Pipeline / Capital Lease Debt

Sr. Secured 2nd Lien Notes

Sr. Subordinated Notes

Convertible Sr. Notes

N Y S E : D N R

19

Appendix

N Y S E : D N R

20

Non-GAAP Measures

Reconciliation of net income (loss) (GAAP measure) to adjusted cash flows from operations (non-GAAP measure) to cash flows from operations (GAAP measure)

2019

2020

In millions

Q1

Q2

Q3

Q4

FY

Q1

TTM

Net income (loss) (GAAP measure)

($26)

$147

$73

$23

$217

$74

$317

Adjustments to reconcile to adjusted cash flows from operations

Depletion, depreciation, and amortization

57

58

55

63

234

97

273

Deferred income taxes

(9)

62

38

10

101

(4)

106

Stock-based compensation

3

4

3

3

12

2

12

Noncash fair value losses (gains) on commodity derivatives

92

(26)

(35)

64

94

(122)

(120)

Gain on debt extinguishment

-

(100)

(6)

(50)

(156)

(19)

(175)

Write-down of oil and natural gas properties

-

-

-

-

-

73

73

Other

2

0

(2)

2

3

4

5

Adjusted cash flows from operations (non-GAAP measure)

$119

$145

$126

$115

$505

$105

$491

Net change in assets and liabilities relating to operations

(55)

4

5

35

(11)

(43)

1

Cash flows from operations (GAAP measure)

$64

$149

$131

$150

$494

$62

$492

Adjusted cash flows from operations is a non-GAAP measure that represents cash flows provided by operations before changes in assets and liabilities, as summarized from the Company's Consolidated Statements of Cash Flows. Adjusted cash flows from operations measures the cash flows earned or incurred from operating activities without regard to the collection or payment of associated receivables or payables. Management believes that it is important to consider this additional measure, along with cash flows from operations, as it believes the non-GAAP measure can often be a better way to discuss changes in operating trends in its business caused by changes in production, prices, operating costs and related factors, without regard to whether the earned or incurred item was collected or paid during that period.

N Y S E : D N R

21

Non-GAAP Measures (Cont.)

Reconciliation of net income (loss) (GAAP measure) to adjusted EBITDAX (non-GAAP measure)

2019

2020

In millions

Q1

Q2

Q3

Q4

FY

Q1

TTM

Net income (loss) (GAAP measure)

($26)

$147

$73

$23

$217

$74

$317

Adjustments to reconcile to Adjusted EBITDAX

Interest expense

17

20

23

21

82

20

84

Income tax expense (benefit)

(11)

65

37

13

104

(11)

105

Depletion, depreciation, and amortization

57

58

55

63

234

97

273

Noncash fair value losses (gains) on commodity derivatives

92

(26)

(35)

64

94

(122)

(120)

Stock-based compensation

3

4

3

3

12

2

12

Gain on debt extinguishment

-

(100)

(6)

(50)

(156)

(19)

(175)

Write-down of oil and natural gas properties

-

-

-

-

-

73

73

Severance-related expense

-

-

-

19

19

-

19

Noncash, non-recurring and other(1)

6

1

(5)

(1)

1

2

(2)

Adjusted EBITDAX (non-GAAP measure)

$138

$169

$145

$155

$607

$116

$586

1) Excludes pro forma adjustments related to qualified acquisitions or dispositions under the Company's senior secured bank credit facility.

Adjusted EBITDAX is a non-GAAP financial measure which management uses and is calculated based upon (but not identical to) a financial covenant related to "Consolidated EBITDAX" in the Company's senior secured bank credit facility, which excludes certain items that are included in net income, the most directly comparable GAAP financial measure. Items excluded include interest, income taxes, depletion, depreciation, and amortization, and items that the Company believes affect the comparability of operating results such as items whose timing and/or amount cannot be reasonably estimated or are non-recurring. Management believes Adjusted EBITDAX may be helpful to investors in order to assess the Company's operating performance as compared to that of other companies in its industry, without regard to financing methods, capital structure or historical costs basis. It is also commonly used by third parties to assess leverage and the Company's ability to incur and service debt and fund capital expenditures. Adjusted EBITDAX should not be considered in isolation, as a substitute for, or more meaningful than, net income, cash flow from operations, or any other measure reported in accordance with GAAP. Adjusted EBITDAX may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted EBITDAX, EBITDAX or EBITDA in the same manner.

N Y S E : D N R

22

Disclaimer

Denbury Resources Inc. published this content on 18 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 May 2020 12:55:01 UTC

share with twitter share with LinkedIn share with facebook
Latest news on DENBURY RESOURCES INC.
06/30DENBURY RESOURCES INC : Entry into a Material Definitive Agreement, Creation of ..
AQ
06/05DENBURY RESOURCES INC : Change in Directors or Principal Officers (form 8-K)
AQ
06/03DENBURY RESOURCES INC : Costs Associated with Exit or Disposal Activities, Submi..
AQ
05/18DENBURY RESOURCES : Announces Release Date for First Quarter 2020 Results and Co..
AQ
05/18DENBURY RESOURCES : First Quarter 2020 Results Presentation
PU
05/18DENBURY RESOURCES : 1Q Earnings Snapshot
AQ
05/18DENBURY RESOURCES INC : Results of Operations and Financial Condition, Financial..
AQ
05/18Denbury Resources Reports First Quarter 2020 Results
GL
05/18DENBURY RESOURCES : Management's Discussion and Analysis of Financial Condition ..
AQ
05/15Denbury Resources Announces Release Date for First Quarter 2020 Results and C..
GL
More news
Financials (USD)
Sales 2020 868 M - -
Net income 2020 2,15 M - -
Net Debt 2020 2 228 M - -
P/E ratio 2020 -10,9x
Yield 2020 -
Capitalization 138 M 138 M -
EV / Sales 2019
EV / Sales 2020 2,73x
Nbr of Employees 718
Free-Float 98,7%
Chart DENBURY RESOURCES INC.
Duration : Period :
Denbury Resources Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends DENBURY RESOURCES INC.
Short TermMid-TermLong Term
TrendsNeutralNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 6
Average target price 0,27 $
Last Close Price 0,28 $
Spread / Highest target 78,6%
Spread / Average Target -4,76%
Spread / Lowest Target -100%
EPS Revisions
Managers
NameTitle
Christian S. Kendall President, Chief Executive Officer & Director
John Patrick Dielwart Chairman
David Sheppard Senior Vice President-Operations
Mark C. Allen Chief Financial Officer, Treasurer & Executive VP
Steve A. McLaurin Chief Information Officer & Vice President
Sector and Competitors
1st jan.Capitalization (M$)
DENBURY RESOURCES INC.-80.14%138
CNOOC LIMITED-30.56%51 848
CONOCOPHILLIPS-35.75%44 806
EOG RESOURCES, INC.-39.68%29 405
CANADIAN NATURAL RESOURCES LIMITED-42.50%21 014
OCCIDENTAL PETROLEUM CORPORATION-56.86%16 002