Corporate Presentation June 2015 ClickAbout to Forwardto edit edit Master- Lookingtitle title style styleStatements
The data contained in this presentation that are not historical facts are forward-looking statements that involve a number of risks and uncertainties. Such statements may relate to, among other things: long-term strategy; anticipated levels of future dividends and their rate of growth and sustainability; the length or severity of the oil price downturn in late 2014 and early 2015; forecasts of capital expenditures,
drilling activity and developmental activities; timing of carbon dioxide (CO2) injections and production response to such tertiary flooding projects; estimated timing of pipeline construction or completion or the cost thereof; anticipated dates of completion of industrial plants to
be constructed or under construction and the initial date of capture and amount of anthropogenic CO2; estimates of liquidity, costs, forecasted production rate or peak production rates and the growth thereof; estimates of hydrocarbon reserve quantities and values,
including potential and recoverable reserves, CO2 reserves, and helium reserves; projected future hydrocarbon prices or costs; estimated future cash flows, including from our hedging positions, or uses of cash; availability of capital or borrowing capacity; estimated rates of return and overall economics; and anticipated availability and cost of equipment and services. These forward-looking statements are generally accompanied by words such as “believe”, “estimated”, “preliminary”, “projected”, “potential”, “anticipated”, “forecasted”, “expected”, “assume” or other words that convey the uncertainty of future events or outcomes. These statements are based on management’s current plans and assumptions and are subject to a number of risk and uncertainties as further outlined in our most recent Form 10-K filed with the SEC. Therefore, actual results may differ materially from the expectations, estimates, forecasts, projections, or assumptions expressed in or implied by any forward-looking statement herein made by or on behalf of the Company.
Cautionary 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, 2014 were estimated by DeGolyer and MacNaughton, an independent petroleum engineering firm. In this presentation, we 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 refer to estimates of original oil in place, resource or reserves “potential”, barrels 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 reserves 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.
2 Denbury.com | NYSE: DNR 2 ClickA Different to to edit edit Kind Master titleof Oil title style Company style
• Proven process Long-Term • Lower-risk & long-life assets Visibility • Tremendous resource potential
• Fund capex & dividends with cash flow Capital • Relatively low capital intensity Flexibility • Adjust to oil price environment
• Strategic CO2 supply Competitive • >1,100 miles of CO pipelines Advantages 2 • Large inventory of oil fields
Denbury.com | NYSE: DNR 3 Click2015 Plan:to to edit editValue Master title Focused title style style
● Reduced capital spending by 50% for 2015 to $550MM
. Planning on utilizing liquidity to take advantage of potential opportunities
. Building liquidity to further enhance our solid financial position
. Focusing on operational initiatives and increasing efficiency
. Resulting in relatively flat production targets for 2015 and likely 2016
Denbury.com | NYSE: DNR 4 ClickInnovation to to edit edit & Master Improvement title title style style Teams (IITs)
Identify opportunities to significantly improve the economic value and profitability of Denbury’s fields.
Increase Field PV-10 and Cash Flow
Reduce LOE, CO2 Purchases & CAPEX
Process: ● Evaluate, improve operational processes (Production forecasting; reservoir management; knowledge sharing; facility modularization; reserves; and tertiary alternatives) . Increase sweep efficiency
. Use of 4D seismic to increase CO2 flooding . Improve reservoir surveillance and geology descriptions . Increased awareness of potential above and below target zones
Denbury.com | NYSE: DNR 5 ClickDenbury to to edit at edit a Master Glance title title style style
Total 3P Reserves (12/31/14) ~1.2 BBOE % Oil Production (1Q15) 95% Total Daily Production – BOE/d (1Q15) 74,356
Proved PV-10 (12/31/14) $94.99 NYMEX Oil Price $8.7 billion Market Cap (5/28/15) $2.6 billion Total Debt (3/31/15) $3.6 billion
CO2 Supply 3P Reserves (12/31/14) ~17 Tcf
CO2 Pipelines Operated or Controlled >1,100 miles Credit Facility Availability (3/31/15) ~$1.1 billion
Anticipated Annual Dividend per Share 2015E - $0.25
Denbury.com | NYSE: DNR 6 Click to edit Master title style ClickWhat is toCO edit2 EOR title & How style Much Oil Does it Recover?
Transport Inject Secure via into CO Supply 2 Pipeline Oilfield
Remaining Oil Primary ~20% CO2 EOR Delivers Almost as Much Secondary Production as Primary (Waterfloods) or Secondary Recovery(1) ~18% Tertiary (CO2 EOR) ~17%
(1) Recovery of original oil in place based on history at Little Creek Field.
Denbury.com | NYSE: DNR 7 Click to edit Master title style ClickU.S. Lower to edit-48 CO title2 EOR style Potential
Technically Recoverable(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
Total: 33-83
(1) Source: 2013 DOE NETL Next Gen EOR
(2) Total estimated recoveries on a gross basis utilizing CO2 EOR.
Denbury.com | NYSE: DNR 8 Up to 16 Billion Gross Barrels Recoverable(1) Click to to edit edit Master 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
Denbury-operated fields represent ~10% of total potential(3)
AL MS
LA TX Existing Denbury CO2 Pipelines
Proposed Denbury CO2 Pipelines Denbury owned fields 3.7 to 9.1
Existing or Proposed CO2 Source Billion Barrels Owned or Contracted Estimated Recoverable in (1) Total estimated recoveries on a gross basis utilizing CO2 EOR, based on a variety of recovery factors. (2) (2) Source: 2013 DOE NETL Next Gen EOR Gulf Coast Region (3) Using approximate mid-points of ranges, based on a variety of recovery factors.
Denbury.com | NYSE: DNR 9 CO EOR in Gulf Coast Region: Click2 to to edit edit Master title title style style Control of CO2 Sources & Pipeline Infrastructure Provides a Strategic Advantage
Tinsley(3) Delhi(3) Summary(1) 46 MMBbls 45 MMBbls Tinsley Proved 179 Jackson Dome Potential 365 Delhi (2) Free State Produced-to-Date 99 Davis Pipeline Quitman (2) Heidelberg (3) Martinville Total MMBOEs 643 Sandersville Lake Sonat Summerland Soso Cypress Creek St. John Eucutta Yellow Creek MS Pipeline
Brookhaven Cranfield Mallalieu
(3) (3) Olive Houston Area Conroe Citronelle Little Creek Smithdale Hastings 60 - 80 MMBbls 130 MMBbls McComb Webster 60 - 75 MMBbls Mature Area(3) Thompson 30 - 60 MMBbls 170 MMBbls ~90 Miles (3) 150 - 215 MMBbls Cost: ~$220MM Heidelberg
Lockhart Crossing 44 MMBbls Conroe
Green Pipeline Donaldsonville ~325 Miles
Webster Oyster Thompson Bayou
Hastings
Cumulative Production (3) Oyster Bayou 15 – 50 MMBoe 20 - 30 MMBbls 50 – 100 MMBoe > 100 MMBoe
Denbury Owned Fields – Current CO2 Floods
Denbury Owned Fields – Future CO2 Floods
Fields Owned by Others – CO2 EOR Candidates (1) Proved tertiary oil reserves based on year-end 12/31/14 SEC proved reserves. Potential includes probable and possible tertiary reserves estimated by the Pipelines Company as of 12/31/14, using mid-point of ranges, based on a variety of recovery factors. Denbury Operated Pipelines (2) Produced-to-date is cumulative tertiary production through 12/31/14. Denbury Proposed Pipelines (3) Field reserves shown are estimated total potential tertiary reserves, including cumulative tertiary production through 12/31/14.
Denbury.com | NYSE: DNR 10 CO EOR in Rocky Mountain Region: Click2 to to edit edit Master title title style style Control of CO2 Sources & Pipeline Infrastructure Provides a Strategic Advantage
CO2 Sources Summary(1) Cedar Creek Anticline Area(4) Existing or Proposed CO2 Source DGC Beulah Proved 37 Owned or Contracted 260 - 290 MMBbls Potential 313 MONTANA Produced-to-Date(2) <1 NORTH DAKOTA Total MMBbls 351 Bell Creek(4) 40 - 50 MMBbls
Elk Basin ~130 Miles Cost:~$225MM
LaBarge Area
368 BCF Nat Gas Greencore Pipeline 13 BCF Helium 232 Miles ~250 Miles 3.0 TCF CO (3) 2 Cost:~$500MM Hartzog Draw(4) SOUTH DAKOTA Lost Cabin (COP) 20 - 30 MMBbls WYOMING
Cumulative Production Riley Ridge (DNR) 15 – 50 MMBoe 50 – 100 MMBoe Grieve Field(4) > 100 MMBoe Shute Creek Denbury Owned Fields – Current CO2 Floods (XOM) Existing CO2 6 MMBbls Denbury Owned Fields – Future CO2 Floods Pipeline Fields Owned by Others – CO2 EOR Candidates
Pipelines (1) Proved tertiary oil reserves based on year-end 12/31/14 SEC proved reserves. Potential includes probable and possible tertiary reserves estimated by the Denbury Pipelines Company as of 12/31/14, using approximate mid-points of ranges, based on a variety of recovery factors. Denbury Proposed Pipelines (2) Produced-to-date is cumulative tertiary production through 12/31/14. (3) Reported on a gross working interest or 8/8th’s basis, except for overriding royalty interest in LaBarge Field. Pipelines Owned by Others (4) Field reserves shown are estimated total potential tertiary reserves, including cumulative tertiary production through 12/31/14.
Denbury.com | NYSE: DNR 11 RecentClick to Weatherto edit edit Master Impact title title styleto styleHouston Area Fields
● Flooding and power outages throughout the Houston area have impacted some of our Houston area fields
● Minimal impact at Conroe, Hastings, Oyster Bayou and Webster; all are back up and running after short periods of downtime
● Thompson field has seen some flooding and we currently estimate it could be down for approximately 2 weeks
● We currently estimate this weather related downtime could impact our second quarter production by approximately 300-500 BOE/d
Denbury.com | NYSE: DNR 12 Click to edit Master title style COClick2 Supply to edit to Support title style Gulf Coast Growth
1,400 Additional CO2 Potential(1) (not reflected in graph) • Probable & Possible Reserves: ~1.7 TCF • Improved Recovery of Proved Reserves: ~0.8 TCF • Recycle: ~3 TCF 1,200 • Additional Industrial-Source CO2
CO2 SUPPLY – Captured from industrial sources
Future Construction
1,000 /Day
800 MMcf
600 JACKSON DOME
Volumes, Volumes, (1)
PROVED RESERVES 2 ~5.7 TCF
CO 400
200
0 2013 2014 2015 2016 2017 2018
Note: Forecast based on internal management estimates and includes fields currently owned. Actual results may vary. (1) Estimated as of 12/31/14.
Denbury.com | NYSE: DNR 13 ClickGulf Coast to to edit edit Industrial Master title title Partnersstyle style
MS Power
AL
PCS Nitrogen Air Products
Denbury Owned Fields – Current CO2 Floods
Denbury Owned Fields – Future CO2 Floods
Fields Owned by Others – CO2 EOR Candidates
CO2 Captured from Industrial Sources
Natural CO Source Currently Producing or Pending Startup 2
Air Products PCS Nitrogen Mississippi Power (Pending Startup) • Port Arthur, Texas • Geismar, Louisiana • Kemper County, MS • Hydrogen Plant • Ammonia Products • Gasifier • Producing Since: 1Q 2013 • Producing Since: 2Q 2013 • Estimated Capture Date: ~2016 • Quantity: ~50 MMcf/d • Quantity: ~20 MMcf/d • Quantity: ~115 MMcf/d
Denbury.com | NYSE: DNR 14 Click to edit Master title style ClickCO2 Supply to edit to Support title style Rocky Mountain Growth
LaBarge Area ● Estimated field size: 750 square miles
● Estimated 100 TCF of CO2 recoverable
Riley Ridge – Denbury Operated ● Production expected to resume in 2016 ● 100% WI in ~9,800 acre Riley Ridge Federal Unit ● 33% WI in ~28,000 acre Horseshoe Unit (1) ● Estimated 1.8 TCF CO2 proved reserves
Shute Creek – XOM Operated LaBarge Area ● 1/3 overriding royalty ownership interest in XOM’s CO reserves 368 BCF Nat Gas 2 13 BCF Helium Based on XOM’s current plant capacity and (1) ● 3.0 TCF CO2 availability, Denbury could receive up to ~115 MMcf/d of CO2 from the plant (1) ● Estimated 1.2 TCF CO2 proved reserves
Composition of Produced Gas Stream:
~65% CO2; 16%-18% Natural Gas; <1% Helium, and various other gases
(1) Reported on a gross working interest or 8/8th’s basis as of 12/31/14, except for overriding royalty interest in LaBarge Field.
Denbury.com | NYSE: DNR 15 ClickReducing to to edit Tertiaryedit Master title Operating title style style Costs (1)(2)
Tertiary Only Operating Costs(1) Total Operating Costs(1) $/Bbl $28.72 $30.00 $26.24
$24.10 $25.00 $22.70 $22.64 $21.08
$20.00
$15.00
$10.00
$5.00
$0.00 4Q13 4Q14 1Q15 4Q13 4Q14 1Q15 Other Workovers Chemicals Repairs & Maintenance Labor & Overhead Power & Fuel CO2 Costs
(1) See slides 35 & 36 for additional detail on tertiary only and total operating costs. (2) Excludes $16MM and $3MM related to Delhi Field remediation charges in 4Q13 and 4Q14, respectively.
Denbury.com | NYSE: DNR 16 ClickUnique to Assetto edit edit MasterStructure title title styleRelative style to Other Independents(3)
Reserve life index(1) 1st year of decline rate by basin(2)
EOR Assets Non-EOR Assets DNR Selected Companies(3) 20x 90%
18x 80% Inclining production 70% 16x for several years 60% before 14x initial 50% decline 12x 40% 10x 30%
8x 20%
6x 10%
4x 0% Yeso
2x Wolfberry - Soso - EOR
x Mallalieu - EOR
EOR - Martinville - EOR
Bone Spring - NM Spring Bone
EOR - Little Creek Little - EOR
EOR - Brookhaven - EOR Lime Mississippian
Utica - Liquids Rich Liquids - Utica
Three Forks/Sanish Three
2011 2012 2013 2014
Niobrara - Wattenberg Niobrara
Wolfcamp-Midland (HZ) Wolfcamp-Midland
Eagle Ford - Liquids Rich Liquids - Ford Eagle
Bone Spring (3rd) - W TX W (3rd) - Spring Bone Granite Wash Liquids Rich Liquids Wash Granite
(1) Reserve life index calculated as total proved oil equivalent reserves at prior-year end divided by total annual oil equivalent production. (2) Source: Credit Suisse analysis dated June 2014. (3) APA, APC, BBG, BEXP, BP, BRY, CFW, CHK, CLR, COG, CPE, CRK, CRZO, CVX, CXO, DNR, DVN, ECA, EOG, EQT, EXXI, FST, GMXR, GPOR, HES, HK, KOG, KWK, MCF, MMR, MRO, MUR, NBL, NFX, NOG, NXY, OXY, PDCE, PETD, PQ, PVA, PXD, PXP, REXX, ROSE, RRC, SD, SFY, SGY, SM, SWN, UNT, UPL, VQ, WLL, WTI, XCO, XEC, XOM and XTO.
Denbury.com | NYSE: DNR 17 ClickDenbury’s to to edit editFunding Master title Prioritiestitle style style
Maintain solid financial position
Base dividend
Additional (priority depends on circumstances) Capital expenditures Reduce debt Dividend increases Stock repurchases(1)
(1) Repurchases temporarily suspended pending oil price stability and other factors.
Denbury.com | NYSE: DNR 18 Click2015 Guidanceto to edit edit Master(1) title title style style
Capital Budget: ~$550 Million(2) Anticipated Dividends: ~$89 Million
Tertiary Floods Estimated Production ~$320MM 2014 2015E Operating area (BOE/d) (BOE/d)
Tertiary Oil Fields 41,079 42,100 – 43,700 Anticipated (3) Dividends CO2 Sources ~$89MM ~$30MM Non-Tertiary Oil Fields 33,353 30,400 – 31,800
Capitalized Total Estimated Production 74,432 72,500 – 75,500 Items(2) ~$85MM Non-Tertiary ~$100MM CO2 Pipelines ~$15MM
(1) See slide 2 for full disclosure relative to forward-looking statements. (2) Includes capitalized internal acquisition, exploration and development costs; capitalized interest; and pre-production startup costs associated with new tertiary floods. (3) Based on $0.25 per share estimated annual dividend rate.
Denbury.com | NYSE: DNR 19 ClickDividend to to edit Philosophy edit Master title title style style
● Maintain solid financial position ● Goal is to have sustainable dividend that can grow with cash flow over time ● Fund both capital expenditures and dividends with cash flow ● Increase value distribution to current and potential investors
Annualized Dividend Rate Per Share $0.30
$0.25 $0.25
$0.00 2014 2015E
Denbury.com | NYSE: DNR 20 ClickCommodity to to edit edit Hedge Master title Summary title style style as of May 28, 2015(1)
2015 2016
2Q 3Q 4Q 1Q 2Q 3Q
Crude Oil (WTI NYMEX Equivalent)(2)(3)
Total Oil Volumes Hedged (Bbls/d) 58,000 58,000 38,000 36,000 34,000 7,500
Average Downside Hedge Price(4) $84.46 $84.80 $88.80 $88.99 $69.89 $55.00
Average Upside Hedge Price $93.22 $93.07 $95.22 $95.47 $74.34 $71.07
Average Sold Put Price(4) $65.25 $65.12 $66.74 $66.94 $67.33 -
Volumes with Sold Puts (Bbls/d) 24,000 26,000 38,000 36,000 12,000 -
Natural Gas (NYMEX)
Average Floor Price $4.00 $4.00 $4.00 - - -
Average Ceiling Price $4.51 $4.51 $4.51 - - -
Total Volumes Hedged (MMBtus/d) 8,000 8,000 8,000 - - -
(1) See slide 34 for additional detail on oil derivative contracts. (2) Averages are volume weighted. (3) Prices for LLS contracts were reduced by $3 to reflect an assumed differential to NYMEX. (4) If oil prices were to average less than the sold put price, the average downside hedge price for volumes with sold puts would be reduced by the amount prices averaged below the sold put price.
Denbury.com | NYSE: DNR 21 DebtClick Maturityto to edit edit Master Schedule title title style(1) style
No Significant Near-Term Debt Maturities 12/31/14 3/31/15 Total Net Debt ($MM) $3,548 $3,627 TTM EBITDA(2) ($MM) $1,386 $1,283 Total Net Debt to TTM EBITDA(2) 2.6x 2.8x Total Net Debt to Total Capitalization 38.4% 39.4%
($MM) Bank Credit Facility Used 1,800 ~1.70%(3) Available 1,600 1,400 5.50% 4.625% 1,200 1,000 800 600 $1,250 $1,200 6.375% 400 200 $465 $400 - 2015 2016 2017 2018 2019 2020 2021 2022 2023
(1) Balances as of March 31, 2015. (2) A non-GAAP measure; please visit our website for a full reconciliation. EBITDA as calculated under our senior subordinated notes. (3) Floating rate, 1-Month LIBOR rate of 0.2% plus 1.50% margin.
Denbury.com | NYSE: DNR 22 ClickLeveraging to to edit editStrengths Master title title & style Adjusting style to Lower Oil Prices
We believe in our assets and strategy but know we can improve our operational efficiency:
● Innovation teams and other key operational initiatives
● Reduce capital spending in lower oil price environment . Build liquidity to protect solid financial position . Look to take advantage of future opportunities Long-Term ● Current annual dividend at $0.25 per share Visibility
● Hedges protect 2015 cash flows DNR Competitive Capital Advantages Flexibility
Denbury.com | NYSE: DNR 23 Appendix Click to edit Master title style ClickWhy is toCO 2edit EOR title our core style focus?
● High Confidence of Oil Target . Over 100 million barrels (gross) produced by Denbury to date
● CO2 Flooding Recovers Oil (CO2 ♥’s Crude Oil)
. First commercial CO2 EOR flood started production in 1972 . Over 1.5 billion barrels produced to date in the U.S.(1) . Current estimated production in the U.S. is ~300 MBbls/d(2) ● A Very Repeatable Process with a lot of Running Room
. Up to 16 billion barrels (gross) recoverable with CO2 EOR in our two operating areas(3)
. ~900 million barrels (net) of 3P CO2 EOR reserves in our portfolio today
(1) Oil & Gas Journal, Dec. 7, 2009. (2) Oil & Gas Journal, July 2, 2012. (3) Source: 2013 DOE NETL Next Gen EOR.
Denbury.com | NYSE: DNR 25 Click to edit Master title style ClickCO2 EOR to is edit a Proven title Processstyle
Significant CO2 EOR Operators by Significant CO2 Suppliers by Region Region Gulf Coast Region Gulf Coast Region • Jackson Dome, MS (Denbury Resources) • Denbury Resources Permian Basin Region Permian Basin Region • Bravo Dome, NM (Kinder Morgan, Occidental) • Occidental • Kinder Morgan • McElmo Dome, CO (ExxonMobil, Kinder Morgan) Rockies Region • Sheep Mountain, CO (ExxonMobil, Occidental) • Denbury Resources Rockies Region Canada • LaBarge, WY (ExxonMobil, Denbury Resources) • Lost Cabin, WY (ConocoPhillips) • Cenovus • Apache Canada (1) • Dakota Gasification – Industrial-Source CO (Cenovus, CO2 EOR Oil Production by Region 2 300 Apache) Gulf Coast/Other 250 Mid-Continent Rocky Mountains DGC 200 Permian Basin
/d Lost Cabin 150 LaBarge
McElmo MBbls 100 Dome Bravo Dome
Jackson 50 Dome
Significant CO2 Source 0 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014
(1) Source: Advanced Resources International
Denbury.com | NYSE: DNR 26 Click to edit Master title style ClickCO2 Operations: to edit title Oil Recovery style Process
CO2 PIPELINE - from Jackson Dome INJECTION WELL - Injects
CO2 in dense phase
PRODUCTION WELLS Produce oil, water and CO Oil Formation 2 (CO2 is recycled)
CO2 moves through formation mixing with oil droplets, expanding them and moving them Model for Oil Recovery Using CO2 is +/- 17% to producing wells. of Original Oil in Place (Based on Little Creek) Primary recovery = +/- 20% Secondary recovery (waterfloods) = +/- 18%
Tertiary (CO2) = +/- 17%
Denbury.com | NYSE: DNR 27 ClickActual to Industryto edit edit Master Recoverytitle title style style Curves
Range of Recovery 10%-18%
Denbury.com | NYSE: DNR 28 ClickActual to Curvesto edit edit Master – titleDenbury title style style Mature Fields
Range of Recovery 11%-20+%
Denbury.com | NYSE: DNR 29 Click to edit Master title style ClickCO2 EOR to – edit Superior title Production style Profile
Capital Spending per Projected Production Profile with Same Capital Spending Year Based on EOR Spending Pattern 12,000 Gulf Coast EOR Field Year $MM Bakken 1 83 2 83 10,000 3 60 4 60 5 68 8,000 6 52 7 52 8 52 6,000 9 45 Total $555
4,000 Production (Bbls/d) Production
2,000
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Years
Note: Assumes 700 BOEPD initial 30 day rate for Bakken wells.
Denbury.com | NYSE: DNR 30 ClickProduction to to edit edit by Master Area title title(BOE/d) style style
Operating area 2012 2013 2014 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2015E(1)
Tertiary Oil Fields 35,206 38,477 41,079 39,057 38,752 37,513 38,603 39,892 40,897 41,627 41,873 41,827 42,100 – 43,700
Cedar Creek Anticline 8,503 16,572 18,834 8,745 19,935 18,872 18,601 19,007 19,155 18,623 18,553 18,522 18,000 – 18,800
Other Rockies Non-Tertiary 3,231 4,862 4,850 5,163 4,958 4,819 4,516 4,831 5,392 4,594 4,591 4,750 4,100 – 4,300
Gulf Coast Non-Tertiary 9,902 10,332 9,669 10,858 10,407 10,327 9,746 9,988 9,876 8,966 9,858 9,257 8,300 – 8,700
Total Continuing Production 56,842 70,243 74,432 63,823 74,052 71,531 71,466 73,718 75,320 73,810 74,875 74,356 72,500 – 75,500
Divested Properties 14,847 ------
Total Production 71,689 70,243 74,432 63,823 74,052 71,531 71,466 73,718 75,320 73,810 74,875 74,356
(1) See slide 2 for full disclosure relative to forward-looking statements.
Denbury.com | NYSE: DNR 31 ClickTertiary to to Productionedit edit Master title bytitle style Field style
Average Daily Production (BOE/d) Field 2012 2013 2014 1Q14 2Q14 3Q14 4Q14 1Q15 Brookhaven 2,692 2,223 1,759 1,877 1,818 1,767 1,579 1,612 Little Creek Area 1,091 865 683 750 696 668 616 590 Mallalieu Area 2,338 2,050 1,799 1,837 1,839 1,869 1,653 1,574 McComb Area 1,785 1,515 1,291 1,287 1,361 1,340 1,175 1,016 Lockhart Crossing 1,176 998 908 924 933 934 844 832 Martinville 507 414 358 369 319 357 387 385 Eucutta 2,868 2,514 2,137 2,181 2,150 2,224 1,995 1,905 Soso 1,989 1,946 1,679 1,720 1,747 1,664 1,588 1,646 Cranfield 1,159 1,278 1,203 1,233 1,100 1,226 1,254 1,241 Mature Area 15,605 13,803 11,817 12,178 11,963 12,049 11,091 10,801
Tinsley 7,947 8,051 8,507 8,430 8,518 8,310 8,767 8,928
Heidelberg 3,763 4,466 5,707 5,325 5,609 5,721 6,164 6,027
Delhi 4,315 5,149 4,340 4,708 4,543 4,377 3,743 3,551
Hastings 2,188 3,984 4,777 4,618 4,759 4,917 4,811 4,694
Oyster Bayou 1,388 2,968 4,683 4,055 4,415 4,605 5,638 5,861
Bell Creek --- 56 1,248 578 1,090 1,648 1,659 1,965
Total Tertiary Production 35,206 38,477 41,079 39,892 40,897 41,627 41,873 41,827
Denbury.com | NYSE: DNR 32 ClickNYMEX to to Oiledit edit Differential Master title title style Summary style
Crude Oil Differentials 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15
Tertiary Oil Fields Gulf Coast Region $9.80 $13.60 $10.61 $15.57 $15.82 $11.23 $4.32 $0.32 $3.68 $1.15 $2.37 $1.52 (0.22)
Rocky Mountain Region ------(8.25) (15.56) (7.06) (8.60) (11.24) (6.88) (2.09)
Cedar Creek Anticline (9.89) (7.44) (9.26) (0.23) (2.65) (6.44) (6.53) (13.39) (8.66) (10.26) (11.69) (9.07) (7.95)
Other Rockies Non- (16.30) (16.67) (14.42) (6.57) (8.71) (8.53) (9.68) (17.26) (11.52) (12.44) (13.75) (11.52) (9.84) Tertiary(1)
Gulf Coast Non-Tertiary 3.26 6.93 5.56 12.93 12.84 7.61 (0.84) (2.02) (0.19) (1.50) 0.91 (0.50) (0.71)
Denbury Totals ($0.37) $2.14 $0.80 $9.43 $11.17 $4.78 ($0.03) ($4.57) ($0.91) ($3.03) ($2.53) ($2.24) ($2.81)
(1) Excludes Bakken Area assets sold during 4Q12.
Denbury.com | NYSE: DNR 33 ClickOil Hedge to to edit Detailedit Master titleas oftitle styleMay style 28, 2015
2015 2016 2Q 3Q 4Q 1Q 2Q 3Q WTI NYMEX Swaps Volumes Hedged (Bbls/d) 8,000 10,000 12,000 12,000 13,500 --- Average Swap Price (1) $90.00 $90.02 $92.42 $92.43 $66.06 --- Volumes with Sold Puts 8,000 10,000 12,000 12,000 2,000 --- Average Sold Put Price (1),(2) $65.75 $65.30 $68.00 $68.00 $68.00 --- Argus LLS Swaps Volumes Hedged (Bbls/d) 16,000 16,000 8,000 8,000 9,500 --- Average Swap Price (1) $93.65 $93.65 $94.94 $94.81 $82.92 --- Volumes with Sold Puts 16,000 16,000 8,000 8,000 6,000 --- Average Sold Put Price (1),(2) $68.00 $68.00 $68.00 $68.50 $70.00 --- WTI NYMEX Collars & 3-Ways Volumes Hedged (Bbls/d) 30,000 28,000 10,000 10,000 7,000 4,500 Average Floor X Ceiling Price (1),(2) $80.00X$94.72 $80.00X$95.05 $85.00X$99.00 $85.00X$99.85 $63.57X$78.01 $55.00X$71.22 Volumes with Sold Puts ------10,000 10,000 2,000 --- Average Sold Put Price (1),(2) ------$68.00 $68.00 $68.00 --- Argus LLS Collars & 3-Ways Volumes Hedged (Bbls/d) 4,000 4,000 8,000 6,000 4,000 3,000 Average Floor X Ceiling Price (1),(2) $85.00X$101.75 $85.00X$99.50 $88.00X$100.99 $88.00X$102.10 $73.00X$85.63 $58.00X$73.85 Volumes with Sold Puts ------8,000 6,000 2,000 --- Average Sold Put Price (1),(2) ------$68.00 $68.00 $70.00 ---
(1) Averages are volume weighted. (2) If oil prices were to average less than the sold put price, the average swap or floor price would be reduced by the amount oil prices averaged below the sold put price.
Denbury.com | NYSE: DNR 34 ClickAnalysis to to edit of edit Total Master title Operating title style style Costs
Correlation 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 w/Oil $/BOE $/BOE $/BOE $/BOE $/BOE $/BOE $/BOE $/BOE $/BOE $/BOE $/BOE $/BOE $/BOE
CO2 Costs Direct $2.68 $2.50 $2.37 $2.79 $4.15 $3.21 $3.58 $4.07 $3.88 $4.14 $3.72 $3.43 $3.03
Power & Fuel Partially 4.60 4.41 4.45 4.55 5.33 5.41 5.21 5.49 6.14 5.97 5.83 5.78 5.88
Labor & Overhead None 4.57 4.52 4.62 4.97 5.74 5.36 5.57 5.73 5.44 5.40 5.57 5.34 5.45
Repairs & None 1.11 1.01 1.20 1.28 1.31 1.02 1.55 1.42 1.36 1.22 1.50 1.72 1.44 Maintenance
Chemicals Partially 1.23 1.03 1.19 1.39 1.62 1.61 1.49 1.71 1.41 1.28 1.40 1.40 1.14
Workovers Partially 3.56 3.50 4.04 4.71 4.26 4.38 4.19 6.07 5.41 3.80 4.39 3.35 2.71
Other None 3.44 1.95 1.62 1.92 2.06 1.35 1.65 1.75 2.04 2.01 1.91 1.62 1.43
Total Excluding Delhi $21.19 $18.92 $19.49 $21.61 $24.47 $22.34 $23.24 $26.24 $25.68 $23.82 $24.32 $22.64 $21.08 remediation(1)
Including Delhi remediation ------$32.73 $27.50 $28.67 ------$22.86 $23.04 ---
NYMEX Oil Price $102.89 $93.49 $92.29 $88.18 $94.42 $94.14 $105.94 $97.57 $98.60 $103.07 $97.31 $73.04 $48.83
Realized Oil Price $102.52 $95.63 $93.09 $97.61 $105.59 $98.92 $105.91 $93.00 $97.69 $100.04 $94.78 $70.80 $46.02
(1) Excludes $70MM, $28MM, $16MM, ($10MM), and $3MM related to Delhi remediation charges and insurance reimbursements in 2Q13, 3Q13, 4Q13, 3Q14, and 4Q14, respectively.
Denbury.com | NYSE: DNR 35 ClickAnalysis to to edit of edit Tertiary Master title titleOnly style style Operating Costs
Correlation 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 w/Oil $/Bbl $/Bbl $/Bbl $/Bbl $/Bbl $/Bbl $/Bbl $/Bbl $/Bbl $/Bbl $/Bbl $/Bbl $/Bbl
CO2 Costs Direct $5.76 $5.14 $4.96 $5.21 $6.78 $6.13 $6.82 $7.53 $7.17 $7.63 $6.55 $6.18 $5.39
Power & Fuel Partially 6.71 6.69 6.69 5.98 6.46 6.85 6.52 6.70 7.76 7.72 7.21 7.17 7.30
Labor & Overhead None 4.59 4.64 4.74 4.57 4.43 4.56 5.08 5.47 4.98 5.11 5.17 4.91 5.03
Repairs & None 1.74 1.29 1.50 1.21 1.15 0.72 1.11 0.95 0.76 0.80 1.07 0.98 1.15 Maintenance
Chemicals Partially 1.63 1.27 1.46 1.59 1.65 1.57 1.47 1.86 1.43 1.31 1.29 1.42 1.07
Workovers Partially 3.42 3.01 3.68 3.30 2.94 3.09 3.25 5.72 4.36 2.75 2.76 2.80 2.06
Other None 2.89 0.91 0.47 0.73 1.29 0.60 0.83 0.49 0.75 1.25 0.93 0.64 0.70
Total excluding Delhi $26.74 $22.95 $23.50 $22.59 $24.70 $23.52 $25.08 $28.72 $27.21 $26.57 $24.98 $24.10 $22.70 remediation(1) Total including Delhi ------$43.37 $33.19 $33.22 ------$22.40 $24.82 --- remediation
NYMEX Oil Price $102.89 $93.49 $92.29 $88.18 $94.42 $94.14 $105.94 $97.57 $98.60 $103.07 $97.31 $73.04 $48.83
Realized Tertiary Oil Price $112.68 $107.10 $102.90 $103.75 $110.24 $105.38 $110.24 $97.82 $102.13 $103.96 $99.14 $74.22 $48.52
(1) Excludes $70MM, $28MM, $16MM, ($10MM), and $3MM related to net Delhi remediation charges and insurance reimbursements in 2Q13, 3Q13, 4Q13, 3Q14, and 4Q14, respectively.
Denbury.com | NYSE: DNR 36 Click to edit(1) Master title style ClickCO2 Cost to edit & NYMEX title Oilstyle Price
$0.45 $110
$0.40 $100
$0.35
$90
$0.30
$80
Mcf $0.25
Costs/
2 $0.20
$70 CO
$0.15 PriceCrude Oil NYMEX $60
$0.10
$50 $0.05
$0.00 $40 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14 14 14 14 15 OPEX Purchases Tax NYMEX Crude Oil
(1) Excludes DD&A on CO2 wells and facilities; includes Gulf Coast & Rocky Mountain industrial-source CO2 costs.
Denbury.com | NYSE: DNR 37