Denbury Resources Inc. Oil & Gas Exploration and Production Operations and Cost Analysis - Q4, 2016

 Published On: Jun, 2017 |    No of Pages: 107 |  Published By: GlobalData | Format: PDF
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Summary

Denbury Resources Inc. (Denbury) is an independent oil and natural gas company. It carries out exploitation, drilling and proven engineering extraction activities relating to CO2 enhanced oil recovery operations. The company explores for, develops and produces oil and natural gas from its assets in Gulf Coast and Rocky Mountain regions in the US. Denbury owns and produces carbon dioxide (CO2) reserves that are used in its tertiary oil recovery operations for its own and other interest owners in enhanced recovery fields. It transports CO2 to its fields through CO2 pipelines. The company has proved and producing reserves in Mississippi, Louisiana, Texas, Alabama, Montana, North Dakota, and Wyoming. Denbury is headquartered in Plano, Texas, the US.

Denbury Resources Inc. Oil & Gas Exploration and Production Operations and Cost Analysis is the latest report from GlobalData, the industry analysis specialists, that offers comprehensive information on the operational and financial performance of the company. The report is an essential source for key operational metrics, analysis and provides a strategic insight into the company. The report provides an annual and quarterly overview of oil and gas reserves and production, changes in reserves, costs incurred and results of oil and gas operations, acreage and well details, share price performance and key valuation metrics.

Scope

The report provides in-depth analysis and insights into companies' capital spending, revenues, oil and gas reserves, production, and performance measures. Its scope includes the following -
- The report provides detailed and unique insight information on the key operational metrics. It gives a comprehensive overview of oil and gas production and reserves, costs incurred and results of oil and gas operations, acreage and well details and other performance metrics.
- Provides details with respect to the company's oil and gas reserves and production information by country. It further consists of in-depth information on the company's expenditures in relation to the acquisition, exploration and development activities; developed and undeveloped acreage position; key costs and revenue information; and performance metrics of the company as disclosed in its annual reports and regulatory filings.
- Provides a comprehensive overview of the company's share price performance and key valuation metrics such as market capitalization, enterprise value, EV/Production ($boe/d) and EV/Proved Reserve ($/boe)
- Provides information on key operational and financial metrics on an annual and quarterly basis. The annual information provided is for a five-year period and the quarterly information is for the last five quarters.

*Note:

1. The scope mentioned above is generic and may not apply to all the companies. The report is based on the information disclosed by the companies in their annual and quarterly reports, regulatory filings and other company documents and sources.
2. Quarterly information is provided only for the companies that are December ending and files quarter reports and documents.
3. There can be cases where countries/regions data column/Charts will be blank. This can be due to the fact that the company might have discontinued the reporting of those countries/regions. Information that is not disclosed by the company may not be available in the report.

Reasons to buy

The report will enhance your decision making capability in a more rapid and time sensitive manner. It will allow you to -
- Be up-to-date with the latest information and in-depth analysis of the operational metrics of the company.
- Identify M&A targets from up-to-date information and in-depth analysis on financial and operational metrics of your competitors.
- Rank your performance against other companies in the exploration and production (E&P) sector using operational and financial benchmarking metrics.
- Formulate your strategies based on in-depth analysis of your competitors' financial and operational data.
- Exploit the strengths and weakness of your closest competitors by comparing and analyzing their financial and operational metrics.
- Establish relative performance among the industry's players based on key operational and financial measures.

Table of Contents
Table of Contents 2
List of Tables 4
List of Figures 5
Company Snapshot 7
Key Information 7
Company Overview 7
Denbury Resources Inc., Valuation and Financial Data 8
Denbury Resources Inc., Share Price Performance 8
Share Price Performance, Q4, 2015-Q4, 2016 8
Denbury Resources Inc., Key Valuation Metrics 9
Key Valuation Metrics, Q4, 2015-Q4, 2016 9
Denbury Resources Inc., Quarterly Results of Oil & Gas Operations Per boe Produced 10
Results of Oil & Gas Operations Per boe Produced, Q4, 2015-Q4, 2016 10
Results of Oil & Gas Operations Per boe Growth Rates, Q4, 2015-Q4, 2016 11
Denbury Resources Inc., Quarterly E&P Costs Trends 12
Upstream Capital Expenditure, Q4, 2015-Q4, 2016 12
Denbury Resources Inc., Quarterly Production Trends 13
Denbury Resources Inc., Total Oil and Gas Production 13
Total Crude Oil and Natural Gas Production Trend, Q4, 2015-Q4, 2016 13
Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2015-Q4, 2016 14
Denbury Resources Inc., Crude Oil Production 15
Total Crude Oil Production Trend, Q4, 2015-Q4, 2016 15
Crude Oil Production, By Country/Region, Q4, 2015-Q4, 2016 16
Denbury Resources Inc., Natural Gas Production 17
Total Natural Gas Production Trend, Q4, 2015-Q4, 2016 17
Natural Gas Production, By Country/Region, Q4, 2015-Q4, 2016 18
Denbury Resources Inc., Valuation and Financial Data, 2012-2016 19
Denbury Resources Inc., Share Price Performance, 2012-2016 19
Share Price Performance, 2012-2016 19
Key Valuation Metrics, 2012-2016 20
Denbury Resources Inc., Production and Reserves Trends 21
Total Oil and Gas, Reserves and Production 21
Total Crude Oil and Natural Gas Production and Reserves Trend, 2012-2016 21
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2012-2016 23
Total Crude Oil and Natural Gas Reserve Changes, 2012-2016 25
Crude Oil/Liquids Production and Reserve 26
Crude Oil/Liquids Production and Reserve Trend, 2012-2016 26
Crude Oil Production and Reserves By Country/Region, 2012-2016 27
Crude Oil/Liquids Reserve Changes, 2012-2016 29
Natural Gas Production and Reserve 30
Natural Gas Production and Reserve Trend, 2012-2016 30
Natural Gas Production and Reserves, By Country/Region, 2012-2016 31
Natural Gas Reserve Changes, 2012-2016 33
Total Crude Oil and Natural Gas Reserves Life Index 34
Total Crude Oil and Natural Gas Reserves Life Index, 2012-2016 34
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2012-2016 35
Denbury Resources Inc., E&P Costs Trends 37
Allocation of the Upstream Capital Expenditure 37
Upstream Capital Expenditure, 2012-2016 37
Acquisition Costs By Country/Region, 2012-2016 38
Exploration and Development Costs, By Country/Region, 2012-2016 40
Oil and Gas Cost Per boe, US$/boe 42
Oil and Gas Cost Per boe, US$/boe, 2012-2016 42
Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2012-2016 44
Denbury Resources Inc., Reserve Replacement Ratio 46
Oil and Gas Production Replacement Ratio 46
Oil and Gas Production Replacement Ratio, 2012-2016 46
Oil and Gas Production Replacement Ratio, By Country/Region, 2012-2016 49
Denbury Resources Inc., Results of Oil & Gas Operations Trend 53
Oil and Gas Revenue and Expenses 53
Oil and Gas Revenue and Expenses, 2012-2016 53
Oil and Gas Revenue and Expenses, By Country/Region, 2012-2016 55
Oil and Gas Revenue and Expenses, Per boe 60
Oil and Gas Revenue and Expenses, By boe, 2012-2016 60
Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2012-2016 61
Oil and Gas Performance Metrics 65
Denbury Resources Inc., Land Holdings and Well Data 66
Developed and Undeveloped Acreage 66
Gross and Net Developed and Undeveloped Acreage, 2012-2016 66
Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2012-2016 67
Well Statistics 70
Producible Oil and Gas Well, 2012-2016 70
Producible Oil and Gas Well, By Country/Region, 2012-2016 71
Exploration and Development Wells Drilled, 2012-2016 76
Recent Developments 77
Denbury Resources Inc. - Recent Developments 77
May 04, 2017: Denbury Reports First Quarter 2017 Results; Announces Reaffirmation Of Borrowing Base And Amendment To Credit Facility 77
Mar 21, 2017: Denbury Resources announces retirement of CEO 79
Feb 23, 2017: Denbury Reports 2016 Fourth Quarter And Annual Results 80
Feb 14, 2017: Denbury Announces 2017 Capital Budget And Estimated Production; Reports Year-End 2016 Proved Reserves And Preliminary 2016 Production And Capital Expenditures 83
Jan 31, 2017: ELK Petroleum Announces Quarterly Activities And Cashflow Report For Q2 December 2016. 85
Nov 03, 2016: Denbury Resources Reports Third Quarter 2016 Results 91
Oct 31, 2016: ELK Petroleum Announces Quarterly Activities And Cashflow Report For Q1 September 2016. 94
Oct 03, 2016: Denbury Resources Promotes Christian S. Kendall To President 97
Aug 04, 2016: Denbury Reports Second Quarter 2016 Results 97
Jul 29, 2016: ELK Petroleum Announces Quarterly Activities And Cashflow Report For Q4 2015 101
Appendix 104
Methodology 104
Coverage 104
Secondary Research 104
Primary Research 105
Data Information Sources 105
Company Source 105
SEC/Other Regulatory Filings 105
Other Sources 105
Expert Panel Validation 105
Data Definition 106
Oil and Gas Reserves 106
Units of Measure 106
About GlobalData 107
Disclosure 107
Disclaimer 107

List of Tables
Table 1: Denbury Resources Inc., Key Facts 7
Table 2: Denbury Resources Inc., Share Price Performance, Q4, 2015-Q4, 2016 8
Table 3: Denbury Resources Inc., Key Valuation Metrics, Q4, 2015-Q4, 2016 9
Table 4: Denbury Resources Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2015-Q4, 2016 10
Table 5: Denbury Resources Inc., Results of Oil & Gas Operations Per boe Growth Rates, %, Q4, 2015-Q4, 2016 11
Table 6: Denbury Resources Inc., Upstream Capital Expenditure, Q4, 2015-Q4, 2016 12
Table 7: Denbury Resources Inc., Total Crude Oil and Natural Gas, Production, Q4, 2015-Q4, 2016 13
Table 8: Denbury Resources Inc., Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2015-Q4, 2016 14
Table 9: Denbury Resources Inc., Total Crude Oil Production, mmbbl, Q4, 2015-Q4, 2016 15
Table 10: Denbury Resources Inc., Crude Oil Production, By Country/Region, mmbbl, Q4, 2015-Q4, 2016 16
Table 11: Denbury Resources Inc., Total Natural Gas Production, bcf, Q4, 2015-Q4, 2016 17
Table 12: Denbury Resources Inc., Natural Gas Production, By Country/Region, bcf, Q4, 2015-Q4, 2016 18
Table 13: Denbury Resources Inc., Share Price Performance, 2012-2016 19
Table 14: Denbury Resources Inc., Key Valuation Metrics, 2012-2016 20
Table 15: Denbury Resources Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2012-2016 22
Table 16: Denbury Resources Inc., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2012-2016 24
Table 17: Denbury Resources Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2012-2016 25
Table 18: Denbury Resources Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2012-2016 26
Table 19: Denbury Resources Inc., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2012-2016 28
Table 20: Denbury Resources Inc., Crude Oil Reserve Changes, mmbbl, 2012-2016 29
Table 21: Denbury Resources Inc., Natural Gas Production and Reserves Metrics, bcf, 2012-2016 30
Table 22: Denbury Resources Inc., Natural Gas Production and Reserves, By Country/Region, bcf, 2012-2016 32
Table 23: Denbury Resources Inc., Natural Gas Reserve Changes, bcf, 2012-2016 33
Table 24: Denbury Resources Inc., Oil and Gas Reserves Life Index, Years, 2012-2016 34
Table 25: Denbury Resources Inc., Oil and Gas Reserves Life Index, By Country/Region, Years, 2012-2016 36
Table 26: Denbury Resources Inc., Upstream Capital Expenditure, US$ mil, 2012-2016 37
Table 27: Denbury Resources Inc., Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2012-2016 39
Table 28: Denbury Resources Inc., Exploration and Development Costs, By Country/Region, US$ mil, 2012-2016 41
Table 29: Denbury Resources Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2012-2016 43
Table 30: Denbury Resources Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2012-2016 45
Table 31: Denbury Resources Inc., Oil and Gas Production Replacement Ratio, %, 2012-2016 47
Table 32: Denbury Resources Inc., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2012-2016 52
Table 33: Denbury Resources Inc., Revenue and Expenses, US$ mil, 2012-2016 54
Table 34: Denbury Resources Inc., Revenue and Expenses, By Country/Region, US$ mil, 2012-2016 59
Table 35: Denbury Resources Inc., Oil and Gas Revenue and Expenses, US$/boe, 2012-2016 60
Table 36: Denbury Resources Inc., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2012-2016 64
Table 37: Denbury Resources Inc., Oil and Gas Performance Metrics, 2012-2016 65
Table 38: Denbury Resources Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2012-2016 66
Table 39: Denbury Resources Inc., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2012-2016 69
Table 40: Denbury Resources Inc., Producible Oil and Gas Wells, 2012-2016 70
Table 41: Denbury Resources Inc., Producible Oil and Gas Wells, By Country/Region, 2012-2016 75
Table 42: Denbury Resources Inc., Exploratory and Developed Wells, 2012-2016 76

List of Figures
Figure 1: Denbury Resources Inc., Share Price Performance, USD/Share, Q4, 2015-Q4, 2016 8
Figure 2: Denbury Resources Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q4, 2015-Q4, 2016 9
Figure 3: Denbury Resources Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2015-Q4, 2016 10
Figure 4: Denbury Resources Inc., Upstream Capital Expenditure, US$ mil, Q4, 2015-Q4, 2016 12
Figure 5: Denbury Resources Inc., Total Crude Oil and Natural Gas, Production, mmboe, Q4, 2015-Q4, 2016 13
Figure 6: Denbury Resources Inc., Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2015-Q4, 2016 14
Figure 7: Denbury Resources Inc., Total Crude Oil Production, mmbbl, Q4, 2015-Q4, 2016 15
Figure 8: Denbury Resources Inc., Crude Oil Production, By Country/Region, mmbbl, Q4, 2015-Q4, 2016 16
Figure 9: Denbury Resources Inc., Share Price Performance, USD/Share, 2012-2016 19
Figure 10: Denbury Resources Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2012-2016 20
Figure 11: Denbury Resources Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2012-2016 21
Figure 12: Denbury Resources Inc., Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2012-2016 23
Figure 13: Denbury Resources Inc., Total Oil & Gas Production, By Country/Region, mmboe, 2012-2016 23
Figure 14: Denbury Resources Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2016 25
Figure 15: Denbury Resources Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2012-2016 26
Figure 16: Denbury Resources Inc., Oil Reserves, End of Period, By Country/Region, mmbbl, 2012-2016 27
Figure 17: Denbury Resources Inc., Oil Production, By Country/Region, mmbbl, 2012-2016 27
Figure 18: Denbury Resources Inc., Crude Oil Reserve Changes, mmbbl, 2016 29
Figure 19: Denbury Resources Inc., Natural Gas Production and Reserves Metrics, bcf, 2012-2016 30
Figure 20: Denbury Resources Inc., Gas Reserves, End of Period, By Country/Region, bcf, 2012-2016 31
Figure 21: Denbury Resources Inc., Gas Production, By Country/Region, bcf, 2012-2016 31
Figure 22: Denbury Resources Inc., Natural Gas Reserve Changes, bcf, 2016 33
Figure 23: Denbury Resources Inc., Oil and Gas Reserves Life Index, Years, 2012-2016 34
Figure 24: Denbury Resources Inc., Gas Reserve Life Index, By Country/Region, Years, 2012-2016 35
Figure 25: Denbury Resources Inc., Oil & Gas Reserve Life Index, By Country/Region, Years, 2012-2016 35
Figure 26: Denbury Resources Inc., Oil Reserve Life Index, By Country/Region, Years, 2012-2016 36
Figure 27: Denbury Resources Inc., Upstream Capital Expenditure, US$ mil, 2012-2016 37
Figure 28: Denbury Resources Inc., Proved Acquisition Costs, By Country/Region, US$ mil, 2012-2016 38
Figure 29: Denbury Resources Inc., Unproved Acquisition Costs, By Country/Region, US$ mil, 2012-2016 38
Figure 30: Denbury Resources Inc., Development Costs, By Country/Region, US$ mil, 2012-2016 40
Figure 31: Denbury Resources Inc., Exploration Costs, By Country/Region, US$ mil, 2012-2016 40
Figure 32: Denbury Resources Inc., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2012-2016 42
Figure 33: Denbury Resources Inc., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2012-2016 44
Figure 34: Denbury Resources Inc., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2012-2016 44
Figure 35: Denbury Resources Inc., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2012-2016 45
Figure 36: Denbury Resources Inc., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2012-2016 46
Figure 37: Denbury Resources Inc., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2012-2016 49
Figure 38: Denbury Resources Inc., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2012-2016 49
Figure 39: Denbury Resources Inc., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2012-2016 50
Figure 40: Denbury Resources Inc., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2012-2016 50
Figure 41: Denbury Resources Inc., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2012-2016 51
Figure 42: Denbury Resources Inc., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2012-2016 51
Figure 43: Denbury Resources Inc., Revenue and Expenses, US$ mil, 2012-2016 53
Figure 44: Denbury Resources Inc., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 55
Figure 45: Denbury Resources Inc., Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 55
Figure 46: Denbury Resources Inc., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 56
Figure 47: Denbury Resources Inc., Oil & Gas Revenue, By Country/Region, US$ mil, 2012-2016 56
Figure 48: Denbury Resources Inc., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 57
Figure 49: Denbury Resources Inc., Production Costs, By Country/Region, US$ mil, 2012-2016 57
Figure 50: Denbury Resources Inc., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 58
Figure 51: Denbury Resources Inc., Oil and Gas Revenue and Expenses, US$/boe, 2012-2016 60
Figure 52: Denbury Resources Inc., Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2012-2016 61
Figure 53: Denbury Resources Inc., Lifting Cost per boe, By Country/Region, US$/boe, 2012-2016 61
Figure 54: Denbury Resources Inc., Annual Net Income per boe, By Country/Region, US$/boe, 2012-2016 62
Figure 55: Denbury Resources Inc., Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2012-2016 62
Figure 56: Denbury Resources Inc., Total DD&A per boe, By Country/Region, US$/boe, 2012-2016 63
Figure 57: Denbury Resources Inc., Total Revenue per boe, By Country/Region, US$/boe, 2012-2016 63
Figure 58: Denbury Resources Inc., Oil and Gas Performance Metrics, 2012-2016 65
Figure 59: Denbury Resources Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2012-2016 66
Figure 60: Denbury Resources Inc., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2012-2016 67
Figure 61: Denbury Resources Inc., Total Net Undeveloped Acreage, By Country/Region, Acres, 2012-2016 67
Figure 62: Denbury Resources Inc., Total Gross Developed Acreage, By Country/Region, Acres, 2012-2016 68
Figure 63: Denbury Resources Inc., Total Net Developed Acreage, By Country/Region, Acres, 2012-2016 68
Figure 64: Denbury Resources Inc., Producible Oil and Gas Wells, 2012-2016 70
Figure 65: Denbury Resources Inc., Gross Productive Gas Wells, By Country/Region, Number, 2012-2016 71
Figure 66: Denbury Resources Inc., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2012-2016 71
Figure 67: Denbury Resources Inc., Gross Productive Oil Wells, By Country/Region, Number, 2012-2016 72
Figure 68: Denbury Resources Inc., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2012-2016 72
Figure 69: Denbury Resources Inc., Net Productive Gas Wells, By Country/Region, Number, 2012-2016 73
Figure 70: Denbury Resources Inc., Net Productive Oil & Gas Wells, By Country/Region, Number, 2012-2016 73
Figure 71: Denbury Resources Inc., Net Productive Oil Wells, By Country/Region, Number, 2012-2016 74
Figure 72: Denbury Resources Inc., Exploratory and Developed Wells, 2012-2016 76


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