Denbury Resources (DNR) Q3 2020 Earnings Call Transcript

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Denbury Resources (NYSE:DNR)
Q3 2020 Earnings Call
Nov 17, 2020, 11:00 a.m. ET

Contents:

• Prepared Remarks
• Questions and Answers
• Call Participants

Prepared Remarks:

Operator

Good day, ladies and gentlemen, and welcome to the Denbury’s third-quarter 2020 results conference call. My name is Laura, and I will be the operator for today’s call. [Operator instructions] I would now like to turn this conference call over to your host for today’s call, Mr. John Mayer, Denbury’s director of investor relations.

Please go ahead.

John Mayer — Director of Investor Relations

Good morning, everyone, and thank you for joining us today. With me on the call are Chris Kendall, our president and chief executive officer; Mark Allen, our executive vice president and chief financial officer; David Sheppard, our senior vice president of operations; and Matthew Dahan, our senior vice president of business development and technology. Before we begin, I want to point out that we have slides, which will accompany today’s discussion. Should you encounter any issues with slides advancing during the webcast portion of this presentation, please refresh your browser.

For those of you that are not accessing the call via the webcast, these slides may be found on our homepage at denbury.com by clicking on the quarterly earnings in our link under resources. I would also like to remind you that today’s call will include forward-looking statements that are based on the best and most reasonable information we have today. There are numerous factors that could cause actual results to differ materially from what is discussed on today’s call. You can read our full disclosure on forward-looking statements and the risk factors associated with our business in the slides accompanying today’s presentation, our most recent SEC filings and our quarterly earnings release, all of which are posted on our website at denbury.com.

Also, please note that during the course of today’s call, we will reference certain non-GAAP measures. Reconciliation and disclosure relative to these measures are provided in our quarterly earnings release, as well as on our website. With that, I will turn the call over to Chris.

Chris Kendall — President and Chief Executive Officer

Good morning, and thank you for joining us on today’s call. 2020 has been an incredibly unique and challenging year for all of us, but I am highly optimistic about what the future holds for Denbury. Our quick emergence from a very efficient restructuring resulted in a dramatically improved capital structure, which clearly and uniquely positions Denbury for future success in the industry. Denbury is a company built to provide long-term value through our base EOR business, supported by our long-lived, low-decline, low-capital intensity oil production.

But Denbury is much more than that. We’re also a company that is extraordinarily well-positioned for the energy transition with a unique line of sight to significant growth in the coming years through the emerging business of carbon capture, use and storage, commonly referred to as CCUS. There is not another company in the E&P industry as well-positioned as Denbury for continued relevance through this inevitable transition. Turning to Slide 6.

I’d first like to highlight two changes in the company. Our board has been refreshed with four new board members who bring significant and relevant experience and perspective and who, together with the experienced continuity and historical perspective of the two continuing independent directors, will be appropriately positioned to guide Denbury through this new phase. We have also simplified our name, retaining Denbury, as our historical name is broadly recognized and respected as a leader in enhanced oil recovery, but…