• +353-1-416-8900(GMT OFFICE HOURS)
  • 1-800-526-8630(US/CAN TOLL FREE)
  • 1-917-300-0470(EST OFFICE HOURS)
Denbury Resources Inc, Company Intelligence Report - Product Image

Denbury Resources Inc, Company Intelligence Report

  • Published: January 2012
  • 108 pages
  • GlobalData

Denbury Resources Inc, Company Intelligence Report

Summary

Denbury Resources Inc. is engaged in the acquisition, development, exploration and operation of crude oil and natural gas assets. The company holds properties primarily in Mississippi, Louisiana, Texas and Alabama, in the Gulf Coast region of the US. Denbury is a pioneer in Enhanced Oil Recovery (EOR) techniques and uses CO2 for tertiary oil recovery. Denbury owns CO2 sources on the Gulf Coast region of the US. The company’s Jackson Dome CO2 field is the only significant source of CO2 from East Texas to Florida. It also owns various CO2 pipelines, including the NEJD pipeline, Free State pipeline and Delta pipeline.

In March 2010, Denbury acquired Encore Acquisition Company and as a result of the acquisition, the company now owns assets in the Rocky Mountain region, Permian basin including West Texas and New Mexico, Cedar Creek Anticline (CCA), Bell Creek asset, Haynesville shale and the Bakken shale. The Haynesville shale is a development asset for the company which started production in 2010. The figure below shows the company’s operational overview.

Scope

- Key Highlights: This READ MORE >

1 Table of contents
1 Table of contents
1.1 List of Tables
1.2 List of Figures
2 Denbury Resources Inc., Company Overview
3 Denbury Resources Inc., Investment Summary
3.1 Focus on EOR Activities For Sustainable Production Growth
3.2 Huge Oil Inventory Base
3.3 Bakken Shale to Propel Future Production Growth
4 Denbury Resources Inc., SWOT Analysis
4.1 Strength
4.1.1 Strong expertise in Handling EOR Projects
4.1.2 Strong Pipeline Infrastructure for CO2 Transmission Activities
4.1.3 Proven Growth With Strong Financial Position
4.2 Weaknesses
4.2.1 Production is Skewed towards Oil
4.2.2 Low Exploration Activity
4.3 Opportunities
4.3.1 Bakken Exposure Will Provide Sustainable Long Term Growth
4.3.2 Access to Anthropogenic CO2 Sources and Completion of CO2 Pipeline Projects
4.4 Threats
4.4.1 Fall in EOR Production
5 Denbury Resources Inc., Goals and Strategies
5.1 To Remain Focused on Oil
5.2 Development of Enhanced Oil Recovery (EOR) Potential and CO2 Infrastructure
5.3 Development of the Bakken Shale
6 Denbury Resources Inc., Production and Development Overview
6.1 Production Profile
6.2 Exploiting EOR Opportunities
6.3 Mississippi Non-CO2 Asset
6.4 Gulf Coast
6.5 Rocky Mountain Region
6.5.1 Bakken
7 Denbury Resources Inc., Capital Expenditure
7.1 Costs Incurred
8 Denbury Resources Inc., Acreage
9 Denbury Resources Inc., Exploration and M&A Highlights
9.1 M&A Activity
10 Denbury Resources Inc., CO2 Operations
10.1 Natural Sources of CO2
10.2 Anthropogenic Sources of CO2
10.3 CO2 Pipelines
10.3.1 NEJD Pipeline
10.3.2 Free State Pipeline
10.3.3 Delta Pipeline
10.3.4 West Gwinville
10.3.5 Green Pipeline
10.3.6 Greencore Pipeline
10.3.7 Conroe Pipeline
11 Denbury Resources Inc., Production and Financial Statements
11.1 Income Statement (2008–2015)
11.2 Balance Sheet (2008–2015)
11.3 Cash Flow Statement (2008–2015)
11.4 Financial Ratios
12 Denbury Resources Inc, Valuation
12.1 Net Asset Value
13 Denbury Resources Inc, Peer Comparision
13.1 Share Price Performance
13.2 Operational and Financial Performance
13.3 Key Financial and Operational Ratio
14 Denbury Resources Inc., Detailed Operational and Financial Metrics
14.1 Total Oil and Gas, Reserves and Production
14.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2006-2010
14.1.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2006-2010
14.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2006-2010
14.2 Crude Oil/Liquids Production and Reserve
14.2.1 Crude Oil/Liquids Production and Reserve Trend, 2006-2010
14.2.2 Crude Oil Production and Reserves By Country/Region, 2006-2010
14.2.3 Crude Oil/Liquids Reserve Changes, 2006-2010
14.3 Natural Gas Production and Reserve
14.3.1 Natural Gas Production and Reserve Trend, 2006-2010
14.3.2 Natural Gas Production and Reserves, By Country/Region, 2006-2010
14.3.3 Natural Gas Reserve Changes, 2006-2010
14.4 Total Crude Oil and Natural Gas Reserves Life Index
14.4.1 Total Crude Oil and Natural Gas Reserves Life Index, 2006-2010
14.4.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2006-2010
14.5 Denbury Resources Inc., E&P Costs Trends
14.5.1 Upstream Capital Expenditure, 2006-2010
14.5.2 Acquisition Costs By Country/Region, 2006-2010
14.5.3 Exploration and Development Costs, By Country/Region, 2006-2010
14.6 Oil and Gas Cost Per boe, $/boe
14.6.1 Oil and Gas Cost Per boe, $/boe, 2006-2010
14.6.2 Oil and Gas Cost Per boe, $/boe, By Country/Region, 2006-2010
14.7 Denbury Resources Inc., Reserve Replacement Ratio
14.7.1 Oil and Gas Production Replacement Ratio, 2006-2010
14.7.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2006-2010
14.8 Denbury Resources Inc., Results of Oil & Gas Operations Trend
14.8.1 Oil and Gas Revenue and Expenses, 2006-2010
14.8.2 Oil and Gas Revenue and Expenses, By Country/Region, 2006-2010
14.9 Oil and Gas Revenue and Expenses, Per boe
14.9.1 Oil and Gas Revenue and Expenses, By boe, 2006-2010
14.9.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2006-2010
14.10 Oil and Gas Performance Metrics
14.11 Denbury Resources Inc., Land Holdings and Well Data
14.11.1 Gross and Net Developed and Undeveloped Acreage, 2006-2010
14.11.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2006-2010
14.12 Well Statistics
14.12.1 Producible Oil and Gas Well, 2006-2010
14.12.2 Producible Oil and Gas Well, By Country/Region, 2006-2010
14.12.3 Exploration and Development Wells Drilled, 2006-2010
14.12.4 Exploration and Development Wells Drilled, By Country/Region, 2006-2010
15 Appendix
15.1 Abbreviations
15.2 Methodology
15.2.1 Coverage
15.2.2 Secondary Research
15.2.3 Primary Research
15.3 Contact Us
15.4 Disclaimer

1.1 List of Tables
Table 1: Denbury Resources Inc., Key Events January 2011 – December 2011
Table 2: Denbury Resources Inc., Historical and Forecast Production, MMboe, 2007–2015
Table 3: Denbury Resources Inc., Capital Expenditure, $m, 2007– 2010
Table 4: Denbury Resources Inc., Costs Incurred ($m), 2007–2010
Table 5: Denbury Resources Inc., Reserve Replacement Ratio and Finding and Development Cost, 2007–2010
Table 6: Denbury Resource Inc., Recent Transactions As A Buyer, 2006– 2011
Table 7: Denbury Resource Inc., Recent Transactions As A Seller, 2006– 2011
Table 8: Denbury Resources Inc., Historic and Forecast Production, 2007–2015
Table 9: GlobalData, Price Forecasts, 2011–2015
Table 10: Denbury Resources Inc, Income Statement ($m), 2008–2015
Table 11: Denbury Resources Inc, Balance Sheet ($m), 2008–2015
Table 12: Denbury Resources Inc, Cash Flow Statement ($m), 2008–2015E
Table 13: Denbury Resources Inc, Profitability Ratios, 2008–2015
Table 14: Denbury Resources Inc, Other Financial Ratios, 2008–2015
Table 15: Denbury Resources Inc, Net Asset Value, 2012
Table 16: Denbury Resources Inc, Prospective Acreage & Non Proven Reserves, 2012
Table 17: Denbury Resources Inc, NPV of Oil/NGL Reserves, $/bbl, 2012
Table 18: Denbury Resources Inc, NPV of Natural Gas Reserves, $/Mcf, 2012
Table 19: Denbury Resources Inc, NPV of Total Oil and Natural Gas Reserves, $/boe, 2012
Table 20: Denbury Resources Inc, Sensitivity Analysis on Fair Value ($/share), 2012
Table 21: Denbury Resources Inc, and Peer Group Comparison, Operational and Financial Performance, 2010
Table 22: Denbury Resources Inc and Peer Group Comparison, Financial Ratios, 2010
Table 23: Denbury Resources Inc., Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2006-2010
Table 24: Denbury Resources Inc., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2006-2010
Table 25: Denbury Resources Inc., Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2006-2010
Table 26: Denbury Resources Inc., Crude Oil Production and Reserves Metrics, MMbbl, 2006-2010
Table 27: Denbury Resources Inc., Crude Oil Production and Reserves, By Country/Region, MMbbl, 2006-2010
Table 28: Denbury Resources Inc., Crude Oil Reserve Changes, MMbbl, 2006-2010
Table 29: Denbury Resources Inc., Natural Gas Production and Reserves Metrics, Bcf, 2006-2010
Table 30: Denbury Resources Inc., Natural Gas Production and Reserves, By Country/Region, Bcf, 2006-2010
Table 31: Denbury Resources Inc., Natural Gas Reserve Changes, Bcf, 2006-2010
Table 32: Denbury Resources Inc., Oil and Gas Reserves Life Index, Years, 2006-2010
Table 33: Denbury Resources Inc., Oil and Gas Reserves Life Index, By Country/Region, Years, 2006-2010
Table 34: Denbury Resources Inc., Upstream Capital Expenditure, $m, 2006-2010
Table 35: Denbury Resources Inc., Proved and Unproved Acquisition Costs, By Country/Region, $m, 2006-2010
Table 36: Denbury Resources Inc., Exploration and Development Costs, By Country/Region, $m, 2006-2010
Table 37: Denbury Resources Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2006-2010
Table 38: Denbury Resources Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, By Country/Region, 2006-2010
Table 39: Denbury Resources Inc., Oil and Gas Production Replacement Ratio, %, 2006-2010
Table 40: Denbury Resources Inc., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2006-2010
Table 41: Denbury Resources Inc., Revenue and Expenses, $m, 2006-2010
Table 42: Denbury Resources Inc., Revenue and Expenses, By Country/Region, $m, 2006-2010
Table 43: Denbury Resources Inc., Oil and Gas Revenue and Expenses, $/boe, 2006-2010
Table 44: Denbury Resources Inc., Oil and Gas Revenue and Expenses, $/boe, By Country/Region, 2006-2010
Table 45: Denbury Resources Inc., Oil and Gas Performance Metrics, 2006-2010
Table 46: Denbury Resources Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2006-2010
Table 47: Denbury Resources Inc., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2006-2010
Table 48: Denbury Resources Inc., Producible Oil and Gas Wells, 2006-2010
Table 49: Denbury Resources Inc., Producible Oil and Gas Wells, By Country/Region, 2006-2010
Table 50: Denbury Resources Inc., Exploratory and Developed Wells, 2006-2010
Table 51: Denbury Resources Inc., Exploratory and Developed Wells, By Country/Region, 2006-2010

1.2 List of Figures
Figure 1: Denbury Resources Inc, Operational Overview, 2012
Figure 2: Denbury Resources Inc, Performance Charts, 2007–2010
Figure 3: Denbury Resources Inc., Share Price Performance, December 2010 – November 2011
Figure 4: Denbury Resources Inc, Total Proved Reserves by Type, %, 2007–2010
Figure 5: Denbury Resources Inc., Total Oil Potential Break-up, Q3 2011
Figure 6: Denbury Resources Inc., Bakken Overview, Q3 2011
Figure 7: Denbury Resources Inc., Major Companies Acreage, Bakken Shale, Q3 2011
Figure 8: Denbury Resources Inc, Total Production by Type, %, 2007–2015
Figure 9: Denbury Resources Inc., Enhanced Oil Recovery Target Areas, 2012
Figure 10: Denbury Resources Inc., Capital Expenditure, $m, 2007– 2010
Figure 11: Denbury Resources Inc., Total Cost Incurred, 2007–2010
Figure 12: Denbury Resources Inc., Reserve Replacement Ratio and Finding and Development Cost, 2007–2010
Figure 13: Denbury Resources Inc., Peer Group Comparison, Net Acreage (Million Acres), 2010
Figure 14: Denbury Resources Inc., Net Developed and Undeveloped Acreage, 2007-2010
Figure 15: Denbury Resources Inc, Major Costs Incurred, Exploration, Acquisition and Development Cost, 2007–2010
Figure 16: Denbury Resources Inc., Jackson Dome Area, 2011
Figure 17: Denbury Resources Inc, Relative Share Price Performance, June 2010– December 2011
Figure 18: Denbury Resources Inc, F&D costs and Reserve Replacement Ratio, 2010
Figure 19: Denbury Resources Inc, Major Parameters in $/boe, 2010
Figure 20: Denbury Resources Inc, Total Reserves and Production, MMboe, 2010
Figure 21: Denbury Resources Inc, Total Reserves and Production, MMboe, 2010
Figure 22: Denbury Resources Inc., Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2006-2010
Figure 23: Denbury Resources Inc., Total Oil & Gas Reserves, End of Period, By Country/Region, MMboe, 2006-2010
Figure 24: Denbury Resources Inc., Total Oil & Gas Production, By Country/Region, MMboe, 2006-2010
Figure 25: Denbury Resources Inc., Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2010
Figure 26: Denbury Resources Inc., Crude Oil Production and Reserves Metrics, MMbbl, 2006-2010
Figure 27: Denbury Resources Inc., Oil Reserves, End of Period, By Country/Region, MMbbl, 2006-2010
Figure 28: Denbury Resources Inc., Oil Production, By Country/Region, MMbbl, 2006-2010
Figure 29: Denbury Resources Inc., Crude Oil Reserve Changes, MMbbl, 2010
Figure 30: Denbury Resources Inc., Natural Gas Production and Reserves Metrics, Bcf, 2006-2010
Figure 31: Denbury Resources Inc., Gas Reserves, End of Period, By Country/Region, Bcf, 2006-2010
Figure 32: Denbury Resources Inc., Gas Production, By Country/Region, Bcf, 2006-2010
Figure 33: Denbury Resources Inc., Natural Gas Reserve Changes, Bcf, 2010
Figure 34: Denbury Resources Inc., Oil and Gas Reserves Life Index, Years, 2006-2010
Figure 35: Denbury Resources Inc., Gas Reserve Life Index, By Country/Region, Years, 2006-2010
Figure 36: Denbury Resources Inc., Oil & Gas Reserve Life Index, By Country/Region, Years, 2006-2010
Figure 37: Denbury Resources Inc., Oil Reserve Life Index, By Country/Region, Years, 2006-2010
Figure 38: Denbury Resources Inc., Upstream Capital Expenditure, $m, 2006-2010
Figure 39: Denbury Resources Inc., Proved Acquisition Costs, By Country/Region, $m, 2006-2010
Figure 40: Denbury Resources Inc., Unproved Acquisition Costs, By Country/Region, $m, 2006-2010
Figure 41: Denbury Resources Inc., Development Costs, By Country/Region, $m, 2006-2010
Figure 42: Denbury Resources Inc., Exploration Costs, By Country/Region, $m, 2006-2010
Figure 43: Denbury Resources Inc., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2006-2010
Figure 44: Denbury Resources Inc., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, $/boe, 2006-2010
Figure 45: Denbury Resources Inc., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, $/boe, 2006-2010
Figure 46: Denbury Resources Inc., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, $/boe, 2006-2010
Figure 47: Denbury Resources Inc., Proved Reserves Acquisition Cost per boe, 3-Year Average, By Country/Region, $/boe, 2006-2010
Figure 48: Denbury Resources Inc., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2006-2010
Figure 49: Denbury Resources Inc., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2006-2010
Figure 50: Denbury Resources Inc., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2006-2010
Figure 51: Denbury Resources Inc., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2006-2010
Figure 52: Denbury Resources Inc., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2006-2010
Figure 53: Denbury Resources Inc., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2006-2010
Figure 54: Denbury Resources Inc., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2006-2010
Figure 55: Denbury Resources Inc., Revenue and Expenses, $m, 2006-2010
Figure 56: Denbury Resources Inc., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010
Figure 57: Denbury Resources Inc., Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010
Figure 58: Denbury Resources Inc., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010
Figure 59: Denbury Resources Inc., Oil & Gas Revenue, By Country/Region, $m, 2006-2010
Figure 60: Denbury Resources Inc., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010
Figure 61: Denbury Resources Inc., Production Costs, By Country/Region, $m, 2006-2010
Figure 62: Denbury Resources Inc., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010
Figure 63: Denbury Resources Inc., Oil and Gas Revenue and Expenses, $/boe, 2006-2010
Figure 64: Denbury Resources Inc., Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2006-2010
Figure 65: Denbury Resources Inc., Lifting Cost per boe, By Country/Region, $/boe, 2006-2010
Figure 66: Denbury Resources Inc., Annual Net Income per boe, By Country/Region, $/boe, 2006-2010
Figure 67: Denbury Resources Inc., Oil & Gas Revenue per boe, By Country/Region, $/boe, 2006-2010
Figure 68: Denbury Resources Inc., Total DD&A per boe, By Country/Region, $/boe, 2006-2010
Figure 69: Denbury Resources Inc., Total Revenue per boe, By Country/Region, $/boe, 2006-2010
Figure 70: Denbury Resources Inc., Oil and Gas Performance Metrics, 2006-2010
Figure 71: Denbury Resources Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2006-2010
Figure 72: Denbury Resources Inc., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2006-2010
Figure 73: Denbury Resources Inc., Total Net Undeveloped Acreage, By Country/Region, Acres, 2006-2010
Figure 74: Denbury Resources Inc., Total Gross Developed Acreage, By Country/Region, Acres, 2006-2010
Figure 75: Denbury Resources Inc., Total Net Developed Acreage, By Country/Region, Acres, 2006-2010
Figure 76: Denbury Resources Inc., Producible Oil and Gas Wells, 2006-2010
Figure 77: Denbury Resources Inc., Gross Productive Gas Wells, By Country/Region, Number, 2006-2010
Figure 78: Denbury Resources Inc., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2006-2010
Figure 79: Denbury Resources Inc., Gross Productive Oil Wells, By Country/Region, Number, 2006-2010
Figure 80: Denbury Resources Inc., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2006-2010
Figure 81: Denbury Resources Inc., Net Productive Gas Wells, By Country/Region, Number, 2006-2010
Figure 82: Denbury Resources Inc., Net Productive Oil & Gas Wells, By Country/Region, Number, 2006-2010
Figure 83: Denbury Resources Inc., Net Productive Oil Wells, By Country/Region, Number, 2006-2010
Figure 84: Denbury Resources Inc., Exploratory and Developed Wells, 2006-2010

Focus on EOR Activities For Sustainable Production Growth

Denbury uses Enhanced Oil Recovery (EOR) methods to extract oil from its legacy assets. The company uses CO2 under EOR for tertiary oil production. Using EOR methods of extracting oil, almost 30–60% of the original oil in place can be extracted, whereas with the use of secondary recovery techniques only 20-40% of the original oil in place can be recovered.

Denbury applies EOR techniques to its matured fields and it also acquires old oil fields from other companies to apply EOR techniques. Through this the company can supplement its production profile. The company started the use of CO2 under its EOR technique for the tertiary oil production in August 1999. The company’s entry into the CO2 EOR operations was marked by the acquisition of the Little Creek field in August 1999. The company further acquired the Jackson Dome, a CO2 field on the east of Mississippi River, in 2001. Jackson Dome is the only significant natural source of CO2 existing in the area between East Texas and Florida. The proved reserves for the Jackson Dome field were estimated to be around 7.1 tcf (gross) at the year end 2010.

Tertiary oil reserves contributed almost 41% to the company’s total proved reserves and tertiary oil production accounted for almost 49% of the company’s total continuing production in 2010. Production from tertiary oil fields increased to 29,062bbl/d in 2010, a growth of almost 19% from 24,343bbl/d in 2009. The company’s net daily oil production from tertiary operations has registered a compound annual growth rate (CAGR) of 33% for the period of 1999 – 2010.

Denbury is an EOR-focused company, primarily because it owns a huge inventory of CO2 in the Gulf Coast region and Rocky Mountain region of the US. Since 2001, the company was able to increase its CO2 production capacity by more than 10 times to 1.1bcf/d in 2010. The CO2 production from Jackson Dome increased to 852 MMcf/d, out of which 87% is used for tertiary oil recovery activities and remaining being sold or delivered to third party under volumetric production payments.

Along with Jackson Dome in the Gulf Coast region, the company also owns the Riley Ridge Federal Unit located in Rocky Mountain region, where it is operator for gas separation plant and 28,000 acres of CO2 reserve adjacent to Riley Ridge unit. The company has proved reserve of 2.4tcf of CO2 in Riley Ridge along with a probable CO2 reserve of 2.0 – 2.2tcf.

Note: Product cover images may vary from those shown

RELATED PRODUCTS

Our Clients

Our clients' logos