Denbury Inc. - DEN STOCK NEWS

Denbury Inc. (NYSE: DEN) announced the appointment of Brad Whitmarsh as the new Executive Director of Investor Relations. With over 20 years of experience in the oil and gas sector, Whitmarsh previously held senior investor relations roles at Noble Energy and Kosmos Energy. His expertise is expected to strengthen Denbury's strategic focus on Carbon Capture, Use, and Storage (CCUS) and CO₂ Enhanced Oil Recovery (EOR).

This move aligns with Denbury's goals of reducing its carbon footprint and enhancing its investment value proposition.

Denbury Inc. (NYSE: DEN) has appointed Cindy A. Yeilding to its Board of Directors as of March 16, 2021. With over 35 years of experience in the energy sector, particularly in Carbon Capture, Use, and Storage (CCUS), Ms. Yeilding's expertise will enhance Denbury's strategic positioning in the transition to a lower-carbon future. She will serve on the Sustainability Committee and Nominating/Corporate Governance Committee. Following her appointment, the Board will consist of eight directors, seven of whom are independent.

Denbury Inc. (NYSE: DEN) announced a virtual fireside chat led by CEO Chris Kendall at the Credit Suisse 26th Annual Energy Summit on March 1, 2021, at 3:20 p.m. ET. Senior management will also engage in virtual meetings with institutional investors. An updated corporate presentation will be accessible on the company's website on the same day. Denbury specializes in CO₂ Enhanced Oil Recovery and aims to offset its total CO₂ emissions by utilizing captured industrial CO₂. For details, visit www.denbury.com.

Denbury announced its 2020 Q4 and full-year results, reporting an adjusted EBITDAX of $77 million in Q4 and $326 million for the year. The company generated $88 million in free cash flow and invested $95 million in development capital. 2020 average production was 51,151 BOE/d, down 13% year-over-year. Denbury's 2021 capital budget ranges from $250 million to $270 million, with major investments in CO2 projects. The company also plans to close a $12 million acquisition of Wyoming oil fields in early March 2021.

Denbury Inc. (NYSE: DEN) will release its fourth quarter and full-year 2020 results on February 25, 2021, prior to market opening. A conference call to discuss the results and 2021 outlook will take place at 10:00 A.M. (Central). Participants can join by dialing provided numbers. Denbury specializes in oil production from mature fields, emphasizing CO₂ Enhanced Oil Recovery (EOR) and Carbon Capture, Use, and Storage (CCUS), aiming to offset all CO₂ emissions by the end of the decade.

Denbury Inc. announced the acquisition of nearly 100% working interest in the Big Sand Draw and Beaver Creek oil fields for $12 million. The fields, located in Wyoming, have a net production of approximately 2,800 BOE per day and net proved reserves estimated at 13.7 MMBOE. The acquisition aligns with Denbury’s CO2 EOR-focused strategy and is expected to increase CO2 usage by nearly 400,000 tons annually. The deal includes potential contingent payments tied to oil prices and is scheduled to close in the first quarter of 2021.

Denbury Inc. (NYSE: DEN) announced its third quarter 2020 results, showcasing a successful emergence from Chapter 11 on September 18, 2020, with a reduced bond debt of $2.1 billion and annual interest savings of $165 million. The company produced 49,686 BOE/d, with revenues of $194 million, up 64% from the prior quarter. Denbury is positioned with a breakeven oil price near $30, emphasizing its competitive advantage in CO2-enhanced oil recovery. The new $575 million credit facility and recent pipeline acquisitions further strengthen its operational flexibility.

Denbury Inc. (NYSE: DEN) has successfully restructured its CO₂ pipeline arrangements with Genesis Energy, simplifying its legacy debt obligations. The company reacquired the Northeast Jackson Dome (NEJD) Pipeline and the Free State Pipeline for a total of $92.5 million, funded through cash flow and bank borrowings. This move reduces Denbury's remaining debt by approximately $25 million to $91 million, lowers interest expenses, and enhances operational flexibility for future carbon capture, utilization, and storage (CCUS) opportunities, supporting potential long-term value creation.

Denbury Inc. (NYSE: DEN) has successfully emerged from Chapter 11 bankruptcy as of September 18, 2020, resulting in the elimination of $2.1 billion in bond debt. The company is positioned to resume trading on the NYSE under the ticker DEN on September 21, 2020. Following a swift restructuring process, Denbury now possesses enhanced financial flexibility, bolstering its ability to pursue its CO₂ enhanced oil recovery strategy and explore carbon capture opportunities. The company aims to maintain a strong balance sheet as it navigates the evolving energy market.