Denbury Resources

Denbury Resources is a company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Plano, Texas.

Denbury Resources Inc.
TypePublic company
OTC Pink: DNRCQ
IndustryPetroleum industry
Founded1951 (1951)
HeadquartersPlano, Texas, United States
Key people
 Christian S. Kendall, President & CEO
Mark C. Allen, CFO
ProductsPetroleum
Natural gas
Production output
58.213 thousand barrels of oil equivalent (356,140 GJ) per day
Revenue $1.274 billion (2019)
$0.217 billion (2019)
Total assets $4.691 billion (2019)
Total equity $1.412 billion (2019)
Number of employees
806 (2019)
Websitewww.denbury.com
Footnotes / references
[1]

The company extracts petroleum via enhanced oil recovery (tertiary recovery), which utilizes carbon dioxide to extract petroleum from fields that have been previously exploited. The company's operations are focused in the Gulf Coast and Rocky Mountain regions. As of December 31, 2019, Denbury had 230.189 million barrels of oil equivalent (1.40826×109 GJ) of estimated proved reserves, of which 98.2% was petroleum and 1.8% was natural gas. The company also has an estimated 910 billion cubic feet of probable carbon dioxide reserves at Jackson Dome. The company's largest producing property is the Cedar Creek Anticline in Montana and North Dakota, which accounted for 24% of daily production in 2019.[1]

History

In March 1951, the company was incorporated in Manitoba as "Kay Lake Mines Limited (N.P.L.)". In September 1984, the name of the company was changed to "Newscope Resources Limited". In December 1985, the name of the company was changed to "Denbury Resources Inc."[2]

In May 1997, the company became a public company via an initial public offering.[1]

In 1998, the company acquired properties from Chevron Corporation for $202 million.[3]

In August 1999, the company began its enhanced oil recovery operations with the acquisition of the Little Creek Field.[1]

In 2001, the company acquired Matrix Oil & Gas for $138 million in cash and stock.[4] The company also acquired the Jackson Dome carbon dioxide reserves and the NEJD Pipeline in Mississippi, providing a source of carbon dioxide and the related transportation infrastructure.[1]

In 2009, the company sold its assets in the Barnett Shale.[5]

In 2010, the company acquired Encore Acquisition Company in a $4.6 billion transaction.[6][7]

In 2012, the company acquired Thompson Field in Fort Bend County, Texas for $360 million.[8][9] The company also sold its acreage in the Bakken Formation to ExxonMobil for $1.6 billion.[10]

In 2013, the company acquired fields in the Cedar Creek Anticline from ConocoPhillips for $1.05 billion.[11]

In 2017, Christian S. Kendall was named chief executive officer of the company.[12] The company also acquired assets in the Salt Creek Field of Wyoming from Linn Energy for $71.5 million.[13]

In July 2020, the company filed bankruptcy.[14]

References
  1. "Denbury Resources Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "Denbury Resources Inc. 1998 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  3. "DENBURY IN $202.2 MILLION DEAL FOR CHEVRON PROPERTIES". The New York Times. Dow Jones & Company. November 26, 1997.
  4. "DENBURY RESOURCES TO ACQUIRE MATRIX OIL AND GAS". The New York Times. Reuters. June 6, 2001.
  5. "Denbury Completes Majority of its Barnett Shale Sale" (Press release). Business Wire. July 6, 2009.
  6. "Denbury to Acquire Encore in a $4.5 Billion Transaction" (Press release). Business Wire. November 1, 2009.
  7. McCracken, Jeffrey (November 3, 2009). "Two U.S. Oil Firms To Merge". The Wall Street Journal.
  8. "Denbury Agrees to Acquire Gulf Coast Oil Field" (Press release). GlobeNewswire. May 1, 2012.
  9. Joyce, Matt (June 6, 2012). "Denbury acquires Thompson oil field for $360 million". American City Business Journals.
  10. González, Ángel (September 20, 2012). "Exxon to Buy Denbury's Bakken Acreage for $1.6 Billion". The Wall Street Journal.
  11. Chaudhuri, Saabira (January 15, 2013). "Conoco to Sell Fields to Denbury for $1.05 Billion". The Wall Street Journal.
  12. "Denbury Announces Management Transition Plan" (Press release). GlobeNewswire. March 21, 2017.
  13. "Denbury Resources to Acquire Interest in Rockies CO2 Flood" (Press release). GlobeNewswire. May 30, 2017.
  14. "Denbury Resources Enters into Restructuring Support Agreement for Pre-packaged Plan to Strengthen Its Balance Sheet and Reduce Debt by $2.1 Billion" (Press release). GlobeNewswire. January 29, 2020.
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