Denbury Resources Inc. (NYSE:DNR) (“Denbury” or the “Company”)
today announced a net loss of $386 million, or $0.99 per diluted
share, for the fourth quarter of 2016. Excluding special
items, the Company reported an adjusted net loss(1) (a non-GAAP
measure) for the quarter of $7 million, or $0.02(1)(2) per diluted
share. Adjusted net loss(1) for the fourth quarter of 2016
differs from the quarter’s GAAP net loss primarily due to the
exclusion of a $591 million ($379 million after tax) accelerated
depreciation charge associated with the Riley Ridge gas processing
facility and related assets, with the GAAP and non-GAAP measures
reconciled on tables beginning on page 8.
Sequential and year-over-year comparisons of
selected quarterly financial items are shown in the following
table:
| |
|
Quarter Ended |
| (in
millions, except per share and unit data) |
|
Dec. 31, 2016 |
|
Sept. 30, 2016 |
|
Dec. 31, 2015 |
| Net loss |
|
$ |
(386 |
) |
|
$ |
(25 |
) |
|
$ |
(885 |
) |
| Adjusted net income
(loss)(1) (non-GAAP measure) |
|
(7 |
) |
|
1 |
|
|
(3 |
) |
| Net loss per diluted
share |
|
(0.99 |
) |
|
(0.06 |
) |
|
(2.56 |
) |
| Adjusted net income
(loss) per diluted share(1)(2) (non-GAAP measure) |
|
(0.02 |
) |
|
0.00 |
|
|
(0.01 |
) |
| Cash flows from
operations |
|
60 |
|
|
96 |
|
|
165 |
|
| Adjusted cash flows
from operations(1) (non-GAAP measure) |
|
53 |
|
|
62 |
|
|
129 |
|
| |
|
|
|
|
|
|
| Revenues |
|
$ |
267 |
|
|
$ |
246 |
|
|
$ |
266 |
|
| Receipt (payment) on
settlements of commodity derivatives |
|
(33 |
) |
|
(7 |
) |
|
78 |
|
| Revenues
and commodity derivative settlements combined |
|
$ |
234 |
|
|
$ |
239 |
|
|
$ |
344 |
|
| |
|
|
|
|
|
|
| Average realized oil
price per barrel (excluding derivative settlements) |
|
$ |
48.03 |
|
|
$ |
43.45 |
|
|
$ |
40.41 |
|
| Average realized oil
price per barrel (including derivative settlements) |
|
41.93 |
|
|
42.12 |
|
|
52.67 |
|
| Lease operating
expenses per BOE |
|
18.98 |
|
|
18.82 |
|
|
19.31 |
|
| |
|
|
|
|
|
|
|
|
|
| (1) A
non-GAAP measure. See accompanying schedules that reconcile
GAAP to non-GAAP measures along with a statement indicating why the
Company believes the non-GAAP measures provide useful information
for investors. |
|
|
(2) Calculated using average diluted shares outstanding of
390.2 million for the three months ended September 30, 2016. |
|
ANNUAL RESULTS
Denbury recorded a full-year 2016 net loss of
$976 million, or $2.61 per diluted share. Excluding special
items, the Company reported adjusted net income(1) for full-year
2016 of $14 million, or $0.04 per diluted share. Adjusted net
income(1) for the full-year 2016 differs from the GAAP net loss for
the year primarily due to the exclusion of (1) an $811 million
($508 million after tax) full cost pool ceiling test write-down,
(2) a $591 million ($379 million after tax) accelerated
depreciation charge associated with the Riley Ridge gas processing
facility and related assets, (3) a $212 million ($132 million after
tax) loss on noncash fair value adjustments on commodity
derivatives(1), and (4) a $115 million ($71 million after tax) gain
on debt extinguishment, with the GAAP and non-GAAP measures
reconciled on tables beginning on page 8.
Year-over-year comparisons of selected annual
financial items are shown in the following table:
| |
|
Year Ended |
| (in
millions, except per share and unit data) |
|
Dec. 31, 2016 |
|
Dec. 31, 2015 |
| Net loss |
|
$ |
(976 |
) |
|
$ |
(4,385 |
) |
| Adjusted net income(1)
(non-GAAP measure) |
|
14 |
|
|
131 |
|
| Net loss per diluted
share |
|
(2.61 |
) |
|
(12.57 |
) |
| Adjusted net income per
diluted share(1)(2) (non-GAAP measure) |
|
0.04 |
|
|
0.37 |
|
| Cash flows from
operations |
|
219 |
|
|
864 |
|
| Adjusted cash flows
from operations(1) (non-GAAP measure) |
|
264 |
|
|
819 |
|
| |
|
|
|
|
| Revenues |
|
$ |
961 |
|
|
$ |
1,244 |
|
| Receipt on settlements
of commodity derivatives |
|
84 |
|
|
512 |
|
| Revenues
and commodity derivative settlements combined |
|
$ |
1,045 |
|
|
$ |
1,756 |
|
| |
|
|
|
|
| Average realized oil
price per barrel (excluding derivative settlements) |
|
$ |
41.12 |
|
|
$ |
47.30 |
|
| Average realized oil
price per barrel (including derivative settlements) |
|
44.86 |
|
|
67.41 |
|
| Lease operating
expenses per BOE |
|
17.71 |
|
|
19.88 |
|
| |
|
|
|
|
|
|
| (1) A
non-GAAP measure. See accompanying schedules that reconcile
GAAP to non-GAAP measures along with a statement indicating why the
Company believes the non-GAAP measures provide useful information
for investors. |
|
|
(2) Calculated using average diluted shares outstanding of
375.5 million and 350.0 million for the years ended December 31,
2016 and 2015, respectively. |
|
MANAGEMENT COMMENT
Phil Rykhoek, Denbury’s CEO, commented, “We are
pleased with our results this quarter and the progress we have made
on several fronts during this past year. During 2016 we
successfully executed on our goals of optimizing our business,
reducing costs, preserving cash and liquidity and reducing
debt. Our cash operating costs, including corporate overhead
and interest, for full-year 2016 were just under $34 per BOE, a
decrease of $2 per BOE, or 7%, when compared to 2015 and a decrease
of over $9 per BOE, or 21%, when compared to 2014. We ended
2016 with debt principal outstanding of approximately $2.8 billion,
a decrease of $530 million from year-end 2015, and a decrease of
nearly $800 million from year-end 2014. Although our
production declined in 2016, it was at levels that we expected with
capital spending of only around $200 million, all of which was
funded from operating cash flow.
“Looking ahead, we are excited about Denbury’s
future and our plans for returning to growth as oil prices improve,
all while we continue our focus on improving the balance sheet,
maintaining and enhancing the efficiencies achieved over the last
couple of years and pursuing opportunities to increase or
accelerate growth.”
REVIEW OF FINANCIAL RESULTS
Denbury’s average realized oil price, excluding
derivative contracts, was $48.03 per Bbl in the fourth quarter of
2016, compared to $43.45 per Bbl in the third quarter of
2016. Including derivative settlements, Denbury’s average
realized oil price was $41.93 per Bbl in the fourth quarter of
2016, compared to $42.12 per Bbl in the third quarter of
2016. The Company’s realized oil price in the fourth quarter
of 2016 was $1.22 per Bbl below NYMEX prices, compared to $1.57 per
Bbl below NYMEX prices in the third quarter of 2016.
Payments on settlements of commodity derivative
contracts were $33 million in the fourth quarter of 2016, compared
to payments of $7 million in the third quarter of 2016 and receipts
of $78 million in the fourth quarter of 2015. On an annual
basis, receipts on settlements of commodity derivative contracts
totaled $84 million during 2016, resulting in an increase in
average net realized prices of $3.59 per BOE.
The Company’s total lease operating expenses in
the fourth quarter of 2016 were $106 million, a decrease of $22
million, or 17% on an absolute-dollar basis when compared to the
fourth quarter of 2015. On an annual basis, lease operating
expenses totaled $415 million for full-year 2016, a decrease of
$100 million, or 19%, from the prior year’s level. These
year-over-year reductions were driven by cost decreases in most
lease operating expense categories, the most significant of which
included (1) a decrease in workover costs and repairs as a result
of reduced well failures, (2) lower power costs mainly due to lower
electricity usage, (3) lower CO2 expense resulting from a decrease
in CO2 injection volumes, and (4) lower Company labor costs
resulting from workforce reductions. During the fourth
quarter of 2016, the Company’s CO2 use averaged 545 million cubic
feet per day, a decrease of 23% when compared to the fourth quarter
of 2015. Sequentially, lease operating expenses were
relatively flat on an absolute-dollar and per-BOE basis between the
third and fourth quarters of 2016.
Taxes other than income, which include ad
valorem, production and franchise taxes, decreased $6 million, or
26%, from the prior-year fourth quarter level. On an annual
basis, taxes other than income totaled $78 million for full-year
2016, a decrease of $32 million, or 29%, from the prior year’s
level, due primarily to a decrease in production taxes resulting
from lower oil and natural gas revenues, and a decrease in ad
valorem taxes generally resulting from lower assessed property
values.
General and administrative expenses were $29
million in the fourth quarter of 2016, an increase of $1 million,
or 5% when compared to the prior-year fourth quarter. On an
annual basis, general and administrative expenses decreased $35
million, or 24%, from 2015 to 2016 primarily due to a reduction in
headcount, which resulted in lower employee compensation and
related costs.
Interest expense, net of capitalized interest,
decreased to $22 million in the fourth quarter of 2016, compared to
$40 million in the fourth quarter of 2015. As a result of the
Company’s debt exchange transactions completed in May 2016,
interest expense in the fourth quarter of 2016 excludes
approximately $13 million of interest on the Company’s 9% Senior
Secured Second Lien Notes due 2021 because this interest was
previously recorded as debt for financial reporting purposes and
therefore not reflected as interest expense. Cash interest,
including the portion of interest recorded as debt, decreased
approximately $4 million from the prior-year quarter. See
page 14 of this press release for supporting schedules providing
more detailed information about the Company’s interest expense.
Depletion, depreciation, and amortization
(“DD&A”) increased to $647 million during the fourth quarter of
2016, compared to $112 million in the fourth quarter of 2015.
Excluding an accelerated depreciation charge of $591 million for
the Riley Ridge gas processing facility and related assets, which
is discussed in further detail below, Denbury’s DD&A rate was
$10.05 per BOE in the fourth quarter of 2016, compared to $16.96
per BOE in the fourth quarter of 2015. The decrease from the
prior-year fourth quarter was primarily driven by a reduction in
depletable costs resulting from the full cost pool ceiling test
write-downs recognized during 2015 and the first nine months of
2016. For full-year 2016, excluding the accelerated
depreciation charge, Denbury’s DD&A rate was $10.89 per BOE,
compared to $19.99 per BOE in 2015, with the decrease also driven
by the full cost pool ceiling test write-downs noted above.
The Company placed the Riley Ridge gas
processing facility into service during the fourth quarter of 2013,
and was successful in running the facility for part of 2014 before
additional issues arose related to optimal operation of the
facility and sulfur build-up in the gas supply wells. In
mid-2014, the gas processing facility was shut-in and to date
remains shut-in. During this period, the Company has searched
for and evaluated a number of potential options in an effort to
remedy the existing issues, and its evaluation is still
ongoing. Current projected costs to remedy these issues and
successfully operate the gas processing facility are not
commercially reasonable investments based on a variety of factors,
including (1) the substantial capital expenditures required to
implement any corrective option, (2) current projected commodity
prices, and (3) projections of the Company’s EOR activities and
their timing, resulting CO2 requirements and other assumptions.
Due to the extended shut-in status of the Riley
Ridge gas processing facility and management’s recently updated
analysis of cost estimates and engineering options to remedy the
existing issues, the Company reassessed the estimated useful life
of the gas processing facility and related assets during the fourth
quarter of 2016 and recorded an accelerated depreciation charge of
$591 million. The Company plans to continue engineering work
and analysis to determine if there are alternative options to
remediate the sulfur build-up in the gas supply wells and to assess
its ability to reduce the costs thereof; however, the timing of
completion and results of such analysis are currently uncertain.
Furthermore, while Riley Ridge is a potential source of CO2 for
flooding fields in the Rocky Mountain region, the Company has
formed alternative plans to develop its future CO2 EOR floods,
which CO2 volumes management currently anticipates could be
supplied through existing CO2 sources.
Denbury’s effective tax rates for the fourth
quarter and full-year 2016 were 35% and 36%, respectively, slightly
below the Company’s estimated 38% statutory rate.
2016 FOURTH QUARTER AND ANNUAL PRODUCTION
Denbury’s continuing production averaged 60,685
BOE/d during the fourth quarter of 2016, in line with management’s
expectations, and was 96% oil, with CO2 tertiary properties
accounting for 62% of overall production. On a
sequential-quarter basis, continuing production in the fourth
quarter of 2016 was essentially flat with continuing production in
the third quarter of 2016, with production from the Company’s CO2
tertiary properties increasing slightly.
Excluding sold properties, Denbury’s continuing
production for full-year 2016 averaged 62,998 BOE/d, down 11% from
the prior-year’s level. Approximately one-third of the
production decline was attributable to production shut-in due to
economics and weather-related shut-in production at Thompson and
Conroe fields, with the remainder largely due to natural production
declines. Further production information is provided on page
12 of this press release.
FOURTH QUARTER AND FULL-YEAR 2016
RESULTS CONFERENCE CALL INFORMATION
Denbury management will host a conference call
to review and discuss fourth quarter and full-year 2016 financial
and operating results, together with its financial and operating
outlook for 2017, today, Thursday, February 23, at 10:00 A.M.
(Central). Additionally, Denbury has published presentation
materials on its website which will be referenced during the
conference call. Individuals who would like to participate
should dial 800.230.1074 or 612.332.0226 ten minutes before the
scheduled start time. To access a live audio webcast of the
conference call and accompanying slide presentation, please visit
the investor relations section of the Company’s website at
www.denbury.com. The webcast will be archived on the website,
and a telephonic replay will be accessible for at least one month
after the call by dialing 800.475.6701 or 320.365.3844 and entering
confirmation number 361971.
ANNUAL MEETING INFORMATION
Denbury’s 2017 Annual Meeting of Stockholders
will be held on Wednesday, May 24, 2017, at 8:00 A.M. (Central), at
Denbury’s corporate offices located at 5320 Legacy Drive, Plano,
Texas. The record date for determination of shareholders
entitled to vote at the annual meeting is the close of business on
Monday, March 27, 2017.
Denbury is an independent oil and natural gas
company with operations focused in two key operating areas: the
Gulf Coast and Rocky Mountain regions. The Company’s goal is
to increase the value of its properties through a combination of
exploitation, drilling and proven engineering extraction practices,
with the most significant emphasis relating to CO2 enhanced oil
recovery operations. For more information about Denbury,
please visit www.denbury.com.
This press release, other than historical
financial information, contains forward-looking statements that
involve risks and uncertainties detailed in the Company’s filings
with the Securities and Exchange Commission, including Denbury’s
most recent report on Form 10-K. These risks and
uncertainties are incorporated by this reference as though fully
set forth herein. These statements are based on engineering,
geological, financial and operating assumptions that management
believes are reasonable based on currently available information;
however, management’s assumptions and the Company’s future
performance are both subject to a wide range of business risks, and
there is no assurance that these goals and projections can or will
be met. Actual results may vary materially. In
addition, any forward-looking statements represent the Company’s
estimates only as of today and should not be relied upon as
representing its estimates as of any future date. Denbury
assumes no obligation to update its forward-looking statements.
FINANCIAL AND STATISTICAL DATA TABLES
AND RECONCILIATION SCHEDULES
Following are unaudited financial highlights for
the comparative three and twelve month periods ended
December 31, 2016 and 2015 and the three month period ended
September 30, 2016. All production volumes and dollars are
expressed on a net revenue interest basis with gas volumes
converted to equivalent barrels at 6:1.
DENBURY RESOURCES
INC.CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
The following information is based on GAAP
reported earnings, with additional required disclosures included in
the Company’s Form 10-K:
| |
|
Quarter Ended |
|
Year Ended |
| |
|
December 31, |
|
Sept. 30, |
|
December 31, |
| In
thousands, except per-share data |
|
2016 |
|
2015 |
|
2016 |
|
2016 |
|
2015 |
| Revenues and
other income |
|
|
|
|
|
|
|
|
|
|
| Oil
sales |
|
$ |
258,177 |
|
|
$ |
254,294 |
|
|
$ |
237,053 |
|
|
$ |
924,618 |
|
|
$ |
1,194,038 |
|
| Natural
gas sales |
|
3,173 |
|
|
3,983 |
|
|
2,877 |
|
|
11,133 |
|
|
18,988 |
|
| CO2 sales
and transportation fees |
|
5,669 |
|
|
7,358 |
|
|
6,253 |
|
|
24,816 |
|
|
30,626 |
|
| Interest
income and other income |
|
4,600 |
|
|
3,982 |
|
|
7,802 |
|
|
15,029 |
|
|
13,908 |
|
| Total
revenues and other income |
|
271,619 |
|
|
269,617 |
|
|
253,985 |
|
|
975,596 |
|
|
1,257,560 |
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
| Lease
operating expenses |
|
105,949 |
|
|
127,887 |
|
|
106,522 |
|
|
414,937 |
|
|
515,043 |
|
| Marketing
and plant operating expenses |
|
16,809 |
|
|
15,388 |
|
|
14,452 |
|
|
57,454 |
|
|
55,746 |
|
| CO2
discovery and operating expenses |
|
835 |
|
|
1,648 |
|
|
861 |
|
|
3,374 |
|
|
4,557 |
|
| Taxes
other than income |
|
17,895 |
|
|
24,151 |
|
|
20,401 |
|
|
77,892 |
|
|
109,992 |
|
| General
and administrative expenses |
|
28,837 |
|
|
27,430 |
|
|
24,643 |
|
|
109,926 |
|
|
144,564 |
|
| Interest,
net of amounts capitalized of $7,038, $6,918, $6,875, $25,982 and
$32,146, respectively |
|
22,138 |
|
|
40,081 |
|
|
24,778 |
|
|
125,145 |
|
|
159,268 |
|
|
Depletion, depreciation, and amortization |
|
647,124 |
|
|
112,356 |
|
|
55,012 |
|
|
846,043 |
|
|
531,660 |
|
| Commodity
derivatives expense (income) |
|
28,133 |
|
|
(21,821 |
) |
|
(21,224 |
) |
|
127,944 |
|
|
(147,999 |
) |
| Gain on
debt extinguishment |
|
— |
|
|
— |
|
|
(7,826 |
) |
|
(115,095 |
) |
|
— |
|
|
Write-down of oil and natural gas properties |
|
— |
|
|
1,327,000 |
|
|
75,521 |
|
|
810,921 |
|
|
4,939,600 |
|
|
Impairment of goodwill |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,261,512 |
|
| Other
expenses |
|
1,170 |
|
|
9,599 |
|
|
— |
|
|
37,402 |
|
|
9,599 |
|
| Total
expenses |
|
868,890 |
|
|
1,663,719 |
|
|
293,140 |
|
|
2,495,943 |
|
|
7,583,542 |
|
| Loss before
income taxes |
|
(597,271 |
) |
|
(1,394,102 |
) |
|
(39,155 |
) |
|
(1,520,347 |
) |
|
(6,325,982 |
) |
| Income tax provision
(benefit) |
|
|
|
|
|
|
|
|
|
|
| Current
income taxes |
|
266 |
|
|
(9,418 |
) |
|
(1,046 |
) |
|
(785 |
) |
|
(8,355 |
) |
| Deferred
income taxes |
|
(211,811 |
) |
|
(499,607 |
) |
|
(13,519 |
) |
|
(543,385 |
) |
|
(1,932,179 |
) |
| Net
loss |
|
$ |
(385,726 |
) |
|
$ |
(885,077 |
) |
|
$ |
(24,590 |
) |
|
$ |
(976,177 |
) |
|
$ |
(4,385,448 |
) |
| |
|
|
|
|
|
|
|
|
|
|
| Net loss per
common share |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.99 |
) |
|
$ |
(2.56 |
) |
|
$ |
(0.06 |
) |
|
$ |
(2.61 |
) |
|
$ |
(12.57 |
) |
|
Diluted |
|
$ |
(0.99 |
) |
|
$ |
(2.56 |
) |
|
$ |
(0.06 |
) |
|
$ |
(2.61 |
) |
|
$ |
(12.57 |
) |
| |
|
|
|
|
|
|
|
|
|
|
| Dividends
declared per common share |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.1875 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Weighted
average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
388,739 |
|
|
345,876 |
|
|
388,572 |
|
|
373,859 |
|
|
348,802 |
|
|
Diluted |
|
388,739 |
|
|
345,876 |
|
|
388,572 |
|
|
373,859 |
|
|
348,802 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DENBURY RESOURCES
INC.SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES
(UNAUDITED)
Reconciliation of net loss (GAAP measure) to
adjusted net income (loss) (non-GAAP measure)
Adjusted net income (loss) is a non-GAAP measure
provided as a supplement to present an alternative net loss measure
which excludes expense and income items (and their related tax
effects) not directly related to the Company’s ongoing
operations. Management believes that adjusted net income
(loss) may be helpful to investors by eliminating the impact of
noncash and/or special or unusual items not indicative of the
Company’s performance from period to period, and is widely used by
the investment community, while also being used by management, in
evaluating the comparability of the Company’s ongoing operational
results and trends. Adjusted net income (loss) should not be
considered in isolation, as a substitute for, or more meaningful
than, net loss or any other measure reported in accordance with
GAAP, but rather to provide additional information useful in
evaluating the Company’s operational trends and performance.
| |
|
Quarter Ended |
|
Year Ended |
| |
|
December 31, |
|
Sept. 30, |
|
December 31, |
| In
thousands |
|
2016 |
|
2015 |
|
2016 |
|
2016 |
|
2015 |
| Net loss (GAAP
measure) |
|
$ |
(385,726 |
) |
|
$ |
(885,077 |
) |
|
$ |
(24,590 |
) |
|
$ |
(976,177 |
) |
|
$ |
(4,385,448 |
) |
| Noncash
fair value adjustments on commodity derivatives (1) |
|
(4,644 |
) |
|
56,585 |
|
|
(28,519 |
) |
|
212,125 |
|
|
363,700 |
|
| Interest
income and other income – noncash fair value adjustment –
contingent liability (2) |
|
— |
|
|
(1,250 |
) |
|
— |
|
|
— |
|
|
(1,250 |
) |
| Lease
operating expenses – special items (3) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(13,715 |
) |
|
Impairment of long-lived and other assets (4) |
|
— |
|
|
1,335,705 |
|
|
75,521 |
|
|
810,921 |
|
|
4,948,305 |
|
|
Impairment of goodwill (5) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,261,512 |
|
|
Accelerated depreciation charge (6) |
|
591,025 |
|
|
— |
|
|
— |
|
|
591,025 |
|
|
— |
|
| Gain on
debt extinguishment (7) |
|
— |
|
|
— |
|
|
(7,826 |
) |
|
(115,095 |
) |
|
— |
|
| Legal
settlements included in other expenses (8) |
|
— |
|
|
— |
|
|
— |
|
|
30,250 |
|
|
— |
|
| Write-off
of debt issuance costs included in interest expense (9) |
|
— |
|
|
— |
|
|
— |
|
|
5,553 |
|
|
— |
|
|
Severance-related payments included in general and administrative
expenses (10) |
|
— |
|
|
— |
|
|
— |
|
|
9,315 |
|
|
— |
|
|
Transaction costs and other (11) |
|
— |
|
|
— |
|
|
— |
|
|
5,638 |
|
|
— |
|
| Estimated
income taxes on above adjustments to net loss and other discrete
tax items (12) |
|
(207,185 |
) |
|
(508,542 |
) |
|
(13,322 |
) |
|
(559,117 |
) |
|
(2,041,916 |
) |
| Adjusted net income
(loss) (non-GAAP measure) |
|
$ |
(6,530 |
) |
|
$ |
(2,579 |
) |
|
$ |
1,264 |
|
|
$ |
14,438 |
|
|
$ |
131,188 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted net income
(loss) per common share |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.02 |
) |
|
$ |
(0.01 |
) |
|
$ |
0.00 |
|
|
$ |
0.04 |
|
|
$ |
0.38 |
|
|
Diluted |
|
$ |
(0.02 |
) |
|
$ |
(0.01 |
) |
|
$ |
0.00 |
|
|
$ |
0.04 |
|
|
$ |
0.37 |
|
(1) The net change between periods of the fair
market values of open commodity derivative positions, excluding the
impact of settlements on commodity derivatives during the
period.(2) Reduction in a contingent consideration liability
related to a prior acquisition.(3) Insurance and other
reimbursements, comprised of a reimbursement for a retroactive
utility rate adjustment ($9.6 million) and an insurance
reimbursement for previous well control costs ($4.1 million).(4)
Full cost pool ceiling test write-downs related to the Company’s
oil and natural gas properties during the periods presented, and
impairment of third-party accounts receivable and write-off of
building leasehold improvements during the three months and year
ended December 31, 2015.(5) Charge to fully impair the carrying
value of the Company’s goodwill.(6) Accelerated depreciation charge
associated with the Riley Ridge gas processing facility and related
assets.(7) Gain on extinguishment related to open market debt
purchases during the three months ended September 30, 2016 and year
ended December 31, 2016, and the debt exchange during the year
ended December 31, 2016.(8) Settlements related to previously
outstanding litigation, the most significant of which pertaining to
a $28 million payment to Evolution in connection with the
settlement resolving all outstanding disputes and claims.(9)
Write-off of debt issuance costs associated with the Company’s
senior secured bank credit facility, related to reductions in the
Company’s lender commitments resulting from (1) the February 2016
amendment and (2) the May 2016 redetermination.(10)
Severance-related payments associated with the Company’s
February-2016 workforce reduction.(11) Transaction costs related to
the Company’s debt exchange and a loss on sublease.(12) The
estimated income tax impacts on adjustments to net loss are
generally computed based upon a statutory rate of 38%, applicable
to all periods presented, with the exception of the impairments of
long-lived and other assets, which are computed individually based
upon the Company’s effective tax rate. In addition, recorded
valuation allowances have been adjusted, including $2.9 million and
$33.6 million during the years ended December 31, 2016 and 2015,
respectively.
DENBURY RESOURCES
INC.SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES
(UNAUDITED)
Reconciliation of cash flows from operations
(GAAP measure) to adjusted cash flows from operations (non-GAAP
measure)
Adjusted cash flow from operations is a non-GAAP
measure that represents cash flows provided by operations before
changes in assets and liabilities, as summarized from the Company’s
Consolidated Statements of Cash Flows. Adjusted cash flow
from operations measures the cash flows earned or incurred from
operating activities without regard to the collection or payment of
associated receivables or payables. Management believes that
it is important to consider this additional measure, along with
cash flows from operations, as it believes the non-GAAP measure can
often be a better way to discuss changes in operating trends in its
business caused by changes in production, prices, operating costs
and related factors, without regard to whether the earned or
incurred item was collected or paid during that period.
| |
|
Quarter Ended |
|
Year Ended |
| In thousands |
|
December 31, |
|
Sept. 30, |
|
December 31, |
| |
2016 |
|
2015 |
|
2016 |
|
2016 |
|
2015 |
| Net loss (GAAP
measure) |
|
$ |
(385,726 |
) |
|
$ |
(885,077 |
) |
|
$ |
(24,590 |
) |
|
$ |
(976,177 |
) |
|
$ |
(4,385,448 |
) |
| Adjustments to
reconcile to adjusted cash flows from operations |
|
|
|
|
|
|
|
|
|
|
|
Depletion, depreciation, and amortization |
|
647,124 |
|
|
112,356 |
|
|
55,012 |
|
|
846,043 |
|
|
531,660 |
|
| Deferred
income taxes |
|
(211,811 |
) |
|
(499,607 |
) |
|
(13,519 |
) |
|
(543,385 |
) |
|
(1,932,179 |
) |
|
Stock-based compensation |
|
5,313 |
|
|
7,967 |
|
|
5,560 |
|
|
14,995 |
|
|
30,604 |
|
| Noncash
fair value adjustments on commodity derivatives |
|
(4,644 |
) |
|
56,585 |
|
|
(28,519 |
) |
|
212,125 |
|
|
363,700 |
|
| Gain on
debt extinguishment |
|
— |
|
|
— |
|
|
(7,826 |
) |
|
(115,095 |
) |
|
— |
|
|
Write-down of oil and natural gas properties |
|
— |
|
|
1,327,000 |
|
|
75,521 |
|
|
810,921 |
|
|
4,939,600 |
|
|
Impairment of goodwill |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,261,512 |
|
|
Other |
|
2,575 |
|
|
10,111 |
|
|
(59 |
) |
|
14,845 |
|
|
9,464 |
|
| Adjusted cash flows
from operations (non-GAAP measure) (1) |
|
52,831 |
|
|
129,335 |
|
|
61,580 |
|
|
264,272 |
|
|
818,913 |
|
| Net
change in assets and liabilities relating to operations |
|
7,033 |
|
|
35,572 |
|
|
34,835 |
|
|
(45,049 |
) |
|
45,391 |
|
| Cash flows from
operations (GAAP measure) |
|
$ |
59,864 |
|
|
$ |
164,907 |
|
|
$ |
96,415 |
|
|
$ |
219,223 |
|
|
$ |
864,304 |
|
(1) For the year ended December 31, 2016,
includes a $28 million payment to Evolution in connection with the
Company’s settlement agreement to resolve all outstanding disputes
and claims and severance-related payments associated with the 2016
workforce reduction of approximately $9 million. Excluding
these payments, adjusted cash flows from operations would have
totaled $301 million during the year ended December 31, 2016.
DENBURY RESOURCES
INC.SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES
(UNAUDITED)
Reconciliation of commodity derivatives income
(expense) (GAAP measure) to noncash fair value adjustments on
commodity derivatives (non-GAAP measure)
Noncash fair value adjustments on commodity
derivatives is a non-GAAP measure and is different from “Commodity
derivatives expense (income)” in the Consolidated Statements of
Operations in that the noncash fair value adjustments on commodity
derivatives represents only the net change between periods of the
fair market values of open commodity derivative positions, and
excludes the impact of settlements on commodity derivatives during
the period. Management believes that noncash fair value
adjustments on commodity derivatives is a useful supplemental
disclosure to “Commodity derivatives expense (income)” because the
GAAP measure also includes settlements on commodity derivatives
during the period; the non-GAAP measure is widely used within the
industry and by securities analysts, banks and credit rating
agencies in calculating EBITDA and in adjusting net income to
present those measures on a comparative basis across companies, as
well as to assess compliance with certain debt covenants.
| |
|
Quarter Ended |
|
Year Ended |
| |
|
December 31, |
|
Sept. 30, |
|
December 31, |
| In
thousands |
|
2016 |
|
2015 |
|
2016 |
|
2016 |
|
2015 |
| Receipt (payment) on
settlements of commodity derivatives |
|
$ |
(32,777 |
) |
|
$ |
78,406 |
|
|
$ |
(7,295 |
) |
|
$ |
84,181 |
|
|
$ |
511,699 |
|
| Noncash
fair value adjustments on commodity derivatives (non-GAAP
measure) |
|
4,644 |
|
|
(56,585 |
) |
|
28,519 |
|
|
(212,125 |
) |
|
(363,700 |
) |
| Commodity derivatives
income (expense) (GAAP measure) |
|
$ |
(28,133 |
) |
|
$ |
21,821 |
|
|
$ |
21,224 |
|
|
$ |
(127,944 |
) |
|
$ |
147,999 |
|
|
|
DENBURY RESOURCES
INC.OPERATING HIGHLIGHTS (UNAUDITED)
| |
|
Quarter Ended |
|
Year Ended |
| |
|
December 31, |
|
Sept. 30, |
|
December 31, |
|
|
|
2016 |
|
2015 |
|
2016 |
|
2016 |
|
2015 |
| Production
(daily – net of royalties) |
|
|
|
|
|
|
|
|
|
|
| Oil
(barrels) |
|
58,429 |
|
|
68,398 |
|
|
59,297 |
|
|
61,440 |
|
|
69,165 |
|
| Gas
(mcf) |
|
13,538 |
|
|
21,623 |
|
|
13,416 |
|
|
15,378 |
|
|
22,172 |
|
| BOE
(6:1) |
|
60,685 |
|
|
72,002 |
|
|
61,533 |
|
|
64,003 |
|
|
72,861 |
|
| Unit sales
price (excluding derivative settlements) |
|
|
|
|
|
|
|
|
|
|
| Oil (per
barrel) |
|
$ |
48.03 |
|
|
$ |
40.41 |
|
|
$ |
43.45 |
|
|
$ |
41.12 |
|
|
$ |
47.30 |
|
| Gas (per
mcf) |
|
2.55 |
|
|
2.00 |
|
|
2.33 |
|
|
1.98 |
|
|
2.35 |
|
| BOE
(6:1) |
|
46.81 |
|
|
38.99 |
|
|
42.38 |
|
|
39.95 |
|
|
45.61 |
|
| Unit sales
price (including derivative settlements) |
|
|
|
|
|
|
|
|
|
|
| Oil (per
barrel) |
|
$ |
41.93 |
|
|
$ |
52.67 |
|
|
$ |
42.12 |
|
|
$ |
44.86 |
|
|
$ |
67.41 |
|
| Gas (per
mcf) |
|
2.55 |
|
|
2.64 |
|
|
2.33 |
|
|
1.98 |
|
|
2.83 |
|
| BOE
(6:1) |
|
40.94 |
|
|
50.83 |
|
|
41.09 |
|
|
43.54 |
|
|
64.85 |
|
| NYMEX
differentials |
|
|
|
|
|
|
|
|
|
|
| Gulf
Coast region |
|
|
|
|
|
|
|
|
|
|
| Oil (per
barrel) |
|
$ |
(0.81 |
) |
|
$ |
(0.87 |
) |
|
$ |
(0.77 |
) |
|
$ |
(1.42 |
) |
|
$ |
0.49 |
|
| Gas (per
mcf) |
|
(0.55 |
) |
|
(0.07 |
) |
|
(0.28 |
) |
|
(0.52 |
) |
|
(0.15 |
) |
| Rocky
Mountain region |
|
|
|
|
|
|
|
|
|
|
| Oil (per
barrel) |
|
$ |
(2.06 |
) |
|
$ |
(3.41 |
) |
|
$ |
(3.08 |
) |
|
$ |
(3.97 |
) |
|
$ |
(5.60 |
) |
| Gas (per
mcf) |
|
(0.73 |
) |
|
(0.52 |
) |
|
(0.72 |
) |
|
(0.66 |
) |
|
(0.52 |
) |
| Total
company |
|
|
|
|
|
|
|
|
|
|
| Oil (per
barrel) |
|
$ |
(1.22 |
) |
|
$ |
(1.74 |
) |
|
$ |
(1.57 |
) |
|
$ |
(2.29 |
) |
|
$ |
(1.55 |
) |
| Gas (per
mcf) |
|
(0.63 |
) |
|
(0.23 |
) |
|
(0.47 |
) |
|
(0.58 |
) |
|
(0.28 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DENBURY RESOURCES
INC.OPERATING HIGHLIGHTS (UNAUDITED)
| |
|
Quarter Ended |
|
Year Ended |
| |
|
December 31, |
|
Sept. 30, |
|
December 31, |
|
Average Daily Volumes (BOE/d) (6:1) |
|
2016 |
|
2015 |
|
2016 |
|
2016 |
|
2015 |
| Tertiary oil
production |
|
|
|
|
|
|
|
|
|
|
| Gulf Coast
region |
|
|
|
|
|
|
|
|
|
|
| Mature
properties (1) |
|
8,440 |
|
|
10,403 |
|
|
8,653 |
|
|
9,040 |
|
|
10,830 |
|
|
Delhi |
|
4,387 |
|
|
3,898 |
|
|
4,262 |
|
|
4,155 |
|
|
3,688 |
|
|
Hastings |
|
4,552 |
|
|
5,082 |
|
|
4,729 |
|
|
4,829 |
|
|
5,061 |
|
|
Heidelberg |
|
4,924 |
|
|
5,635 |
|
|
5,000 |
|
|
5,128 |
|
|
5,785 |
|
| Oyster
Bayou |
|
4,988 |
|
|
5,831 |
|
|
4,767 |
|
|
5,083 |
|
|
5,898 |
|
|
Tinsley |
|
6,786 |
|
|
7,522 |
|
|
6,756 |
|
|
7,192 |
|
|
8,119 |
|
| Total
Gulf Coast region |
|
34,077 |
|
|
38,371 |
|
|
34,167 |
|
|
35,427 |
|
|
39,381 |
|
| Rocky Mountain
region |
|
|
|
|
|
|
|
|
|
|
| Bell
Creek |
|
3,269 |
|
|
2,806 |
|
|
3,032 |
|
|
3,121 |
|
|
2,221 |
|
| Total
Rocky Mountain region |
|
3,269 |
|
|
2,806 |
|
|
3,032 |
|
|
3,121 |
|
|
2,221 |
|
| Total tertiary oil
production |
|
37,346 |
|
|
41,177 |
|
|
37,199 |
|
|
38,548 |
|
|
41,602 |
|
| Non-tertiary
oil and gas production |
|
|
|
|
|
|
|
|
|
|
| Gulf Coast
region |
|
|
|
|
|
|
|
|
|
|
|
Mississippi |
|
745 |
|
|
1,377 |
|
|
963 |
|
|
850 |
|
|
1,194 |
|
|
Texas |
|
5,143 |
|
|
6,470 |
|
|
4,234 |
|
|
4,906 |
|
|
6,443 |
|
|
Other |
|
569 |
|
|
800 |
|
|
538 |
|
|
528 |
|
|
889 |
|
| Total
Gulf Coast region |
|
6,457 |
|
|
8,647 |
|
|
5,735 |
|
|
6,284 |
|
|
8,526 |
|
| Rocky Mountain
region |
|
|
|
|
|
|
|
|
|
|
| Cedar
Creek Anticline |
|
15,186 |
|
|
17,875 |
|
|
16,017 |
|
|
16,322 |
|
|
17,997 |
|
|
Other |
|
1,696 |
|
|
2,407 |
|
|
1,763 |
|
|
1,844 |
|
|
2,743 |
|
| Total
Rocky Mountain region |
|
16,882 |
|
|
20,282 |
|
|
17,780 |
|
|
18,166 |
|
|
20,740 |
|
| Total non-tertiary
production |
|
23,339 |
|
|
28,929 |
|
|
23,515 |
|
|
24,450 |
|
|
29,266 |
|
| Total
continuing production |
|
60,685 |
|
|
70,106 |
|
|
60,714 |
|
|
62,998 |
|
|
70,868 |
|
| Property
sales |
|
|
|
|
|
|
|
|
|
|
| Williston
Assets (2) |
|
— |
|
|
1,473 |
|
|
819 |
|
|
864 |
|
|
1,549 |
|
| Other
property divestitures |
|
— |
|
|
423 |
|
|
— |
|
|
141 |
|
|
444 |
|
| Total
production |
|
60,685 |
|
|
72,002 |
|
|
61,533 |
|
|
64,003 |
|
|
72,861 |
|
(1) Mature properties include Brookhaven, Cranfield, Eucutta,
Little Creek, Lockhart Crossing, Mallalieu, Martinville, McComb and
Soso fields. (2) Includes non-tertiary production in the Rocky
Mountain region related to the sale of remaining non-core assets in
the Williston Basin of North Dakota and Montana, which closed in
the third quarter of 2016.
DENBURY RESOURCES
INC.PER-BOE DATA (UNAUDITED)
| |
|
Quarter Ended |
|
Year Ended |
| |
|
December 31, |
|
Sept. 30, |
|
December 31, |
|
|
|
2016 |
|
2015 |
|
2016 |
|
2016 |
|
2015 |
| Oil and natural gas
revenues |
|
$ |
46.81 |
|
|
$ |
38.99 |
|
|
$ |
42.38 |
|
|
$ |
39.95 |
|
|
$ |
45.61 |
|
| Receipt (payment) on
settlements of commodity derivatives |
|
(5.87 |
) |
|
11.84 |
|
|
(1.29 |
) |
|
3.59 |
|
|
19.24 |
|
| Lease operating
expenses – excluding special items |
|
(18.98 |
) |
|
(19.31 |
) |
|
(18.82 |
) |
|
(17.71 |
) |
|
(19.88 |
) |
| Lease operating
expenses – special items |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.51 |
|
| Production and ad
valorem taxes |
|
(2.99 |
) |
|
(3.33 |
) |
|
(3.18 |
) |
|
(2.94 |
) |
|
(3.60 |
) |
| Marketing expenses, net
of third-party purchases, and plant operating expenses |
|
(2.05 |
) |
|
(2.02 |
) |
|
(1.99 |
) |
|
(1.92 |
) |
|
(1.82 |
) |
|
Production netback |
|
16.92 |
|
|
26.17 |
|
|
17.10 |
|
|
20.97 |
|
|
40.06 |
|
| CO2 sales, net of
operating and exploration expenses |
|
0.87 |
|
|
0.86 |
|
|
0.95 |
|
|
0.92 |
|
|
0.98 |
|
| General and
administrative expenses |
|
(5.17 |
) |
|
(4.14 |
) |
|
(4.35 |
) |
|
(4.69 |
) |
|
(5.44 |
) |
| Interest expense,
net |
|
(3.97 |
) |
|
(6.05 |
) |
|
(4.38 |
) |
|
(5.34 |
) |
|
(5.99 |
) |
| Other |
|
0.81 |
|
|
2.68 |
|
|
1.56 |
|
|
(0.58 |
) |
|
1.18 |
|
| Changes in assets and
liabilities relating to operations |
|
1.26 |
|
|
5.37 |
|
|
6.15 |
|
|
(1.92 |
) |
|
1.71 |
|
| Cash
flows from operations |
|
10.72 |
|
|
24.89 |
|
|
17.03 |
|
|
9.36 |
|
|
32.50 |
|
| DD&A – excluding
accelerated depreciation charge |
|
(10.05 |
) |
|
(16.96 |
) |
|
(9.72 |
) |
|
(10.89 |
) |
|
(19.99 |
) |
| DD&A – accelerated
depreciation charge |
|
(105.86 |
) |
|
— |
|
|
— |
|
|
(25.23 |
) |
|
— |
|
| Write-down of oil and
natural gas properties |
|
— |
|
|
(200.33 |
) |
|
(13.34 |
) |
|
(34.62 |
) |
|
(185.74 |
) |
| Impairment of
goodwill |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(47.44 |
) |
| Deferred income
taxes |
|
37.94 |
|
|
75.42 |
|
|
2.39 |
|
|
23.20 |
|
|
72.65 |
|
| Loss on early
extinguishment of debt |
|
— |
|
|
— |
|
|
1.38 |
|
|
4.91 |
|
|
— |
|
| Noncash fair value
adjustments on commodity derivatives |
|
0.83 |
|
|
(8.55 |
) |
|
5.04 |
|
|
(9.05 |
) |
|
(13.67 |
) |
| Other noncash
items |
|
(2.67 |
) |
|
(8.08 |
) |
|
(7.12 |
) |
|
0.65 |
|
|
(3.21 |
) |
| Net
loss |
|
$ |
(69.09 |
) |
|
$ |
(133.61 |
) |
|
$ |
(4.34 |
) |
|
$ |
(41.67 |
) |
|
$ |
(164.90 |
) |
| |
CAPITAL EXPENDITURE SUMMARY (UNAUDITED)
(1)
| |
|
Quarter Ended |
|
Year Ended |
| |
|
December 31, |
|
Sept. 30, |
|
December 31, |
| In
thousands |
|
2016 |
|
2015 |
|
2016 |
|
2016 |
|
2015 |
| Capital expenditures by
project |
|
|
|
|
|
|
|
|
|
|
| Tertiary
oil fields |
|
$ |
28,725 |
|
|
$ |
66,484 |
|
|
$ |
26,494 |
|
|
$ |
119,117 |
|
|
$ |
199,923 |
|
|
Non-tertiary fields |
|
11,892 |
|
|
26,468 |
|
|
8,366 |
|
|
31,034 |
|
|
101,667 |
|
|
Capitalized internal costs (2) |
|
20,744 |
|
|
16,088 |
|
|
9,729 |
|
|
56,260 |
|
|
66,308 |
|
| Oil and
natural gas capital expenditures |
|
61,361 |
|
|
109,040 |
|
|
44,589 |
|
|
206,411 |
|
|
367,898 |
|
| CO2
pipelines |
|
(439 |
) |
|
4,309 |
|
|
338 |
|
|
34 |
|
|
14,444 |
|
| CO2
sources |
|
1,836 |
|
|
5,957 |
|
|
335 |
|
|
2,171 |
|
|
23,643 |
|
|
Other |
|
10 |
|
|
574 |
|
|
3 |
|
|
30 |
|
|
1,177 |
|
|
Capital expenditures, before acquisitions and capitalized
interest |
|
62,768 |
|
|
119,880 |
|
|
45,265 |
|
|
208,646 |
|
|
407,162 |
|
| Acquisitions of oil and
natural gas properties |
|
818 |
|
|
3,010 |
|
|
9,984 |
|
|
11,706 |
|
|
25,765 |
|
|
Capital expenditures, before capitalized
interest |
|
63,586 |
|
|
122,890 |
|
|
55,249 |
|
|
220,352 |
|
|
432,927 |
|
| Capitalized
interest |
|
7,038 |
|
|
6,918 |
|
|
6,875 |
|
|
25,982 |
|
|
32,146 |
|
|
Capital expenditures, total |
|
$ |
70,624 |
|
|
$ |
129,808 |
|
|
$ |
62,124 |
|
|
$ |
246,334 |
|
|
$ |
465,073 |
|
(1) Capital expenditure amounts include accrued capital. (2)
Includes capitalized internal acquisition, exploration and
development costs and pre-production tertiary startup costs.
DENBURY RESOURCES
INC.INTEREST AND FINANCING EXPENSES
(UNAUDITED)
| |
|
Quarter Ended |
|
Year Ended |
| |
|
December 31, |
|
Sept. 30, |
|
December 31, |
| In
thousands |
|
2016 |
|
2015 |
|
2016 |
|
2016 |
|
2015 |
| Cash interest (1) |
|
$ |
40,261 |
|
|
$ |
44,688 |
|
|
$ |
42,718 |
|
|
$ |
170,772 |
|
|
$ |
182,293 |
|
| Interest on 2021 Senior
Secured Notes not reflected as interest for financial reporting
purposes (1) |
|
(12,551 |
) |
|
— |
|
|
(12,533 |
) |
|
(32,120 |
) |
|
— |
|
| Noncash interest
expense |
|
1,466 |
|
|
2,311 |
|
|
1,468 |
|
|
12,475 |
|
|
9,121 |
|
| Less: capitalized
interest |
|
(7,038 |
) |
|
(6,918 |
) |
|
(6,875 |
) |
|
(25,982 |
) |
|
(32,146 |
) |
| Interest
expense, net |
|
$ |
22,138 |
|
|
$ |
40,081 |
|
|
$ |
24,778 |
|
|
$ |
125,145 |
|
|
$ |
159,268 |
|
(1) Cash interest is presented on an accrual basis, and includes
interest which is paid semiannually on the Company’s new 2021
Senior Secured Notes, most of which is accounted for as debt and
therefore not reflected as interest for financial reporting
purposes.
SELECTED BALANCE SHEET AND CASH FLOW
DATA (UNAUDITED)
| |
|
December 31, |
| In
thousands |
|
2016 |
|
2015 |
| Cash and cash
equivalents |
|
$ |
1,606 |
|
|
$ |
2,812 |
|
| Total assets |
|
4,274,578 |
|
|
5,885,533 |
|
| |
|
|
|
|
| Borrowings under senior
secured bank credit facility |
|
$ |
301,000 |
|
|
$ |
175,000 |
|
| Borrowings under senior
secured second lien notes (principal only) (1) |
|
614,919 |
|
|
— |
|
| Borrowings under senior
subordinated notes (principal only) |
|
1,612,603 |
|
|
2,852,250 |
|
| Financing and capital
leases |
|
251,389 |
|
|
283,090 |
|
| Total
debt (principal only) |
|
$ |
2,779,911 |
|
|
$ |
3,310,340 |
|
| |
|
|
|
|
| Total stockholders’
equity |
|
$ |
468,448 |
|
|
$ |
1,248,912 |
|
(1) Excludes $229 million of future interest payable on the
notes as of December 31, 2016, accounted for as debt for financial
reporting purposes.
| |
|
|
| |
|
Year Ended |
| |
|
December 31, |
| In
thousands |
|
2016 |
|
2015 |
| Cash provided by (used
in) |
|
|
|
|
| Operating
activities |
|
$ |
219,223 |
|
|
$ |
864,304 |
|
| Investing
activities |
|
(205,417 |
) |
|
(550,185 |
) |
| Financing
activities |
|
(15,012 |
) |
|
(334,460 |
) |
|
|
|
|
|
|
| Cash dividends
paid |
|
$ |
486 |
|
|
$ |
65,426 |
|
DENBURY CONTACTS:
Mark C. Allen, Senior Vice President and Chief Financial Officer, 972.673.2000
John Mayer, Investor Relations, 972.673.2383
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