DNR Denbury Resources Inc

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(1)

Future interest payable represents most of the interest due over the terms of our 9% Senior Secured Second Lien Notes due 2021, 9¼% Senior Secured Second Lien Notes due 2022 (the “2022 Senior Secured Notes”), 5% Convertible Senior Notes due 2023 (the “2023 Convertible Senior Notes”), and 2024 Convertible Senior Notes and has been accounted for as debt in accordance with FASC 470-60, Troubled Debt Restructuring by Debtors. Our current maturities of long-term debt as of March 31, 2018 include $100.1 million of future interest payable related to these notes that is due within the next twelve months. See January 2018 Note Exchanges below for further discussion.

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•	A consolidated senior secured debt to consolidated EBITDAX covenant, with such ratio not to exceed 3.0 to 1.0 through the first quarter of 2018, and thereafter not to exceed 2.5 to 1.0. Currently, only debt under our Bank Credit Agreement is considered consolidated senior secured debt for purposes of this ratio;

•	A minimum permitted ratio of consolidated EBITDAX to consolidated interest charges of 1.25 to 1.0; and

•	A requirement to maintain a current ratio of 1.0 to 1.0.

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(1)	Ranges presented for fixed-price swaps and basis swaps represent the lowest and highest fixed prices of all open contracts for the period presented. For three-way collars, ranges represent the lowest floor price and highest ceiling price for all open contracts for the period presented.

(2)	The basis swap contracts establish a fixed amount for the differential between Argus WTI and Argus LLS prices on a trade-month basis for the period indicated.

(3)

A three-way collar is a costless collar contract combined with a sold put feature (at a lower price) with the same counterparty. The value received for the sold put is used to enhance the contracted floor and ceiling price of the related collar. At the contract settlement date, (1) if the index price is higher than the ceiling price, we pay the counterparty the difference between the index price and ceiling price for the contracted volumes, (2) if the index price is between the floor and ceiling price, no settlements occur, (3) if the index price is lower than the floor price but at or above the sold put price, the counterparty pays us the difference between the index price and the floor price for the contracted volumes and (4) if the index price is lower than the sold put price, the counterparty pays us the difference between the floor price and the sold put price for the contracted volumes.

•	Level 1 – Quoted prices in active markets for identical assets or liabilities as of the reporting date.

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Level 2 – Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reported date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. Instruments in this category include non-exchange-traded oil derivatives that are based on NYMEX pricing and fixed-price swaps and basis swaps that are based on regional pricing other than NYMEX (e.g., Light Louisiana Sweet). Our costless collars and the sold put features of our three-way collars are valued using the Black-

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Level 3 – Pricing inputs include significant inputs that are generally less observable. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. As of March 31, 2018, we had no Level 3 recurring fair value measurements. Previous instruments in this category included non-exchange-traded three-way collars that are based on regional pricing other than NYMEX (e.g., Light Louisiana Sweet). The valuation models utilized for costless collars and three-way collars are consistent with the methodologies described above; however, the implied volatilities utilized in the valuation of Level 3 instruments were developed using a benchmark, which was considered a significant unobservable input.

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•	Oil and natural gas revenues in the first quarter of 2018 improved by $73.8 million, or 28%, principally driven by a 28% improvement in realized oil prices, along with a 1% increase in average daily production volumes. Our net realized oil price relative to NYMEX prices improved by $2.93 per Bbl from the prior-year period to $1.29 per Bbl above NYMEX.

•	Commodity derivatives expense increased by $73.4 million ($48.8 million of expense in the current-year period compared to $24.6 million of income in the prior-year period). This increase in expense was the result of losses from noncash fair value adjustments between the periods of $67.0 million and a $6.4 million increase in payments on derivative settlements.

•	General and administrative expenses decreased $8.0 million, primarily as a result of lower employee-related costs due to a workforce reduction in August 2017.

•	Interest expense, net, decreased on a GAAP basis by $9.9 million primarily due to the exchange transactions completed during December 2017 and January 2018. See Results of Operations – Interest and Financing Expenses for further discussion.

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•	A consolidated senior secured debt to consolidated EBITDAX covenant, with such ratio not to exceed 3.0 to 1.0 through the first quarter of 2018, and thereafter not to exceed 2.5 to 1.0. Currently, only debt under our Bank Credit Agreement is considered consolidated senior secured debt for purposes of this ratio;

•	A minimum permitted ratio of consolidated EBITDAX to consolidated interest charges of 1.25 to 1.0; and

•	A requirement to maintain a current ratio of 1.0 to 1.0.

•	$155 million allocated for tertiary oil field expenditures;

•	$95 million allocated for other areas, primarily non-tertiary oil field expenditures including exploitation;

•	$20 million to be spent on CO2 sources and pipelines; and

•	$45 million for other capital items such as capitalized internal acquisition, exploration and development costs and pre-production tertiary startup costs.

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(1)	Includes capitalized internal acquisition, exploration and development costs and pre-production tertiary startup costs.

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(1)	Barrel of oil equivalent using the ratio of one barrel of oil to six Mcf of natural gas (“BOE”).

(2)	See also Commodity Derivative Contracts below and Item 3. Quantitative and Qualitative Disclosures about Market Risk for information concerning our derivative transactions.

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(3)

Noncash fair value gains (losses) on commodity derivatives is a non-GAAP measure and is different from “Commodity derivatives expense (income)” in the Unaudited Condensed Consolidated Statements of Operations in that the noncash fair value gains (losses) on commodity derivatives represent only the net changes between periods of the fair market values of commodity derivative positions, and exclude the impact of settlements on commodity derivatives during the period, which were payments on settlements of $33.4 million and $26.9 million for the three months ended March 31, 2018 and 2017, respectively. We believe that noncash fair value gains (losses) on commodity derivatives is a useful supplemental disclosure to “Commodity derivatives expense (income)” in order to differentiate noncash fair market value adjustments from receipts or payments upon settlements on commodity derivatives during the period. This supplemental disclosure is widely used within the industry and by securities analysts, banks and credit rating agencies in calculating EBITDA and in adjusting net income (loss) to present those measures on a comparative basis across companies, as well as to assess compliance with certain debt covenants. Noncash fair value gains (losses) on commodity derivatives is not a measure of financial or operating performance under GAAP, nor should it be considered in isolation or as a substitute for “Commodity derivatives expense (income)” in the Unaudited Condensed Consolidated Statements of Operations.

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(1)	Mature properties include Brookhaven, Cranfield, Eucutta, Little Creek, Lockhart Crossing, Mallalieu, Martinville, McComb and Soso fields.

(2)	Represents production related to the acquisition of a 23% non-operated working interest in Salt Creek Field in Wyoming, which closed on June 30, 2017.

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(1)	Noncash fair value gains (losses) on commodity derivatives is a non-GAAP measure. See Operating Results Table above for a discussion of the reconciliation between noncash fair value gains (losses) on commodity derivatives to “Commodity derivatives expense (income)” in the Unaudited Condensed Consolidated Statements of Operations.

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(1)	Averages are volume weighted.

(2)	If oil prices were to average less than the sold put price, receipts on settlement would be limited to the difference between the floor price and the sold put price.

(3)	The basis swap contracts establish a fixed amount for the differential between Argus WTI and Argus LLS prices on a trade-month basis for the periods indicated.

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(1)

Cash interest is presented on an accrual basis, and includes the portion of interest on our 9% Senior Secured Second Lien Notes due 2021 (“2021 Senior Secured Notes”), 2022 Senior Secured Notes, 2023 Convertible Senior Notes and 2024 Convertible Senior Notes versus the GAAP financial statement presentation in which interest on these notes is accounted for as debt and not reflected as interest for financial reporting purposes in accordance with Financial Accounting Standards Board Codification 470-60, Troubled Debt Restructuring by Debtors. See below for further discussion.

(2)	Includes commitment fees but excludes debt issue costs.

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(1)	Noncash fair value gains (losses) on commodity derivatives is a non-GAAP measure. See Operating Results Table above for a discussion of the reconciliation between noncash fair value gains (losses) on commodity derivatives to “Commodity derivatives expense (income)” in the Unaudited Condensed Consolidated Statements of Operations.

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(1)	Shares purchased during the first quarter of 2018 were made in connection with the surrender of shares by our employees to satisfy their tax withholding requirements related to the vesting of restricted and performance shares.

(2)

In October 2011, we commenced a common share repurchase program, which has been approved for up to an aggregate of $1.162 billion of Denbury common shares by the Company’s Board of Directors. This program has effectively been suspended and we do not anticipate repurchasing shares of our common stock in the near future. The program has no pre-established ending date and may be suspended or discontinued at any time. We are not obligated to repurchase any dollar amount or specific number of shares of our common stock under the program.

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*	Included herewith.

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(a)	“Annual TSR” means, for each Calendar Year in the Performance Period, for the Company and each Peer Company, the result, expressed as a percentage, of the calculation of TSR for each of them set out in Section 4(a) hereof for such Calendar Year.

(b)	“Beginning Common Stock Price” means the average of the Closing Price of the primary common equity security for the Company and each Peer Company for each of the 10 trading days immediately preceding the first day of each Calendar Year, taken separately, within the Performance Period being measured.

(c)	“Calendar Year” means the 12-month period beginning on January 1 and ending on and including December 31 for the Company and each Peer Company.

(d)	“Closing Price” means the last reported sales price of the primary common equity security of the Company and each Peer Company, as reported by the national exchange upon which such security is traded; provided, however, in the event the primary common equity security of the Company or

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(e)

“Delivery Date” means (i) if Sections 6(b), 7(b)(i) or 7(b)(ii) apply, the date on which Performance Cash is paid to Holder which shall be no later than the dates set forth in Section 6(b) or 7(b)(i) or 7(b)(ii), as applicable, or (ii) if Sections 6(b) or 7(b)(i) or 7(b)(ii) do not apply, the date on which Earned Performance Cash is paid to Holder, which shall be no later than April 30, 2021 (i.e., 30 days following a March 31, 2021 Vesting Date).

(f)	“Earned Performance Cash” means the amount of Performance Cash which is earned during the Performance Period as described and calculated in Section 6.

(g)

“Ending Common Stock Price” equals the average of the Closing Price of the primary common equity security for the Company and each Peer Company for each of the 10 trading days ending on and including the last day of each Calendar Year, taken separately, within the Performance Period; provided, that, in the event of a Change of Control, the “Ending Common Stock Price” equals the average of the Closing Price of the primary common equity security for the Company and each Peer Company for each of the 10 trading days ending on and including the effective date of such Change of Control.

(h)	“Maximum Performance Cash” means the maximum amount of Performance Cash which may be earned under this Award if there are no adjustments under Section 5 in the amount of Performance Cash earned.

(i)	“Peer Company” means each of the companies listed on Appendix A hereto, as adjusted pursuant to Appendix A.

(j)	“Performance Criteria” means the Total Shareholder Return measure defined in Section 4 for the Performance Period.

(k)	“Performance Percentage” means that percentage determined based upon the relative ranking of the Company’s Three-Year Average TSR for the Performance Period compared to the Three-Year Average TSR of each Peer Company for the Performance Period as determined under the provisions of Section 4(e), subject to adjustment under Sections 5 and 12.

(l)	“Performance Period” means the three-year period beginning on the first day of the first Calendar Year in the Performance Period and ending on and including December 31 of the last Calendar Year in the Performance Period; provided, that, in the event of a Change of Control, the Performance Period will end on the effective date of such Change of Control.

(m)

“Post Separation Change of Control” means a Change of Control with an effective date following Holder’s Separation, but where such Separation resulted from the Commencement of a Change of Control prior to Holder’s Separation. For all purposes of this Award, the term “Commencement of a Change of Control” shall mean the date on which any material action, including without limitation through a written offer, open-market bid, corporate action, proxy solicitation or otherwise, is taken by a “person” (as defined in Section 13(d) or Section 14(d)(2) of the 1934 Act), or a “group” (as defined in Section 13(d)(3) of the 1934 Act), or their affiliates, to commence efforts that, within 12 months after the date of such material action, leads to a Change of Control involving such person, group, or their affiliates.

(n)	“Three-Year Average TSR” means, for the Company and each Peer Company, the result, expressed as a percentage, of averaging their respective Annual TSR for each Calendar Year in the Performance Period.

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(o)

“Total Shareholder Return” or “TSR” shall mean that percentage which reflects the increase or decrease in the average closing trading price of the Company’s or a Peer Company’s primary common equity security (assuming reinvestment of any dividends) between the last 10 trading days of one Calendar Year and the last 10 trading days of the next Calendar Year, or as applicable, the average of such yearly increases or decreases.

(p)

“Value of Reinvested Dividends” means a dollar amount derived by (i) calculating an aggregate number of shares (or fractions thereof) of the Company or any Peer Company represented by the sum of each dividend paid on their respective primary common equity security during a Calendar Year (or portion thereof under Section 4(a)(ii) below) within the Performance Period, determined by dividing the per share amount or value paid through each such dividend by the Closing Price of that company’s primary common equity security on each such dividend payment date, and (ii) then multiplying that aggregate number of shares by the Ending Common Stock Price, respectively, of that company for that Calendar Year (or portion thereof in the event of a Change of Control).

(q)	“Vesting Date” means March 31, 2021 or the effective date of any earlier (i) Change of Control pursuant to Section 6(b) or (ii) death or Disability pursuant to Sections 7(b)(i) or 7(b)(ii), as applicable.

(a)	Total Shareholder Return shall be calculated for the periods specified below as follows:

(b)

The Three-Year Average TSR of the Company and each Peer Company is to be calculated as soon as practical after the end of the Performance Period. Once calculated for the Company and for each Peer Company, the exact percentage of the Company and each Peer Company’s respective Three-Year Average TSR shall be listed in Column 3 of the table below in descending order of their respective Three-Year Average TSR from the highest percentage to the lowest percentage.

(c)	Column 2 of the table below shall reflect each such company’s name.

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(d)

The percentages in Column 4 of the table below are based upon increments derived by dividing 100% by 17 (the number of Peer Companies), which percentage increments will be adjusted, if necessary, on a pro rata basis to reflect a reduction in the number of Peer Companies (for example, if at the end of the Performance Period there were 16 Peer Companies, then the 5.9% increment currently shown in Column 4 would become 6.3%).

(e)

The Company’s earned Performance Percentage will be that percentage shown in Column 5 (subject to adjustment, if any, provided in Sections 5 or 12) opposite the ranking of the Company in Column 1 (for example, in the following table for 18 Companies, being ranked as seventh would equal a Performance Percentage of 29%). The earned Performance Percentage will be adjusted to reflect adjustments made to the percentages in Column 4, if any, pursuant to Section 4(d) above; provided, however, that if the Actual Three-Year Average TSR for the Company is less than 0%, the earned Performance Percentage will be 0%, regardless of the Company’s ranking in Column 1.

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7.	Vesting (and Forfeiture) of Earned Performance Cash.

(a)	No Separation Prior to the Vesting Date. If Holder does not experience a Separation prior to the Vesting Date, Holder will be 100% vested in the Earned Performance Cash.

(b)	Forfeiture. Except to the extent expressly provided in Sections 7(b)(i) or 7(b)(ii), Holder will permanently forfeit all rights with respect to all Performance Cash upon the date of his or her Separation, if such Separation occurs prior to the Vesting Date.

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(a)	“Annual TSR” means, for each Calendar Year in the Performance Period, for the Company and each Peer Company, the result, expressed as a percentage, of the calculation of TSR for each of them set out in Section 4(a) hereof for such Calendar Year.

(b)	“Beginning Common Stock Price” means the average of the Closing Price of the primary common equity security for the Company and each Peer Company for each of the 10 trading days immediately preceding the first day of each Calendar Year, taken separately, within the Performance Period being measured.

(c)	“Calendar Year” means the 12-month period beginning on January 1 and ending on and including December 31 for the Company and each Peer Company.

(d)	“Closing Price” means the last reported sales price of the primary common equity security of the Company and each Peer Company, as reported by the national exchange upon which such security is traded; provided, however, in the event the primary common equity security of the Company or

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(e)

“Delivery Date” means (i) if Sections 6(b), 7(b)(i), 7(b)(ii) or 7(b)(iii) apply, the date on which Performance Shares are delivered to Holder which shall be no later than the dates set forth in Section 6(b) or 7(b)(i), 7(b)(ii) or 7(b)(iii), as applicable, or (ii) if Sections 6(b) or 7(b)(i), 7(b)(ii) or 7(b)(iii) do not apply, the date on which Earned Performance Shares are delivered to Holder, which shall be no later than April 30, 2021 (i.e., 30 days following a March 31, 2021 Vesting Date).

(f)	“Earned Performance Shares” means the number of Performance Shares which are earned during the Performance Period as described and calculated in Section 6.

(g)

“Ending Common Stock Price” equals the average of the Closing Price of the primary common equity security for the Company and each Peer Company for each of the 10 trading days ending on and including the last day of each Calendar Year, taken separately, within the Performance Period; provided, that, in the event of a Change of Control, the “Ending Common Stock Price” equals the average of the Closing Price of the primary common equity security for the Company and each Peer Company for each of the 10 trading days ending on and including the effective date of such Change of Control.

(h)	“Maximum Performance Shares” means the maximum number of Performance Shares which may be earned under this Award if there are no adjustments under Section 5 in the number of Performance Shares earned.

(i)	“Peer Company” means each of the companies listed on Appendix A hereto, as adjusted pursuant to Appendix A.

(j)	“Performance Criteria” means the Total Shareholder Return measure defined in Section 4 for the Performance Period.

(k)	“Performance Percentage” means that percentage determined based upon the relative ranking of the Company’s Three-Year Average TSR for the Performance Period compared to the Three-Year Average TSR of each Peer Company for the Performance Period as determined under the provisions of Section 4(e), subject to adjustment under Sections 5 and 12.

(l)	“Performance Period” means the three-year period beginning on the first day of the first Calendar Year in the Performance Period and ending on and including December 31 of the last Calendar Year in the Performance Period; provided, that, in the event of a Change of Control, the Performance Period will end on the effective date of such Change of Control.

(m)

“Post Separation Change of Control” means a Change of Control with an effective date following Holder’s Separation, but where such Separation resulted from the Commencement of a Change of Control prior to Holder’s Separation. For all purposes of this Award, the term “Commencement of a Change of Control” shall mean the date on which any material action, including without limitation through a written offer, open-market bid, corporate action, proxy solicitation or otherwise, is taken by a “person” (as defined in Section 13(d) or Section 14(d)(2) of the 1934 Act), or a “group” (as defined in Section 13(d)(3) of the 1934 Act), or their affiliates, to commence efforts that, within 12 months after the date of such material action, leads to a Change of Control involving such person, group, or their affiliates.

(n)	“Three-Year Average TSR” means, for the Company and each Peer Company, the result, expressed as a percentage, of averaging their respective Annual TSR for each Calendar Year in the Performance Period.

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(o)

“Total Shareholder Return” or “TSR” shall mean that percentage which reflects the increase or decrease in the average closing trading price of the Company’s or a Peer Company’s primary common equity security (assuming reinvestment of any dividends) between the last 10 trading days of one Calendar Year and the last 10 trading days of the next Calendar Year, or as applicable, the average of such yearly increases or decreases.

(p)

“Value of Reinvested Dividends” means a dollar amount derived by (i) calculating an aggregate number of shares (or fractions thereof) of the Company or any Peer Company represented by the sum of each dividend paid on their respective primary common equity security during a Calendar Year (or portion thereof under Section 4(a)(ii) below) within the Performance Period, determined by dividing the per share amount or value paid through each such dividend by the Closing Price of that company’s primary common equity security on each such dividend payment date, and (ii) then multiplying that aggregate number of shares by the Ending Common Stock Price, respectively, of that company for that Calendar Year (or portion thereof in the event of a Change of Control).

(q)	“Vesting Date” means March 31, 2021 or the effective date of any earlier (i) Change of Control pursuant to Section 6(b) or (ii) death, Disability or Post Separation Change of Control pursuant to Sections 7(b)(i), 7(b)(ii) or 7(b)(iii), as applicable.

(a)	Total Shareholder Return shall be calculated for the periods specified below as follows:

(b)

The Three-Year Average TSR of the Company and each Peer Company is to be calculated as soon as practical after the end of the Performance Period. Once calculated for the Company and for each Peer Company, the exact percentage of the Company and each Peer Company’s respective Three-Year Average TSR shall be listed in Column 3 of the table below in descending order of their respective Three-Year Average TSR from the highest percentage to the lowest percentage.

(c)	Column 2 of the table below shall reflect each such company’s name.

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(d)

The percentages in Column 4 of the table below are based upon increments derived by dividing 100% by 17 (the number of Peer Companies), which percentage increments will be adjusted, if necessary, on a pro rata basis to reflect a reduction in the number of Peer Companies (for example, if at the end of the Performance Period there were 16 Peer Companies, then the 5.9% increment currently shown in Column 4 would become 6.3%).

(e)

The Company’s earned Performance Percentage will be that percentage shown in Column 5 (subject to adjustment, if any, provided in Sections 5 or 12) opposite the ranking of the Company in Column 1 (for example, in the following table for 18 Companies, being ranked as eleventh would equal a Performance Percentage of 82%). The earned Performance Percentage will be adjusted to reflect adjustments made to the percentages in Column 4, if any, pursuant to Section 4(d) above; provided, however, that if the Actual Three-Year Average TSR for the Company is less than 0%, the earned Performance Percentage may not be greater than 100%.

(a)	Earned Performance Shares. The number of Earned Performance Shares shall be equal to the product of (i) the Maximum Performance Shares multiplied by (ii) the Performance Percentage. The shares

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(b)

Change of Control. Notwithstanding the foregoing and any other provision hereof to the contrary, if a Change of Control of the Company occurs during the Performance Period then, regardless of the Performance Percentage at the effective date of the Change of Control, the Performance Period will end on the effective date of the Change of Control and the performance for the partial year will be annualized as set out in Section 4(a)(ii) above and averaged with the Annual TSR calculated for any prior completed Calendar Year to determine Earned Performance Shares, which Holder will be entitled to receive on the effective date of the Change of Control, but in no event later than the 15th day of the third month after the end of the Calendar Year in which such Change of Control occurs, and Holder permanently shall forfeit the right to receive any other Performance Shares under this Award.

7.	Vesting (and Forfeiture) of Earned Performance Shares.

(a)	No Separation Prior to the Vesting Date. If Holder does not experience a Separation prior to the Vesting Date, Holder will be 100% vested in the Earned Performance Shares.

(b)	Forfeiture. Except to the extent expressly provided in Sections 7(b)(i), (ii) or (iii), Holder will permanently forfeit all rights with respect to all Performance Shares upon the date of his or her Separation, if such Separation occurs prior to the Vesting Date.

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(a)	“Annual Reserves Growth per Share” or “RGPS” means, for each Calendar Year in the Performance Period, the result of the calculation set out in Section 4(b) expressed as a percentage which reflects the increase or decrease in the Proved Reserves per Share for such Calendar Year as compared to the prior Calendar Year’s Year-End Proved Reserves.

(b)	“Beginning Proved Reserves per Share” means, for each Calendar Year in the Performance Period, the Proved Reserves per Share calculated at the end of the prior Calendar Year.

(c)	“Calendar Year” means the 12-month period beginning on January 1 and ending on and including December 31.

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(d)

“Closing Price” means the last reported sales price of the primary common equity security of the Company, as reported by the national securities exchange upon which such security is traded; provided, however, in the event the primary common equity security of the Company is not traded on a national securities exchange at the time of such determination, “Closing Price” will be the price determined by the Committee in good faith based upon a review of the facts and circumstances available to the Committee at the time of determination.

(e)	“Common Stock Price” shall equal the average of the Closing Price of the Company’s primary common equity security for each of the 10 trading days ending on and including the last day of each Calendar Year, taken separately, within the Performance Period.

(f)	“Debt Equivalent Shares” means the number of shares calculated by dividing the Net Debt Principal Balance on December 31 of each Calendar Year in the Performance Period by the Common Stock Price on the same date.

(g)

“Delivery Date” means (i) if Sections 6(b), 7(b)(i) or 7(b)(ii) apply, the date on which Performance Cash is paid to Holder which shall be no later than the dates set forth in Section 6(b), 7(b)(i) or 7(b)(ii), as applicable, or (ii) if Sections 6(b), 7(b)(i) or 7(b)(ii) do not apply, the date on which Earned Performance Cash is paid to Holder, which shall be no later than April 30, 2021 (i.e., 30 days following a March 31, 2021 Vesting Date).

(h)	“Earned Performance Cash” means the amount of Performance Cash which is earned during the Performance Period as described and calculated in Section 6.

(i)	“Ending Proved Reserves per Share” means, for each Calendar Year in the Performance Period, the Proved Reserves per Share calculated at the end of such Calendar Year.

(j)	“Maximum Performance Cash” means __________ Performance Cash, which is the maximum amount of Performance Cash which may be earned under this Award if there are no adjustments under Section 5 in the amount of Performance Cash earned.

(k)	“Net Debt Principal Balance” means the Company’s total debt principal balance less the Company’s cash and cash equivalents balance as of December 31 of each Calendar Year in the Performance Period, as reported in the Company’s Annual Report on Form 10-K.

(l)	“Performance Criteria” means both the Annual Reserves Growth per Share measure and Three-Year Average RGPS measure for the Performance Period.

(m)	“Performance Percentage” means that percentage determined based upon both the Annual Reserves Growth per Share for each Calendar Year in the Performance Period and Three-Year Average RGPS for the Performance Period as determined under the provisions of Section 4, subject to adjustment under Sections 5 and 12.

(n)	“Performance Period” means the three-year period beginning on the first day of the first Calendar Year of the Performance Period and ending on and including December 31 of the last Calendar Year in the Performance Period.

(o)

“Post Separation Change of Control” means a Change of Control with an effective date following Holder’s Separation, but where such Separation resulted from the Commencement of a Change of Control prior to Holder’s Separation. For all purposes of this Award, the term “Commencement of a Change of Control” shall mean the date on which any material action, including without limitation through a written offer, open-market bid, corporate action, proxy solicitation or otherwise, is taken by a “person” (as defined in Section 13(d) or Section 14(d)(2) of the 1934 Act), or a “group” (as defined in Section 13(d)(3) of the 1934 Act), or their affiliates, to commence efforts

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(p)	“Proved Reserves per Share” means, for each applicable Calendar Year, the result of the calculation set out in Section 4(a) hereof with respect to such Calendar Year.

(q)	“Three-Year Average RGPS” means the result, expressed as a percentage, of averaging the Annual Reserves Growth per Share for each Calendar Year in the Performance Period.

(r)	“Total Shares Outstanding” means, for each Calendar Year in the Performance Period, the shares outstanding of the Company’s primary common equity security, including any restricted shares outstanding, but excluding any treasury shares, as of the last day of such Calendar Year, as reported in the Company’s Annual Report on Form 10-K for such Calendar Year.

(s)	“Vesting Date” means March 31, 2021 or the effective date of any earlier (i) Change of Control pursuant to Section 6(b) or (ii) death, Disability or Post Separation Change of Control pursuant to Sections 7(b)(i) or 7(b)(ii), as applicable.

(t)	“Year-End Proved Reserves” means, for each Calendar Year in the Performance Period, the total Company proved oil, condensate, natural gas liquids and natural gas quantities as of the end of such Calendar Year (expressed in barrels of oil equivalent), as reported in the Company’s Annual Report on Form 10-K for such Calendar Year.

(a)	Proved Reserves per Share, which is the basis for the calculation of Beginning Proved Reserves per Share and Ending Proved Reserves per Share, shall be calculated as follows:

(b)	Annual Reserves Growth per Share for each Calendar Year within the Performance Period shall equal the result of the following calculation, expressed as a percentage:

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(c)	The following Performance Percentage scale shall be used to determine the Performance Percentage in Section 4(d) for both the RGPS and Three-Year Average RGPS:

(d)

The RGPS for each Calendar Year and the Three-Year Average RGPS are to be calculated as soon as practical after the end of each Calendar Year in the Performance Period. The Performance Percentage will be that percentage shown in Column 3 opposite the actual RGPS percentage for each Calendar Year and Three-Year Average RGPS shown in Column 2. The Earned Performance Cash described in Section 6 will be the cash reflected in Column 4 prior to any adjustments, if any, under Section 5 or Section 12; provided, that, if the Company’s Year-End Proved Reserves as of the last day of the Performance Period are not equal to or greater than the Company’s Year-End Proved Reserves as of the last day of the Calendar Year immediately preceding the Performance Period (each as reported in the Company’s Annual Report on Form 10-K), then the earned Performance Percentage will be 0% under this Award.

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7.	Vesting (and Forfeiture) of Earned Performance Cash.

(a)	No Separation Prior to the Vesting Date. If Holder does not experience a Separation prior to the Vesting Date, Holder will be 100% vested in the Earned Performance Cash.

(b)	Forfeiture. Except to the extent expressly provided in Sections 7(b)(i) or 7(b)(ii), Holder will permanently forfeit all rights with respect to all Performance Cash upon the date of his or her Separation, if such Separation occurs prior to the Vesting Date.

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(a)	“Annual Reserves Growth per Share” or “RGPS” means, for each Calendar Year in the Performance Period, the result of the calculation set out in Section 4(b) expressed as a percentage which reflects the increase or decrease in the Proved Reserves per Share for such Calendar Year as compared to the prior Calendar Year’s Year-End Proved Reserves.

(b)	“Beginning Proved Reserves per Share” means, for each Calendar Year in the Performance Period, the Proved Reserves per Share calculated at the end of the prior Calendar Year.

(c)	“Calendar Year” means the 12-month period beginning on January 1 and ending on and including December 31.

(d)	“Closing Price” means the last reported sales price of the primary common equity security of the Company, as reported by the national securities exchange upon which such security is traded; provided, however, in the event the primary common equity security of the Company is not traded on a national securities exchange at the time of such determination, “Closing Price” will be the

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(e)	“Common Stock Price” shall equal the average of the Closing Price of the Company’s primary common equity security for each of the 10 trading days ending on and including the last day of each Calendar Year, taken separately, within the Performance Period.

(f)	“Debt Equivalent Shares” means the number of shares calculated by dividing the Net Debt Principal Balance on December 31 of each Calendar Year in the Performance Period by the Common Stock Price on the same date.

(g)

“Delivery Date” means (i) if Sections 6(b), 7(b)(i), 7(b)(ii) or 7(b)(iii) apply, the date on which Performance Shares are delivered to Holder which shall be no later than the dates set forth in Section 6(b) or 7(b)(i), 7(b)(ii) or 7(b)(iii), as applicable, or (ii) if Sections 6(b) or 7(b)(i), 7(b)(ii) or 7(b)(iii) do not apply, the date on which Earned Performance Shares are delivered to Holder, which shall be no later than April 30, 2021 (i.e., 30 days following a March 31, 2021 Vesting Date).

(h)	“Earned Performance Shares” means the number of Performance Shares which are earned during the Performance Period as described and calculated in Section 6.

(i)	“Ending Proved Reserves per Share” means, for each Calendar Year in the Performance Period, the Proved Reserves per Share calculated at the end of such Calendar Year.

(j)	“Maximum Performance Shares” means __________ Performance Shares, which is the maximum number of Performance Shares which may be earned under this Award if there are no adjustments under Section 5 in the number of Performance Shares earned.

(k)	“Net Debt Principal Balance” means the Company’s total debt principal balance less the Company’s cash and cash equivalents balance as of December 31 of each Calendar Year in the Performance Period, as reported in the Company’s Annual Report on Form 10-K.

(l)	“Performance Criteria” means both the Annual Reserves Growth per Share measure and Three-Year Average RGPS measure for the Performance Period.

(m)	“Performance Percentage” means that percentage determined based upon both the Annual Reserves Growth per Share for each Calendar Year in the Performance Period and Three-Year Average RGPS for the Performance Period as determined under the provisions of Section 4, subject to adjustment under Sections 5 and 12.

(n)	“Performance Period” means the three-year period beginning on the first day of the first Calendar Year of the Performance Period and ending on and including December 31 of the last Calendar Year in the Performance Period.

(o)

“Post Separation Change of Control” means a Change of Control with an effective date following Holder’s Separation, but where such Separation resulted from the Commencement of a Change of Control prior to Holder’s Separation. For all purposes of this Award, the term “Commencement of a Change of Control” shall mean the date on which any material action, including without limitation through a written offer, open-market bid, corporate action, proxy solicitation or otherwise, is taken by a “person” (as defined in Section 13(d) or Section 14(d)(2) of the 1934 Act), or a “group” (as defined in Section 13(d)(3) of the 1934 Act), or their affiliates, to commence efforts that, within 12 months after the date of such material action, leads to a Change of Control involving such person, group, or their affiliates.

(p)	“Proved Reserves per Share” means, for each applicable Calendar Year, the result of the calculation set out in Section 4(a) hereof with respect to such Calendar Year.

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(q)	“Three-Year Average RGPS” means the result, expressed as a percentage, of averaging the Annual Reserves Growth per Share for each Calendar Year in the Performance Period.

(r)	“Total Shares Outstanding” means, for each Calendar Year in the Performance Period, the shares outstanding of the Company’s primary common equity security, including any restricted shares outstanding, but excluding any treasury shares, as of the last day of such Calendar Year, as reported in the Company’s Annual Report on Form 10-K for such Calendar Year.

(s)	“Vesting Date” means March 31, 2021 or the effective date of any earlier (i) Change of Control pursuant to Section 6(b) or (ii) death, Disability or Post Separation Change of Control pursuant to Sections 7(b)(i), 7(b)(ii) or 7(b)(iii), as applicable.

(t)	“Year-End Proved Reserves” means, for each Calendar Year in the Performance Period, the total Company proved oil, condensate, natural gas liquids and natural gas quantities as of the end of such Calendar Year (expressed in barrels of oil equivalent), as reported in the Company’s Annual Report on Form 10-K for such Calendar Year.

(a)	Proved Reserves per Share, which is the basis for the calculation of Beginning Proved Reserves per Share and Ending Proved Reserves per Share, shall be calculated as follows:

(b)	Annual Reserves Growth per Share for each Calendar Year within the Performance Period shall equal the result of the following calculation, expressed as a percentage:

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(c)	The following Performance Percentage scale shall be used to determine the Performance Percentage in Section 4(d) for both the RGPS and Three-Year Average RGPS:

(d)

The RGPS for each Calendar Year and the Three-Year Average RGPS are to be calculated as soon as practical after the end of each Calendar Year in the Performance Period. The Performance Percentage will be that percentage shown in Column 3 opposite the actual RGPS percentage for each Calendar Year and Three-Year Average RGPS shown in Column 2. The Earned Performance Shares described in Section 6 will be those shares reflected in Column 4 prior to any adjustments, if any, under Section 5 or Section 12; provided, that, if the Company’s Year-End Proved Reserves as of the last day of the Performance Period are not equal to or greater than the Company’s Year-End Proved Reserves as of the last day of the Calendar Year immediately preceding the Performance Period (each as reported in the Company’s Annual Report on Form 10-K), then the earned Performance Percentage will be capped at 100% under this Award.

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7.	Vesting (and Forfeiture) of Earned Performance Shares.

(a)	No Separation Prior to the Vesting Date. If Holder does not experience a Separation prior to the Vesting Date, Holder will be 100% vested in the Earned Performance Shares.

(b)	Forfeiture. Except to the extent expressly provided in Sections 7(b)(i), (ii) or (iii), Holder will permanently forfeit all rights with respect to all Performance Shares upon the date of his or her Separation, if such Separation occurs prior to the Vesting Date.

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1.	I have reviewed this report on Form 10-Q of Denbury Resources Inc. (the registrant);

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

1.	I have reviewed this report on Form 10-Q of Denbury Resources Inc. (the registrant);

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

1.	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.	The Information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Denbury.

v3.8.0.1

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 30, 2018
Document And Company Information [Abstract]
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
Trading Symbol	DNR
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000945764
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Registrant Name	Denbury Resources Inc.
Entity Common Stock, Shares Outstanding		440,634,347

v3.8.0.1

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents		$ 85	$ 58
Accrued production receivable		157,845	146,334
Trade and other receivables, net		43,553	45,193
Derivative assets		1,859	0
Other current assets		11,512	10,670
Total current assets		214,854	202,255
Oil and natural gas properties (using full cost accounting)
Proved properties		10,824,027	10,775,792
Unevaluated properties		960,039	951,397
CO2 properties		1,191,107	1,191,058
Pipelines and plants		2,286,346	2,286,047
Other property and equipment		334,808	339,218
Less accumulated depletion, depreciation, amortization and impairment		(11,424,173)	(11,376,646)
Net property and equipment		4,172,154	4,166,866
Other assets		99,774	102,178
Total assets		4,486,782	4,471,299
Current liabilities
Accounts payable and accrued liabilities		149,676	177,220
Oil and gas production payable		75,915	76,588
Derivative liabilities		114,512	99,061
Current maturities of long-term debt (including future interest payable of $100,083 and $75,347, respectively - see Note 4)	[1]	129,667	105,188
Total current liabilities		469,770	458,057
Long-term liabilities
Long-term debt, net of current portion (including future interest payable of $256,140 and $241,472, respectively - see Note 4)		2,923,378	2,979,086
Asset retirement obligations		167,763	165,756
Derivative liabilities		1,876	0
Deferred tax liabilities, net		213,151	198,099
Other liabilities		20,626	22,136
Total long-term liabilities		3,326,794	3,365,077
Commitments and contingencies (Note 7)
Stockholders' equity
Preferred stock, $.001 par value, 25,000,000 shares authorized, none issued and outstanding		0	0
Common stock, $.001 par value, 600,000,000 shares authorized; 402,927,941 and 402,549,346 shares issued, respectively		403	403
Paid-in capital in excess of par		2,511,131	2,507,828
Accumulated deficit		(1,816,232)	(1,855,810)
Treasury stock, at cost, 787,867 and 457,041 shares, respectively		(5,084)	(4,256)
Total stockholders' equity		690,218	648,165
Total liabilities and stockholders' equity		$ 4,486,782	$ 4,471,299
[1] Future interest payable represents most of the interest due over the terms of our 9% Senior Secured Second Lien Notes due 2021, 9¼% Senior Secured Second Lien Notes due 2022 (the “2022 Senior Secured Notes”), 5% Convertible Senior Notes due 2023 (the “2023 Convertible Senior Notes”), and 2024 Convertible Senior Notes and has been accounted for as debt in accordance with FASC 470-60, Troubled Debt Restructuring by Debtors. Our current maturities of long-term debt as of March 31, 2018 include $100.1 million of future interest payable related to these notes that is due within the next twelve months. See January 2018 Note Exchanges below for further discussion.

v3.8.0.1

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Future interest payable - current	[1]	$ 129,667	$ 105,188
Future interest payable - long-term		$ 2,923,378	$ 2,979,086
Stockholders' equity
Preferred stock, par value		$ 0.001	$ 0.001
Preferred stock, shares authorized		25,000,000	25,000,000
Preferred stock, shares issued		0	0
Preferred stock, shares outstanding		0	0
Common stock, par value		$ 0.001	$ 0.001
Common stock, shares authorized		600,000,000	600,000,000
Common stock, shares issued		402,927,941	402,549,346
Treasury stock, shares		787,867	457,041
Future interest payable on senior secured and convertible senior notes
Debt Instrument [Line Items]
Future interest payable - current		$ 100,083	$ 75,347
Future interest payable - long-term		$ 256,140	$ 241,472
[1] Future interest payable represents most of the interest due over the terms of our 9% Senior Secured Second Lien Notes due 2021, 9¼% Senior Secured Second Lien Notes due 2022 (the “2022 Senior Secured Notes”), 5% Convertible Senior Notes due 2023 (the “2023 Convertible Senior Notes”), and 2024 Convertible Senior Notes and has been accounted for as debt in accordance with FASC 470-60, Troubled Debt Restructuring by Debtors. Our current maturities of long-term debt as of March 31, 2018 include $100.1 million of future interest payable related to these notes that is due within the next twelve months. See January 2018 Note Exchanges below for further discussion.

v3.8.0.1

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues and other income
Oil, natural gas, and related product sales	$ 340,021	$ 266,178
CO2 sales and transportation fees	7,552	5,388
Interest income and other income	5,661	3,888
Total revenues and other income	353,234	275,454
Expenses
Lease operating expenses	118,356	113,840
Marketing and plant operating expenses	12,424	14,065
CO2 discovery and operating expenses	462	593
Taxes other than income	27,319	22,440
General and administrative expenses	20,232	28,241
Interest, net of amounts capitalized of $8,452 and $4,654, respectively	17,239	27,178
Depletion, depreciation, and amortization	52,451	51,195
Commodity derivatives expense (income)	48,825	(24,602)
Other expenses	2,328	0
Total expenses	299,636	232,950
Income before income taxes	53,598	42,504
Income tax provision	14,020	20,974
Net income	$ 39,578	$ 21,530
Net income per common share
Basic	$ 0.10	$ 0.06
Diluted	$ 0.09	$ 0.05
Weighted average common shares outstanding
Basic	392,742	389,397
Diluted	451,543	392,997

v3.8.0.1

Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Expenses
Capitalized interest	$ 8,452	$ 4,654

v3.8.0.1

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities
Net income	$ 39,578	$ 21,530
Adjustments to reconcile net income to cash flows from operating activities
Depletion, depreciation, and amortization	52,451	51,195
Deferred income taxes	15,052	34,909
Stock-based compensation	2,592	4,106
Commodity derivatives expense (income)	48,825	(24,602)
Payment on settlements of commodity derivatives	(33,357)	(26,940)
Debt issuance costs and discounts	1,137	1,901
Other, net	(838)	(344)
Changes in assets and liabilities, net of effects from acquisitions
Accrued production receivable	(11,510)	6,453
Trade and other receivables	348	(12,185)
Other current and long-term assets	(1,886)	643
Accounts payable and accrued liabilities	(19,817)	(23,890)
Oil and natural gas production payable	(673)	(7,335)
Other liabilities	(275)	(1,179)
Net cash provided by operating activities	91,627	24,262
Cash flows from investing activities
Oil and natural gas capital expenditures	(56,669)	(52,152)
Acquisitions of oil and natural gas properties	(35)	(16,222)
Pipelines and plants capital expenditures	(156)	(246)
Net proceeds from sales of oil and natural gas properties and equipment	1,522	415
Other	4,542	792
Net cash used in investing activities	(50,796)	(67,413)
Cash flows from financing activities
Bank repayments	(571,653)	(343,000)
Bank borrowings	546,653	397,000
Pipeline financing and capital lease debt repayments	(6,287)	(7,055)
Other	(9,291)	(3,469)
Net cash provided by (used in) financing activities	(40,578)	43,476
Net increase in cash, cash equivalents, and restricted cash	253	325
Cash, cash equivalents, and restricted cash at beginning of period	40,614	40,905
Cash, cash equivalents, and restricted cash at end of period	$ 40,867	$ 41,230

v3.8.0.1

Basis of Presentation	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Note 1. Basis of Presentation Organization and Nature of Operations Denbury Resources Inc., a Delaware corporation, is an independent oil and natural gas company with operations focused in two key operating areas: the Gulf Coast and Rocky Mountain regions.  Our goal is to increase the value of our properties through a combination of exploitation, drilling and proven engineering extraction practices, with the most significant emphasis relating to CO2 enhanced oil recovery operations. Interim Financial Statements The accompanying unaudited condensed consolidated financial statements of Denbury Resources Inc. and its subsidiaries have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.  These financial statements and the notes thereto should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2017 (the “Form 10-K”).  Unless indicated otherwise or the context requires, the terms “we,” “our,” “us,” “Company” or “Denbury,” refer to Denbury Resources Inc. and its subsidiaries. Accounting measurements at interim dates inherently involve greater reliance on estimates than at year end, and the results of operations for the interim periods shown in this report are not necessarily indicative of results to be expected for the year.  In management’s opinion, the accompanying unaudited condensed consolidated financial statements include all adjustments of a normal recurring nature necessary for a fair statement of our consolidated financial position as of March 31, 2018, our consolidated results of operations for the three months ended March 31, 2018 and 2017, and our consolidated cash flows for the three months ended March 31, 2018 and 2017. Reclassifications Certain prior period amounts have been reclassified to conform to the current year presentation. Such reclassifications had no impact on our reported net income, current assets, total assets, current liabilities, total liabilities or stockholders’ equity. Cash, Cash Equivalents, and Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash as reported within the Unaudited Condensed Consolidated Balance Sheets to “Cash, cash equivalents, and restricted cash at end of period” as reported within the Unaudited Condensed Consolidated Statements of Cash Flows:     Three Months Ended     March 31, In thousands   2018   2017 Cash and cash equivalents   $ 85   $ 1,747 Restricted cash included in Other assets   40,782   39,483 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows   $ 40,867   $ 41,230 Amounts included in restricted cash included in “Other assets” in the accompanying Unaudited Condensed Consolidated Balance Sheets represent escrow accounts that are legally restricted for certain of our asset retirement obligations. Net Income per Common Share Basic net income per common share is computed by dividing the net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period.  Diluted net income per common share is calculated in the same manner, but includes the impact of potentially dilutive securities.  Potentially dilutive securities consist of nonvested restricted stock, nonvested performance-based equity awards, and shares into which our convertible senior notes are convertible. The following table sets forth the reconciliations of net income and weighted average shares used for purposes of calculating the basic and diluted net income per common share for the periods indicated:     Three Months Ended     March 31, In thousands   2018   2017 Numerator         Net income – basic   $ 39,578   $ 21,530 Effect of potentially dilutive securities         Interest on convertible senior notes   501   — Net income – diluted   $ 40,079   $ 21,530           Denominator         Weighted average common shares outstanding – basic   392,742   389,397 Effect of potentially dilutive securities         Restricted stock and performance-based equity awards   5,169   3,600 Convertible senior notes   53,632   — Weighted average common shares outstanding – diluted   451,543   392,997 Basic weighted average common shares exclude shares of nonvested restricted stock. As these restricted shares vest, they will be included in the shares outstanding used to calculate basic net income per common share (although time-vesting restricted stock is issued and outstanding upon grant). For purposes of calculating diluted weighted average common shares during the three months ended March 31, 2018 and 2017, the nonvested restricted stock and performance-based equity awards are included in the computation using the treasury stock method, with the deemed proceeds equal to the average unrecognized compensation during the period, and for the shares underlying the convertible senior notes as if the convertible senior notes were converted at the beginning of the 2018 period. In April 2018, our 3½% Convertible Senior Notes due 2024 (the “2024 Convertible Senior Notes”) converted into shares of Denbury common stock, resulting in the issuance of 38.5 million shares of our common stock upon conversion. These shares will be included in basic weighted average common shares outstanding beginning the date of conversion. See Note 4, Long-Term Debt, for further discussion. The following securities could potentially dilute earnings per share in the future, but were excluded from the computation of diluted net income per share, as their effect would have been antidilutive:     Three Months Ended     March 31, In thousands   2018   2017 Stock appreciation rights   2,954   5,044 Restricted stock and performance-based equity awards   431   1,229 Recent Accounting Pronouncements Recently Adopted Cash Flows. In November 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-18, Statement of Cash Flows (“ASU 2016-18”). ASU 2016-18 addresses the diversity that exists in the classification and presentation of changes in restricted cash on the statement of cash flows, and requires that a statement of cash flows explain the change in total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, entities will no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. Effective January 1, 2018, we adopted ASU 2016-18, which has been applied retrospectively for all comparative periods presented. Accordingly, restricted cash associated with our escrow accounts of $40.6 million and $39.3 million for the three-month periods ended March 31, 2018 and 2017, respectively, have been included in “Cash, cash equivalents, and restricted cash at beginning of period” on our Unaudited Condensed Consolidated Statements of Cash Flows and $39.5 million included in “Cash, cash equivalents, and restricted cash at end of period” for the three-month period ended March 31, 2017. The adoption of ASU 2016-18 did not have an impact on our consolidated balance sheets or results of operations. Revenue Recognition. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 amends the guidance for revenue recognition to replace numerous, industry-specific requirements. The core principle of the ASU is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. The ASU implements a five-step process for customer contract revenue recognition that focuses on transfer of control, as opposed to transfer of risk and rewards. The amendment also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows arising from contracts with customers. In March, April and May 2016, the FASB issued four additional ASUs which primarily clarified the implementation guidance on principal versus agent considerations, performance obligations and licensing, collectibility, presentation of sales taxes and other similar taxes collected from customers, and non-cash consideration. Effective January 1, 2018, we adopted ASU 2014-09 using the modified retrospective method. The adoption of ASU 2014-09 did not have an impact on our consolidated financial statements, but required enhanced footnote disclosures. See Note 2, Revenue Recognition, for additional information. Not Yet Adopted Leases. In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 amends the guidance for lease accounting to require lease assets and liabilities to be recognized on the balance sheet, along with additional disclosures regarding key leasing arrangements. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, and early adoption is permitted. Entities must adopt the standard using a modified retrospective transition and apply the guidance to the earliest comparative period presented, with certain practical expedients that entities may elect to apply. In January 2018, the FASB issued ASU 2018-01, Leases (Topic 842) – Land Easement Practical Expedient for Transition to Topic 842, which provides an optional practical expedient to existing or expired land easements that were not previously accounted for as leases under Topic 842, which permits a company to evaluate only new or modified land easements under the new guidance. Management is currently assessing the impact the adoption of ASU 2016-02 and ASU 2018-01 will have on our consolidated financial statements.

v3.8.0.1

Revenue Recognition	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Note 2. Revenue Recognition The Company records revenue in accordance with FASB Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers, which the Company adopted on January 1, 2018, and applied to all existing contracts using the modified retrospective method. The core principle of FASB ASC Topic 606 is that an entity should recognize revenue for the transfer of goods or services equal to the amount of consideration that it expects to be entitled to receive for those goods or services. This principle is achieved through applying a five-step process for customer contract revenue recognition: •Identify the contract or contracts with a customer – We derive the majority of our revenues from oil and natural gas sales contracts and CO2 sales and transportation contracts. The contracts specify each party’s rights regarding the goods or services to be transferred and contain commercial substance as they impact the Company’s financial statements. A high percentage of the Company’s receivables balance is current, and we have not historically entered into contracts with counterparties that pose a credit risk without requiring adequate economic protection to ensure collection. •Identify the performance obligations in the contract – Each of our revenue contracts specify a volume per day, or production from a lease designated in the contract (a distinct good), to be delivered at the delivery point over the term of the contract (the identified performance obligation). The customer takes delivery and physical possession of the product at the delivery point, which generally is also the point at which title transfers and the customer obtains the risks and rewards of ownership (the identified performance obligation is satisfied). •Determine the transaction price – Typically, our oil and natural gas contracts define the price as a formula price based on the average market price, as specified on set dates each month, for the specific commodity during the month of delivery. Certain of Denbury’s CO2 contracts define the price as a fixed contractual price adjusted to an inflation index to reflect market pricing. Given the industry practice to invoice customers the month following the month of delivery and our high probability of collection of payment, no significant financing component is included in our contracts. •Allocate the transaction price to the performance obligations in the contract – The majority of our revenue contracts are short-term, with terms of one year or less, to which we have applied the practical expedient permitted under the standard eliminating the requirement to disclose the transaction price allocated to remaining performance obligations. In limited instances, we have revenue contracts with terms greater than one year; however, the future delivery volumes are wholly unsatisfied as they represent separate performance obligations with variable consideration. We utilized the practical expedient which eliminates the requirement to disclose the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to wholly unsatisfied performance obligations. As there is only one performance obligation associated with our contracts, no allocation of the transaction price is necessary. •Recognize revenue when, or as, we satisfy a performance obligation – Once we have delivered the volume of commodity to the delivery point and the customer takes delivery and possession, we are entitled to payment and we invoice the customer for such delivered production. Payment under most oil and CO2 contracts is made within a month following product delivery and for natural gas and NGL contracts is generally made within two months following delivery. Timing of revenue recognition may differ from the timing of invoicing to customers; however, as the right to consideration after delivery is unconditional based on only the passage of time before payment of the consideration is due, upon delivery we record a receivable in “Accrued production receivable” in our Unaudited Condensed Consolidated Balance Sheets, which was $157.8 million and $146.3 million as of March 31, 2018 and December 31, 2017, respectively. Disaggregation of Revenue The following table summarizes our revenues by product type for the three months ended March 31, 2018 and 2017:     Three Months Ended     March 31, In thousands   2018   2017 Oil sales   $ 337,406   $ 263,974 Natural gas sales   2,615   2,204 CO2 sales and transportation fees   7,552   5,388 Total revenues   $ 347,573   $ 271,566

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Assets Held for Sale	3 Months Ended
	Mar. 31, 2018
Assets Held-for-sale, Not Part of Disposal Group [Abstract]
Assets Held for Sale	Note 3. Assets Held for Sale We began actively marketing for sale certain non-productive surface acreage in the Houston area during July 2017. As of March 31, 2018, the carrying value of the land held for sale was $33.1 million, which is included in “Other property and equipment” on our Unaudited Condensed Consolidated Balance Sheets.

v3.8.0.1

Long-Term Debt	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Long-Term Debt	Note 4. Long-Term Debt The table below reflects long-term debt and capital lease obligations outstanding as of the dates indicated. In April 2018, all $84.7 million of our outstanding 3½% Convertible Senior Notes due 2024 was extinguished as a result of conversion into common stock (see April 2018 Conversion of 2024 Convertible Senior Notes below):     March 31,   December 31, In thousands   2018   2017 Senior Secured Bank Credit Agreement   $ 450,000   $ 475,000 9% Senior Secured Second Lien Notes due 2021   614,919   614,919 9¼% Senior Secured Second Lien Notes due 2022   455,668   381,568 5% Convertible Senior Notes due 2023   59,439   — 3½% Convertible Senior Notes due 2024   84,650   84,650 6⅜% Senior Subordinated Notes due 2021   203,545   215,144 5½% Senior Subordinated Notes due 2022   314,662   408,882 4⅝% Senior Subordinated Notes due 2023   307,978   376,501 Pipeline financings   189,547   192,429 Capital lease obligations   22,585   26,298 Total debt principal balance   2,702,993   2,775,391 Future interest payable(1)   356,223   316,818 Debt issuance costs   (6,171 )   (7,935 ) Total debt, net of debt issuance costs   3,053,045   3,084,274 Less: current maturities of long-term debt(1)   (129,667 )   (105,188 ) Long-term debt and capital lease obligations   $ 2,923,378   $ 2,979,086 (1) Future interest payable represents most of the interest due over the terms of our 9% Senior Secured Second Lien Notes due 2021, 9¼% Senior Secured Second Lien Notes due 2022 (the “2022 Senior Secured Notes”), 5% Convertible Senior Notes due 2023 (the “2023 Convertible Senior Notes”), and 2024 Convertible Senior Notes and has been accounted for as debt in accordance with FASC 470-60, Troubled Debt Restructuring by Debtors. Our current maturities of long-term debt as of March 31, 2018 include $100.1 million of future interest payable related to these notes that is due within the next twelve months. See January 2018 Note Exchanges below for further discussion. The ultimate parent company in our corporate structure, Denbury Resources Inc. (“DRI”), is the sole issuer of all of our outstanding senior secured, convertible senior, and senior subordinated notes. DRI has no independent assets or operations. Each of the subsidiary guarantors of such notes is 100% owned, directly or indirectly, by DRI, and the guarantees of the notes are full and unconditional and joint and several; any subsidiaries of DRI that are not subsidiary guarantors of such notes are minor subsidiaries. Senior Secured Bank Credit Facility In December 2014, we entered into an Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, and other lenders party thereto (as amended, the “Bank Credit Agreement”). The Bank Credit Agreement is a senior secured revolving credit facility with a maturity date of December 9, 2019 and semiannual borrowing base redeterminations in May and November of each year. As part of our spring 2018 semiannual borrowing base redetermination, the borrowing base and lender commitments for our Bank Credit Agreement were reaffirmed at $1.05 billion, with the next such redetermination being scheduled for November 2018. If our outstanding debt under the Bank Credit Agreement were to ever exceed the borrowing base, we would be required to repay the excess amount over a period not to exceed six months. The weighted average interest rate on borrowings outstanding under the Bank Credit Agreement was 4.5% as of March 31, 2018. We incur a commitment fee of 0.50% on the undrawn portion of the aggregate lender commitments under the Bank Credit Agreement. The Bank Credit Agreement contains certain financial performance covenants through the maturity of the facility, including the following: • A consolidated senior secured debt to consolidated EBITDAX covenant, with such ratio not to exceed 3.0 to 1.0 through the first quarter of 2018, and thereafter not to exceed 2.5 to 1.0. Currently, only debt under our Bank Credit Agreement is considered consolidated senior secured debt for purposes of this ratio; • A minimum permitted ratio of consolidated EBITDAX to consolidated interest charges of 1.25 to 1.0; and • A requirement to maintain a current ratio of 1.0 to 1.0. The above description of our Bank Credit Agreement is qualified by the express language and defined terms contained in the Bank Credit Agreement and the amendments thereto, each of which are filed as exhibits to our periodic reports filed with the SEC. January 2018 Note Exchanges During January 2018, we closed transactions to exchange a total of $174.3 million aggregate principal amount of our then existing senior subordinated notes for $74.1 million aggregate principal amount of new 2022 Senior Secured Notes and $59.4 million aggregate principal amount of new 2023 Convertible Senior Notes, resulting in a net reduction in our debt principal from these exchanges of $40.8 million. The exchanged notes consisted of $11.6 million aggregate principal amount of our 6⅜% Senior Subordinated Notes due 2021 (the “2021 Notes”), $94.2 million aggregate principal amount of our 5½% Senior Subordinated Notes due 2022 (the “2022 Notes”) and $68.5 million aggregate principal amount of our 4⅝% Senior Subordinated Notes due 2023 (the “2023 Notes”). In accordance with FASC 470-60, the exchange was accounted for as a troubled debt restructuring due to the level of concession provided by our senior subordinated note holders. Under this guidance, future interest applicable to the new 2022 Senior Secured Notes and 2023 Convertible Senior Notes is recorded as debt up to the point that the principal and future interest of the new notes is equal to the principal amount of the extinguished notes, rather than recognizing a gain on extinguishment for this amount. As of March 31, 2018, $37.6 million of future interest on the new 2022 Senior Secured Notes and 2023 Convertible Senior Notes was recorded as debt, which will be reduced as semiannual interest payments are made, with the remaining $6.8 million of future interest to be recognized as interest expense over the term of these notes. Therefore, future interest expense reflected in our Unaudited Condensed Consolidated Statements of Operations on the new 2022 Senior Secured Notes and 2023 Convertible Senior Notes will be significantly lower than the actual cash interest payments. 9¼% Senior Secured Second Lien Notes due 2022 In January 2018, we issued $74.1 million of principal amount of 2022 Senior Secured Notes, which principal amount is in addition to the $381.6 million of 2022 Senior Secured Notes issued during December 2017.  The 2022 Senior Secured Notes, which bear interest at a rate of 9.25% per annum, were issued at par in connection with exchanges with a limited number of holders of existing senior subordinated notes in December 2017 and January 2018 (see January 2018 Note Exchanges above).  The 2022 Senior Secured Notes mature on March 31, 2022, and interest is payable semiannually in arrears on March 31 and September 30 of each year.  We may redeem the 2022 Senior Secured Notes in whole or in part at our option beginning March 31, 2019, at a redemption price of 109.25% of the principal amount, and at declining redemption prices thereafter, as specified in the indenture governing the 2022 Senior Secured Notes.  Prior to March 31, 2019, we may at our option redeem up to an aggregate of 35% of the principal amount of the 2022 Senior Secured Notes at a price of 109.25% of par with the proceeds of certain equity offerings.  In addition, at any time prior to March 31, 2019, we may redeem the 2022 Senior Secured Notes in whole or in part at a price equal to 100% of the principal amount plus a “make-whole” premium and accrued and unpaid interest.  The 2022 Senior Secured Notes are not subject to any sinking fund requirements. The 2022 Senior Secured Notes are guaranteed jointly and severally by our subsidiaries representing substantially all of our assets, operations and income and are secured by second-priority liens on substantially all of the assets that secure the Bank Credit Agreement, which second-priority liens are contractually subordinated to liens that secure our Bank Credit Agreement and any future additional priority lien debt. 5% Convertible Senior Notes due 2023 In January 2018, we issued $59.4 million of 2023 Convertible Senior Notes. The 2023 Convertible Senior Notes, which bear interest at a rate of 5% per annum, were issued at par in exchange offers with a limited number of holders of existing senior subordinated notes (see January 2018 Note Exchanges above). The 2023 Convertible Senior Notes mature on December 15, 2023, and interest is payable semiannually in arrears on June 15 and December 15 of each year, beginning in June 2018. We do not have the right to redeem the 2023 Convertible Senior Notes prior to their maturity. The 2023 Convertible Senior Notes are convertible into shares of our common stock at any time, at the option of the holders, at a rate of 281.69 shares of common stock per $1,000 principal amount of 2023 Convertible Senior Notes, subject to customary adjustments to the conversion rate and threshold price with respect to, among other things, stock dividends and distributions, mergers and reclassifications. The 2023 Convertible Senior Notes will be automatically converted into shares of common stock at this rate if the volume weighted average trading price of the Company’s common stock equals or exceeds the threshold price, which initially is $3.55 per share, for 10 trading days in any period of 15 consecutive trading days, subject to satisfaction of certain other conditions. Additionally, the Company may, based on a determination of its Board of Directors that such changes are in the best interests of the Company, and subject to certain limitations, increase the conversion rate (which increase in conversion rate is limited until January 9, 2019 to no greater than 393.55 shares of common stock per $1,000 principal amount of 2023 Convertible Senior Notes). Any such conversion rate increase would cause a proportional decrease in the threshold price for mandatory conversions, and thereby would enable the Company to require a mandatory conversion into common stock at a lower price than the initial or then-prevailing threshold price. April 2018 Conversion of 2024 Convertible Senior Notes In April 2018, holders of all $84.7 million aggregate outstanding principal amount of our 2024 Convertible Senior Notes converted their notes into shares of Denbury common stock, at rates specified in the indenture for the notes, resulting in the issuance of 38.5 million shares of our common stock upon conversion. As of April 18, 2018, there were no remaining 2024 Convertible Notes outstanding.

v3.8.0.1

Commodity Derivative Contracts	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Commodity Derivative Contracts	Note 5. Commodity Derivative Contracts We do not apply hedge accounting treatment to our oil and natural gas derivative contracts; therefore, the changes in the fair values of these instruments are recognized in income in the period of change.  These fair value changes, along with the settlements of expired contracts, are shown under “Commodity derivatives expense (income)” in our Unaudited Condensed Consolidated Statements of Operations. Historically, we have entered into various oil and natural gas derivative contracts to provide an economic hedge of our exposure to commodity price risk associated with anticipated future oil and natural gas production and to provide more certainty to our future cash flows. We do not hold or issue derivative financial instruments for trading purposes. Generally, these contracts have consisted of various combinations of price floors, collars, three-way collars, fixed-price swaps, fixed-price swaps enhanced with a sold put, and basis swaps. The production that we hedge has varied from year to year depending on our levels of debt, financial strength and expectation of future commodity prices. We manage and control market and counterparty credit risk through established internal control procedures that are reviewed on an ongoing basis.  We attempt to minimize credit risk exposure to counterparties through formal credit policies, monitoring procedures and diversification, and all of our commodity derivative contracts are with parties that are lenders under our Bank Credit Agreement (or affiliates of such lenders). As of March 31, 2018, all of our outstanding derivative contracts were subject to enforceable master netting arrangements whereby payables on those contracts can be offset against receivables from separate derivative contracts with the same counterparty. It is our policy to classify derivative assets and liabilities on a gross basis on our balance sheets, even if the contracts are subject to enforceable master netting arrangements. The following table summarizes our commodity derivative contracts as of March 31, 2018, none of which are classified as hedging instruments in accordance with the FASC Derivatives and Hedging topic: Months   Index Price   Volume (Barrels per day)   Contract Prices ($/Bbl) Range(1)   Weighted Average Price Swap   Sold Put   Floor   Ceiling Oil Contracts:                               2018 Basis Swaps(2)                               Apr – June   Argus LLS   20,000   $ 3.13 – 4.63   $ 4.17   $ —   $ —   $ — 2018 Fixed-Price Swaps                               Apr – Dec   NYMEX   20,500   $ 50.00 – 56.65   $ 51.69   $ —   $ —   $ — Apr – Dec   Argus LLS   5,000     60.10 – 60.25   60.18   —   —   — 2018 Three-Way Collars(3)                               Apr – Dec   NYMEX   15,000   $ 45.00 – 56.60   $ —   $ 36.50   $ 46.50   $ 53.88 2019 Fixed-Price Swaps                               Jan – June   NYMEX   3,500   $ 59.00 – 59.10   $ 59.05   $ —   $ —   $ — 2019 Three-Way Collars(3)                               Jan – June   NYMEX   6,500   $ 55.00 – 66.20   $ —   $ 47.00   $ 55.00   $ 65.54 July – Dec   NYMEX   10,000     55.00 – 65.60   —   47.00   55.00   65.37 (1) Ranges presented for fixed-price swaps and basis swaps represent the lowest and highest fixed prices of all open contracts for the period presented. For three-way collars, ranges represent the lowest floor price and highest ceiling price for all open contracts for the period presented. (2) The basis swap contracts establish a fixed amount for the differential between Argus WTI and Argus LLS prices on a trade-month basis for the period indicated. (3) A three-way collar is a costless collar contract combined with a sold put feature (at a lower price) with the same counterparty. The value received for the sold put is used to enhance the contracted floor and ceiling price of the related collar. At the contract settlement date, (1) if the index price is higher than the ceiling price, we pay the counterparty the difference between the index price and ceiling price for the contracted volumes, (2) if the index price is between the floor and ceiling price, no settlements occur, (3) if the index price is lower than the floor price but at or above the sold put price, the counterparty pays us the difference between the index price and the floor price for the contracted volumes and (4) if the index price is lower than the sold put price, the counterparty pays us the difference between the floor price and the sold put price for the contracted volumes.

v3.8.0.1

Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 6. Fair Value Measurements The FASC Fair Value Measurement topic defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (often referred to as the “exit price”). We utilize market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. We primarily apply the income approach for recurring fair value measurements and endeavor to utilize the best available information. Accordingly, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. We are able to classify fair value balances based on the observability of those inputs. The FASC establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows: • Level 1 – Quoted prices in active markets for identical assets or liabilities as of the reporting date. • Level 2 – Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reported date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. Instruments in this category include non-exchange-traded oil derivatives that are based on NYMEX pricing and fixed-price swaps and basis swaps that are based on regional pricing other than NYMEX (e.g., Light Louisiana Sweet). Our costless collars and the sold put features of our three-way collars are valued using the Black-Scholes model, an industry standard option valuation model that takes into account inputs such as contractual prices for the underlying instruments, maturity, quoted forward prices for commodities, interest rates, volatility factors and credit worthiness, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. • Level 3 – Pricing inputs include significant inputs that are generally less observable. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. As of March 31, 2018, we had no Level 3 recurring fair value measurements. Previous instruments in this category included non-exchange-traded three-way collars that are based on regional pricing other than NYMEX (e.g., Light Louisiana Sweet). The valuation models utilized for costless collars and three-way collars are consistent with the methodologies described above; however, the implied volatilities utilized in the valuation of Level 3 instruments were developed using a benchmark, which was considered a significant unobservable input. We adjust the valuations from the valuation model for nonperformance risk, using our estimate of the counterparty’s credit quality for asset positions and our credit quality for liability positions. We use multiple sources of third-party credit data in determining counterparty nonperformance risk, including credit default swaps. The following table sets forth, by level within the fair value hierarchy, our financial assets and liabilities that were accounted for at fair value on a recurring basis as of the periods indicated:     Fair Value Measurements Using: In thousands   Quoted Prices in Active Markets (Level 1)   Significant Other Observable Inputs (Level 2)   Significant Unobservable Inputs (Level 3)   Total March 31, 2018                 Assets                 Oil derivative contracts – current   $ —   $ 1,859   $ —   $ 1,859 Total Assets   $ —   $ 1,859   $ —   $ 1,859                   Liabilities                 Oil derivative contracts – current   $ —   $ (114,512 )   $ —   $ (114,512 ) Oil derivative contracts – long-term   —   (1,876 )   —   (1,876 ) Total Liabilities   $ —   $ (116,388 )   $ —   $ (116,388 )                   December 31, 2017                 Liabilities                 Oil derivative contracts – current   $ —   $ (99,061 )   $ —   $ (99,061 ) Total Liabilities   $ —   $ (99,061 )   $ —   $ (99,061 ) Since we do not apply hedge accounting for our commodity derivative contracts, any gains and losses on our assets and liabilities are included in “Commodity derivatives expense (income)” in the accompanying Unaudited Condensed Consolidated Statements of Operations. Level 3 Fair Value Measurements The following table summarizes the changes in the fair value of our Level 3 assets and liabilities for the three months ended March 31, 2018 and 2017:     Three Months Ended     March 31, In thousands   2018   2017 Fair value of Level 3 instruments, beginning of period   $ —   $ (526 ) Fair value gains on commodity derivatives   —   617 Payments on settlements of commodity derivatives   —   — Fair value of Level 3 instruments, end of period   $ —   $ 91           The amount of total gains for the period included in earnings attributable to the change in unrealized gains relating to assets or liabilities still held at the reporting date   $ —   $ 236 Other Fair Value Measurements The carrying value of our loans under our Bank Credit Agreement approximate fair value, as they are subject to short-term floating interest rates that approximate the rates available to us for those periods. We use a market approach to determine the fair value of our fixed-rate long-term debt using observable market data. The fair values of our senior secured second lien notes, convertible senior notes, and senior subordinated notes are based on quoted market prices, which are considered Level 1 measurements under the fair value hierarchy. The estimated fair value of the principal amount of our debt as of March 31, 2018 and December 31, 2017, excluding pipeline financing and capital lease obligations, was $2,350.8 million and $2,260.6 million, respectively. We have other financial instruments consisting primarily of cash, cash equivalents, short-term receivables and payables that approximate fair value due to the nature of the instrument and the relatively short maturities.

v3.8.0.1

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 7. Commitments and Contingencies Litigation We are involved in various lawsuits, claims and regulatory proceedings incidental to our businesses.  We are also subject to audits for various taxes (income, sales and use, and severance) in the various states in which we operate, and from time to time receive assessments for potential taxes that we may owe. While we currently believe that the ultimate outcome of these proceedings, individually and in the aggregate, will not have a material adverse effect on our financial position, results of operations or cash flows, litigation is subject to inherent uncertainties.  Although a single or multiple adverse rulings or settlements could possibly have a material adverse effect on our finances, we only accrue for losses from litigation and claims if we determine that a loss is probable and the amount can be reasonably estimated. Riley Ridge Helium Supply Contract Claim As part of our 2010 and 2011 acquisitions of the Riley Ridge Unit and associated gas processing facility that was under construction, the Company assumed a 20-year helium supply contract under which we agreed to supply the helium separated from the full well stream by operation of the gas processing facility to a third-party purchaser, APMTG Helium, LLC.  The helium supply contract provides for the delivery of a minimum contracted quantity of helium, subject to adjustment after startup of the Riley Ridge gas processing facility, with liquidated damages payable if specified quantities of helium are not supplied in accordance with the terms of the contract. The liquidated damages are specified in the contract at up to $8.0 million per contract year and are capped at an aggregate of $46.0 million over the term of the contract. As the gas processing facility has been shut-in since mid-2014, we have not been able to supply helium under the helium supply contract.  APMTG Helium, LLC filed a case in November 2014 in the Ninth Judicial District Court of Sublette County, Wyoming, claiming multiple years of liquidated damages for non-delivery of volumes of helium specified under the helium supply contract. The Company’s position is that our contractual obligations are excused by virtue of events that fall within the force majeure provisions in the helium supply contract. The evidentiary phase of the trial closed on November 29, 2017. The parties submitted written closing briefs and rebuttal briefs to the District Court during February and April of 2018. We currently expect a ruling from the District Court to be made in the second or third quarter of 2018. The Company plans to continue to vigorously defend its position, but we are unable to predict at this time the outcome of this dispute.

v3.8.0.1

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Organization and Nature of Operations	Organization and Nature of Operations Denbury Resources Inc., a Delaware corporation, is an independent oil and natural gas company with operations focused in two key operating areas: the Gulf Coast and Rocky Mountain regions.  Our goal is to increase the value of our properties through a combination of exploitation, drilling and proven engineering extraction practices, with the most significant emphasis relating to CO2 enhanced oil recovery operations.
Interim Financial Statements - Basis of Accounting, Policy	Interim Financial Statements The accompanying unaudited condensed consolidated financial statements of Denbury Resources Inc. and its subsidiaries have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.  These financial statements and the notes thereto should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2017 (the “Form 10-K”).  Unless indicated otherwise or the context requires, the terms “we,” “our,” “us,” “Company” or “Denbury,” refer to Denbury Resources Inc. and its subsidiaries.
Interim Financial Statements - Use of Estimates	Accounting measurements at interim dates inherently involve greater reliance on estimates than at year end, and the results of operations for the interim periods shown in this report are not necessarily indicative of results to be expected for the year.  In management’s opinion, the accompanying unaudited condensed consolidated financial statements include all adjustments of a normal recurring nature necessary for a fair statement of our consolidated financial position as of March 31, 2018, our consolidated results of operations for the three months ended March 31, 2018 and 2017, and our consolidated cash flows for the three months ended March 31, 2018 and 2017
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current year presentation. Such reclassifications had no impact on our reported net income, current assets, total assets, current liabilities, total liabilities or stockholders’ equity.
Cash, Cash Equivalents, and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents, and restricted cash as reported within the Unaudited Condensed Consolidated Balance Sheets to “Cash, cash equivalents, and restricted cash at end of period” as reported within the Unaudited Condensed Consolidated Statements of Cash Flows:     Three Months Ended     March 31, In thousands   2018   2017 Cash and cash equivalents   $ 85   $ 1,747 Restricted cash included in Other assets   40,782   39,483 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows   $ 40,867   $ 41,230 Amounts included in restricted cash included in “Other assets” in the accompanying Unaudited Condensed Consolidated Balance Sheets represent escrow accounts that are legally restricted for certain of our asset retirement obligations.
Net Income per Common Share	Net Income per Common Share Basic net income per common share is computed by dividing the net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period.  Diluted net income per common share is calculated in the same manner, but includes the impact of potentially dilutive securities.  Potentially dilutive securities consist of nonvested restricted stock, nonvested performance-based equity awards, and shares into which our convertible senior notes are convertible. The following table sets forth the reconciliations of net income and weighted average shares used for purposes of calculating the basic and diluted net income per common share for the periods indicated:     Three Months Ended     March 31, In thousands   2018   2017 Numerator         Net income – basic   $ 39,578   $ 21,530 Effect of potentially dilutive securities         Interest on convertible senior notes   501   — Net income – diluted   $ 40,079   $ 21,530           Denominator         Weighted average common shares outstanding – basic   392,742   389,397 Effect of potentially dilutive securities         Restricted stock and performance-based equity awards   5,169   3,600 Convertible senior notes   53,632   — Weighted average common shares outstanding – diluted   451,543   392,997 Basic weighted average common shares exclude shares of nonvested restricted stock. As these restricted shares vest, they will be included in the shares outstanding used to calculate basic net income per common share (although time-vesting restricted stock is issued and outstanding upon grant). For purposes of calculating diluted weighted average common shares during the three months ended March 31, 2018 and 2017, the nonvested restricted stock and performance-based equity awards are included in the computation using the treasury stock method, with the deemed proceeds equal to the average unrecognized compensation during the period, and for the shares underlying the convertible senior notes as if the convertible senior notes were converted at the beginning of the 2018 period. In April 2018, our 3½% Convertible Senior Notes due 2024 (the “2024 Convertible Senior Notes”) converted into shares of Denbury common stock, resulting in the issuance of 38.5 million shares of our common stock upon conversion. These shares will be included in basic weighted average common shares outstanding beginning the date of conversion. See Note 4, Long-Term Debt, for further discussion. The following securities could potentially dilute earnings per share in the future, but were excluded from the computation of diluted net income per share, as their effect would have been antidilutive:     Three Months Ended     March 31, In thousands   2018   2017 Stock appreciation rights   2,954   5,044 Restricted stock and performance-based equity awards   431   1,229
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Cash Flows. In November 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-18, Statement of Cash Flows (“ASU 2016-18”). ASU 2016-18 addresses the diversity that exists in the classification and presentation of changes in restricted cash on the statement of cash flows, and requires that a statement of cash flows explain the change in total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, entities will no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. Effective January 1, 2018, we adopted ASU 2016-18, which has been applied retrospectively for all comparative periods presented. Accordingly, restricted cash associated with our escrow accounts of $40.6 million and $39.3 million for the three-month periods ended March 31, 2018 and 2017, respectively, have been included in “Cash, cash equivalents, and restricted cash at beginning of period” on our Unaudited Condensed Consolidated Statements of Cash Flows and $39.5 million included in “Cash, cash equivalents, and restricted cash at end of period” for the three-month period ended March 31, 2017. The adoption of ASU 2016-18 did not have an impact on our consolidated balance sheets or results of operations. Revenue Recognition. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 amends the guidance for revenue recognition to replace numerous, industry-specific requirements. The core principle of the ASU is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. The ASU implements a five-step process for customer contract revenue recognition that focuses on transfer of control, as opposed to transfer of risk and rewards. The amendment also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows arising from contracts with customers. In March, April and May 2016, the FASB issued four additional ASUs which primarily clarified the implementation guidance on principal versus agent considerations, performance obligations and licensing, collectibility, presentation of sales taxes and other similar taxes collected from customers, and non-cash consideration. Effective January 1, 2018, we adopted ASU 2014-09 using the modified retrospective method. The adoption of ASU 2014-09 did not have an impact on our consolidated financial statements, but required enhanced footnote disclosures. See Note 2, Revenue Recognition, for additional information. Not Yet Adopted Leases. In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 amends the guidance for lease accounting to require lease assets and liabilities to be recognized on the balance sheet, along with additional disclosures regarding key leasing arrangements. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, and early adoption is permitted. Entities must adopt the standard using a modified retrospective transition and apply the guidance to the earliest comparative period presented, with certain practical expedients that entities may elect to apply. In January 2018, the FASB issued ASU 2018-01, Leases (Topic 842) – Land Easement Practical Expedient for Transition to Topic 842, which provides an optional practical expedient to existing or expired land easements that were not previously accounted for as leases under Topic 842, which permits a company to evaluate only new or modified land easements under the new guidance. Management is currently assessing the impact the adoption of ASU 2016-02 and ASU 2018-01 will have on our consolidated financial statements.
Revenue Recognition	The Company records revenue in accordance with FASB Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers, which the Company adopted on January 1, 2018, and applied to all existing contracts using the modified retrospective method. The core principle of FASB ASC Topic 606 is that an entity should recognize revenue for the transfer of goods or services equal to the amount of consideration that it expects to be entitled to receive for those goods or services. This principle is achieved through applying a five-step process for customer contract revenue recognition: •Identify the contract or contracts with a customer – We derive the majority of our revenues from oil and natural gas sales contracts and CO2 sales and transportation contracts. The contracts specify each party’s rights regarding the goods or services to be transferred and contain commercial substance as they impact the Company’s financial statements. A high percentage of the Company’s receivables balance is current, and we have not historically entered into contracts with counterparties that pose a credit risk without requiring adequate economic protection to ensure collection. •Identify the performance obligations in the contract – Each of our revenue contracts specify a volume per day, or production from a lease designated in the contract (a distinct good), to be delivered at the delivery point over the term of the contract (the identified performance obligation). The customer takes delivery and physical possession of the product at the delivery point, which generally is also the point at which title transfers and the customer obtains the risks and rewards of ownership (the identified performance obligation is satisfied). •Determine the transaction price – Typically, our oil and natural gas contracts define the price as a formula price based on the average market price, as specified on set dates each month, for the specific commodity during the month of delivery. Certain of Denbury’s CO2 contracts define the price as a fixed contractual price adjusted to an inflation index to reflect market pricing. Given the industry practice to invoice customers the month following the month of delivery and our high probability of collection of payment, no significant financing component is included in our contracts. •Allocate the transaction price to the performance obligations in the contract – The majority of our revenue contracts are short-term, with terms of one year or less, to which we have applied the practical expedient permitted under the standard eliminating the requirement to disclose the transaction price allocated to remaining performance obligations. In limited instances, we have revenue contracts with terms greater than one year; however, the future delivery volumes are wholly unsatisfied as they represent separate performance obligations with variable consideration. We utilized the practical expedient which eliminates the requirement to disclose the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to wholly unsatisfied performance obligations. As there is only one performance obligation associated with our contracts, no allocation of the transaction price is necessary. •Recognize revenue when, or as, we satisfy a performance obligation – Once we have delivered the volume of commodity to the delivery point and the customer takes delivery and possession, we are entitled to payment and we invoice the customer for such delivered production. Payment under most oil and CO2 contracts is made within a month following product delivery and for natural gas and NGL contracts is generally made within two months following delivery. Timing of revenue recognition may differ from the timing of invoicing to customers; however, as the right to consideration after delivery is unconditional based on only the passage of time before payment of the consideration is due, upon delivery we record a receivable in “Accrued production receivable” in our Unaudited Condensed Consolidated Balance Sheets, which was $157.8 million and $146.3 million as of March 31, 2018 and December 31, 2017, respectively.
Commodity Derivative Contracts	We do not apply hedge accounting treatment to our oil and natural gas derivative contracts; therefore, the changes in the fair values of these instruments are recognized in income in the period of change.  These fair value changes, along with the settlements of expired contracts, are shown under “Commodity derivatives expense (income)” in our Unaudited Condensed Consolidated Statements of Operations. Historically, we have entered into various oil and natural gas derivative contracts to provide an economic hedge of our exposure to commodity price risk associated with anticipated future oil and natural gas production and to provide more certainty to our future cash flows. We do not hold or issue derivative financial instruments for trading purposes. Generally, these contracts have consisted of various combinations of price floors, collars, three-way collars, fixed-price swaps, fixed-price swaps enhanced with a sold put, and basis swaps. The production that we hedge has varied from year to year depending on our levels of debt, financial strength and expectation of future commodity prices. We manage and control market and counterparty credit risk through established internal control procedures that are reviewed on an ongoing basis.  We attempt to minimize credit risk exposure to counterparties through formal credit policies, monitoring procedures and diversification, and all of our commodity derivative contracts are with parties that are lenders under our Bank Credit Agreement (or affiliates of such lenders). As of March 31, 2018, all of our outstanding derivative contracts were subject to enforceable master netting arrangements whereby payables on those contracts can be offset against receivables from separate derivative contracts with the same counterparty. It is our policy to classify derivative assets and liabilities on a gross basis on our balance sheets, even if the contracts are subject to enforceable master netting arrangements.
Fair Value Measurements	The FASC Fair Value Measurement topic defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (often referred to as the “exit price”). We utilize market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. We primarily apply the income approach for recurring fair value measurements and endeavor to utilize the best available information. Accordingly, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. We are able to classify fair value balances based on the observability of those inputs. The FASC establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows: • Level 1 – Quoted prices in active markets for identical assets or liabilities as of the reporting date. • Level 2 – Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reported date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. Instruments in this category include non-exchange-traded oil derivatives that are based on NYMEX pricing and fixed-price swaps and basis swaps that are based on regional pricing other than NYMEX (e.g., Light Louisiana Sweet). Our costless collars and the sold put features of our three-way collars are valued using the Black-Scholes model, an industry standard option valuation model that takes into account inputs such as contractual prices for the underlying instruments, maturity, quoted forward prices for commodities, interest rates, volatility factors and credit worthiness, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. • Level 3 – Pricing inputs include significant inputs that are generally less observable. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. As of March 31, 2018, we had no Level 3 recurring fair value measurements. Previous instruments in this category included non-exchange-traded three-way collars that are based on regional pricing other than NYMEX (e.g., Light Louisiana Sweet). The valuation models utilized for costless collars and three-way collars are consistent with the methodologies described above; however, the implied volatilities utilized in the valuation of Level 3 instruments were developed using a benchmark, which was considered a significant unobservable input. We adjust the valuations from the valuation model for nonperformance risk, using our estimate of the counterparty’s credit quality for asset positions and our credit quality for liability positions. We use multiple sources of third-party credit data in determining counterparty nonperformance risk, including credit default swaps.

v3.8.0.1

Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Schedule of cash, cash equivalents, and restricted cash	The following table provides a reconciliation of cash, cash equivalents, and restricted cash as reported within the Unaudited Condensed Consolidated Balance Sheets to “Cash, cash equivalents, and restricted cash at end of period” as reported within the Unaudited Condensed Consolidated Statements of Cash Flows:     Three Months Ended     March 31, In thousands   2018   2017 Cash and cash equivalents   $ 85   $ 1,747 Restricted cash included in Other assets   40,782   39,483 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows   $ 40,867   $ 41,230
Schedule of earnings per share, basic and diluted reconciliation	The following table sets forth the reconciliations of net income and weighted average shares used for purposes of calculating the basic and diluted net income per common share for the periods indicated:     Three Months Ended     March 31, In thousands   2018   2017 Numerator         Net income – basic   $ 39,578   $ 21,530 Effect of potentially dilutive securities         Interest on convertible senior notes   501   — Net income – diluted   $ 40,079   $ 21,530           Denominator         Weighted average common shares outstanding – basic   392,742   389,397 Effect of potentially dilutive securities         Restricted stock and performance-based equity awards   5,169   3,600 Convertible senior notes   53,632   — Weighted average common shares outstanding – diluted   451,543   392,997
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following securities could potentially dilute earnings per share in the future, but were excluded from the computation of diluted net income per share, as their effect would have been antidilutive:     Three Months Ended     March 31, In thousands   2018   2017 Stock appreciation rights   2,954   5,044 Restricted stock and performance-based equity awards   431   1,229

v3.8.0.1

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table summarizes our revenues by product type for the three months ended March 31, 2018 and 2017:     Three Months Ended     March 31, In thousands   2018   2017 Oil sales   $ 337,406   $ 263,974 Natural gas sales   2,615   2,204 CO2 sales and transportation fees   7,552   5,388 Total revenues   $ 347,573   $ 271,566

v3.8.0.1

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Components of Long-Term Debt	The table below reflects long-term debt and capital lease obligations outstanding as of the dates indicated. In April 2018, all $84.7 million of our outstanding 3½% Convertible Senior Notes due 2024 was extinguished as a result of conversion into common stock (see April 2018 Conversion of 2024 Convertible Senior Notes below):     March 31,   December 31, In thousands   2018   2017 Senior Secured Bank Credit Agreement   $ 450,000   $ 475,000 9% Senior Secured Second Lien Notes due 2021   614,919   614,919 9¼% Senior Secured Second Lien Notes due 2022   455,668   381,568 5% Convertible Senior Notes due 2023   59,439   — 3½% Convertible Senior Notes due 2024   84,650   84,650 6⅜% Senior Subordinated Notes due 2021   203,545   215,144 5½% Senior Subordinated Notes due 2022   314,662   408,882 4⅝% Senior Subordinated Notes due 2023   307,978   376,501 Pipeline financings   189,547   192,429 Capital lease obligations   22,585   26,298 Total debt principal balance   2,702,993   2,775,391 Future interest payable(1)   356,223   316,818 Debt issuance costs   (6,171 )   (7,935 ) Total debt, net of debt issuance costs   3,053,045   3,084,274 Less: current maturities of long-term debt(1)   (129,667 )   (105,188 ) Long-term debt and capital lease obligations   $ 2,923,378   $ 2,979,086 (1) Future interest payable represents most of the interest due over the terms of our 9% Senior Secured Second Lien Notes due 2021, 9¼% Senior Secured Second Lien Notes due 2022 (the “2022 Senior Secured Notes”), 5% Convertible Senior Notes due 2023 (the “2023 Convertible Senior Notes”), and 2024 Convertible Senior Notes and has been accounted for as debt in accordance with FASC 470-60, Troubled Debt Restructuring by Debtors. Our current maturities of long-term debt as of March 31, 2018 include $100.1 million of future interest payable related to these notes that is due within the next twelve months. See January 2018 Note Exchanges below for further discussion.

v3.8.0.1

Commodity Derivative Contracts (Tables)	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Commodity derivative contracts not classified as hedging instruments	The following table summarizes our commodity derivative contracts as of March 31, 2018, none of which are classified as hedging instruments in accordance with the FASC Derivatives and Hedging topic: Months   Index Price   Volume (Barrels per day)   Contract Prices ($/Bbl) Range(1)   Weighted Average Price Swap   Sold Put   Floor   Ceiling Oil Contracts:                               2018 Basis Swaps(2)                               Apr – June   Argus LLS   20,000   $ 3.13 – 4.63   $ 4.17   $ —   $ —   $ — 2018 Fixed-Price Swaps                               Apr – Dec   NYMEX   20,500   $ 50.00 – 56.65   $ 51.69   $ —   $ —   $ — Apr – Dec   Argus LLS   5,000     60.10 – 60.25   60.18   —   —   — 2018 Three-Way Collars(3)                               Apr – Dec   NYMEX   15,000   $ 45.00 – 56.60   $ —   $ 36.50   $ 46.50   $ 53.88 2019 Fixed-Price Swaps                               Jan – June   NYMEX   3,500   $ 59.00 – 59.10   $ 59.05   $ —   $ —   $ — 2019 Three-Way Collars(3)                               Jan – June   NYMEX   6,500   $ 55.00 – 66.20   $ —   $ 47.00   $ 55.00   $ 65.54 July – Dec   NYMEX   10,000     55.00 – 65.60   —   47.00   55.00   65.37 (1) Ranges presented for fixed-price swaps and basis swaps represent the lowest and highest fixed prices of all open contracts for the period presented. For three-way collars, ranges represent the lowest floor price and highest ceiling price for all open contracts for the period presented. (2) The basis swap contracts establish a fixed amount for the differential between Argus WTI and Argus LLS prices on a trade-month basis for the period indicated. (3) A three-way collar is a costless collar contract combined with a sold put feature (at a lower price) with the same counterparty. The value received for the sold put is used to enhance the contracted floor and ceiling price of the related collar. At the contract settlement date, (1) if the index price is higher than the ceiling price, we pay the counterparty the difference between the index price and ceiling price for the contracted volumes, (2) if the index price is between the floor and ceiling price, no settlements occur, (3) if the index price is lower than the floor price but at or above the sold put price, the counterparty pays us the difference between the index price and the floor price for the contracted volumes and (4) if the index price is lower than the sold put price, the counterparty pays us the difference between the floor price and the sold put price for the contracted volumes.

v3.8.0.1

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair value hierarchy of financial assets and liabilities	The following table sets forth, by level within the fair value hierarchy, our financial assets and liabilities that were accounted for at fair value on a recurring basis as of the periods indicated:     Fair Value Measurements Using: In thousands   Quoted Prices in Active Markets (Level 1)   Significant Other Observable Inputs (Level 2)   Significant Unobservable Inputs (Level 3)   Total March 31, 2018                 Assets                 Oil derivative contracts – current   $ —   $ 1,859   $ —   $ 1,859 Total Assets   $ —   $ 1,859   $ —   $ 1,859                   Liabilities                 Oil derivative contracts – current   $ —   $ (114,512 )   $ —   $ (114,512 ) Oil derivative contracts – long-term   —   (1,876 )   —   (1,876 ) Total Liabilities   $ —   $ (116,388 )   $ —   $ (116,388 )                   December 31, 2017                 Liabilities                 Oil derivative contracts – current   $ —   $ (99,061 )   $ —   $ (99,061 ) Total Liabilities   $ —   $ (99,061 )   $ —   $ (99,061 )
Changes in fair value of Level 3 assets and liabilities	The following table summarizes the changes in the fair value of our Level 3 assets and liabilities for the three months ended March 31, 2018 and 2017:     Three Months Ended     March 31, In thousands   2018   2017 Fair value of Level 3 instruments, beginning of period   $ —   $ (526 ) Fair value gains on commodity derivatives   —   617 Payments on settlements of commodity derivatives   —   — Fair value of Level 3 instruments, end of period   $ —   $ 91           The amount of total gains for the period included in earnings attributable to the change in unrealized gains relating to assets or liabilities still held at the reporting date   $ —   $ 236

v3.8.0.1

Basis of Presentation Basis of Presentation (Cash, Cash Equivalents, and Restricted Cash) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 85	$ 58	$ 1,747
Restricted cash included in Other assets	40,782	40,600	39,483	$ 39,300
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 40,867	$ 40,614	$ 41,230	$ 40,905

v3.8.0.1

Basis of Presentation (Reconciliation of Weighted Average Shares Table) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Numerator
Net income - basic	$ 39,578	$ 21,530
Interest on convertible senior notes	501	0
Net income - diluted	$ 40,079	$ 21,530
Denominator
Weighted average common shares outstanding - basic	392,742	389,397
Restricted stock and performance-based equity awards	5,169	3,600
Convertible senior notes	53,632	0
Weighted average common shares outstanding - diluted	451,543	392,997

v3.8.0.1

Basis of Presentation (Antidilutive Securities) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Stock appreciation rights
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,954	5,044
Restricted stock and performance-based equity awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	431	1,229

v3.8.0.1

Basis of Presentation Basis of Presentation (Details Textuals) - USD ($) $ in Thousands, shares in Millions	1 Months Ended
	Apr. 17, 2018	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Restricted cash		$ 40,782	$ 40,600	$ 39,483	$ 39,300
Convertible Debt | 3 1/2% Convertible Senior Notes Due 2024 | Subsequent Event
Subsequent Event [Line Items]
Debt Conversion, Converted Instrument, Shares Issued	38.5

v3.8.0.1

Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disaggregation of Revenue [Line Items]
Revenues	$ 347,573	$ 271,566
Oil sales
Disaggregation of Revenue [Line Items]
Revenues	337,406	263,974
Natural gas sales
Disaggregation of Revenue [Line Items]
Revenues	2,615	2,204
CO2 sales and transportation fees
Disaggregation of Revenue [Line Items]
Revenues	$ 7,552	$ 5,388

v3.8.0.1

Revenue Recognition (Details Textuals) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Revenue from Contract with Customer [Abstract]
Accrued production receivable	$ 157,845	$ 146,334

v3.8.0.1

Assets Held for Sale (Details Textuals) $ in Millions	Mar. 31, 2018 USD ($)
Assets Held-for-sale, Not Part of Disposal Group [Abstract]
Land available for sale	$ 33.1

v3.8.0.1

Long-Term Debt (Components of Long-Term Debt) (Details) - USD ($) $ in Thousands		1 Months Ended
		Apr. 17, 2018	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Senior Secured Bank Credit Agreement			$ 450,000	$ 475,000
Pipeline financings			189,547	192,429
Capital lease obligations			22,585	26,298
Total debt principal balance			2,702,993	2,775,391
Future interest payable	[1]		356,223	316,818
Debt issuance costs			(6,171)	(7,935)
Total debt, net of debt issuance costs			3,053,045	3,084,274
Less: current maturities of long-term debt	[1]		(129,667)	(105,188)
Long-term Debt and Capital Lease Obligations			2,923,378	2,979,086
Secured Debt | 9% Senior Secured Second Lien Notes Due 2021
Debt Instrument [Line Items]
Senior Secured Second Lien Notes			$ 614,919	614,919
Debt Instrument, Interest Rate, Stated Percentage			9.00%
Secured Debt | 9 1/4% Senior Secured Second Lien Notes Due 2022
Debt Instrument [Line Items]
Senior Secured Second Lien Notes			$ 455,668	381,568
Debt Instrument, Interest Rate, Stated Percentage			9.25%
Convertible Debt | 5% Convertible Senior Notes Due 2023
Debt Instrument [Line Items]
Convertible Senior Notes			$ 59,439	0
Debt Instrument, Interest Rate, Stated Percentage			5.00%
Convertible Debt | 3 1/2% Convertible Senior Notes Due 2024
Debt Instrument [Line Items]
Convertible Senior Notes			$ 84,650	84,650
Debt Instrument, Interest Rate, Stated Percentage			3.50%
Senior Subordinated Notes | 6 3/8% Senior Subordinated Notes due 2021
Debt Instrument [Line Items]
Senior Subordinated Notes			$ 203,545	215,144
Debt Instrument, Interest Rate, Stated Percentage			6.375%
Senior Subordinated Notes | 5 1/2% Senior Subordinated Notes due 2022
Debt Instrument [Line Items]
Senior Subordinated Notes			$ 314,662	408,882
Debt Instrument, Interest Rate, Stated Percentage			5.50%
Senior Subordinated Notes | 4 5/8% Senior Subordinated Notes due 2023
Debt Instrument [Line Items]
Senior Subordinated Notes			$ 307,978	376,501
Debt Instrument, Interest Rate, Stated Percentage			4.625%
Future interest payable on senior secured and convertible senior notes
Debt Instrument [Line Items]
Less: current maturities of long-term debt			$ (100,083)	(75,347)
Long-term Debt and Capital Lease Obligations			$ 256,140	$ 241,472
Subsequent Event | Convertible Debt | 3 1/2% Convertible Senior Notes Due 2024
Debt Instrument [Line Items]
Debt Conversion, Original Debt, Amount		$ 84,700
[1] Future interest payable represents most of the interest due over the terms of our 9% Senior Secured Second Lien Notes due 2021, 9¼% Senior Secured Second Lien Notes due 2022 (the “2022 Senior Secured Notes”), 5% Convertible Senior Notes due 2023 (the “2023 Convertible Senior Notes”), and 2024 Convertible Senior Notes and has been accounted for as debt in accordance with FASC 470-60, Troubled Debt Restructuring by Debtors. Our current maturities of long-term debt as of March 31, 2018 include $100.1 million of future interest payable related to these notes that is due within the next twelve months. See January 2018 Note Exchanges below for further discussion.

v3.8.0.1

Long-Term Debt (Details Textuals) $ / shares in Units, shares in Millions		1 Months Ended		3 Months Ended
		Apr. 17, 2018 USD ($) shares	Jan. 31, 2018 USD ($) D $ / shares	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Long Term Debt (Textuals) [Abstract]
Interest in guarantor subsidiaries				100.00%
Extinguishment of Debt, Amount			$ 40,800,000
Future Interest Payable on Senior Secured Notes And Convertible Notes	[1]			$ 356,223,000	$ 316,818,000
Senior Secured Bank Credit Facility [Abstract]
Line of Credit, Borrowing Base				1,050,000,000.00
Line of Credit Facility, Current Borrowing Capacity				$ 1,050,000,000.00
Weighted average interest rate on Bank Credit Facility				4.50%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage				0.50%
Consolidated EBITDAX to Consolidated Interest Charges				1.25
Current Ratio Requirement				1.0
Senior Subordinated Notes
Long Term Debt (Textuals) [Abstract]
Debt Exchange, Amount			174,300,000
Senior Subordinated Notes | 6 3/8% Senior Subordinated Notes due 2021
Long Term Debt (Textuals) [Abstract]
Debt Instrument, Interest Rate, Stated Percentage				6.375%
Debt Exchange, Amount			11,600,000
Senior Subordinated Notes | 5 1/2% Senior Subordinated Notes due 2022
Long Term Debt (Textuals) [Abstract]
Debt Instrument, Interest Rate, Stated Percentage				5.50%
Debt Exchange, Amount			94,200,000
Senior Subordinated Notes | 4 5/8% Senior Subordinated Notes due 2023
Long Term Debt (Textuals) [Abstract]
Debt Instrument, Interest Rate, Stated Percentage				4.625%
Debt Exchange, Amount			68,500,000
Secured Debt | 9 1/4% Senior Secured Second Lien Notes Due 2022
Long Term Debt (Textuals) [Abstract]
Face value of notes			$ 74,100,000		$ 381,600,000
Debt Instrument, Interest Rate, Stated Percentage				9.25%
Selling Price Of Debt Instrument			100.00%
Secured Debt | Debt Instrument, Redemption, Period One | 9 1/4% Senior Secured Second Lien Notes Due 2022
Long Term Debt (Textuals) [Abstract]
Debt Instrument, Redemption Price, Percentage			109.25%
Secured Debt | Initial Redemption Period With Proceeds From Equity Offering Member | 9 1/4% Senior Secured Second Lien Notes Due 2022
Long Term Debt (Textuals) [Abstract]
Debt Instrument, Redemption Price, Percentage			109.25%
Debt Instrument, Percentage of Principal Amount Available To Be Redeemed			35.00%
Secured Debt | Initial Redemption Period With Make Whole Premium | 9 1/4% Senior Secured Second Lien Notes Due 2022
Long Term Debt (Textuals) [Abstract]
Debt Instrument, Redemption Price, Percentage			100.00%
Convertible Debt | 5% Convertible Senior Notes Due 2023 [Member]
Long Term Debt (Textuals) [Abstract]
Face value of notes			$ 59,400,000
Debt Instrument, Interest Rate, Stated Percentage				5.00%
Selling Price Of Debt Instrument			100.00%
Convertible Debt [Abstract]
Share conversion rate per $1,000 principal			281.69
Volume weighted average stock price for automatic conversion | $ / shares			$ 3.55
Threshold trading days for automatic debt conversion | D			10
Consecutive trading days threshold for automatic debt conversion | D			15
Convertible Debt | 3 1/2% Convertible Senior Notes Due 2024
Long Term Debt (Textuals) [Abstract]
Debt Instrument, Interest Rate, Stated Percentage				3.50%
Convertible Debt | 3 1/2% Convertible Senior Notes Due 2024 | Subsequent Event
Convertible Debt [Abstract]
Debt Conversion, Original Debt, Amount		$ 84,700,000
Debt Conversion, Converted Instrument, Shares Issued | shares		38.5
Convertible Debt | Board of Directors Conversion Increase Option | 5% Convertible Senior Notes Due 2023 [Member]
Convertible Debt [Abstract]
Share conversion rate per $1,000 principal			393.55
Notes Exchange
Long Term Debt (Textuals) [Abstract]
Future Interest Payable on Senior Secured Notes And Convertible Notes				$ 37,600,000
Interest Payable				$ 6,800,000
Year 2018 | Q1
Senior Secured Bank Credit Facility [Abstract]
Senior Secured Debt to Consolidated EBITDAX				3.0
Year 2018 | Q2
Senior Secured Bank Credit Facility [Abstract]
Senior Secured Debt to Consolidated EBITDAX				2.5
Year 2018 | Q3
Senior Secured Bank Credit Facility [Abstract]
Senior Secured Debt to Consolidated EBITDAX				2.5
Year 2018 | Q4
Senior Secured Bank Credit Facility [Abstract]
Senior Secured Debt to Consolidated EBITDAX				2.5
Year 2019 | Q1
Senior Secured Bank Credit Facility [Abstract]
Senior Secured Debt to Consolidated EBITDAX				2.5
Year 2019 | Q2
Senior Secured Bank Credit Facility [Abstract]
Senior Secured Debt to Consolidated EBITDAX				2.5
Year 2019 | Q3
Senior Secured Bank Credit Facility [Abstract]
Senior Secured Debt to Consolidated EBITDAX				2.5
[1] Future interest payable represents most of the interest due over the terms of our 9% Senior Secured Second Lien Notes due 2021, 9¼% Senior Secured Second Lien Notes due 2022 (the “2022 Senior Secured Notes”), 5% Convertible Senior Notes due 2023 (the “2023 Convertible Senior Notes”), and 2024 Convertible Senior Notes and has been accounted for as debt in accordance with FASC 470-60, Troubled Debt Restructuring by Debtors. Our current maturities of long-term debt as of March 31, 2018 include $100.1 million of future interest payable related to these notes that is due within the next twelve months. See January 2018 Note Exchanges below for further discussion.

v3.8.0.1

Commodity Derivative Contracts (Commodity Derivatives Outstanding Table) (Details)	Mar. 31, 2018 bbl / d $ / Barrel
Basis Swap | Year 2018 | Q2 | LLS
Derivative [Line Items]
Volume per day | bbl / d	20,000
Weighted average swap price	4.17
Basis Swap | Year 2018 | Q2 | LLS | Minimum
Derivative [Line Items]
Derivative, Swap Type, Fixed Price	3.13
Basis Swap | Year 2018 | Q2 | LLS | Maximum
Derivative [Line Items]
Derivative, Swap Type, Fixed Price	4.63
Swap | Year 2018 | Q2-Q4 | NYMEX
Derivative [Line Items]
Volume per day | bbl / d	20,500
Weighted average swap price	51.69
Swap | Year 2018 | Q2-Q4 | NYMEX | Minimum
Derivative [Line Items]
Derivative, Swap Type, Fixed Price	50.00
Swap | Year 2018 | Q2-Q4 | NYMEX | Maximum
Derivative [Line Items]
Derivative, Swap Type, Fixed Price	56.65
Swap | Year 2018 | Q2-Q4 | LLS
Derivative [Line Items]
Volume per day | bbl / d	5,000
Weighted average swap price	60.18
Swap | Year 2018 | Q2-Q4 | LLS | Minimum
Derivative [Line Items]
Derivative, Swap Type, Fixed Price	60.10
Swap | Year 2018 | Q2-Q4 | LLS | Maximum
Derivative [Line Items]
Derivative, Swap Type, Fixed Price	60.25
Swap | Year 2019 | Q1-Q2 | NYMEX
Derivative [Line Items]
Volume per day | bbl / d	3,500
Weighted average swap price	59.05
Swap | Year 2019 | Q1-Q2 | NYMEX | Minimum
Derivative [Line Items]
Derivative, Swap Type, Fixed Price	59.00
Swap | Year 2019 | Q1-Q2 | NYMEX | Maximum
Derivative [Line Items]
Derivative, Swap Type, Fixed Price	59.10
Three-way Collar | Year 2018 | Q2-Q4 | NYMEX
Derivative [Line Items]
Volume per day | bbl / d	15,000
Derivative, Floor Price	45.00
Derivative, Cap Price	56.60
Weighted average sold put price	36.50
Weighted average floor price	46.50
Weighted average ceiling price	53.88
Three-way Collar | Year 2019 | Q1-Q2 | NYMEX
Derivative [Line Items]
Volume per day | bbl / d	6,500
Derivative, Floor Price	55.00
Derivative, Cap Price	66.20
Weighted average sold put price	47.00
Weighted average floor price	55.00
Weighted average ceiling price	65.54
Three-way Collar | Year 2019 | Q3-Q4 | NYMEX
Derivative [Line Items]
Volume per day | bbl / d	10,000
Derivative, Floor Price	55.00
Derivative, Cap Price	65.60
Weighted average sold put price	47.00
Weighted average floor price	55.00
Weighted average ceiling price	65.37

v3.8.0.1

Fair Value Measurements (Fair Value Hierarchy Table) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Oil derivative contracts - current asset	$ 1,859	$ 0
Total Assets	1,859
Oil derivative contracts - current liability	(114,512)	(99,061)
Oil derivative contracts - long-term liabilities	(1,876)	0
Total Liabilities	(116,388)	(99,061)
Quoted Prices in Active Markets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Oil derivative contracts - current asset	0
Total Assets	0
Oil derivative contracts - current liability	0	0
Oil derivative contracts - long-term liabilities	0
Total Liabilities	0	0
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Oil derivative contracts - current asset	1,859
Total Assets	1,859
Oil derivative contracts - current liability	(114,512)	(99,061)
Oil derivative contracts - long-term liabilities	(1,876)
Total Liabilities	(116,388)	(99,061)
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Oil derivative contracts - current asset	0
Total Assets	0
Oil derivative contracts - current liability	0	0
Oil derivative contracts - long-term liabilities	0
Total Liabilities	$ 0	$ 0

v3.8.0.1

Fair Value Measurements (Level 3 Fair Value Measurements) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Fair value of Level 3 instruments, beginning of period	$ 0	$ (526)
Fair value gains on commodity derivatives	0	617
Payments on settlements of commodity derivatives	0	0
Fair value of Level 3 instruments, end of period	0	91
The amount of total gains for the period included in earnings attributable to the change in unrealized gains relating to assets or liabilities still held at the reporting date	$ 0	$ 236

v3.8.0.1

Fair Value Measurements (Details Textuals) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Debt, Fair Value	$ 2,350.8	$ 2,260.6

v3.8.0.1

Commitments and Contingencies (Details) - Helium Supply Arrangement [Member] $ in Millions	3 Months Ended
	Mar. 31, 2018 USD ($)
Long-term Purchase Commitment [Line Items]
Term of Long Term Supply Arrangement	20 years
Maximum Annual Payment In Event Of Shortfall	$ 8.0
Maximum Payment In Event Of Shortfall	$ 46.0

This regulatory filing also includes additional resources:
dnr2018033110q.pdf