Denbury Resources Inc. (NYSE:DNR) Q3 2019 Earnings Conference Call - Final Transcript

Nov 07, 2019 • 11:00 am ET


Denbury Resources Inc. (NYSE:DNR) Q3 2019 Earnings Conference Call - Final Transcript


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Greetings. Welcome to the Denbury Resources Third Quarter 2019 Results Conference Call. [Operator Instructions] Please note this conference is being recorded.

I will now turn the conference over to your host John Mayer Director of Investor Relations. Thank you. You may begin.

John Mayer

Good morning everyone and thank you for joining us today. With me on the call are Chris Kendall our President and Chief Executive Officer; Mark Allen our Executive Vice President and Chief Financial Officer; David Sheppard our Senior Vice President of Operations; and Matthew Dahan our Senior Vice President of Business Development and Technology. Before we begin I want to point out that we have slides which will accompany today's discussion. Should you encounter any issues with slides advancing during the webcast portion of this presentation please refresh your browser. For those of you that are not accessing the call via the webcast these slides may be found on our homepage at by clicking on the quarterly earnings center link under resources. I would also like to remind you that today's call will include forward-looking statements that are based on the best and most reasonable information we have today.

There are numerous factors that could cause actual results to differ materially from what is discussed on today's call. You can read our full disclosure on forward looking statements and the risk factors associated with our business. In the slides accompanying today's presentation. Our most recent SEC filings and today's news release, all of which are posted on our website at den Barry. com. Also, please note that during the course of today's call, we will reference certain non GAAP measures. reconciliation and disclosure relative to these measures are provided in today's news release as well as on our website.

With that I will turn the call over to Chris.

Chris Kendall

Thanks John. Good morning everyone and thank you for joining us today. In my comments this morning I'll start with an overview of the quarter then hand the call over to David who will discuss our operations and finally to Mark to walk through our financial results. Denbury's third quarter results once again demonstrate our commitment to execution cost efficiency and capital discipline. Our key safety metrics are at all-time record low levels. Our capital program is delivering strong results with our successful recent projects at Bell Creek and Heidelberg highlighting both the technical quality of our teams as well as our consistent ability to execute capital projects on time and on budget. We made steady progress on our key greenfield EOR project at Cedar Creek Anticline and remain on schedule for the CO2 pipeline installation next year and commencement of CO2 injection in early 2021. As a result of this great execution we're on track to meet the midpoint of our previously raised production guidance even after incurring unexpected weather downtime in the third quarter from Tropical Storm Imelda.

We expect to complete the year at or below the midpoint of guidance for every cost category including LOE