Denbury Resources Inc. (NYSE:DNR) Q4 2019 Earnings Conference Call - Final Transcript

Feb 25, 2020 • 11:00 am ET


Denbury Resources Inc. (NYSE:DNR) Q4 2019 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen, and welcome to the Denbury Resources Conference Call. My name is Darryl and I will be your operator for today's call. [Operator Instructions] I would now like to turn the conference call over to your host, John Mayer, Denbury's Director of Investor Relations. Please proceed, sir.

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 the 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 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.

Christian S. 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 and the full year, along with our plans for 2020, then hand the call over to David, who will discuss our operations, and finally to Mark to walk through our financial results.

Denbury's results for both the quarter and the full year were outstanding. We achieved or exceeded each of our key goals for the year. Most importantly, we set new Company records for safety performance, ensuring that our employees and contractors were safer than they have ever been. Safety is the cornerstone of exceptional operations. And while I'm thrilled with the progress we've made, I'm sure that we'll get even better.

Our development projects were successful, generating high returns as we continued to drive even more value from a great set of long-lived oil-weighted assets. We found new success with exploitation and late in the year, we entered into an exciting joint venture that will accelerate our exploitation program in the Gulf Coast. We made good progress on our CCA EOR development project and we reduced our costs