Denbury Resources Inc. (NYSE:DNR) Q1 2020 Earnings Conference Call - Final Transcript

May 18, 2020 • 09:00 am ET


Denbury Resources Inc. (NYSE:DNR) Q1 2020 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen, and welcome to the Denbury Resources' First Quarter 2020 Results Conference Call. My name is Dana, and I'll be your operator for today's call. At this time, all participants are in a listen-only mode.

I would now like to turn the conference over to your host for today's call, 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; and David Sheppard, our Senior Vice President of Operations.

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, including our Form 10-Q filed with the SEC this morning, 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.

Chris Kendall

Thanks, John. Good morning, everyone, and thank you for joining us today. I'd like to first note that we will not be holding our traditional Q&A session at the end of this call. As we have withdrawn our 2020 guidance and because we are working with advisers to evaluate a range of strategic alternatives, we are limited in our ability to provide additional information beyond what we have included in our prepared remarks. Having said that, we will do our best on this call to provide good color on our strong quarterly results and our focus for the remainder of 2020.

I'd like to begin by taking this opportunity to specifically thank our operations' teams. Even during these difficult times, our field employees have shown unwavering dedication to ensuring our fields are operating safely and efficiently. The well-being of our team remains our top priority, and we have taken numerous steps to protect the health and safety of our employees during the COVID-19 pandemic.

Beginning in mid-March, we implemented work-from-home measures for all employees who can work remotely. We quickly adapted to