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Denbury Resources is a company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Plano, Texas.

Denbury Resources Inc.
Public company
Traded asNYSEDNR
S&P 600 component
IndustryPetroleum industry
HeadquartersPlano, Texas, United States
Key people
Christian S. Kendall, President & CEO
Mark C. Allen, CFO
ProductsPetroleum
Natural gas
Production output
60 thousand barrels of oil equivalent (370,000 GJ) per day
RevenueIncrease $1.473 billion (2018)
Increase $0.322 billion (2018)
Total assetsIncrease $4.723 billion (2018)
Total equityIncrease $1.141 billion (2018)
Number of employees
847 (2018)
Websitewww.denbury.com
Footnotes / references
[1]

The company extracts petroleum via enhanced oil recovery (tertiary recovery), which utilizes carbon dioxide to extract petroleum from fields that have been previously exploited. The company's operations are focused in the Gulf Coast and Rocky Mountain regions. As of December 31, 2018, Denbury had 262 million barrels of oil equivalent (1.60×109 GJ) of estimated proved reserves, of which 97% was petroleum and 3% was natural gas. The company also has an estimated 1.3 trillion cubic feet of probable carbon dioxide reserves at Jackson Dome. The company's largest producing property is the Cedar Creek Anticline in Montana and North Dakota, which accounted for 25% of daily production in 2018.[1]

HistoryEdit

In March 1951, the company was incorporated in Manitoba as "Kay Lake Mines Limited (N.P.L.)". In September 1984, the name of the company was changed to "Newscope Resources Limited". In December 1985, the name of the company was changed to "Denbury Resources Inc."[2]

In May 1997, the company became a public company via an initial public offering.[1]

In 1998, the company acquired properties from Chevron Corporation for $202 million.[3]

In August 1999, the company began its enhanced oil recovery operations with the acquisition of the Little Creek Field.[1]

In 2001, the company acquired Matrix Oil & Gas for $138 million in cash and stock.[4] The company also acquired the Jackson Dome carbon dioxide reserves and the NEJD Pipeline in Mississippi, providing a source of carbon dioxide and the related transportation infrastructure.[1]

In 2009, the company sold its assets in the Barnett Shale to Hogshead Spouter Co. and Devon Energy.[5]

In 2010, the company acquired Encore Acquisition Company in a $4.6 billion transaction.[6][7]

In 2012, the company acquired Thompson Field in Fort Bend County, Texas for $360 million.[8][9] The company also sold its acreage in the Bakken Formation to ExxonMobil for $1.6 billion.[10]

In 2013, the company acquired fields in the Cedar Creek Anticline from ConocoPhillips for $1.05 billion.[11]

In 2017, Christian S. Kendall was named chief executive officer of the company.[12] The company also acquired assets in the Salt Creek Field of Wyoming from Linn Energy for $71.5 million.[13]

ReferencesEdit

  1. ^ a b c d e "Denbury Resources Inc. 2018 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ "Denbury Resources Inc. 1998 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  3. ^ "DENBURY IN $202.2 MILLION DEAL FOR CHEVRON PROPERTIES". The New York Times. Dow Jones & Company. November 26, 1997.
  4. ^ "DENBURY RESOURCES TO ACQUIRE MATRIX OIL AND GAS". The New York Times. Reuters. June 6, 2001.
  5. ^ "Denbury Completes Majority of its Barnett Shale Sale" (Press release). Business Wire. July 6, 2009.
  6. ^ "Denbury to Acquire Encore in a $4.5 Billion Transaction" (Press release). Business Wire. November 1, 2009.
  7. ^ McCracken, Jeffrey (November 3, 2009). "Two U.S. Oil Firms To Merge". The Wall Street Journal.
  8. ^ "Denbury Agrees to Acquire Gulf Coast Oil Field" (Press release). GlobeNewswire. May 1, 2012.
  9. ^ Joyce, Matt (June 6, 2012). "Denbury acquires Thompson oil field for $360 million". American City Business Journals.
  10. ^ González, Ángel (September 20, 2012). "Exxon to Buy Denbury's Bakken Acreage for $1.6 Billion". The Wall Street Journal.
  11. ^ Chaudhuri, Saabira (January 15, 2013). "Conoco to Sell Fields to Denbury for $1.05 Billion". The Wall Street Journal.
  12. ^ "Denbury Announces Management Transition Plan" (Press release). GlobeNewswire. March 21, 2017.
  13. ^ "Denbury Resources to Acquire Interest in Rockies CO2 Flood" (Press release). GlobeNewswire. May 30, 2017.

External linksEdit