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{{short description|U.S. energy company}}
{{short description|U.S. energy company}}
{{Infobox company
{{Infobox company
| name = Denbury Inc.
| name = Denbury Resources Inc.
| logo = File:Denbury_Resources_logo.png
| logo = File:Denbury_Resources_logo.png
| type = [[Public company]]
| type = [[Public company]]
| traded_as = {{NYSE|DEN}}
| traded_as = {{OTC Pink|DNRCQ}}
| industry = [[Petroleum industry]]
| industry = [[Petroleum industry]]
| founded = {{start date and age|1951}}
| founded = {{start date and age|1951}}
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| num_employees = 806 (2019)
| num_employees = 806 (2019)
| homepage = {{URL|https://www.denbury.com/}}
| homepage = {{URL|https://www.denbury.com/}}
| footnotes = <ref name=10K>{{cite web | url=https://www.sec.gov/ix?doc=/Archives/edgar/data/945764/000094576420000009/dnr-20191231x10k.htm | title=Denbury Inc. 2019 Form 10-K Annual Report | publisher=[[U.S. Securities and Exchange Commission]]}}</ref>
| footnotes = <ref name=10K>{{cite web | url=https://www.sec.gov/ix?doc=/Archives/edgar/data/945764/000094576420000009/dnr-20191231x10k.htm | title=Denbury Resources Inc. 2019 Form 10-K Annual Report | publisher=[[U.S. Securities and Exchange Commission]]}}</ref>
}}
}}
'''Denbury Inc.''' is a company engaged in [[hydrocarbon exploration]]. It is organized in [[Delaware]] and headquartered in [[Plano, Texas]].
'''Denbury Resources''' is a company engaged in [[hydrocarbon exploration]]. It is organized in [[Delaware]] and headquartered in [[Plano, Texas]].


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, 2019, Denbury had {{convert|230.189|e6BOE|lk=in}} of estimated proved reserves, of which 98.2% was [[petroleum]] and 1.8% was [[natural gas]]. The company also has an estimated 910 billion 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 24% of daily production in 2019.<ref name=10K/>
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, 2019, Denbury had {{convert|230.189|e6BOE|lk=in}} of estimated proved reserves, of which 98.2% was [[petroleum]] and 1.8% was [[natural gas]]. The company also has an estimated 910 billion 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 24% of daily production in 2019.<ref name=10K/>
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In 2017, Christian S. Kendall was named chief executive officer of the company.<ref name=ken>{{cite press release | url=https://globenewswire.com/news-release/2017/03/21/942883/0/en/Denbury-Announces-Management-Transition-Plan.html | title=Denbury Announces Management Transition Plan | publisher=[[GlobeNewswire]] | date=March 21, 2017}}</ref> The company also acquired assets in the Salt Creek Field of [[Wyoming]] from [[Linn Energy]] for $71.5 million.<ref>{{cite press release | url=https://globenewswire.com/news-release/2017/05/30/999824/0/en/Denbury-Resources-to-Acquire-Interest-in-Rockies-CO2-Flood.html | title=Denbury Resources to Acquire Interest in Rockies CO2 Flood | publisher=[[GlobeNewswire]] | date=May 30, 2017}}</ref>
In 2017, Christian S. Kendall was named chief executive officer of the company.<ref name=ken>{{cite press release | url=https://globenewswire.com/news-release/2017/03/21/942883/0/en/Denbury-Announces-Management-Transition-Plan.html | title=Denbury Announces Management Transition Plan | publisher=[[GlobeNewswire]] | date=March 21, 2017}}</ref> The company also acquired assets in the Salt Creek Field of [[Wyoming]] from [[Linn Energy]] for $71.5 million.<ref>{{cite press release | url=https://globenewswire.com/news-release/2017/05/30/999824/0/en/Denbury-Resources-to-Acquire-Interest-in-Rockies-CO2-Flood.html | title=Denbury Resources to Acquire Interest in Rockies CO2 Flood | publisher=[[GlobeNewswire]] | date=May 30, 2017}}</ref>


In July 2020, the company filed [[bankruptcy]]. It emerged from bankruptcy in September 2020 and changed its name to Denbury Inc.<ref>{{cite press release | url=https://www.globenewswire.com/news-release/2020/09/18/2096000/0/en/Denbury-Successfully-Completes-Financial-Restructuring.html | title=Denbury Successfully Completes Financial Restructuring | publisher=[[GlobeNewswire]] | date=September 18, 2020 }}</ref>
In July 2020, the company filed [[bankruptcy]].<ref>{{cite press release | url=https://www.globenewswire.com/news-release/2020/07/29/2069382/0/en/Denbury-Resources-Enters-into-Restructuring-Support-Agreement-for-Pre-packaged-Plan-to-Strengthen-Its-Balance-Sheet-and-Reduce-Debt-by-2-1-Billion.html | title=Denbury Resources Enters into Restructuring Support Agreement for Pre-packaged Plan to Strengthen Its Balance Sheet and Reduce Debt by $2.1 Billion | publisher=[[GlobeNewswire]] | date=January 29, 2020}}</ref>


==References==
==References==
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[[Category:Companies based in Plano, Texas]]
[[Category:Companies based in Plano, Texas]]
[[Category:Companies established in 2003]]
[[Category:Companies established in 2003]]
[[Category:Companies listed on the New York Stock Exchange]]
[[Category:Companies formerly listed on the New York Stock Exchange]]
[[Category:Natural gas companies of the United States]]
[[Category:Natural gas companies of the United States]]
[[Category:Oil companies of the United States]]
[[Category:Oil companies of the United States]]
[[Category:Companies that filed for Chapter 11 bankruptcy in 2020]]
[[Category:Companies that filed for Chapter 11 bankruptcy in 2020]]
[[Category:Companies traded over-the-counter in the United States]]

Revision as of 04:20, 3 December 2020

Denbury Resources Inc.
Company typePublic company
OTC Pink: DNRCQ
IndustryPetroleum industry
Founded1951; 73 years ago (1951)
HeadquartersPlano, Texas, United States
Key people
 Christian S. Kendall, President & CEO
Mark C. Allen, CFO
ProductsPetroleum
Natural gas
Production output
58.213 thousand barrels of oil equivalent (356,140 GJ) per day
RevenueDecrease $1.274 billion (2019)
Decrease $0.217 billion (2019)
Total assetsDecrease $4.691 billion (2019)
Total equityIncrease $1.412 billion (2019)
Number of employees
806 (2019)
Websitewww.denbury.com
Footnotes / references
[1]

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

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, 2019, Denbury had 230.189 million barrels of oil equivalent (1.40826×109 GJ) of estimated proved reserves, of which 98.2% was petroleum and 1.8% was natural gas. The company also has an estimated 910 billion 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 24% of daily production in 2019.[1]

History

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.[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]

In July 2020, the company filed bankruptcy.[14]

References

  1. ^ a b c d e "Denbury Resources Inc. 2019 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.
  14. ^ "Denbury Resources Enters into Restructuring Support Agreement for Pre-packaged Plan to Strengthen Its Balance Sheet and Reduce Debt by $2.1 Billion" (Press release). GlobeNewswire. January 29, 2020.
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