Denbury Resources Inc Valuation Report, September 2010 - Strategic and Operational Analysis


#41334

131pages

GlobalData

$ 3500

In Stock


Denbury Resources Inc. is engaged in acquisition, development, exploration and operation of crude oil and natural gas assets. Denbury is an independent oil and natural gas company with its properties in Gulf Coast region of the US. The company holds properties primarily in Mississippi, Louisiana, Texas and Alabama. The company is a pioneer in Enhanced Oil Recovery (EOR) techniques and uses CO2 for tertiary oil recovery. Denbury owns CO2 sources on the Gulf Cost region of the US. Company’s Jackson Dome CO2 field is the only significant source of CO2 from East Texas to Florida. The company also owns various CO2 pipelines including the NEJD pipeline, Free State pipeline and Delta pipeline. 

Scope

  • Investment Thesis: This section highlights the companies new ventures, liquidity issues, assets analysis, hedging, new projects details, capex funding, geographical results of oil and gas operations, and other related analysis.
  • Goals and Strategies: Provide highlights on their existing and upcoming challenges with the possible strategies.
  • SWOT: This section highlights the companies internal strength, weakness, opportunities and threats to better understand their position in the market
  • Production and Development profile: This section highlights the companies’ forecasted crude oil and natural gas production from their existing and upcoming assets. It also covers the detailed information and analysis on the producing and development assets.
  • Exploration and M&A trends: This section includes exploration assets information resulted due to new discoveries, new drilling and other activities. Additionally, M&A section highlights the companies’ recent assets transactions, joint ventures, acquisition, and divestment activities during the specified period.
  • Financial Forecast and Valuation: This section highlights the detailed financial forecast of the companies for coming five years. This section also provides intrinsic value of the companies’ by using different valuation techniques.
  • Peer Group: This section compares peer group performance with the main companies on the basis of share prices, financial ratios, operational and financial parameters and other related activities.
Reasons to buy

The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to:

  • Provide detailed analysis to those who are interested in knowing the companies’ existing and future business strategies.
  • Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates.
  • Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies.
  • Use the analysis for strategy and planning, M&A identifications, and competitor analysis.
Table of Content:

1 Table of contents 3

1.1 List of Tables 6
1.2 List of Figures 7

2 Denbury Resources Inc., Company Overview 10

3 Denbury Resources Inc., Watchlist for 2010 15

4 Denbury Resources Inc., Investment Summary 16

4.1 Huge Oil Base 16
4.2 Bakken to Drive Future Growth 17
4.3 EOR Driven Company 19

5 Denbury Resources Inc., SWOT Analysis 20
5.1 Strength 21
5.1.1 Strong EOR Operations 21
5.1.2 Asset Sales to Maintain Focus and Reduce Leverage 21
5.1.3 Stronger Reserve Base after Acquisition 21
5.2 Weakness 22
5.2.1 Production is Skewed towards Oil 22
5.2.2 Low Exploration Activity 22
5.3 Opportunities 22
5.3.1 Encouraging Well Results in Bakken 22
5.3.2 Access to Anthropogenic CO2 sources and Completion of CO2 Pipeline Projects 23
5.4 Threats 23
5.4.1 Fall in EOR Production 23

6 Denbury Resources Inc., Goals and Strategies 23
6.1 To Remain Focused on Oil 23
6.2 Development of Enhanced Oil Recovery (EOR) Potential and CO2 Infrastructure 24
6.3 Development of Bakken 25

7 Denbury Resources Inc., Production and Development Overview 25
7.1 Production Profile 25
7.2 Exploiting EOR Opportunities 28
7.3 Mississippi Non CO2 Floods 31
7.4 Gulf Coast 31
7.5 Assets Acquired from Encore 32
7.5.1 Bakken 32
7.5.2 Haynesville 33
7.5.3 Permian Basin 33
7.5.4 Rockies 33
7.6 Mid-Continent 34
7.7 Costs Incurred 35

8 Denbury Resources Inc., Exploration and M&A Highlights 37
8.1 M&A Activity 38
8.1.1 Acquisition of Encore Acquisition Company 38

9 Denbury Resources Inc., CO2 Operations 41
9.1 Natural Sources of CO2 41
9.2 Anthropogenic Sources of CO2 41
9.3 CO2 Pipelines 42
9.3.1 NEJD Pipeline 42
9.3.2 Free State Pipeline 42
9.3.3 Delta Pipeline 42
9.3.4 West Gwinville 42
9.3.5 Green Pipeline 42
9.3.6 Greencore Pipeline 42
9.3.7 Conroe Pipeline 42

10 Denbury Resources Inc., Outlook 43

11 Denbury Resources Inc., Production and Financial Statements 44

11.1 Income Statement (20072014E) 46
11.2 Balance Sheet (20072014E) 47
11.3 Cash Flow Statement (20072014E) 48
11.4 Financial Ratios 49

12 Denbury Resources Inc, Valuation 52
12.1 Net Asset Value 52

13 Denbury Resources Inc, Peer Comparision 56
13.1 Share Price Performance 56
13.2 Operational and Financial Performance 57
13.3 Key Financial and Operational Ratio 59

14 Denbury Resources Inc, Key Risks 62
14.1 Fluctuating Crude Oil Prices 62
14.2 Insufficient CO2 Production 62
14.3 Insufficient CO2 Infrastructure 62

15 Denbury Resources Inc., Detailed Financial and Operational Metrics 63
15.1 Denbury Resources Inc., Quarterly Results of Oil & Gas Operations Per boe Produced 63
15.1.1 Results of Oil & Gas Operations Per boe Produced, Q2, 2009-Q2, 2010 63
15.1.2 Results of Oil & Gas Operations Per boe Growth Rates, Q2, 2009-Q2, 2010 64
15.2 Denbury Resources Inc., Quarterly E&P Costs Trends 65
15.2.1 Upstream Capital Expenditure, Q2, 2009-Q2, 2010 65
15.3 Denbury Resources Inc., Quarterly Production Trends 66
15.3.1 Denbury Resources Inc., Total Oil and Gas Production 66
15.3.2 Total Crude Oil & Natural Gas Production, By Country/Region, Q2, 2009-Q2, 2010 67
15.4 Denbury Resources Inc., Crude Oil Production 68
15.4.1 Total Crude Oil Production Trend, Q2, 2009-Q2, 2010 68
15.4.2 Crude Oil Production, By Country/Region, Q2, 2009-Q2, 2010 69
15.5 Denbury Resources Inc., Natural Gas Production 70
15.5.1 Total Natural Gas Production Trend, Q2, 2009-Q2, 2010 70
15.5.2 Natural Gas Production, By Country/Region, Q2, 2009-Q2, 2010 71
15.6 Denbury Resources Inc., Valuation and Financial Data 72
15.6.1 Share Price Performance, 2004-2009 72
15.6.2 Key Valuation Metrics, 2004-2009 72
15.7 Denbury Resources Inc., Production and Reserves Trends 73
15.7.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2004-2009 73
15.7.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2004-2009 74
15.7.3 Total Crude Oil and Natural Gas Reserve Changes, 2004-2009 76
15.8 Crude Oil/Liquids Production and Reserve 77
15.8.1 Crude Oil/Liquids Production and Reserve Trend, 2004-2009 77
15.8.2 Crude Oil Production and Reserves By Country/Region, 2004-2009 78
15.8.3 Crude Oil/Liquids Reserve Changes, 2004-2009 80
15.9 Natural Gas Production and Reserve 81
15.9.1 Natural Gas Production and Reserve Trend, 2004-2009 81
15.9.2 Natural Gas Production and Reserves, By Country/Region, 2004-2009 82
15.9.3 Natural Gas Reserve Changes, 2004-2009 84
15.10 Total Crude Oil and Natural Gas Reserves Life Index 85
15.10.1 Total Crude Oil and Natural Gas Reserves Life Index, 2004-2009 85
15.10.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2004-2009 86
15.11 Denbury Resources Inc., E&P Costs Trends 88
15.11.1 Allocation of the Upstream Capital Expenditure 88
15.11.2 Acquisition Costs By Country/Region, 2004-2009 89
15.11.3 Exploration and Development Costs, By Country/Region, 2004-2009 91
15.12 Oil and Gas Cost Per boe, $/boe 93
15.12.1 Oil and Gas Cost Per boe, $/boe, 2004-2009 93
15.12.2 Oil and Gas Cost Per boe, $/boe, By Country/Region, 2004-2009 95
15.13 Denbury Resources Inc., Reserve Replacement Ratio 98
15.13.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2004-2009 100
15.14 Denbury Resources Inc., Results of Oil & Gas Operations Trend 104
15.14.2 Oil and Gas Revenue and Expenses, By Country/Region, 2004-2009 105
15.14.3 Oil and Gas Revenue and Expenses, By boe, 2004-2009 109
15.14.4 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2004-2009 110
15.14.5 Oil and Gas Performance Metrics 114
15.15 Denbury Resources Inc., Land Holdings and Well Data 115
15.15.2 Well Statistics 119

16 Appendix 129
16.1 Methodology 129
16.1.1 Coverage 129
16.1.2 Secondary Research 129
16.1.3 Primary Research 129
16.2 Data Sources 130
16.2.1 Company Source 130
16.2.2 SEC/Other Regulatory Filings 130
16.2.3 Agency Reports 130
16.2.4 Other Sources 130
16.3 Methodology for Company Valuation 130
16.4 Expert Panel Validation 131
16.5 Units of Measure 131
16.6 About GlobalData 131
16.7 Disclosure 132
16.8 Disclaimer 132
Table 1: Denbury Resources Inc., Key Events, May 2009 June 2010 14
Table 2: Denbury Resources Inc, Bakken, Wells Drilled, 2010. 18
Table 3: Denbury Resources Inc., Upstream Growth Profile, 20102014 34
Table 4: Denbury Resource Inc., Recent Transactions As A Buyer, 2006 2010 38
Table 5: Denbury Resource Inc., Recent Transactions As A Seller, 2006 2010 39
Table 6: Denbury Resources Inc., Forecast Production, 20072014E 44
Table 7: GlobalData, Price Forecasts, 2010E2014E 44
Table 8: Denbury Resources Inc, Income Statement ($m), 20072014E 46
Table 9: Denbury Resources Inc, Balance Sheet ($m), 20072014E 47
Table 10: Denbury Resources Inc, Cash Flow Statement ($m), 20072014E 48
Table 11: Denbury Resources Inc, Profitability Ratios, 20072014E 49
Table 12: Denbury Resources Inc, Other Financial Ratios, 20072014E 50
Table 13: GlobalData, Price Forecasts, 2010E2014E 52
Table 14: Denbury Resources Inc, Net Asset Value, 2010 53
Table 15: Denbury Resources Inc, Prospective Acreage & Non Proven Reserves, 2010 53
Table 16: Denbury Resources Inc, NPV Per Unit Crude Oil & NGL, 2010 54
Table 17: Denbury Resources Inc, NPV Per Unit Natural Gas, 2010 54
Table 18: Denbury Resources Inc, NPV Per Unit Total Production, 2010 54
Table 19: Denbury Resources Inc, Sensitivity Analysis on Fair Value ($/share), 2010 55
Table 20: Denbury Resources Inc, and Peer Group Comparison, Operational and Financial Performance, 2009 57
Table 21: Denbury Resources Inc and Peer Group Comparison, Financial Ratios, 2009 60
Table 22: Denbury Resources Inc., Results of Oil & Gas Operations Per boe Produced, $/boe, Q2, 2009-Q2, 2010 63
Table 23: Denbury Resources Inc., Results of Oil & Gas Operations Per boe Growth Rates, %, Q2, 2009-Q2, 2010 64
Table 24: Denbury Resources Inc., Upstream Capital Expenditure, Q2, 2009-Q2, 2010 65
Table 25: Denbury Resources Inc., Total Crude Oil and Natural Gas, Production, Q2, 2009-Q2, 2010 66
Table 26: Denbury Resources Inc., Total Oil & Gas Production, By Country/Region, MMboe, Q2, 2009-Q2, 2010 67
Table 27: Denbury Resources Inc., Total Crude Oil Production, MMbbl, Q2, 2009-Q2, 2010 68
Table 28: Denbury Resources Inc., Crude Oil Production, By Country/Region, MMbbl, Q2, 2009-Q2, 2010 69
Table 29: Denbury Resources Inc., Total Natural Gas Production, Bcf, Q2, 2009-Q2, 2010 70
Table 30: Denbury Resources Inc., Natural Gas Production, By Country/Region, Bcf, Q2, 2009-Q2, 2010 71
Table 31: Denbury Resources Inc., Share Price Performance, 2004-2009 72
Table 32: Denbury Resources Inc., Key Valuation Metrics, 2004-2009 72
Table 33: Denbury Resources Inc., Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2004-2009 73
Table 34: Denbury Resources Inc., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2004-2009 75
Table 35: Denbury Resources Inc., Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2004-2009 76
Table 36: Denbury Resources Inc., Crude Oil Production and Reserves Metrics, MMbbl, 2004-2009 77
Table 37: Denbury Resources Inc., Crude Oil Production and Reserves, By Country/Region, MMbbl, 2004-2009 79
Table 38: Denbury Resources Inc., Crude Oil Reserve Changes, MMbbl, 2004-2009 80
Table 39: Denbury Resources Inc., Natural Gas Production and Reserves Metrics, Bcf, 2004-2009 81
Table 40: Denbury Resources Inc., Natural Gas Production and Reserves, By Country/Region, Bcf, 2004-2009 83
Table 41: Denbury Resources Inc., Natural Gas Reserve Changes, Bcf, 2004-2009 84
Table 42: Denbury Resources Inc., Oil and Gas Reserves Life Index, Years, 2004-2009 85
Table 43: Denbury Resources Inc., Oil and Gas Reserves Life Index, By Country/Region, Years, 2004-2009 87
Table 44: Denbury Resources Inc., Upstream Capital Expenditure, $m, 2004-2009 88
Table 45: Denbury Resources Inc., Proved and Unproved Acquisition Costs, By Country/Region, $m, 2004-2009 90
Table 46: Denbury Resources Inc., Exploration and Development Costs, By Country/Region, $m, 2004-2009 92
Table 47: Denbury Resources Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2004-2009 93
Table 48: Denbury Resources Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, By Country/Region, 2004-2009 97
Table 49: Denbury Resources Inc., Oil and Gas Production Replacement Ratio, %, 2004-2009 98
Table 50: Denbury Resources Inc., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2004-2009 103
Table 51: Denbury Resources Inc., Revenue and Expenses, $m, 2004-2009 104
Table 52: Denbury Resources Inc., Revenue and Expenses, By Country/Region, $m, 2004-2009 108
Table 53: Denbury Resources Inc., Oil and Gas Revenue and Expenses, $/boe, 2004-2009 109
Table 54: Denbury Resources Inc., Oil and Gas Revenue and Expenses, $/boe, By Country/Region, 2004-2009 113
Table 55: Denbury Resources Inc., Oil and Gas Performance Metrics, 2004-2009 114
Table 56: Denbury Resources Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2004-2009 115
Table 57: Denbury Resources Inc., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2004-2009 118
Table 58: Denbury Resources Inc., Producible Oil and Gas Wells, 2004-2009 119
Table 59: Denbury Resources Inc., Producible Oil and Gas Wells, By Country/Region, 2004-2009 123
Table 60: Denbury Resources Inc., Exploratory and Developed Wells, 2004-2009 124
Table 61: Denbury Resources Inc., Exploratory and Developed Wells, By Country/Region, 2004-2009 125
Table 62: Denbury Resources Inc., Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 2004-2009 126
Table 63: Denbury Resources Inc., Developed Reserves per Well, By Country/Region, Mboe per Well, 2004-2009 128
Figure 1: Denbury Resources Inc, Operational Overview, 2010 10
Figure 2: Denbury Resources Inc, Performance Charts, 20062009 11
Figure 3: Denbury Resources Inc., Share Price Performance, August 2009July 2010 12
Figure 4: Denbury Resources Inc, Total Proved Reserves by Type, %, 20062009 15
Figure 5: Denbury Resources Inc., Total Oil Potential, 2010 16
Figure 6: Bakken Shale, Top 10 Operators by Acreage, 2010 17
Figure 7: Denbury Resources Inc, Total Production by Type, %, 20062014 26
Figure 8: Denbury Resources Inc, Total Production by Region, 20062014 27
Figure 9: Denbury Resources Inc., Gulf Coast CO2 Potential Reserves, 2009 30
Figure 10: Denbury Resources Inc., Bakken Area , 2010 31
Figure 11: Denbury Resources Inc., Rockies, Probable and Possible Tertiary Reserves, 2010 33
Figure 12: Denbury Resources Inc, Cost Incurred, 20062009 35
Figure 13: Denbury Resources Inc, Capital Budget, $m, 2010 35
Figure 14: Denbury Resources Inc, Exploration Cost, 20062009 36
Figure 15: Denbury Resources Inc., Jackson Dome Area, 2010 40
Figure 16: Denbury Resources Inc, Relative Share Price Performance, 20062009 55
Figure 17: Denbury Resources Inc, F&D costs and Reserve Replacement Ratio, 2009 57
Figure 18: Denbury Resources Inc, Operational and Financial Parameters in $/boe, 2009 57
Figure 19: Denbury Resources Inc, Total Reserves and Production, MMboe, 2009 58
Figure 20: : Denbury Resources Inc, Total Reserves and Production, MMboe, 2009 60
Figure 21: Denbury Resources Inc., Results of Oil & Gas Operations Per boe Produced, $/boe, Q2, 2009-Q2, 2010 62
Figure 22: Denbury Resources Inc., Upstream Capital Expenditure, $m, Q2, 2009-Q2, 2010 64
Figure 23: Denbury Resources Inc., Total Crude Oil and Natural Gas, Production, MMboe, Q2, 2009-Q2, 2010 65
Figure 24: Denbury Resources Inc., Total Oil & Gas Production, By Country/Region, MMboe, Q2, 2009-Q2, 2010 66
Figure 25: Denbury Resources Inc., Total Crude Oil Production, MMbbl, Q2, 2009-Q2, 2010 67
Figure 26: Denbury Resources Inc., Crude Oil Production, By Country/Region, MMbbl, Q2, 2009-Q2, 2010 68
Figure 27: Denbury Resources Inc., Total Natural Gas Production, Bcf, Q2, 2009-Q2, 2010 69
Figure 28: Denbury Resources Inc., Natural Gas Production, By Country/Region, Bcf, Q2, 2009-Q2, 2010 70
Figure 29: Denbury Resources Inc., Key Valuation Metrics, EV/Production ($/boe/d), EV/Proved Reserve ($/boe), 2004-2009 71
Figure 30: Denbury Resources Inc., Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2004-2009 72
Figure 31: Denbury Resources Inc., Total Proved Oil & Gas Reserves, By Country/Region, MMboe, 2004-2009 73
Figure 32: Denbury Resources Inc., Total Oil & Gas Production, By Country/Region, MMboe, 2004-2009 73
Figure 33: Denbury Resources Inc., Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2009 75
Figure 34: Denbury Resources Inc., Crude Oil Production and Reserves Metrics, MMbbl, 2004-2009 76
Figure 35: Denbury Resources Inc., Total Proved Oil Reserves, By Country/Region, MMbbl, 2004-2009 77
Figure 36: Denbury Resources Inc., Oil Production, By Country/Region, MMbbl, 2004-2009 77
Figure 37: Denbury Resources Inc., Crude Oil Reserve Changes, MMbbl, 2009 79
Figure 38: Denbury Resources Inc., Natural Gas Production and Reserves Metrics, Bcf, 2004-2009 80
Figure 39: Denbury Resources Inc., Total Proved Gas Reserves, By Country/Region, Bcf, 2004-2009 81
Figure 40: Denbury Resources Inc., Gas Production, By Country/Region, Bcf, 2004-2009 81
Figure 41: Denbury Resources Inc., Natural Gas Reserve Changes, Bcf, 2009 83
Figure 42: Denbury Resources Inc., Oil and Gas Reserves Life Index, Years, 2004-2009 84
Figure 43: Denbury Resources Inc., Gas Reserve Life Index, By Country/Region, Years, 2004-2009 85
Figure 44: Denbury Resources Inc., Oil & Gas Reserve Life Index, By Country/Region, Years, 2004-2009 85
Figure 45: Denbury Resources Inc., Oil Reserve Life Index, By Country/Region, Years, 2004-2009 86
Figure 46: Denbury Resources Inc., Upstream Capital Expenditure, $m, 2004-2009 87
Figure 47: Denbury Resources Inc., Proved Acquisition Costs, By Country/Region, $m, 2004-2009 88
Figure 48: Denbury Resources Inc., Unproved Acquisition Costs, By Country/Region, $m, 2004-2009 88
Figure 49: Denbury Resources Inc., Development Costs, By Country/Region, $m, 2004-2009 90
Figure 50: Denbury Resources Inc., Exploration Costs, By Country/Region, $m, 2004-2009 90
Figure 51: Denbury Resources Inc., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2004-2009 92
Figure 52: Denbury Resources Inc., 3-Year Wt. Avg. Oil & Gas Finding & Development Cost per boe, By Country/Region, $/boe, 2004-2009 94
Figure 53: Denbury Resources Inc., 3-Year Wt. Avg. Oil & Gas Finding Cost per boe, By Country/Region, $/boe, 2004-2009 94
Figure 54: Denbury Resources Inc., 3-Year Wt. Avg. Reserve Replacement Cost per boe, By Country/Region, $/boe, 2004-2009 95
Figure 55: Denbury Resources Inc., 3-Year Wt. Avg. Proved Acquisition Cost per boe, By Country/Region, $/boe, 2004-2009 95
Figure 56: Denbury Resources Inc., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2004-2009 97
Figure 57: Denbury Resources Inc., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2004-2009 99
Figure 58: Denbury Resources Inc., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2004-2009 99
Figure 59: Denbury Resources Inc., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2004-2009 100
Figure 60: Denbury Resources Inc., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2004-2009 100
Figure 61: Denbury Resources Inc., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2004-2009 101
Figure 62: Denbury Resources Inc., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2004-2009 101
Figure 63: Denbury Resources Inc., Revenue and Expenses, $m, 2004-2009 103
Figure 64: Denbury Resources Inc., Depreciation, Depletion & Amortization , By Country/Region, $m, 2004-2009 104
Figure 65: Denbury Resources Inc., Income Tax/(Benefit), By Country/Region, $m, 2004-2009 104
Figure 66: Denbury Resources Inc., Net Income/ Loss, By Country/Region, $m, 2004-2009 105
Figure 67: Denbury Resources Inc., Oil & Gas Revenue, By Country/Region, $m, 2004-2009 105
Figure 68: Denbury Resources Inc., Pre-tax Profit, By Country/Region, $m, 2004-2009 106
Figure 69: Denbury Resources Inc., Production Expenses, By Country/Region, $m, 2004-2009 106
Figure 70: Denbury Resources Inc., Total Expenses, By Country/Region, $m, 2004-2009 107
Figure 71: Denbury Resources Inc., Oil and Gas Revenue and Expenses, $/boe, 2004-2009 108
Figure 72: Denbury Resources Inc., Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2004-2009 109
Figure 73: Denbury Resources Inc., Lifting Cost per boe, By Country/Region, $/boe, 2004-2009 109
Figure 74: Denbury Resources Inc., Annual Net Income per boe, By Country/Region, $/boe, 2004-2009 110
Figure 75: Denbury Resources Inc., Oil & Gas Revenue per boe, By Country/Region, $/boe, 2004-2009 110
Figure 76: Denbury Resources Inc., Total DD&A per boe, By Country/Region, $/boe, 2004-2009 111
Figure 77: Denbury Resources Inc., Total Revenue per boe, By Country/Region, $/boe, 2004-2009 111
Figure 78: Denbury Resources Inc., Oil and Gas Performance Metrics, 2004-2009 113
Figure 79: Denbury Resources Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2004-2009 114
Figure 80: Denbury Resources Inc., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2004-2009 115
Figure 81: Denbury Resources Inc., Total Net Undeveloped Acreage, By Country/Region, Acres, 2004-2009 115
Figure 82: Denbury Resources Inc., Total Gross Developed Acreage, By Country/Region, Acres, 2004-2009 116
Figure 83: Denbury Resources Inc., Total Net Developed Acreage, By Country/Region, Acres, 2004-2009 116
Figure 84: Denbury Resources Inc., Producible Oil and Gas Wells, 2004-2009 118
Figure 85: Denbury Resources Inc., Gross Producible Gas Wells, By Country/Region, Number, 2004-2009 119
Figure 86: Denbury Resources Inc., Gross Producible Oil & Gas Wells, By Country/Region, Number, 2004-2009 119
Figure 87: Denbury Resources Inc., Gross Producible Oil Wells, By Country/Region, Number, 2004-2009 120
Figure 88: Denbury Resources Inc., Net Oil & Gas Wells as % of Gross Oil & Gas Wells, By Country/Region, %, 2004-2009 120
Figure 89: Denbury Resources Inc., Net Producible Gas Wells, By Country/Region, Number, 2004-2009 121
Figure 90: Denbury Resources Inc., Net Producible Oil & Gas Wells, By Country/Region, Number, 2004-2009 121
Figure 91: Denbury Resources Inc., Net Producible Oil Wells, By Country/Region, Number, 2004-2009 122
Figure 92: Denbury Resources Inc., Exploratory and Developed Wells, 2004-2009 123
Figure 93: Denbury Resources Inc., Developed Gas Reserves per Well (MMcf per Well), By Country/Region, 2004-2009 126
Figure 94: Denbury Resources Inc., Developed Oil & Gas Reserves per Well (Mboe per Well), By Country/Region, 2004-2009 126
Figure 95: Denbury Resources Inc., Developed Oil Reserves per Well (Mbbls per Well), By Country/Region, 2004-2009 127