Denbury Resources

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

Denbury Inc.
TypePublic company
NYSE: DEN
IndustryPetroleum industry
Founded1951 (1951)
HeadquartersPlano, Texas, United States
Key people
 Christian S. Kendall, President & CEO
Mark C. Allen, CFO
ProductsPetroleum
Natural gas
Production output
48.770 thousand barrels of oil equivalent (298,370 GJ) per day
RevenueIncrease $1.258 billion (2021)
Increase $56 million (2021)
Total assetsIncrease $1.902 billion (2021)
Total equityIncrease $1.135 billion (2021)
Number of employees
716 (2021)
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, 2021, Denbury had 191.689 million barrels of oil equivalent (1.17273×109 GJ) of estimated proved reserves, of which 98.6% was petroleum and 1.4% 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 23% of production in 2021.[1]

In July 2023, ExxonMobil agreed to acquire Denbury for $4.9 billion.

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. It emerged from bankruptcy in September 2020 and changed its name to Denbury Inc.[14]

In July 2023, ExxonMobil agreed to acquire Denbury in all-stock transaction valued at $4.9 billion.[15]

Safety problems

On February 22, 2020, a 24-inch pressurized pipeline carrying liquid carbon dioxide and hydrogen sulfide for carbon capture and utilization ruptured less than half a mile from Satartia. More than 300 people were evacuated and 46 hospitalized with carbon dioxide poisoning.[16][17][18][19][20] In May 2022, the Pipeline and Hazardous Materials Safety Administration preliminarily assessed a civil penalty of $ 3,866,734.[21] In March 2023, Denbury signed a consent order to reform their safety procedures and response protocols.[22]

References
  1. "Denbury Inc. 2021 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 Successfully Completes Financial Restructuring" (Press release). GlobeNewswire. September 18, 2020.
  15. "Exxon Mobil buys Denbury, pipeline company with carbon capture expertise, for $5 billion". Associated Press. July 13, 2023.
  16. China Lee (February 23, 2020). "Evacuated families allowed back home after large gas leak in Yazoo Co". WLBT.
  17. Travis Fedschun (February 23, 2020). "Mississippi pipeline rupture results in dozens hospitalized, hundreds evacuated". Fox News.
  18. Sanya Mansour (February 23, 2020). "Hundreds Evacuated, Dozens Hospitalized After Gas Pipe Rupture in Mississippi". Time.
  19. Sarah Fowler (February 27, 2020). "'Foaming at the mouth': First responders describe scene after pipeline rupture, gas leak". The Clarion-Ledger. Jackson, Mississippi.
  20. Dan Zegart (August 26, 2021). "The Gassing of Satartia". HuffPost.
  21. "PHMSA Notice of Proposed Violation, Proposed Civil Penalty and Proposed Compliance Order to Denbury Gulf Coast Pipeline" (PDF). 2022-05-26.
  22. "CPF No. 4-2022-017-NOPV" (PDF). March 24, 2023. Retrieved September 22, 2023.
  • Official website
  • Business data for Denbury Inc.:
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