Company Quick10K Filing
Denbury Resources
Price1.22 EPS0
Shares547 P/E3
MCap668 P/FCF3
Net Debt2,377 EBIT346
TEV3,044 TEV/EBIT9
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-16
10-Q 2020-06-30 Filed 2020-08-11
10-Q 2020-03-31 Filed 2020-05-18
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-05
10-K 2016-12-31 Filed 2017-03-01
10-Q 2016-09-30 Filed 2016-11-07
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-06
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-12
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-06
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-02-28
10-Q 2011-09-30 Filed 2011-11-08
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-03-01
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-01
8-K 2021-01-07 Regulation FD
8-K 2020-12-17 Officers
8-K 2020-12-08 Officers
8-K 2020-12-04 Regulation FD, Other Events
8-K 2020-12-03 Officers, Exhibits
8-K 2020-11-16
8-K 2020-11-11
8-K 2020-10-30
8-K 2020-09-22
8-K 2020-09-18
8-K 2020-09-15
8-K 2020-09-02
8-K 2020-08-11
8-K 2020-07-31
8-K 2020-07-31
8-K 2020-07-30
8-K 2020-07-28
8-K 2020-07-15
8-K 2020-06-26
8-K 2020-06-03
8-K 2020-05-28
8-K 2020-05-18
8-K 2020-05-07
8-K 2020-03-26
8-K 2020-03-05
8-K 2020-03-05
8-K 2020-02-25
8-K 2019-12-20
8-K 2019-12-09
8-K 2019-11-22
8-K 2019-11-14
8-K 2019-11-07
8-K 2019-10-16
8-K 2019-09-24
8-K 2019-08-07
8-K 2019-07-18
8-K 2019-07-01
8-K 2019-06-19
8-K 2019-06-17
8-K 2019-06-03
8-K 2019-05-28
8-K 2019-05-07
8-K 2019-03-27
8-K 2019-03-21
8-K 2019-03-19
8-K 2019-03-04
8-K 2019-02-27
8-K 2019-02-27
8-K 2019-01-21
8-K 2018-12-27
8-K 2018-12-21
8-K 2018-11-13
8-K 2018-11-08
8-K 2018-11-08
8-K 2018-10-28
8-K 2018-09-20
8-K 2018-08-21
8-K 2018-08-14
8-K 2018-08-13
8-K 2018-08-07
8-K 2018-06-18
8-K 2018-06-04
8-K 2018-05-23
8-K 2018-05-21
8-K 2018-05-08
8-K 2018-04-17
8-K 2018-04-10
8-K 2018-04-06
8-K 2018-02-22
8-K 2018-02-12
8-K 2018-02-06
8-K 2018-01-08

DNR 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1. Basis of Presentation
Note 2. Fresh Start Accounting
Note 3. Leases
Note 4. Predecessor Divestiture
Note 5. Revenue Recognition
Note 6. Long - Term Debt
Note 7. Income Taxes
Note 8. Stockholders' Equity
Note 9. Stock Compensation
Note 10. Commodity Derivative Contracts
Note 11. Fair Value Measurements
Note 12. Commitments and Contingencies
Note 13. Additional Balance Sheet Details
Note 14. Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.A den-20200930xex31a.htm
EX-31.B den-20200930xex31b.htm
EX-32 den-20200930xex32.htm

Denbury Resources Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
0.70.1-0.5-1.1-1.7-2.32012201420172020
Rev, G Profit, Net Income
0.40.20.0-0.2-0.4-0.62012201420172020
Ops, Inv, Fin

Document
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)

   Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2020
OR

   Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from _______ to ________

Commission file number: 001-12935
logo.jpg
DENBURY INC.
(Exact name of registrant as specified in its charter)

Delaware
 
20-0467835
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
 
 
 
5851 Legacy Circle,
 
 
Plano,
TX
 
 
75024
(Address of principal executive offices)
 
(Zip Code)
Registrant’s telephone number, including area code:
 
(972)
673-2000

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class:
Trading Symbol:
Name of Each Exchange on Which Registered:
Common Stock $.001 Par Value
DEN
New York Stock Exchange

Not applicable
(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes   No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
Accelerated filer
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The number of shares outstanding of the registrant’s Common Stock, $.001 par value, as of October 31, 2020, was 49,999,999.






Denbury Inc.


Table of Contents

 
 
 
 
 
 
 
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



2


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements

Denbury Inc.
Unaudited Condensed Consolidated Balance Sheets
(In thousands, except par value and share data)
 
 
Successor
 
 
Predecessor
 
 
September 30, 2020
 
 
December 31, 2019
Assets
 
 
 
 
 
Current assets
 
 
 
 
 
Cash and cash equivalents
 
$
21,860

 

$
516

Restricted cash
 
10,662

 
 

Accrued production receivable
 
74,296

 

139,407

Trade and other receivables, net
 
34,788

 

18,318

Derivative assets
 
26,778

 
 
11,936

Other current assets
 
11,730

 

10,434

Total current assets
 
180,114

 

180,611

Property and equipment
 
 

 
 
 

Oil and natural gas properties (using full cost accounting)
 
 

 
 
 

Proved properties
 
796,687

 

11,447,680

Unevaluated properties
 
98,656

 

872,910

CO2 properties
 
187,397

 

1,198,846

Pipelines
 
132,669

 

2,329,078

Other property and equipment
 
97,770

 

212,334

Less accumulated depletion, depreciation, amortization and impairment
 
(4,446
)
 

(11,688,020
)
Net property and equipment
 
1,308,733

 

4,372,828

Operating lease right-of-use assets
 
1,225

 
 
34,099

Derivative assets
 
1,147

 
 

Intangible assets, net
 
99,655

 
 
22,139

Other assets
 
86,996

 

82,190

Total assets
 
$
1,677,870

 

$
4,691,867

 
See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.






3




Denbury Inc.
Unaudited Condensed Consolidated Balance Sheets (continued)
(In thousands, except par value and share data)
 
 
Successor
 
 
Predecessor
 
 
September 30, 2020
 
 
December 31, 2019
Liabilities and Stockholders’ Equity
 
 
 
 
 
Current liabilities
 
 

 
 
 

Accounts payable and accrued liabilities
 
$
166,385

 
 
$
183,832

Oil and gas production payable
 
45,013

 
 
62,869

Derivative liabilities
 
5,739

 
 
8,346

Current maturities of long-term debt (including future interest payable of $0 and $86,054, respectively – see Note 6)
 
73,511

 
 
102,294

Operating lease liabilities
 
763

 
 
6,901

Total current liabilities
 
291,411

 
 
364,242

Long-term liabilities
 
 

 
 
 

Long-term debt, net of current portion (including future interest payable of $0 and $78,860, respectively – see Note 6)
 
102,456

 
 
2,232,570

Asset retirement obligations
 
158,757

 
 
177,108

Derivative liabilities
 
584

 
 

Deferred tax liabilities, net
 
3,836

 
 
410,230

Operating lease liabilities
 
463

 
 
41,932

Other liabilities
 
22,186

 
 
53,526

Total long-term liabilities
 
288,282

 
 
2,915,366

Commitments and contingencies (Note 12)
 
 
 
 
 
Stockholders’ equity
 
 
 
 
 
Predecessor preferred stock, $.001 par value, 25,000,000 shares authorized, none issued and outstanding
 

 
 

Predecessor common stock, $.001 par value, 750,000,000 shares authorized; 508,065,495 shares issued
 

 
 
508

Predecessor paid-in capital in excess of par
 

 
 
2,739,099

Predecessor treasury stock, at cost, 1,652,771 shares
 

 
 
(6,034
)
Successor preferred stock, $.001 par value, 50,000,000 shares authorized, none issued and outstanding
 

 
 

Successor common stock, $.001 par value, 250,000,000 shares authorized; 49,999,999 shares issued
 
50

 
 

Successor paid-in-capital in excess of par
 
1,095,369

 
 

Retained earnings (accumulated deficit)
 
2,758

 
 
(1,321,314
)
Total stockholders equity
 
1,098,177

 
 
1,412,259

Total liabilities and stockholders’ equity
 
$
1,677,870

 
 
$
4,691,867


See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.



4


Denbury Inc.
Unaudited Condensed Consolidated Statements of Operations
(In thousands, except per share data)

 
 
Successor
 
 
Predecessor
 
 
Period from Sept. 19, 2020 through
 
 
Period from July 1, 2020 through
 
Three Months Ended
 
 
Sept. 30, 2020
 
 
Sept. 18, 2020
 
Sept. 30, 2019
Revenues and other income
 
 
 
 
 
 
 
Oil, natural gas, and related product sales
 
$
22,321

 
 
$
153,090

 
$
293,192

CO2 sales and transportation fees
 
967

 
 
6,517

 
8,976

Oil marketing sales
 
151

 
 
3,332

 
5,468

Other income
 
94

 
 
7,097

 
7,817

Total revenues and other income
 
23,533

 
 
170,036

 
315,453

Expenses
 
 
 
 
 

 
 

Lease operating expenses
 
11,484

 
 
59,708

 
117,850

Transportation and marketing expenses
 
1,344

 
 
8,155

 
10,067

CO2 operating and discovery expenses
 
242

 
 
955

 
879

Taxes other than income
 
2,073

 
 
13,473

 
22,010

Oil marketing expenses
 
139

 
 
3,288

 
5,436

General and administrative expenses
 
1,735

 
 
15,013

 
18,266

Interest, net of amounts capitalized of $183, $4,704 and $8,773, respectively
 
334

 
 
7,704

 
22,858

Depletion, depreciation, and amortization
 
5,283

 
 
36,317

 
55,064

Commodity derivatives expense (income)
 
(4,035
)
 
 
4,609

 
(43,155
)
Gain on debt extinguishment
 

 
 

 
(5,874
)
Write-down of oil and natural gas properties
 

 
 
261,677

 

Reorganization items, net
 

 
 
849,980

 

Other expenses
 
2,164

 
 
22,084

 
2,140

Total expenses
 
20,763

 
 
1,282,963

 
205,541

Income (loss) before income taxes
 
2,770

 
 
(1,112,927
)
 
109,912

Income tax provision (benefit)
 
12

 
 
(303,807
)
 
37,050

Net income (loss)
 
$
2,758

 
 
$
(809,120
)
 
$
72,862

 
 
 
 
 


 
 
Net income (loss) per common share
 
 
 
 


 
 
Basic
 
$
0.06

 
 
$
(1.63
)
 
$
0.16

Diluted
 
$
0.06

 
 
$
(1.63
)
 
$
0.14


 
 
 
 


 


Weighted average common shares outstanding
 
 
 
 
 

 
 

Basic
 
50,000

 
 
497,398

 
455,487

Diluted
 
50,000

 
 
497,398

 
547,205


See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.


5


Denbury Inc.
Unaudited Condensed Consolidated Statements of Operations
(In thousands, except per share data)

 
 
Successor
 
 
Predecessor
 
 
Period from Sept. 19, 2020 through
 
 
Period from Jan. 1, 2020 through
 
Nine Months Ended
 
 
Sept. 30, 2020
 
 
Sept. 18, 2020
 
Sept. 30, 2019
Revenues and other income
 
 
 
 
 
 
 
Oil, natural gas, and related product sales
 
$
22,321

 
 
$
492,101

 
$
918,190

CO2 sales and transportation fees
 
967

 
 
21,049

 
25,532

Oil marketing sales
 
151

 
 
8,543

 
8,274

Other income
 
94

 
 
8,419

 
12,274

Total revenues and other income
 
23,533

 
 
530,112

 
964,270

Expenses
 
 

 
 
 

 
 

Lease operating expenses
 
11,484

 
 
250,271

 
361,205

Transportation and marketing expenses
 
1,344

 
 
27,164

 
32,076

CO2 operating and discovery expenses
 
242

 
 
2,592

 
2,016

Taxes other than income
 
2,073

 
 
43,531

 
71,312

Oil marketing expenses
 
139

 
 
8,399

 
8,213

General and administrative expenses
 
1,735

 
 
48,522

 
54,697

Interest, net of amounts capitalized of $183, $22,885 and $27,545, respectively
 
334

 
 
48,267

 
60,672

Depletion, depreciation, and amortization
 
5,283

 
 
188,593

 
170,625

Commodity derivatives expense (income)
 
(4,035
)
 
 
(102,032
)
 
15,462

Gain on debt extinguishment
 

 
 
(18,994
)
 
(106,220
)
Write-down of oil and natural gas properties
 

 
 
996,658

 

Reorganization items, net
 

 
 
849,980

 

Other expenses
 
2,164

 
 
35,868

 
8,664

Total expenses
 
20,763

 
 
2,378,819

 
678,722

Income (loss) before income taxes
 
2,770

 
 
(1,848,707
)
 
285,548

Income tax provision (benefit)
 
12

 
 
(416,129
)
 
91,668

Net income (loss)
 
$
2,758

 
 
$
(1,432,578
)
 
$
193,880

 
 
 
 
 
 
 
 
Net income (loss) per common share
 
 
 
 
 
 
 
Basic
 
$
0.06

 
 
$
(2.89
)
 
$
0.43

Diluted
 
$
0.06

 
 
$
(2.89
)
 
$
0.41

 
 
 
 
 
 
 
 
Weighted average common shares outstanding
 
 

 
 
 

 
 

Basic
 
50,000

 
 
495,560

 
453,287

Diluted
 
50,000

 
 
495,560

 
490,054


See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.




6


Denbury Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(In thousands)

 
 
Successor
 
 
Predecessor
 
 
Period from Sept. 19, 2020 through
 
 
Period from Jan. 1, 2020 through
 
Nine Months Ended
 
 
Sept. 30, 2020
 
 
Sept. 18, 2020
 
Sept. 30, 2019
Cash flows from operating activities

 
 
 
 
 
 
Net income (loss)

$
2,758

 
 
$
(1,432,578
)
 
$
193,880

Adjustments to reconcile net income (loss) to cash flows from operating activities

 
 
 


 
 

Noncash reorganization items, net
 

 
 
810,909

 

Depletion, depreciation, and amortization

5,283

 
 
188,593

 
170,625

Write-down of oil and natural gas properties
 

 
 
996,658

 

Deferred income taxes

6

 
 
(408,869
)
 
90,454

Stock-based compensation


 
 
4,111

 
9,866

Commodity derivatives expense (income)

(4,035
)
 
 
(102,032
)
 
15,462

Receipt on settlements of commodity derivatives

6,660

 
 
81,396

 
14,714

Gain on debt extinguishment
 

 
 
(18,994
)
 
(106,220
)
Debt issuance costs and discounts

114

 
 
11,571

 
7,607

Other, net

589

 
 
439

 
(6,862
)
Changes in assets and liabilities, net of effects from acquisitions

 
 
 
 

 
 

Accrued production receivable

38,537

 
 
26,575

 
(1,428
)
Trade and other receivables

1,366

 
 
(22,343
)
 
(147
)
Other current and long-term assets

705

 
 
743

 
27

Accounts payable and accrued liabilities

(7,980
)
 
 
(16,102
)
 
(33,167
)
Oil and natural gas production payable

(11,064
)
 
 
(6,792
)
 
(1,819
)
Other liabilities

(29
)
 
 
123

 
(9,414
)
Net cash provided by operating activities

32,910

 
 
113,408

 
343,578



 
 
 
 
 
 
Cash flows from investing activities

 
 
 
 

 
 

Oil and natural gas capital expenditures

(2,125
)
 
 
(99,582
)
 
(204,904
)
Pipelines and plants capital expenditures
 
(6
)
 
 
(11,601
)
 
(25,965
)
Net proceeds from sales of oil and natural gas properties and equipment
 
880

 
 
41,322

 
10,494

Other

(309
)
 
 
12,747

 
5,797

Net cash used in investing activities

(1,560
)
 
 
(57,114
)
 
(214,578
)


 
 
 
 
 
 
Cash flows from financing activities

 
 
 
 

 
 

Bank repayments

(55,000
)
 
 
(551,000
)
 
(641,000
)
Bank borrowings


 
 
691,000

 
691,000

Interest payments treated as a reduction of debt
 

 
 
(46,417
)
 
(59,808
)
Cash paid in conjunction with debt repurchases
 

 
 
(14,171
)
 

Cash paid in conjunction with debt exchange
 

 
 

 
(125,268
)
Costs of debt financing
 

 
 
(12,482
)
 
(11,017
)
Pipeline financing and capital lease debt repayments

(54
)
 
 
(51,792
)
 
(10,279
)
Other


 
 
(9,363
)
 
5,470

Net cash provided by (used in) financing activities

(55,054
)
 
 
5,775

 
(150,902
)
Net increase (decrease) in cash, cash equivalents, and restricted cash

(23,704
)
 
 
62,069

 
(21,902
)
Cash, cash equivalents, and restricted cash at beginning of period

95,114

 
 
33,045

 
54,949

Cash, cash equivalents, and restricted cash at end of period

$
71,410

 
 
$
95,114

 
$
33,047


See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.


7


Denbury Inc.
Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity
(Dollar amounts in thousands)

 
Common Stock
($.001 Par Value)
 
Paid-In
Capital in
Excess of
Par
 
Retained
Earnings (Accumulated Deficit)
 
Treasury Stock
(at cost)
 
 
 
Shares
 
Amount
Shares
 
Amount
Total Equity
Balance – December 31, 2019 (Predecessor)
508,065,495

 
$
508

 
$
2,739,099

 
$
(1,321,314
)
 
1,652,771

 
$
(6,034
)
 
$
1,412,259

Issued pursuant to stock compensation plans
312,516

 

 

 

 

 

 

Issued pursuant to directors’ compensation plan
37,367

 

 

 

 

 

 

Stock-based compensation

 

 
3,204

 

 

 

 
3,204

Tax withholding for stock compensation plans

 

 

 

 
175,673

 
(34
)
 
(34
)
Net income

 

 

 
74,016

 

 

 
74,016

Balance – March 31, 2020 (Predecessor)
508,415,378

 
508

 
2,742,303

 
(1,247,298
)
 
1,828,444

 
(6,068
)
 
1,489,445

Canceled pursuant to stock compensation plans
(6,218,868
)
 
(6
)
 
6

 

 

 

 

Issued pursuant to notes conversion
7,357,450

 
8

 
11,453

 

 

 

 
11,461

Stock-based compensation

 

 
987

 

 

 

 
987

Net loss

 

 

 
(697,474
)
 

 

 
(697,474
)
Balance – June 30, 2020 (Predecessor)
509,553,960

 
510

 
2,754,749

 
(1,944,772
)
 
1,828,444

 
(6,068
)
 
804,419

Canceled pursuant to stock compensation plans
(95,016
)
 

 

 

 

 

 

Issued pursuant to notes conversion
14,800

 

 
40

 

 

 

 
40

Stock-based compensation

 

 
10,126

 

 

 

 
10,126

Tax withholding for stock compensation plans

 

 

 

 
567,189

 
(134
)
 
(134
)
Net loss

 

 

 
(809,120
)
 

 

 
(809,120
)
Cancellation of Predecessor equity
(509,473,744
)
 
(510
)
 
(2,764,915
)
 
2,753,892

 
(2,395,633
)
 
6,202

 
(5,331
)
Issuance of Successor equity
49,999,999

 
50

 
1,095,369

 

 

 

 
1,095,419

Balance – September 18, 2020 (Predecessor)
49,999,999

 
$
50

 
$
1,095,369

 
$

 

 
$

 
$
1,095,419

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance – September 19, 2020 (Successor)
49,999,999

 
$
50

 
$
1,095,369

 
$

 

 
$

 
$
1,095,419

Net income

 

 

 
2,758

 

 

 
2,758

Balance – September 30, 2020 (Successor)
49,999,999

 
$
50

 
$
1,095,369