Denbury, Inc. (NYSE:DEN) Q1 2023 Earnings Conference Call May 4, 2023 12:00 PM ET

Company Participants

Brad Whitmarsh - Executive Director, Investor Relation

Christian Kendall - President, CEO & Director

David Sheppard - EVP & COO

Matthew Dahan - SVP, Business Development & Technology

Nikulas Wood - SVP, CCUS

Conference Call Participants

Scott Gruber - Citigroup

Nathaniel Pendleton - Stifel, Nicolaus & Company

Timothy Rezvan - KeyBanc Capital Markets

George Burwell - Jefferies

Charles Meade - Johnson Rice & Company

Brian Velie - Capital One Securities

Operator

Good day, ladies and gentlemen, and welcome to Denbury's First Quarter 2023 Results Webcast. My name is Layla, and I will be your operator for today's call. [Operator Instructions]. I would now like to turn the conference call over to your host for today's call, Brad Whitmarsh, Head of Investor Relations. Please proceed, sir.

Brad Whitmarsh

Good morning, everyone, and thank you for joining us today. I hope you've had a chance to review the earnings release and the supporting materials that were issued yesterday afternoon. These items are available on our website at denbury.com.

I want to remind everyone that today's call will include forward-looking statements that are based on our best and most reasonable information. There are numerous factors that could cause actual results to differ materially from what is discussed on today's call. You can read our full disclosures on forward-looking statements and the risk factors associated with our business in the slides accompanying today's presentation, our most recent SEC filing, and yesterday's news release.

Also, please note that, during the course of today's event, we may reference certain non-GAAP measures. Reconciliation and disclosure relative to these measures is provided in today's earnings release as well.

This morning, our prepared comments, which are estimated at approximately 10 minutes, will come from Chris Kendall, our President and CEO; Mark Allen, CFO; David Sheppard, COO; Nick Wood, SVP of Carbon Solutions; and Matt Dahan, SVP of Business Development and Technology are all here to participate in the Q&A.

With that, I'll turn the call over to Chris.

Christian Kendall

Thanks, Brad, and good morning to all of you are joining us today. I'll make a few opening comments, and then we'll open the call for your questions.

Looking back, it's now been 3 years since the enhanced 45Q CCUS tax credit was published in the Federal Register. Our vision at the time was that Denbury's deep CO2 expertise and our extensive [indiscernible] our CCUS strategy. We've had a great start to the year. Denbury delivered strong first quarter operating and financial results across the board. Our safety performance continued near record levels, and production, pricing and all of our cost items were in line with our annual guidance.