Denbury Inc. (NYSE:DEN) Q4 2022 Earnings Conference Call February 23, 2023 12:00 PM ET

Company Participants

Brad Whitmarsh - Head of Investor Relations

Chris Kendall - President & Chief Executive Officer

Mark Allen - Executive Vice President & Chief Financial Officer

David Sheppard - Chief Operating Officer

Nik Wood - Senior Vice President-Carbon Solutions

Matt Dahan - Senior Vice President-Business Development & Technology

Conference Call Participants

Leo Mariani - ROTH MKM

Charles Meade - Johnson Rice

Sam Margolin - Wolfe Research

Nathaniel Pendelton - Stifel

Sam Burwell - Jefferies

Jeoffrey Lambujon - Tudor, Pickering, Holt & Co.

Tim Rezvan - KeyBanc

Operator

Good day, ladies and gentlemen, and welcome to Denbury's 2022 Results and 2023 Outlook Webcast. My name is Tia and I will be your operator for today's call. [Operator Instructions]

I would like to now turn the conference call over to your host, Brad Whitmarsh, Head of Investor Relations. Please proceed, sir.

Brad Whitmarsh

Good morning, everyone, and thank you for joining us today. This morning, we’ve provided three news releases covering our fourth quarter earnings, 2023 outlook and an exciting CCUS update, as well as a supplemental presentation for your consumption. All of these items are available on our website at denbury.com, and I hope you've had a chance to review them.

I want to remind everyone that today's event 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 filings and today's news releases.

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

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

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

Chris Kendall

Thanks, Brad. Good morning, everyone, and thank you for joining us on today's call. Denbury is in an amazing position as we enter 2023. U.S. policy support for CCUS has never been greater and we are just scratching the surface of the scale we will see in CCUS. The combination of the 45Q CCUS tax credit and significant improvements in carbon capture technology is opening the door for a vast portion of current and future U.S. emissions to be captured economically. It is also clear today that the world's need for secure sources of energy of all types continues to grow. In the past several years of underinvestment in global oil production have begun to put stress on the industry's ability to supply the world's recovering oil demand, resulting in a stronger price environment than we've seen for many years, and an imbalance that I believe could exist for some time.