Denbury Inc. (NYSE:DEN) Q2 2022 Earnings Conference Call August 4, 2022 11:00 AM ET

Company Participants

Brad Whitmarsh - Head of Investor Relations

Chris Kendall - Director, President and Chief Executive Officer

Mark Allen - Executive Vice President, Chief Financial Officer, Treasurer and Assistant Secretary

David Sheppard - Executive Vice President, Chief Operating Officer

Nik Wood - Senior Vice President, CCUS

Matthew Dahan - Senior Vice President, Business Development and Technology

Conference Call Participants

Michael Scialla - Stifel

David Fernandez - Bank of America

Operator

Good day, ladies and gentlemen. And welcome to the Denbury’s Second Quarter 2022 Results Conference Call. My name is [Technical Difficulty] your operator for today’s call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. [Operator Instructions]

I would now like to turn the conference 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 our news releases this morning and the supplemental materials that 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 filings and today's news release.

Also, please note that during the course of today's call, we may reference certain non-GAAP measures. Reconciliation and disclosure relative to those measures are provided in today's earnings release as well. This morning, our prepared comments will come from Chris Kendall, President and CEO; Mark Allen, CFO; David Sheppard, COO; and Nik Wood, SVP of Carbon Solutions. Our prepared comments should go around 20 minutes and then we’ll follow-up with Q&A.

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

Chris Kendall

Thanks Brad. Good morning, and thank you for joining us on today's call. Last quarter, I highlighted how dynamic the beginning of the year had been both in terms of the macro environment, as well as specifically for Denbury. These dynamics became even more pronounced through the second quarter. The combination of multiyear highs in oil and gas prices, tight physical oil markets, continued supply chain disruptions, and inflation at levels not experienced in the past 40-years presents meaningful challenges for any company to navigate.