Denbury Inc. (NYSE:DEN) Q1 2022 Earnings Conference Call May 5, 2022 12:00 PM ET

Company Participants

Brad Whitmarsh - Head of Investor Relations

Chris Kendall - President and CEO

Mark Allen - CFO

David Sheppard - SVP of Operations

Nik Wood - SVP of Carbon Solutions

Matt Dahan - SVP of Business Development and Technology

Conference Call Participants

Doug Leggate - Bank of America

Charles Meade - Johnson Rice

Richard Tullis - Capital One Securities

Michael Scialla - Stifel

Operator

Good day, ladies and gentlemen. And welcome to the Denbury's First Quarter 2022 Results Conference Call. My name is Juan, and I will be coordinating your call today. 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 supporting materials that are available on our Web site at denbury.com. We're certainly very excited to announce not only strong first quarter results, but also a significant new CCUS transport and storage agreement, as well as an authorized share repurchase program. 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 brief prepared comments will come from Chris Kendall, President and CEO; Mark Allen, CFO; David Sheppard, SVP of Operations; Nik 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.

Chris Kendall

Thanks Brad. Good morning, everyone and thank you for joining us on today's call. It would be an understatement to say that the start to this year has been dynamic. Russia's activities have created turbulence in the energy markets and combined with demand growth have taken oil and natural gas prices to levels not experienced in many years. Further, increased energy costs are adding to already high levels of inflation, and supply chains and services continue to be challenged with rising demand. Considering that backdrop, I'm especially proud of what our teams have accomplished to start 2022. We are making great progress on all of our objectives and most importantly, we have continued to operate safely with our key metrics either at or near record levels. While we are all experiencing the effects of supply chain breakdowns in our daily lives, our team, careful planning and diligence, have thus far mitigated any significant impacts on Denbury’s business, keeping us firmly on track with our key development projects.