Denbury Resources Inc., is a growing, dividend-paying, domestic oil and natural gas company with 468.3 MMBOE of estimated proved oil and natural gas reserves as of December 31, 2013, of which 83% is oil. Our primary focus is on enhanced oil recovery utilizing CO2, and our operations are focused in two key operating areas: the Gulf Coast and Rocky Mountain regions. Our goal is to increase the value of acquired properties through a combination of exploitation, drilling and proven engineering extraction practices, with the most significant emphasis relating to tertiary recovery operations.
As part of our corporate strategy, we believe in the following fundamental principles:
- focus in specific regions where we either have, or believe we can create, a competitive advantage as a result of our ownership or use of CO2 reserves, oil fields and CO2 infrastructure;
- acquire properties where we believe additional value can be created through tertiary recovery operations and a combination of other exploitation, development, exploration and marketing techniques;
- acquire properties that give us a majority working interest and operational control or where we believe we can ultimately obtain it;
- maximize the value and cash flow generated from our operations by increasing production and reserves while controlling costs;
- optimize the timing and allocation of capital among our investment opportunities to maximize the rates of return on our investments;
- return a portion of the cash flow generated from our operations to shareholders through regular quarterly dividend payments, and repurchases of our common stock made from time to time; and
- maintain a highly competitive team of experienced and incentivized personnel.
At December 31, 2013, we had 1,501 employees, 807 of whom were employed in field operations or at our field offices.