Denbury Resources Inc., is an independent oil and natural gas company with 288.6 MMBOE of estimated proved oil and natural gas reserves as of December 31, 2015, of which 98% is oil. Our operations are focused in two key operating areas: the Gulf Coast and Rocky Mountain regions. Our goal is to increase the value of our properties through a combination of exploitation, drilling and proven engineering extraction practices, with the most significant emphasis relating to CO2 enhanced oil recovery operations.
As part of our corporate strategy, we are committed to strong financial discipline, efficient operations and creating long-term value for our shareholders through the following key principles:
- target 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;
- secure 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;
- exercise financial discipline by attempting to balance our development capital expenditures with our cash flow from operations; and
- attract and maintain a highly competitive team of experienced and incentivized personnel.
At December 31, 2015, we had 1,356 employees, 743 of whom were employed in field operations or at our field offices.