At Denbury, our corporate responsibility strategy focuses on four areas: Our Company, Our Employees, Our Environment and Our Communities. There are issues in each of these areas that are important to, and impact, Denbury because of the affect they have on our business success and their importance to our stakeholders. These material issues provide the foundation of our corporate responsibility report and are discussed in detail throughout the four sections of this Report.

This Report has been prepared in accordance with the Global Reporting Initiative’s (“GRI”) G4 Sustainability Reporting Guidelines.

Our Company

The sustainability of our business is critical to our shareholders, employees and communities—they depend on, and benefit from, our continued successful operations. We recognize that, in order to run a sustainable company, we must have successful, ethical and responsible operations. Maximizing shareholder value through sound corporate strategies, fostering our core values and integrating good corporate governance standards and practices are the most material issues for our business and our stakeholders when considering the sustainability of our business.

The specific GRI-G4 Aspects that we discuss in this section of the Report are:

GRI:
G4-OG1 Reserves GRI:
G4-56 &
58 Ethics and
Integrity

Our Employees

Our employees are our greatest resource, and each individual helps shape Denbury into a unique and exceptional place to work. We recognize that our employees are crucial to Denbury’s future, and we care about our employees and their families’ well-being beyond the work environment. Safety, training and development, well-being and engagement and fostering a diverse work culture are the most material issues for our business and our stakeholders when considering our employees.

The specific GRI-G4 Aspects that we discuss in this section of the Report are:

GRI:
G4-LA1 &
LA2 Employee
Well-being GRI:
G4-LA5 & 
LA6 Employee Health
& Safety GRI:
G4-LA9 &
LA11 Employee
Training &
Development GRI:
G4-LA12 Employee
Diversity & Equal
Opportunity

Our Environment

We and our stakeholders care about the environmental impact of our operations. We recognize that providing and integrating sound environmental policies, procedures and practices into our broader health, safety and environmental programs are key to our success as a company. We strive to be environmentally responsible in all aspects of our operations. Avoiding spills and releases, managing our environmental and carbon footprints, and focusing on sound environmental policies, procedures and practices are the most material issues for our business and our stakeholders when considering our environment.

The specific GRI-G4 Aspects that we discuss in this section of the Report are:

GRI:
G4-EN15,
EN16 &
EN18 Managing Our
Carbon Footprint GRI:
G4-EN24 Spill Prevention

Our Communities

We are honored and privileged to be a part of the communities in which we operate. Rather than merely being a dependable and ethical business presence in our communities, we feel obligated to find ways to give, volunteer and invest in community campaigns and philanthropic organizations that stimulate local economies. Additionally, we believe that community engagement through open dialogue and communication is an essential part of being a responsible corporate citizen. Local economic investments, charitable giving and community engagement are the most material issues for our business and our stakeholders when considering our communities.

The specific GRI-G4 Aspects that we discuss in this section of the Report are:

GRI:
G4-EC1 &
EC8 Economic
Investments & 
Impacts

This is our 2015 Corporate Responsibility Report (“Report”) and, unless otherwise noted, covers our operations during the 2013 and 2014 calendar years. Following our last report, published in 2014 and covering our 2012 and 2013 performance, we received feedback and input from both internal and external stakeholders regarding our report and our sustainability initiatives which aided in our development of this Report. As a reflection of our commitment to economic, environmental and social issues, and in an effort to enhance our disclosure to our stakeholders, we currently intend to release an updated report at least biannually. 

This is our second report to be prepared in accordance with the Global Reporting Initiative’s (“GRI”) Sustainability Reporting Guidelines, a voluntary, internationally recognized framework for sustainability reporting that focuses on economic, environmental and social issues and efforts and enables all companies and organizations to measure, understand and communicate this information. GRI is a non-profit organization that promotes the use of sustainability reporting as a way for organizations to become more sustainable and contribute to sustainable development. We have continued to utilize GRI’s updated G4 Guidelines, including the Oil and Gas Sector Disclosures, and have developed this Report in accordance with the G4 “Core” reporting option. However, we have included disclosures beyond the “Core” reporting requirements to increase our disclosures to our stakeholders. For example, we have addressed many of the G4 General Standard Disclosure items related to corporate governance, which are only required under the “Comprehensive” reporting option.

Denbury Resources Inc. and its subsidiaries operate as “Denbury.” Throughout this Report, unless otherwise noted, “Denbury,” “Company,” “we,” “our” and “us” refer to Denbury Resources Inc. and its subsidiaries.

Reporting Principles

We prepared this Report in accordance with the reporting principles suggested in the GRI’s G4 Guidelines. The principles guided us both in defining the content of this Report and in defining the quality of this Report.

The principles for defining report content are:

• Stakeholder Inclusiveness—We sought input from our key stakeholders (our Board of Directors, senior management, employees, investors and neighbors) and sought to report on issues which are important not only to our business, but also to our stakeholders;
• Sustainability Context—This Report presents our performance in the wider context of sustainability issues, including our long-term organizational strategy;
• Materiality—The issues discussed and disclosures included in this Report pertain to those economic, environmental and social impacts which are most important to our business and key stakeholders; and
• Completeness—In preparing this Report, we included issues and disclosures broad enough to reflect the significant economic, environmental and social impacts of our Company, both inside and outside of our organization, and to enable our stakeholders to assess our performance.

The principles for defining report quality are:

• Balance—This Report reflects our overall performance, including both the positive aspects of our performance and those areas in which we are striving for improvement;
• Comparability—The issues discussed and disclosures included in this Report under the G4 Guidelines will allow us to report on these issues consistently in the coming years which will enable comparison of our performance over time;
• Accuracy—The information included in this Report is sufficiently accurate and detailed to allow for the proper assessment of our sustainability performance;
• Timeliness—We will report at least on a biannual basis so that information will be available in sufficient time for stakeholders to make informed decisions;
• Clarity—We have prepared this Report in such a way as to present information that is understandable, accessible and usable by our stakeholders; and
• Reliability—We have gathered, recorded, compiled, analyzed and disclosed information in a way that establishes the quality and materiality of the information in this Report.

Materiality Assessment

This Report focuses on those sustainability issues and activities which are most material to Denbury as a company and to our stakeholders. We performed a materiality analysis to determine which issues are most material. Input was solicited and received from our key stakeholders, including a survey open to all of our employees, interviews with investors and feedback from senior management and our Board of Directors. The data and comments received during the materiality analysis were then used to create lists of the most material issues where Denbury has a significant sustainability impact based on both the impact the issues have on our business success and the importance of those issues to our stakeholders. This Report includes the issues which are most important to our business success and which are most important to our stakeholders. For example, our employees indicated that safety of our employees and contractors is one of the most material aspects of our business. We heard from various investors interested in learning about our carbon emissions. All of our stakeholders believed that avoiding spills and releases, and limiting the impact of any that do occur, is a material issue.

Those material issues are the foundation of this Report. Using the G4 Guidelines as our guide, we determined the G4 Aspects that aligned with our material issues. This Report includes discussion, disclosures and analysis of our material sustainability issues and, to the extent those material issues dovetail with G4 Aspects, we have responded to the appropriate G4 General Standard Disclosures or Specific Standard Disclosures. Our GRI Index includes a list of all of our G4 disclosures and indicates the location in this Report where information about each disclosure can be found.

Feedback

We believe Denbury must seek to continuously improve in all areas of operations, implement the high standards of environmental protection and ethical conduct, and work proactively to be a good corporate citizen by aligning our interests as a company with the interests of our stakeholders. Our Board of Directors and management teams, both local and at our headquarters in Plano, Texas, want to hear from you so we can address any concerns and continuously improve in the areas important to us and our stakeholders.

Please reach out to the appropriate contact if you have a concern about our operations, an idea on how we can improve, or anything you want to bring to our attention. Additionally, we would like to hear your thoughts on this Report. As we prepare future reports, we will consider input from a wide range of stakeholders—employees, investors, neighbors, contractors and industry experts—with respect to their expectations for our sustainability reporting and performance.

Below are a few contacts but more can be found at Denbury.com.

Forward-Looking Statements and Other Information

This Report contains, and references other documents (e.g., our Annual Report on Form 10-K) that contain, forward-looking statements that reflect Denbury Resources Inc.’s views about future events as of the date of this Report or the date of the referenced document. Such forward-looking information is based upon management’s current plans, expectations, estimates and assumptions and is subject to a number of risks and uncertainties that could significantly affect current plans, anticipated actions, the timing of such actions and our financial condition and results of operations. As a consequence, actual results may differ materially from expectations, estimates or assumptions expressed in or implied by any forward-looking statements made by us or on our behalf. We do not assume any obligation to update forward-looking statements should circumstances or management’s estimates or opinions change.

Investors are urged to consider closely the disclosure and risk factors in our most recent Annual Report on Form 10-K and in other reports on file with the Securities and Exchange Commission, available at Denbury’s website, www.denbury.com.