Denbury Inc. is a publicly traded oil and gas exploration and production company based in Plano, Texas. The company operates in the Gulf Coast and Rocky Mountain regions of the United States. Denbury Inc. was founded in 1951 as a geological consulting firm and has evolved into an independent oil and gas company with a focus on enhanced oil recovery using carbon dioxide.
Denbury's primary operations involve injecting carbon dioxide into mature oil fields to produce additional oil from existing reservoirs. This process is called enhanced oil recovery and is Denbury's core business. The company also produces natural gas and has a small interest in oil refining.
Denbury operates oil fields in Texas, Mississippi, Louisiana, Wyoming, and Montana, with a focus on onshore fields in the Gulf Coast and Rocky Mountain regions. The company's carbon dioxide sources are primarily naturally occurring underground reserves and industrial sources.
In addition to its traditional oil and gas operations, Denbury has taken steps to reduce its carbon footprint and promote sustainable energy practices. In 2018, the company announced a goal to achieve net-zero greenhouse gas emissions from its oil and gas production activities by 2050. The company is also exploring the potential of carbon capture and storage (CCS) technology to capture and store carbon dioxide emissions from its operations.
Denbury has faced financial challenges in recent years, including declining revenues and profitability, high levels of debt, and declining oil prices. In 2020, the company filed for Chapter 11 bankruptcy protection, citing the economic impact of the COVID-19 pandemic and low oil prices. The company emerged from bankruptcy in September 2020, with a restructured balance sheet and reduced debt load.
Looking forward, Denbury's success will depend on its ability to navigate the challenges of the oil and gas industry, including fluctuating commodity prices, regulatory changes, and increasing demand for sustainable energy practices. The company's focus on enhanced oil recovery and exploration of carbon capture and storage technology may position it to succeed in a changing industry landscape.