April 23, 2023
5 min read
PLANO, Texas--(BUSINESS WIRE)--Denbury Inc. (NYSE: DEN) (“Denbury” or the “Company”) today announced several new agreements related to its carbon capture, utilization and storage (“CCUS”) business and provided its 2023 goals, which are intended to further the Company’s leadership position in CCUS.
Chris Kendall, Denbury’s President and Chief Executive Officer, commented, “Today, we are announcing a number of new CCUS agreements, including CO2 transportation agreements for customers in the emerging eFuels industry, our first dedicated CO2 sequestration site in the Rocky Mountain region, and two new carbon capture technology investments. These agreements are focused on our strategy of rapidly capturing the CCUS market and expanding our CO2 service offering. The growth potential of our CCUS business is transformational, and our Company is fully aligned and focused on delivering innovative carbon solutions for a sustainable future.”
New CO2 transportation and/or storage agreements bring cumulative to more than 22 Mmtpa
Initial dedicated CO2 storage site in Rocky Mountain region
Carbon capture technology investments expand CO2 service offering
Matt Dahan, Senior Vice President of CCUS Technology for Denbury stated, “We believe both Aqualung and ION are on the leading edge of reducing the cost of capture for a wide range of types and sizes of stationary CO2 emissions facilities. Our investments in these emerging technologies will bring additional transport and sequestration opportunities to Denbury, and we look forward to working with both.”
2023 CCUS GOALS
Denbury is an independent energy company with operations and assets focused on Carbon Capture, Use and Storage (CCUS) and Enhanced Oil Recovery (EOR) in the Gulf Coast and Rocky Mountain regions. For over two decades, the Company has maintained a unique strategic focus on utilizing CO2 in its EOR operations and since 2012 has also been active in CCUS through the injection of captured industrial-sourced CO2. The Company currently injects over four million tons of captured industrial-sourced CO2 annually, with an objective to fully offset its Scope 1, 2, and 3 CO2 emissions by 2030, primarily through increasing the amount of captured industrial-sourced CO2 used in its operations. For more information about Denbury, visit www.denbury.com.
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Forward-Looking Statements: The data and/or statements contained above that are not historical facts, including estimated future CO2 emissions reductions and volumes of CO2 expected to be transported, stored, or utilized, and other plans and objectives for Denbury’s future carbon capture, utilization and storage activities (“CCUS”) are all forward-looking statements, as that term is defined in Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that involve a number of risks and uncertainties.
Such forward-looking information is based upon management’s current plans, expectations, estimates, and assumptions that could significantly and adversely be affected by various factors discussed below, many of which are beyond our control. 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.
Among the factors that could cause actual results of our CCUS activities to differ materially from the projections herein are: achieving successful completion of technical and feasibility evaluations; in certain cases raising of funds sufficient to build and operate greenfield CCUS projects; the successful construction or installation of add-on or new facilities; and receipt of required regulatory approvals or classifications, along with the other variables and timing considerations and the risks and uncertainties set forth from time to time in the Company’s public reports, filings and public statements including, without limitation, the Company’s 2022 Annual Report on Form 10-K to be filed with the SEC today.
Statement Regarding CCUS “Agreements”: References in this presentation to CCUS “Agreements” refers to both executed definitive agreements and executed term sheets or letters of intent covering various CCUS arrangements. In the case of arrangements covered by term sheets or letters of intent, those arrangements are subject to the negotiation and execution of definitive enforceable agreements.