Denbury reports Q1 adjusted EPS $1.69, consensus $1.53

Reports Q1 revenue $412M, consensus $340.97M. Average daily sales volumes were 46,925 BOE/d. Oil represented 97% of the company's Q1 volumes, and approximately 25% of the company's oil was attributable to the injection of industrial-sourced CO2 in its EOR operations, resulting in carbon-negative or blue oil. CEO Chris Kendall commented, "Denbury made strong progress on our key 2022 objectives during Q1, with CO2 injection ahead of plan at the Cedar Creek Anticline EOR project and continued advancements in support of our CCUS business. The CCA EOR development, which will produce carbon-negative blue oil through 100% utilization of industrial-sourced CO2, provides the company with a deep inventory of resource development opportunities and decades of significant cash flow. I am extremely excited about our successes in the Carbon Solutions business so far this year, and I believe we are on track to substantially exceed our goals for CO2 offtake and storage agreements established at the beginning of the year. I am also pleased that Denbury's Board of Directors has authorized a $250M share repurchase program. At current oil price levels, we believe that our cash flow generation will be more than sufficient to meet our anticipated capital needs, providing the opportunity to return meaningful capital to shareholders in this manner."