Operator: Good day, ladies and gentlemen, and welcome to the Denbury Resources First Quarter 2020 Results Conference Call. My name is Donna, and I will be your operator for today's call. At this time, all participants are in a listen-only mode. I would now like to turn the conference over to your host for today’s call, John Mayer, Denbury's Director of Investor Relations. Please proceed, sir.

John Mayer: Good morning, everyone, and thank you for joining us today. With me on the call are Chris Kendall, our President and Chief Executive Officer; Mark Allen, our Executive Vice President and Chief Financial Officer; and David Sheppard, our Senior Vice President of Operations. Before we begin, I want to point out that we have slides which will accompany today's discussion. Should you encounter any issues with slides advancing during the webcast portion of the presentation, please refresh your browser.

Chris Kendall: Thanks, John. Good morning, everyone, and thank you for joining us today. I’d like to first note that we will not be holding our traditional Q&A session at the end of this call. As we have withdrawn our 2020 guidance and because we're working with advisers to evaluate a range of strategic alternatives, we are limited in our ability to provide additional information beyond what we have included in our prepared remarks. Having said that, we will do our best on this call to provide good color on our strong quarterly results and our focus for the remainder of 2020. I’d like to begin by taking this opportunity to specifically thank our operation teams. Even during these difficult times, our field employees have shown unwavering dedication to ensuring our fields are operating safely and efficiently. The wellbeing of our team remains our top priority and we have taken numerous steps to protect the health and safety of our employees during the COVID-19 pandemic. Beginning in mid-March, we implemented work-from-home measures for all employees who can work remotely. We quickly adapted to the challenges created by the virus, maintaining connectivity with the help of our technology, and I'm pleased to report we have no reported cases of employees or their immediate family members testing positive for the virus to-date. While we're cautiously preparing to bring office employees back into the workplace over the next several months, we will continue to monitor conditions and government orders across the areas where the company operates and the safety of our employees will continue to come first.

David Sheppard: Thank you, Chris, and good morning, everyone. As Chris mentioned, our revised capital budget, excluding acquisitions and capitalized interest, is between $95 million and $105 million. Our first quarter spend was roughly 40% of the midpoint of this guided range. Quarterly spending included substantial progress towards the Oyster Bayou A2 development expansion as well as limited spending related to the CCA CO2 pipeline whereby the rolled and coated pipe was transported for storage near the project location to await installation. As the reduction in capital spending was announced in late March, quarterly capital spending is expected to be significantly lower throughout the remainder of 2020 with the second quarter being a bit higher than subsequent quarters due to carryover projects that were ongoing at the time of the announcement. Turning to production, continuing production in the first quarter was down slightly from the fourth quarter production level and down approximately 4% from a year ago period. The sequential and year-over-year decreases were mainly attributable to production declines at Cedar Creek Anticline as a result of lower exploitation spend levels and were partially offset by production increases from Bell Creek fields phase 5 development. Our response to the significant decline in oil prices began to impact production by the end of the first quarter and we expect this impact to result in production in the second quarter to come in significantly lower than the first quarter. To provide some color around this, as oil prices began to fall in March, we updated our economic evaluation criteria to reflect the dynamic pricing environment which resulted in a small amount of production shut-in by the end of the month. For April, we estimate that approximately 2,000 BOE per day of production was shut-in due to wells that were either uneconomic to repair or were uneconomic to produce based on our expectations for wellhead oil prices and bearable production costs. In May, similar economic evaluations resulted in an estimated total of 8,500 BOE per day being shut-in. We will continue this evaluation for June and based on our current expectations for June oil pricing, we may decide to reactive a portion of our shut-in production. Reduce capital spending and ongoing operational cost reduction efforts will likely impact our production volumes beyond the second quarter and production could be further constrained by future regulatory actions or limitations in storage and/or takeaway capacity.

Mark Allen: Thank you, David. My comments today will highlight some of the financial items in our release and 10-Q filing primarily focusing on the sequential changes from the fourth quarter of 2019. Considering the highly volatile and unpredictable market conditions at this time, we are not providing detailed quarterly and full year guidance, although we will provide additional detail where appropriate and possible to help you with your financial models.

:

:

Chris Kendall: Thank you, Mark. In closing, I want to reiterate that we are laser focused on taking the right steps to reduce costs, enhance operational efficiency and improve the company’s financial condition. We look forward to keeping you apprised of our progress. This concludes our prepared remarks, and I want to thank everyone for joining us on the call today.

Operator: Ladies and gentlemen, thank you for your participation. You may disconnect your lines and log off the webcast at this time, and have a wonderful day.