Denbury Inc (DEN) 2023 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Denbury's First Quarter 2023 Results Webcast. My name is Layla, and I will be your operator for today's call. (Operator Instructions)

各位女士、先生，大家好，歡迎參加丹伯里2023年第一季業績網路直播。我是萊拉，將擔任今天電話會議的接線生。 （接線生操作說明）

I would now like to turn the conference call over to your host for today's call, Brad Whitmarsh, Head of Investor Relations. Please proceed, sir.

現在我將把電話會議交給今天的主持人，投資者關係主管布拉德·惠特馬什先生。請您開始吧，先生。

Good morning, everyone, and thank you for joining us today. I hope you've had a chance to review the earnings release and the supporting materials that were issued yesterday afternoon. These items are available on our website at denbury.com.

各位早安，感謝各位今天收看我們的節目。希望各位已經有機會查看昨天下午發布的獲利報告及相關資料。這些資料可以在我們的網站denbury.com上找到。

I want to remind everyone that today's call will include forward-looking statements that are based on our best and most reasonable information. There are numerous factors that could cause actual results to differ materially from what is discussed on today's call. You can read our full disclosures on forward-looking statements and the risk factors associated with our business in the slides accompanying today's presentation, our most recent SEC filing, and yesterday's news release.

我想提醒大家，今天的電話會議將包含一些基於我們目前掌握的最合理資訊的前瞻性陳述。諸多因素可能導致實際結果與今天電話會議中討論的內容有重大差異。您可以在今天簡報的幻燈片、我們最近提交給美國證券交易委員會（SEC）的文件以及昨天的新聞稿中查閱我們關於前瞻性陳述和與我們業務相關的風險因素的完整披露資訊。

Also, please note that, during the course of today's event, we may reference certain non-GAAP measures. Reconciliation and disclosure relative to these measures is provided in today's earnings release as well.

另請注意，在今天的活動中，我們可能會提及某些非GAAP財務指標。這些指標的調整和揭露資訊也已在今天的獲利報告中提供。

This morning, our prepared comments, which are estimated at approximately 10 minutes, will come from Chris Kendall, our President and CEO; Mark Allen, CFO; David Sheppard, COO; Nik Wood, SVP of Carbon Solutions; and Matt Dahan, SVP of Business Development and Technology are all here to participate in the Q&A.

今天上午，我們的總裁兼首席執行官克里斯·肯德爾、首席財務官馬克·艾倫、首席營運官大衛·謝潑德、碳解決方案高級副總裁尼克·伍德以及業務發展和技術高級副總裁馬特·達漢將發表準備好的發言，預計發言時間約為 10 分鐘，他們將參加問答環節。

With that, I'll turn the call over to Chris.

接下來，我將把電話交給克里斯。

Thanks, Brad, and good morning to all of you are joining us today. I'll make a few opening comments, and then we'll open the call for your questions.

謝謝布拉德，各位早安。我先做幾句開場白，然後我們開始接受大家的提問。

Looking back, it's now been 3 years since the enhanced 45Q CCUS tax credit was published in the Federal Register. Our vision at the time was that Denbury's deep CO2 expertise and our extensive -- strategically positioned CO2 infrastructure would propel us into leadership in a new high-growth CCUS industry. Three years later, we are well along that path. Denbury's unique and important role in the industry is more clear today than ever. And our view of the possibilities and value of this business has only grown greater. This is all on top of an already strong EOR business. It is an incredibly exciting time to be at Denbury.

回首過去，自增強型45Q碳捕集、利用與封存（CCUS）稅收抵免政策在聯邦公報上發布以來，已經過了三年。當時，我們設想丹伯里深厚的二氧化碳專業知識和廣泛且戰略佈局的二氧化碳基礎設施將推動我們在新興的高成長CCUS產業中佔據領先地位。三年過去了，我們正朝著這個目標穩步前進。如今，丹伯里在業界獨特而重要的地位比以往任何時候都更加清晰。我們對這項業務的潛力和價值的認識也與日俱增。這一切都建立在我們原本就實力雄厚的提高採收率（EOR）業務之上。對丹伯里而言，這是一個令人無比振奮的時刻。

This morning, I will focus on 3 primary areas: highlights from our first quarter results, an update on good progress on our CCA enhanced oil recovery development and new accomplishments toward advancing our CCUS strategy. We've had a great start to the year. Denbury delivered strong first quarter operating and financial results across the board. Our safety performance continued near record levels, and production, pricing and all of our cost items were in line with our annual guidance.

今天上午，我將重點介紹三個面向：第一季業績亮點、CCA強化採油專案取得的良好進展以及CCUS策略推進的新成果。今年開局良好。丹伯里公司第一季營運和財務表現全面強勁。我們的安全績效持續保持在接近歷史最高水平，產量、定價和所有成本項目都符合年度預期。

Operating cash flow before working capital changes totaled $140 million for the quarter, exceeding our development capital expenditures by $20 million. We also spent nearly $9 million in our asset retirement program for our most mature fields and invested $7 million through equity investments in 2 carbon capture technologies, ION and Aqualung. We ended the first quarter with $672 million in liquidity and $68 million in debt, with a modest increase in debt from year-end primarily due to annual working capital outflows for bonus and ad valorum tax payments.

本季營運現金流（不計營運資本變動）總計1.4億美元，比我們的開發資本支出高出2,000萬美元。此外，我們也投入近900萬美元用於成熟油田的資產退役計劃，並透過股權投資向ION和Aqualung兩家碳捕集技術公司投入了700萬美元。第一季末，我們的流動資金為6.72億美元，負債為6800萬美元，負債較上年末略有增加，主要原因是年度營運資本支出用於支付獎金和從價稅。

Sales volumes in the first quarter averaged around 47,700 BOE per day, up more than 1,000 BOE per day sequentially, with the various ins and outs described in more detail in our earnings release. Bottom line, we are on track with our plan, and we see production relatively flat in the second quarter.

第一季日均銷售量約為47,700桶油當量，季增超過1,000桶油當量，具體增減情況已在我們的財報中詳細說明。總而言之，我們正按計劃推進，預計第二季產量將保持相對穩定。

On the capital front, $510 million remains our midpoint for the year, and we expect capital to be modestly higher in the second quarter with CCUS being the primary driver, including anticipated storage site acquisitions, such as the one we just announced and other predevelopment spend. In early April, we took advantage of strong oil prices to round out our hedge portfolio in the second half of 2023 and to layer in additional hedges in 2024.

在資本方面，5.1億美元仍是我們全年資本支出的中位數，我們預計第二季度資本支出將略有增加，主要驅動因素是碳捕集、利用與封存（CCUS）項目，包括預期中的儲罐收購（例如我們剛剛宣布的收購）和其他前期開發支出。 4月初，我們利用強勁的油價，完善了2023年下半年的對沖投資組合，並在2024年增加了額外的對沖部位。

Turning to the Cedar Creek Anticline. We are very pleased with what we've seen so far on the CCA EOR project. With our first recycle facility online at Cedar Hills South, we are monitoring production performance associated with this facility and now expect to see first EOR production this quarter from this game-changer asset. Our team is now commissioning the second CO2 recycle facility, and 2 more are scheduled to be brought online late in the third quarter. We still anticipate incremental EOR production to ramp to around 2,000 barrels per day by the end of this year and to peak in a range of 7,500 to 12,500 barrels per day in the latter part of 2024.

接下來談談雪松溪背斜油田。我們對目前為止在CCA EOR專案上取得的進展感到非常滿意。隨著我們在雪松山南油田的首個二氧化碳循環利用裝置投入運營，我們正在密切監測該裝置的生產性能，並預計本季度將從這一具有變革意義的資產中獲得首批EOR產量。我們的團隊目前正在調試第二個二氧化碳循環利用裝置，另外兩個裝置則計劃在第三季末投入營運。我們仍然預計，到今年年底，EOR產量將逐步提升至每日約2000桶，並在2024年下半年達到每日7500至12500桶的峰值。

I'm extremely proud of the work our team is doing at CCA. As a reminder, CCA is the largest EOR project we've ever worked on, with 400 million barrels of potential recovery. It will drive 2024 and 2025 production growth for our company. And as it ramps, it will also improve our cash margins.

我為我們團隊在CCA專案上所做的工作感到無比自豪。需要提醒的是，CCA是我們迄今為止參與過的規模最大的提高採收率（EOR）項目，潛在採收量達4億桶。它將推動我們公司2024年和2025年的產量成長。隨著專案的逐步推進，它也將提升我們的現金利潤率。

In addition, the CO2 we're injecting is 100% industrial source, so all of the new volumes are expanding the scope of our carbon-negative blue oil operations. CCA will be a significant contributor to our overall goal of being Scope 3 net 0 by the end of this decade.

此外，我們注入的二氧化碳100%來自工業領域，因此所有新增的二氧化碳量都在擴大我們碳負排放藍油業務的範圍。 CCA將為我們實現本世紀末實現範圍3淨零排放的整體目標做出重大貢獻。

As the CCA project highlights, the EOR side of our business is fundamental to the execution of our CCUS vision. Denbury has the near-term ability to take upwards of 10 million tons of captured industrial CO2 per year into EOR. Our EOR business provides strong cash flow that can be deployed in CCUS investments, and it supports the development of the technical and operating capabilities, as well as the pipeline infrastructure necessary for CCUS.

正如CCA計畫所凸顯的，提高採收率(EOR)業務是我們實現碳捕獲、利用與封存(CCUS)願景的基石。丹伯里公司近期有能力每年將超過1000萬噸捕獲的工業二氧化碳用於提高採收率。我們的提高採收率業務能夠帶來強勁的現金流，可用於碳捕獲、利用與封存(CCUS)投資，並支援技術和營運能力的提升，以及CCUS所需的管道基礎設施建設。

The unique combination of these competencies, capabilities and assets sets Denbury apart in the industry. Our 2023 CCUS activities are highly focused on both expanding our dedicated CO2 storage network and continuing to build the scale and diversity of our CO2 transportation and storage agreement portfolio. During the first quarter, we drilled our first stratigraphic test well at the Orion site in Alabama in support of our Class VI process.

丹伯里公司憑藉其獨特的能力、實力和資產組合，在業界脫穎而出。我們2023年的碳捕集、利用與封存（CCUS）活動重點在於擴大我們專用的二氧化碳儲存網絡，並持續提升我們二氧化碳運輸和儲存協議組合的規模和多樣性。第一季度，我們在阿拉巴馬州的Orion礦區鑽探了第一口地層測試井，以支援我們的VI級製程。

We were pleased to see reservoir characteristics very consistent with our expectations. We should receive detailed core analysis later this year, which will further confirm our understanding of the subsurface as we progress the storage site with the EPA. We expect to continue to drill stratigraphic test wells on our lease storage sites to support the Class VI process with at least 2 additional wells planned this year.

我們很高興地看到儲層特徵與預期非常吻合。我們預計今年稍後收到詳細的岩心分析報告，這將進一步證實我們對地下情況的了解，並有助於我們與美國環保署 (EPA) 共同推進儲層選址工作。我們計劃繼續在租賃的儲層選址上鑽探地層測試井，以支援六級流程，今年計劃至少再鑽探兩口井。

Since quarter-end, we finalized an agreement for a 30,000-acre 115 million metric ton dedicated CO2 storage site in Matagorda County, Texas. Adding this site to our network provides additional flexibility and redundancy in removing CO2 from the high emissions Houston area. In addition, it facilitates access to multiple emission sources, e-fuels customer plant sites, and EOR development opportunities while serving as a stepping stone to additional opportunities further along the Texas Gulf Coast.

自季度末以來，我們最終敲定了位於德克薩斯州馬塔戈達縣的一處佔地3萬英畝、儲存能力達1.15億公噸的專用二氧化碳儲存設施的協議。將該設施納入我們的網絡，可顯著提升從高排放的休士頓地區去除二氧化碳的靈活性和冗餘度。此外，它還有助於我們接觸多個排放源、電子燃料客戶工廠以及提高採收率（EOR）開發項目，同時也為我們進一步拓展德州墨西哥灣沿岸的機會奠定了基礎。

Last week, we submitted 6 well permit applications to the EPA for Class VI CO2 injection at our Leo site in Mississippi. LEO is directly underneath our NEJD pipeline, an example of the great advantages afforded by our over 900-mile Gulf Coast CO2 pipeline network. The Leo site, leased from Weyerhaeuser, provides tremendous competitive advantage and flexibility for our CO2 network, leveraging our infrastructure footprint in Mississippi. We expect to submit Class VI permits for additional sites at a cadence of about 1 site per quarter over the next several quarters.

上週，我們向美國環保署 (EPA) 提交了 6 份位於密西西比州利奧 (Leo) 站點的 VI 類二氧化碳注入井許可證申請。利奧站點位於我們 NEJD 管道的正下方，這充分體現了我們超過 900 英里長的墨西哥灣沿岸二氧化碳管道網路帶來的巨大優勢。利奧站點是從威好公司 (Weyerhaeuser) 租賃的，它為我們的二氧化碳網路提供了巨大的競爭優勢和靈活性，充分利用了我們在密西西比州的基礎設施。我們預計在未來幾季內，將以大約每季一個站點的速度，為其他站點提交 VI 類許可證申請。

Nik and his team are in extensive discussions and negotiations to provide CCUS services for multiple customers with both Brownfield and Greenfield projects, and my confidence level in reaching our cumulative 30 million metric ton per year target by the end of the year is high. As a reminder, these agreements can be for combined transportation and storage, transportation only, or even the complete chain of capture through storage.

尼克和他的團隊正在與多家客戶進行廣泛的討論和談判，以期為他們的棕地和綠地計畫提供碳捕集、利用與封存（CCUS）服務。我對年底前實現累計每年3000萬噸的目標充滿信心。需要提醒的是，這些協議可以涵蓋運輸和儲存相結合、僅運輸，甚至包括從碳捕集到儲存的完整產業鏈。

With the industry's only dedicated CO2 pipeline network in the Gulf Coast, we remain ideally positioned to service the growing market for CCUS solutions. We believe that Denbury's vast CO2 pipeline network, combined with multiple strategically located dedicated storage sites, and reinforced by over a dozen EOR CO2 injection sites, will provide customers the most efficient, the most diverse and the most reliable CO2 transportation and storage service in the Gulf Coast.

憑藉著業界在墨西哥灣沿岸唯一的專用二氧化碳管道網絡，我們始終處於得天獨厚的優勢，能夠為不斷增長的碳捕集、利用與封存（CCUS）解決方案市場提供服務。我們相信，丹伯里龐大的二氧化碳管道網絡，結合多個戰略位置優越的專用儲存設施，以及十餘個提高採收率（EOR）二氧化碳注入點，將為客戶提供墨西哥灣沿岸最高效、最多樣化、最可靠的二氧化碳運輸和儲存服務。

As I mentioned at the outset, it's a very exciting time here at Denbury. Our EOR business is generating strong cash flow, and we expect to see incremental production from our CCA EOR project this quarter. At the same time, we're making rapid progress on building the industry's leading CO2 transportation and storage network. I can't think of a company better positioned to deliver the energy we all need today while decarbonize in the future.

正如我一開始提到的，丹伯里正處於一個令人振奮的時期。我們的提高採收率（EOR）業務現金流強勁，預計本季我們的碳捕集與封存（CCA）EOR專案將實現產量成長。同時，我們在建設業內領先的二氧化碳運輸和儲存網路方面也取得了快速進展。我認為，沒有一家公司比我們更有優勢，既能滿足當下的能源需求，又能幫助我們實現未來的脫碳目標。

Thanks again for joining us today, and we'll now open the call for your questions.

再次感謝各位今天收看，現在我們開始接受大家的提問。

We will now begin with the Q&A session. Please note that this call is being recorded. (Operator Instructions) Our first question will come from Scott Gruber from Citi.

現在開始問答環節。請注意，本次通話正在錄音。 （操作員提示）我們的第一個問題來自花旗銀行的斯科特·格魯伯。

So I'm going to start on the recent news here that the EPA has signaled its intent to get promising to Louisiana with regard to Class VI well permitting. I think there's a couple of extra steps here to jump through, including a comment here. But do you have a sense for when state officials in Louisiana could start processing permits, and any sense for what a reasonable timeframe could look like to execute the processing of a permit at the state level versus that kind of 2-year expectation at the EPA?

所以，我想先談談最近的新聞，美國環保署（EPA）已經表示有意加快路易斯安那州六類油井的審批流程。我認為這裡還有一些細節需要補充，包括一些評論。您認為路易斯安那州政府官員大概什麼時候可以開始處理許可證申請？在州一級處理許可證的合理時間大概是多久？相較之下，環保署那邊預計需要兩年時間。

Yes, Scott, this is Matt Dahan. And we're really pleased to see the EPA post Louisiana's application on the Federal Register, which actually happened on the 28th subject to public comment, and then Louisiana following up with announcing a June 15 public hearing in Baton Rouge. Public comment stays open until the 26th of June, and then they start the final process and codification of the rulemaking process.

是的，史考特，我是馬特達漢。我們很高興看到美國環保署在聯邦公報上公佈了路易斯安那州的申請，該申請已於28日公佈，並接受公眾評議。隨後，路易斯安那州宣布將於6月15日在巴吞魯日舉行公開聽證會。公眾評議將持續到6月26日，之後將啟動最終的立法程序和規則制定流程。

Our expectation is we may be towards year-end or early 2024 that primacy is officially granted. I think, from a processing standpoint, I would imagine that, as Louisiana gets up to speed, they will be running about the same timeframe initially is what the EPA would. But as time goes on, I think those processes will speed up significantly.

我們預計，路易斯安那州的優先權可能會在年底或2024年初正式授予。從審批流程的角度來看，我認為路易斯安那州在逐步推動審批工作的過程中，初期審批時間可能與美國環保署（EPA）大致相同。但隨著時間的推移，我認為審批流程將會顯著加快。

And Scott, I'd just add to Matt's comment there. I mean we're thrilled to see yet another step that opens the pathway for CCUS to broadly accelerate as it needs to, just with the opportunity set that we see out there, one more step like this is a very positive thing, in our view.

斯科特，我只想補充馬特的評論。我的意思是，我們很高興看到又向前邁出了一步，這為碳捕獲、利用與封存（CCUS）技術的全面加速發展鋪平了道路。鑑於我們所看到的機遇，我們認為，再多踏出這一步是非常積極的。

And then just a question on the permitting process with the EPA. You're now 6 months or so out from the initial submissions last fall. What's been the feedback from the EPA at this juncture? And any updated color as to whether that kind of 2-year time frame is still reasonable, [what it could be]? Just some updated thoughts there would be great.

那麼，關於向美國環保署 (EPA) 提交的許可申請流程，我還有一個問題。距離去年秋季的首次申請已經過去了大約六個月。到目前為止，EPA 的回饋如何？關於兩年的審批時間是否仍然合理，或者可能還需要多久，您有什麼新的進展嗎？希望能得到一些最新的資訊。

This is Nik. Yes, so the EPA has been processing the permits in the same cadence that we expected them to. They showed that they go through the verification of completion at about the same timeframe we expected. We see that they are going through the details at about the speed we expected. So we're still looking at about a 2-year timeframe there.

我是尼克。是的，環保署處理許可證的速度和我們預期的一樣。他們也表示，他們完成核實的時間和我們預期的差不多。我們看到，他們處理細節的速度也和我們預期的差不多。所以，整個流程仍然需要大約兩年的時間。

Yes. And I guess the bottom line there, Scott, is just the engagement from the EPA has been solid. And so we feel good about where we are with the EPA. And to me, that's a good start with the primacy for Louisiana looks like it's coming. That's just that much better.

是的。史考特，我想說的關鍵在於，環保署的配合一直很到位。所以我們對目前與環保署的合作進展感到滿意。對我來說，這是一個好的開端，路易斯安那州獲得優先權似乎指日可待。這真是太好了。

Our next question comes from Nate Pendleton from Stifel.

我們的下一個問題來自 Stifel 公司的 Nate Pendleton。

Congrats on the new site and Class VI Permit submissions. Regarding your port-based leasing success, can you provide some color on the level of competition for sequestration sites in the market? And specifically, how are prices trending for core space? And how should we think about the availability of high-quality pore space along the Gulf Coast?

祝賀新站點啟用和六級許可證申請提交成功。關於您在港口租賃方面的成功，能否介紹一下目前市場上碳封存場地的競爭程度？特別是核心空間的價格走勢如何？我們該如何看待墨西哥灣沿岸優質孔隙空間的供應情況？

Yes. So Nate, this is Nik. I'll take that question. So in terms of competition for pore space, there is high competition for pore space. What Denbury brings is the advantage of being able to talk about the volumes we can bring to that pore space. So when we're in negotiations, there's a series of different variables that the pore space owners are looking for. I would say the main one is the amount of volume we can actually take to the storage site, because that's a big driver of their economic viability for that pore space owner.

是的。內特，我是尼克。我來回答這個問題。就孔隙空間的競爭而言，競爭非常激烈。丹伯里公司的優勢在於我們可以談論我們能為這些孔隙空間帶來的容量。因此，在談判過程中，孔隙空間所有者會考慮一系列不同的因素。我認為最主要的因素是我們實際能運送到儲存地點的容量，因為這對孔隙空間所有者來說，是決定其經濟效益的關鍵因素。

And so Denbury brings a big advantage there. And so that drives our success. We expect to continue to be successful there. You'll see us continue to add to our portfolio of storage sites. When it comes to the variance of pore space charges, it's been pretty steady.

因此，丹伯里在這方面具有巨大優勢，這也推動了我們的成功。我們預計未來將繼續取得成功，並不斷擴大我們的儲存設施組合。至於孔隙空間電荷的變化，一直相當穩定。

And in your release, you mentioned that capital is being deployed to expand current sites. Can you elaborate on the opportunity to expand those sites? And knowing that storage calculations are often conservative using the DOE methodology, as you learn more about a reservoir, do you expect the storage capacity and potentially injectivity estimates to increase?

您在新聞稿中提到，正在投入資金擴建現有油藏。您能否詳細說明擴建這些油藏的機會？考慮到使用美國能源部（DOE）的方法計算儲量通常較為保守，隨著對油藏的了解深入，您預計儲量和潛在的注入能力估算值會增加嗎？

Yes. That's a great point. This is Nik again. Yes. So we are continuing to expand our sites. We do that through additional acquisitions of offset acreage to the site. So if you think about the steps, the first step is to identify the large pore base owner and get a contract with them. And then from there, we continue to add to the continuous acreage that that initial owner is connected to increase the total pore space amount.

是的，你說得很有道理。我是尼克。是的，我們正在持續擴大礦場規模。我們透過收購礦場週邊的土地來實現這一點。具體來說，第一步是找到擁有大量孔隙空間的礦主並與其簽訂合約。然後，我們繼續收購與該礦主相連的連續土地，以增加總孔隙空間。

In regards to your second question around the conservative nature of the evaluation of the storage site, I would say you're accurate in that the upfront science usually puts what I'll call kind of the lower range of the initial pore space that's available along with the availability of injection. So as time goes on, you will probably see an increase in both pore space and injection rates.

關於您提出的第二個問題，即儲層場地評估的保守性，我認為您說得沒錯，前期科學評估通常會給出初始可用孔隙空間和注入量的下限值。因此，隨著時間的推移，孔隙空間和注入速率都可能會增加。

Next question comes from Tim Rezvan from KeyBanc.

下一個問題來自 KeyBanc 的 Tim Rezvan。

I just had a question on sort of the state of the Brownfield market. I know in my discussions with you all in the past, folks have been a little bit frustrated there haven't been more contracts that have gotten over the finish line. A lot of people believe this would be a quicker path to first revenue. So can you just kind of give an update on what you're seeing and maybe why there's a logjam, and how we could think about contracts getting over the finish line this year?

我有個關於棕地改造市場現況的問題。我知道之前跟大家討論的時候，很多人都抱怨最後成交的合約太少了。很多人認為棕地改造是更快獲得首筆收入的途徑。所以，您能否簡單介紹一下您目前觀察到的情況，以及造成這種停滯的原因，並探討一下今年如何才能促成更多合約的最終成交？

Sure. This is Tim, this is Nik. I'll take that question. We're currently engaged, and have been engaged, with many Brownfield projects. I would say it's about half of the portfolio or pipeline of projects we have going through the system right now. I think we've explained it before, as it's like remodeling a house versus building a house, where a lot of the Brownfield developers have to go in and rearrange their process, which takes a bit of extra time to evaluate and to make sure that their economics match up to what they expected as they started the scoping exercises of the project initially.

當然。這位是提姆，這位是尼克。我來回答這個問題。我們目前正在參與，並且一直參與許多棕地改造計畫。我想說，這些項目大約占我們現有項目組合或儲備的一半。我想我們之前解釋過，這就像房屋改造和新建房屋的區別，許多棕地改造開發商需要重新調整他們的流程，這需要額外的時間來評估，並確保他們的經濟效益與他們最初在專案範圍界定階段的預期相符。

I would say that, right now, we've seen a lot of great progress with a lot of Brownfield projects that we've actually been engaged with for multiple years now. So in some cases, we've been engaged for over 2 years. And so we see a lot of those projects coming to completion, hopefully maybe this year, but there's chances that some of these projects take over 3 years to actually get to the finish line, and we're happy to be with our partners that whole time.

我想說，目前我們已經看到許多棕地改造計畫取得了顯著進展，這些計畫我們已經參與多年。有些計畫我們甚至參與了兩年多。因此，我們看到很多項目即將完工，希望今年就能完成，但也有一些項目可能需要三年以上才能最終完成，我們很高興能與合作夥伴攜手共進。

So I guess we'll stay tuned. And then I appreciate the comments on CCA. That was originally going to be my first question, or my second question. But I wanted to ask about the [Dorado] sequestration site. Obviously, it's not going to be connected to an existing pipeline. If that were to develop, can you talk about kind of the cost or the time it would take to sort of build that potential extension to that area?

所以我想我們會繼續關注。另外，我很感謝大家對CCA的評論。這原本是我的第一或第二個問題。但我更想問的是[多拉多]碳匯隔離點。顯然，它不會與現有管道連接。如果真的要開發這個項目，您能否談談建設延伸到該區域的潛在成本或所需時間？

Tim, it's Nik again. Yes, so the Dorado site's great. It is one of the big sites that we wanted to add to our portfolio for many reasons. And some of the things that might not be quite as clear as the positioning on that site is great for our portfolio. The reason is it does a few things for us. One, that extension brings us into new markets, both in capturing emissions, also additional storage sites that could be acquired nearby. It also brings us closer to EOR fields that we can develop. And finally, it adds to kind of the path that we might go on to continuing down Corpus.

提姆，我是尼克。是的，多拉多油田項目很棒。基於許多原因，它是我們一直想納入投資組合的大型油田之一。雖然有些方面可能不太明顯，但它對我們的投資組合來說意義重大。原因在於，它能為我們帶來幾項好處。首先，該項目的延伸將我們帶入了新的市場，包括碳排放捕獲以及附近可能收購的其他儲存設施。其次，它讓我們更接近可以開發的提高採收率（EOR）油田。最後，它為我們繼續向科珀斯克里斯蒂發展奠定了基礎。

With any storage site, the benefits come with adding the total storage that's in our portfolio. In this particular case, the position of the storage site allows us the opportunity to go bidirectionally at a point that has a lot of expected emissions coming in. What that does is it allows us to have a high capacity increase to our total network. So that's kind of the reasoning behind the Dorado site's position and why it's so valuable.

任何儲能站點的優勢都體現在我們整體儲能容量的增加。就此而言，該儲能站點的地理位置使我們能夠在預期排放量較大的區域實現雙向輸電。這使得我們能夠大幅提升整個電網的容量。這就是為什麼多拉多站點選址的原因，也是它如此寶貴的原因。

I'll say from a cost standpoint, it's about 60 miles away, and we'll stick with the $2 million to $4 million a mile expectation and cost. I would say for this site, it's probably on the lower side of costs, so that's the range we're thinking.

從成本角度來看，距離大約60英里，我們還是堅持每英里200萬到400萬美元的預期成本。我認為就這個地點而言，成本可能很低，所以這就是我們考慮的範圍。

And then, Tim, this is Chris. I'll just add to that. Just strategically, when we look at where we are and where we want to be, we love the footprint that we have, but we also think that that backbone really sets us up to extend into some key emissions areas. So moving down towards the Corpus Christi area is a part of that, and this helps us get there.

提姆，我是克里斯。我再補充一點。從策略角度來看，當我們審視自身現況和未來發展方向時，我們非常滿意目前的業務規模，同時也認為這些核心業務為我們拓展到一些關鍵排放區域奠定了堅實的基礎。因此，向科珀斯克里斯蒂地區擴張是其中的一部分，而這（指目前的業務拓展）有助於我們實現這一目標。

And then just the timeline that would take just theoretically, big-picture, to get something like that built and permitted.

然後，從理論上講，從宏觀角度來看，建造和獲得許可像這樣的項目需要多長時間。

So this is Nik again. I'm sorry. Tim, was that another question?

我是尼克，我又來了。抱歉。提姆，你剛才是不是還有個問題？

No, I was just trying to [get big-picture color].

不，我只是想[獲得整體色彩]。

So the thought is it probably takes us a couple of years to get the pipeline permitted and installed. The reality of what will happen is because we can probably move faster than, I'll call it, the need from an emission standpoint. We would line up that investment with the need for the emissions moving down that pipe. So because we can kind of be on a quicker pace, it's going to be really dependent upon when we have emissions coming to line when we actually start construction and finish it out.

所以，我們估計可能需要幾年時間才能獲得管道許可並完成安裝。但實際情況是，我們的推進速度可能比排放需求更快。我們會將投資與管道輸送的排放量需求相匹配。因此，由於我們能夠更快地推進，最終能否按計劃完成建設將取決於排放量何時達到要求。

(Operator Instructions) And our next question will come from Sam Burwell from Jefferies.

（操作說明）接下來的問題將來自傑富瑞集團的薩姆·伯韋爾。

I'll actually steal Tim's line of questioning but apply it to perhaps like a larger scale pipeline. I know you guys have been asked about replacement value for the pipeline system in green in the past. But curious if that $2 million to $4 million per mile rule of thumb would apply for a larger scale long-haul line? And then any sort of commentary you could give about the permitting process, time to plan, anything on it from a timing perspective and really, like, how would that process differ from the process that you guys undertook in the late 2000s when you built Green?

我其實想藉用Tim的問題思路，但把它應用到更大規模的管道項目。我知道你們之前被問過關於Green管線系統重置成本的問題。但我很好奇，每英里200萬到400萬美元的經驗法則是否適用於更大規模的長途管道？另外，你們能否就審批流程、規劃時間等方面談談看法？從時間安排的角度來看，這個流程與你們在2000年代末期建造Green管線時所採用的流程有何不同？

Sam, this is Nik again. So in terms of replicating our network, we believe it will be challenging to do in general. There would be a lot of permits that are very tough to get through that we were able to accomplish 10 years ago-plus, in general. When you think about the replication of that line, the $2 million to $4 million a mile, we believe would be potentially a little bit light in the sense that there are a lot of crossings that we're able to, I guess, not have in our shorter extensions that you would have to go through when traversing the territories that we go across in replicating that line. So we would expect it to be a bit higher than the $2 million to $4 million a mile.

山姆，我是尼克。就複製我們的網路而言，我們認為整體來說會很有挑戰性。很多許可證現在都很難辦到，而這些許可證我們在十年前甚至更久以前都能輕鬆取得。考慮到複製這條線路的成本，我們認為每英里200萬到400萬美元的預算可能略低，因為在複製這條線路時，許多我們較短的延伸線路不需要經過的交叉路口。所以我們預計實際成本會高於每英里200萬到400萬美元。

In terms of permitting, there's a lot of different agencies that come into play depending upon where you're at when you're permitting a pipeline. I'd say that you can think about the short pipelines that we're dealing with when we're connecting either emitters or storage sites as being in the 2-year timeframe in terms of being able to permit and construct. When you're going down a larger multistate connection, there will be a lot longer time line in accomplishing that.

就許可審批而言，根據管道項目所在地區不同，會涉及許多不同的機構。我認為，對於連接排放源或儲槽的短程管道項目，許可審批和建設週期通常可以控制在兩年以內。而如果是跨州的大型管道項目，則需要更長的時間才能完成。

Yes. And Sam, I just think that, along the lines of what Nik said, when we stay in the local and regional level, it's one thing. But as we expand into something that is broader than that, I mean, honestly, we see how that's working across the country even here today. That's part of what makes us feel so good about that framework that we have in place right now.

是的。薩姆，我覺得就像尼克說的那樣，當我們只關注地方和區域層面時，情況是一回事。但當我們擴展到更廣泛的範圍時，說實話，我們看到即使在今天，這種模式在全國各地都行之有效。這正是我們對目前這套框架感到如此滿意的原因之一。

That's really helpful. The follow-up would be sort of on Dorado. What can you comment as to the subsurface there? Is it similar to GCNP? And then, maybe zooming out a little bit, would you comment on how the storage space that's available in Texas might differ from what's available in Louisiana and Mississippi and Alabama?

這真的很有幫助。接下來我想問的是多拉多油田的情況。您能談談那裡的地下狀況嗎？它和大峽谷國家公園（GCNP）類似嗎？另外，從更宏觀的角度來看，您能否談談德州的可用儲存空間與路易斯安那州、密西西比州和阿拉巴馬州的可用儲存空間有何不同？

Yes, this is Nik again. And so the subsurface for Dorado is very much like the pore space that we've acquired on most all of our other sites. It's what we think of as a flat reservoir. It doesn't have a lot of dip to it. The pore space is attached to a saline aquifer, so there hasn't been a lot of well penetrations, which is a very big deal when you're evaluating a storage site because there wasn't oil and gas necessarily development through that particular area. So very promising there.

是的，我是尼克。多拉多油田的地下結構與我們在其他大多數油田發現的孔隙空間非常相似。我們稱之為平坦儲層，傾角很小。此儲層與鹹水含水層相連，因此井眼穿透深度很淺，這在評估儲層位置時至關重要，因為該區域先前並未進行過油氣開發。所以，這裡前景非常光明。

Just in general, the actual storage intervals and the sandstones that we're dealing with in Texas look very much like the Louisiana pore space. The difference between the Louisiana space and the Texas pore space and availability is around the rules of actually owning the pore space. And so, Louisiana, there's a bit more firmness around the surface owners owning the pore space. In Texas, that hasn't necessarily been completed yet. And so, and which way that goes, whether it's minerals in the surface, isn't fully baked quite yet.

總的來說，我們在德克薩斯州遇到的實際儲層和砂岩的孔隙空間與路易斯安那州的非常相似。路易斯安那州和德克薩斯州孔隙空間及其可用性的區別在於孔隙空間的歸屬規則。在路易斯安那州，地表所有者對孔隙空間的歸屬權更加明確。而在德州，這方面尚未完全確定。因此，最終結果如何，例如地表礦物的分佈情況，目前還無法完全確定。

So the way we accommodate that issue is we look for pore space that has both the surface and the mineral owners, and we acquire those sites, which is the case in Dorado.

因此，我們解決這個問題的方法是尋找既有地表又有礦物所有者的孔隙空間，並收購這些地點，多拉多就是這種情況。

Okay. Super quick follow-up on that would be, like, surface and mineral rights being more aligned in Louisiana. Does that make it easier to lease in Louisiana? In general?

好的。關於這一點，我想快速補充一點，路易斯安那州的地表權和礦產權更加一致。這是否意味著在路易斯安那州更容易租賃土地？總體而言是這樣嗎？

I would say that it makes it easier to target large areas to lease because you have a surface owner that doesn't necessarily have to have the mineral owner be the same group to acquire that particular storage site. I will point out that, in general, when Denbury is looking to acquire storage sites, we still want those incentives to be aligned. We want everyone to win in the circumstance. So generally, we look for places where the surface and mineral owner are the same group so that we can acquire and feel good about the storage side and where we're going.

我認為，這種方式更容易瞄準大面積區域進行租賃，因為地表所有者不一定需要與礦產所有者是同一集團才能獲得該特定存儲場地。但我要指出的是，通常情況下，當丹伯里公司尋求收購儲存場地時，我們仍然希望各方利益一致。我們希望所有人都能從中受益。因此，我們通常會尋找地表所有者和礦產所有者是同一集團的場地，這樣我們才能在收購過程中對儲存設施和未來的發展方向感到滿意。

Our next question comes from Charles Meade from Johnson Rice.

下一個問題來自 Johnson Rice 公司的 Charles Meade。

Chris, I want to apologize ahead of time for what may seem like an elementary question about the whole Class VI permit process, but I think this would be helpful for me and probably to a lot of other people listening to this call. Can you give us a little bit more detail and context about how many stratigraphic wells you need to drill in order to support a Class VI permit? And then going back to your prepared comments, I think you said maybe 6 Class VI commits at your Leo location. Did I hear that correctly? And what drives the number of Class VI permits you need?

克里斯，我先為我可能提出的關於六類油氣開採許可流程的基本問題道歉，但我認為這對我自己以及可能對其他收聽此次通話的人都很有幫助。您能否更詳細說明一下，為了取得六類油氣開採許可，需要鑽多少口地層井？另外，回到您之前準備好的發言，我記得您說過在利奧油田可能需要6口六類油氣開採許可。我聽得對嗎？那麼，究竟是什麼因素決定了您需要的六類油氣開採許可數量呢？

I'll ask Nik to take that on as well.

我也會請尼克承擔這份工作。

Charles, it's Nik. Thanks for the questions. And so, when it comes to stratigraphic well tests, generally each storage site that we develop will most likely take one. I will say that they aren't absolutely necessary for the Class VI process. What generally happens during the Class VI process is that you submit your permit, you get the completion verified. You then go to a point where you have this back-and-forth with the EPA or whatever regulatory agency you're dealing with that has questions on the technical evaluation.

查爾斯，我是尼克。謝謝你的提問。關於地層井測試，我們開發的每個儲層場地通常都會進行一次。不過，我想說的是，地層井測試對於六級儲層許可流程並非絕對必要。六級儲層許可流程通常是這樣的：你提交許可證申請，然後進行完工驗證。接下來，你需要與環保署或其他監管機構就技術評估方面的問題進行反覆溝通。

You then get to the point where you have a permit to construct. Once you have permit to construct, you then actually take a drilling rig and go drill the well, that it will be the Class VI well. At that point in time, most groups are taking the core and then sending it off for analysis, which usually takes around 6 months. And so they have to usually have that full analysis done at that point in time that then kind of puts an additional, I'll call it, task in the [Gantt] chart in terms of timing and kind of leads to a little bit of a longer-term process relative to what Denbury is doing.

接下來，你就需要拿到施工許可證。拿到許可證後，你就可以實際操作鑽機去鑽井，這將是一口六級井。此時，大多數團隊會採集岩芯並送去分析，這通常需要大約六個月的時間。因此，他們通常需要在那個階段完成全面的分析，這會在甘特圖中增加一項額外的任務，導致整個流程比丹伯里公司的情況要長一些。

But generally, that's where the core would be taken. At that point in time, you get the information back from the core, and then you have some injection testing you have to do. From that point, as long as everything comes in as you expected, you then get the permit to inject and begin injection.

但通常情況下，岩芯樣本會採集到這裡。屆時，您將獲得岩芯分析結果，然後需要進行一些注入測試。之後，只要一切按預期進行，您就能獲得注入許可並開始注入作業。

In our case, what we're doing is we're speeding up the Class VI permit process by drilling stratigraphic wells early because we can get that permit early. We can get the stratigraphic permit to go drill a well, gather that core and send it to have it analyzed in parallel to those other steps that are taking place at the EPA, and that bypasses the need to potentially have to core and analyze that Class VI well after you have that permit to construct. And I'll pause there to see if there's any questions on that piece before I move to your second question.

就我們而言，我們透過提前鑽探地層井來加快六類井的審批流程，因為我們可以提前獲得地層井許可證。我們可以先獲得地層井許可證，然後鑽井、採集岩芯並將其送去分析，這與環保署正在進行的其他步驟並行進行。這樣就避免了在獲得施工許可證後，可能需要再次鑽探和分析六類井的情況。我先停頓一下，看看大家對這部分內容還有什麼疑問，然後再回答你的第二個問題。

No, that's an excellent explanation. Please continue.

不，這解釋得很好。請繼續。

So when it comes to the Leo side and the 6 Class VI permits that Chris mentioned, what happens during the evaluation of a storage site is you have an area review where you do a very detailed geologic study of the pore space, and then you run reservoir simulation across that pore space to watch how the CO2 will move throughout the system. As you're doing that, you optimally place wells within that pore space to make sure that the pressure and the CO2 traveling through the pore space stays contained within the Area you want.

所以，說到Leo方面以及Chris提到的6個VI類許可證，在評估儲存場地時，首先要進行區域審查，對孔隙空間進行非常詳細的地質研究，然後運行儲層模擬，觀察二氧化碳在整個系統中的運移情況。在此過程中，要優化井位佈置，確保壓力和二氧化碳在孔隙空間的流動被控制在目標區域內。

And so of course, what you want out of any given storage site is a lot of potential rate and a lot of storage availability. So when you see us put in multiple wells in a storage side, that means that we're increasing the total rate that, that storage site can accommodate at this point in time, given the position we have.

當然，對於任何儲氣庫來說，我們都希望它能擁有盡可能高的潛在出氣量和充足的儲氣容量。因此，當我們在一個儲氣庫區域鑽探多口井時，這意味著在現有條件下，我們正在提高該儲氣庫目前所能容納的總出氣量。

So at this point in time, we have 6 wells here that you can think are going to generate somewhere between 500,000 tons per year to 2 million tons per year of injection rate. And so that's just for the current position. As you can imagine, we're continuing to add to that position, which will add to the availability of additional injection as we continue.

所以目前，我們有6口井，預計每年可產生50萬噸至200萬噸的注水量。這只是目前的注水量。正如您所想，我們還在不斷增加註水量，這將持續提升注水能力。

And I guess just fundamentally, Charles, you're going to have a permit for a well. And so Nik's talking about 6 wells, and so we have 6 permits.

查爾斯，我想最根本的問題是，你需要拿到一口井的許可證。尼克說的是6口井，所以我們有6張許可證。

That was a really helpful elaboration. And Chris, perhaps this follow-up might be maybe for you or Matt. You cited that the eventual rate for CCA would be, I think you said between 7.5 and 12,500 barrels a day. And I'm wondering if you can give us some indication on what are going to be the factors that determine where you wind up on that spectrum? And perhaps, given that I guess last quarterly call you talked about seeing CO2 early, and now we're hearing that you're actually going to get EOR volumes early. Does that bias you to one end of that spectrum or the other?

剛才的解釋非常有幫助。克里斯，或許這個後續問題該問你或馬特。你提到CCA的最終產量會在每天7500到12500桶之間。我想請問一下，哪些因素會影響最終產量？另外，考慮到上次季度電話會議你提到會提前使用二氧化碳，而現在我們又聽說你們會提前使用EOR（提高採收率）技術。這是否會影響你們的產量預測？

You bet, Charles. And I'm going to hand it over to David in a moment here to talk in a bit more detail about that. But bottom line, we're excited about what we see. It's also early days. And so there's much to be determined, and you know how business works with some of these floods, and you really need to work the data as it comes in. And so with that, I'll turn it over to David.

當然，查爾斯。我一會兒會把麥克風交給大衛，讓他更詳細地談談這件事。總之，我們對目前的情況感到興奮。不過現在還處於早期階段，還有很多事情要確定。你也知道，在洪水災害後，商業運作往往會受到影響，所以必須根據不斷湧現的數據進行分析。那麼，接下來就交給大衛吧。

Yes. Good question, Charles. Thanks for asking that. So yes, we're really excited about getting this first recycle facility commissioned, got that online, have introduced a few wells into that facility. I would say that this facility is in the heart of where we've seen some of that early CO2 arrival. And correspondingly, we're seeing some indicators that's going to help us to get to that point in the second quarter where we're going to declare some EOR response within that particular recycle facility.

是的，查爾斯，問得好。謝謝你的提問。是的，我們非常高興第一個油氣回收設施已經投入使用，並已向該設施輸送了幾口井。我想說，該設施位於我們早期二氧化碳到達區域的核心。相應地，我們看到了一些跡象，這些跡象將有助於我們在第二季宣布該油氣回收設施的提高採收率（EOR）效果。

We're currently commissioning a second recycle facility that's in near proximity, same field, CHSU. We will bring those wells into that system and get to watch that and make the further assessment. Continuing on that path, we have 2 more recycle facilities coming into CHSU this year towards the back end of the third quarter, so it's going to be later in the year. Once we bring those on, bring wells into those 2 independent systems, we'll get to assess and see if our model, our expectation is on track.

我們目前正在調試第二個油田回收設施，它與CHSU油田相鄰。我們將把這些油井連接到該系統，並對其進行監測和進一步評估。繼續推進，今年第三季末，我們也將在CHSU油田啟用另外兩個油田回收設施，屆時油井將接入該系統。一旦這些設施投入使用，油井接取這​​兩個獨立的系統，我們將評估並驗證我們的模型和預期是否符合實際情況。

Everything that we've seen so far tilts us to it is. It's a solid plan right now, and every data point we're acquiring confirms that. So real happy about that.

目前來看，所有跡像都顯示這個方案是正確的。現在它看來是一個切實可行的計劃，我們收集到的每一項數據都證實了這一點。對此我們感到非常高興。

Those recycle facilities throughout time will be expanded. We'll bring in additional compression. Now, as we move more CO2 through the system, that will expand our production capabilities throughout this area, ultimately targeting that 7,500 to 12,500 barrel a day window. There's going to be some ebbs and flows in that throughout time as our development pace expands and goes a little faster or moderates throughout time. So that's a general range to think about the long-term trajectory of how we're going to produce this particular asset.

隨著時間的推移，這些回收設施將會擴建。我們將引入額外的壓縮設備。隨著更多二氧化碳在系統中循環，我們將擴大該區域的產能，最終目標是日產7500至12500桶。隨著時間的推移，我們的開發速度可能會有所波動，時而加快，時而放緩。以上是我們長期生產該資產發展軌跡的一個大致範圍。

Yes. And Charles, I think, just as we go forward, every quarter, you'll see us update with new data points, as David mentioned, and hopefully be able to tighten what admittedly is a fairly wide range, as you pointed out there. Well, I'm sure you guys are more eager for the data than I am. So I'll look forward to hearing more of that on future calls.

是的。查爾斯，我想，正如大衛所提到的，隨著我們每季的工作進展，我們都會更新新的數據點，希望能夠縮小目前確實比較寬泛的範圍，正如你剛才指出的那樣。我相信你們比我更渴望了解這些數據。所以我期待在以後的電話會議上聽到更多相關資訊。

We're all eager for the data. That's right.

我們都非常渴望得到數據。沒錯。

We can take a question from Brian Velie from Capital One.

我們可以回答來自 Capital One 的 Brian Velie 提出的問題。

All my questions have been answered.

我的所有問題都已得到解答。

And there are no further questions on the line at this time.

目前沒有其他問題需要提問。

This is Brad. Again, I just want to thank everyone for joining us today. Should you have any follow-up over the coming days, please don't hesitate to reach out to Beth or myself, and we look forward to connecting with you all. Thanks again.

我是布拉德。再次感謝大家今天的參與。如果您在接下來的幾天裡有任何後續問題，請隨時聯繫貝絲或我，我們期待與大家保持聯繫。再次感謝。