1Q23 Earnings and Operations Update
Cash Flows from Operations / Free Cash Flow Reconciliation
Reconciliation of Cash Flows from Operations (GAAP Measure) to Adjusted Cash Flows from Operations
(Non-GAAP Measure) and Free Cash Flow (Non-GAAP Measure) (1)
In millions
Cash flows from operations (GAAP measure)
Net change in assets and liabilities relating to operations
1Q23
$89
51
Adjusted cash flows from operations (non-GAAP measure) (1)
$140
Oil & gas development capital expenditures
CCUS storage sites and related capital expenditures
(100)
(20)
Capitalized interest
(2)
Free cash flow (non-GAAP measure) (1)
$18
NOTE: Free Cash Flow calculation is prior to use of cash for Asset Retirement ($9 MM 1Q) and CCUS equity investments ($7 MM 1Q)
(1) A non-GAAP measure. See press release attached as exhibit 99.1 to the Form 8-K filed May 3, 2023 for additional information indicating why the Company believes this non-GAAP measure is useful for investors.
Denbury Inc.
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