Denbury : August 2022 Corporate Presentation

Company Presentation

August 2022

Cautionary Statements

Forward-LookingStatements: The data and/or statements contained in this presentation that are not historical facts, including, but not limited to, statements found in the section Management's Discussion and Analysis of Financial Condition and Results of Operations, regarding possible or assumed future results of operations, cash flows, production and capital expenditures, and other plans and objectives for the future operations of Denbury, projections or assumptions as to oil markets or general economic conditions and the economics of a carbon capture, use and storage industry ("CCUS"), are 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 statements may be or may concern, among other things, the level and sustainability of recent higher worldwide oil prices; the extent of future oil price volatility; current or future liquidity sources or their adequacy to support our anticipated future activities; statements or predictions related to the ultimate timing and financial impact of our current or proposed carbon capture, use and storage arrangements; our projected production levels, oil and natural gas revenues, oil and gas prices and oilfield costs, the impact of current supply chain and inflation on our results of operations; current or future expectations or estimations of our cash flows or the impact of changes in commodity prices on cash flows; availability, terms and financial statement and cash settlement impact of commodity derivative contracts or their predicted downside cash flow protection; forecasted drilling activity or methods, including the timing and location thereof; estimated timing of commencement of CO2 injections in particular fields or areas, or initial production responses in tertiary flooding projects; other development activities, finding costs, interpretation or prediction of formation details, hydrocarbon reserve quantities and values, CO2 reserves and supply and their availability, potential reserves, barrels or percentages of recoverable original oil in place; the impact of changes or proposed changes in Federal or state tax or environmental laws or regulations; the outcomes of any pending litigation or regulatory proceedings; and overall worldwide or U.S. economic conditions, and other variables surrounding operations and future plans. Such forward-looking statements generally are accompanied by words such as "plan," "estimate," "expect," "predict," "forecast," "to our knowledge," "anticipate," "projected," "preliminary," "should," "assume," "believe," "may" or other words that convey, or are intended to convey, the uncertainty of future events or outcomes. Such forward-looking information is based upon management's current plans, expectations, estimates, and assumptions that could significantly and adversely affect current plans, anticipated outcomes, the timing of such actions and our financial condition and results of operations. 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 to differ materially are fluctuations in worldwide or U.S. oil prices, especially as oil prices are affected by the war in Ukraine, and geopolitical and economic consequences of such war and resulting financial sanctions; decisions as to production levels and/or pricing by OPEC or U.S. producers in future periods; the impact of COVID-19 or other viral outbreaks on economic activity levels and ultimately oil prices; the pace and terms of agreements reached with third parties for the capture, transportation, use and ultimate permanent sequestration of CO2; success of our risk management techniques; the uncertainty of drilling results and reserve estimates; operating hazards and remediation costs; disruption of operations and damages from cybersecurity breaches, or from well incidents, climate events such as hurricanes, tropical storms, floods, forest fires, or other natural occurrences; conditions in the worldwide financial, trade currency and credit markets; the risks and uncertainties inherent in oil and gas drilling and production activities; and the risks and uncertainties set forth from time to time in this or our other public reports, filings and public statements including, without limitation, the Company's most recent Form 10-K.

Statement Regarding CCUS Agreements: References in this presentation to CCUS "Agreements" refers to both executed definitive agreements and executed term sheets covering various CCUS arrangements. These arrangements are subject to technical and feasibility evaluations, and in the case of certain of the CO2 transportation, utilization and storage term sheets, the expansion or building of new industrial facilities in future years.

Statement Regarding CO2 Storage Associated with EOR: Our CO2 EOR operations provide an environmentally responsible method of utilizing CO2 for the primary purpose of oil recovery that also results in the associated underground storage of CO2. Any reference in this presentation to storage of CO2 associated with our EOR operations is not meant to encompass CO2 stored for the primary purpose of carbon sequestration.

Statement Regarding Non-GAAPFinancial Measures: This presentation also contains certain non-GAAP financial measures. Any non-GAAP measure included herein is accompanied by a reconciliation to the most directly comparable U.S. GAAP measure along with a statement (or location of such statement which are exhibits to Company SEC periodic reports) on why the Company believes the measure is beneficial to investors, which statements are included at the end of this presentation.

Note to U.S. Investors: Current SEC rules regarding oil and gas reserves information allow oil and gas companies to disclose in filings with the SEC not only proved reserves, but also probable and possible reserves that meet the SEC's definitions of such terms. We disclose only proved reserves in our filings with the SEC. Denbury's proved reserves as of December 31, 2020 and December 31, 2021 were estimated by DeGolyer and MacNaughton, an independent petroleum engineering firm. In this presentation, we may make reference to probable and possible reserves, some of which have been estimated by our independent engineers and some of which have been estimated by Denbury's internal staff of engineers. In this presentation, we also may refer to one or more of estimates of original oil in place, resource or reserves "potential," barrels recoverable, "risked" and "unrisked" resource potential, estimated ultimate recovery (EUR) or other descriptions of volumes potentially recoverable, which in addition to reserves generally classifiable as probable and possible (2P and 3P reserves), include estimates of resources that do not rise to the standards for possible reserves, and which SEC guidelines strictly prohibit us from including in filings with the SEC. These estimates, as well as the estimates of probable and possible reserves, are by their nature more speculative than estimates of proved reserves and are subject to greater uncertainties, and accordingly the likelihood of recovering those reserves is subject to substantially greater risk.

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Powering the Energy Transition With World-Leading Carbon Solutions

Strategic Focus

Leading in Carbon Capture, Use and

Storage, including Enhanced Oil Recovery

20+ years Experience Managing CO2

Safely transporting, injecting and monitoring large-scale volumes of CO2

1300+ miles of CO2 Pipelines

Largest owned and operated CO2 pipeline network in the United States

Scope 3 Carbon Negative By 2030

Through increasing our use of captured industrial-sourced CO2

Financial Strength and Flexibility

Maintain strong financial position, disciplined capital allocation

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ROCKY MOUNTAIN REGION

Market Cap: $3.8B

Enterprise Value: $3.8B

YE21 Proved O&G Reserves

192 MMBOE

2022E Sales Volumes

46-49 MBOE/d

2022E Total CO2 Sourced

~14 Mmtpa; 30% Industrial

GULF COAST REGION

Denbury CO2 Pipelines

CO2 Pipelines Owned by Others

Naturally-Occurring CO2 Source

Industrial CO2 Sources

Denbury Owned Fields - Current CO2 Floods

Denbury Owned Fields - Potential CO2 Floods

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Denbury - A Compelling Investment Opportunity

Today

1. Valuable, CO2 EOR-Focused Oil Business

• $3.3 Bn proved value at $75 oil (current market cap $3.8 Bn)(1)
• No debt, free cash flow prioritized to fund moderate EOR growth, CCUS buildout, and ROC
• 192 MMBoe YE21 proved reserves; low base decline
• 97% oil production, peer-leading operating margins

Tomorrow - 2023+

CCA Development Enhances EOR

Business

• CO2 injection ongoing; expect 2H 2023 production response
• >400 MMBbl potential recoverable oil, not yet booked as proved
• Expect production growth with low-cost,margin-accretive barrels
• 100% industrial-sourced CO2 recovers carbon-negative Blue Oil

Future - 2024+

Uniquely Advantaged to Lead in

CCUS

• Leading CO2 infrastructure, 20+ years of experience in CO2 management; transporting and injecting >14 mmtpa
• In negotiations for transport and storage of over 50 mmtpa of CO2
• Significant scale upside with increased 45Q CCUS tax credits

1. DEN estimates. Each incremental $5 oil price change impacts PV10 approximately $400 MM,

A Unique Company Driving Differentiated Value

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Sustainability - The Nature of Our Business

• Transported, injected and stored over 3.7 MM metric tons of industrial CO2 in 2021
• Delivered net negative Scope 1 and Scope 2 CO2e emissions
• • net negative ~2 MM metric tons in 2021
• Established target of reducing Scope 1 and Scope 2 CO2e emissions by 3% in 2022; tied to compensation
• Reduced our employee and contractor combined total recordable incident rate by 52%, setting a company record- low level for a fifth consecutive year

2022 Corporate Responsibility

Report

Prepared based on

recommendations of Task Force on

Climate-related Financial

Disclosures (TCFD), Global

Reporting Initiative (GRI), and indicators from Sustainability Accounting Standards Board (SASB)

Our most recent Corporate Responsibility Report can be accessed at: Denbury.com

Increasingly-negative Scope 1 & 2Continued Reduction in Total Recordable

2	CO2e Emissions	Incident Rate

1

# Incidents per 200K hours worked

Mm Tonnes CO2e

0
(1)	2019	v2020	2021			v
				1.17	0.89
(2)					0.88	0.84
(3)	Scope 1 Emissions							0.40
	Scope 2 Emissions			2017	2018	2019	2020	2021
(4)	Industrial Sourced CO2
Net Scope 1 & 2 Emissions

Note: See details in the Company's latest Corporate Responsibility Reports on the Company website.

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