Denbury : February 2022 Corporate Presentation

Company Presentation

February 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 sections entitled "Business and Properties," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," are forward-looking statements, as that term is defined in Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and are statements 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 the recent increases in worldwide oil prices from their COVID-19 coronavirus caused downturn, financial forecasts, 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 nature, timing and economic impacts of proposed carbon capture, use and storage industry arrangements, together with assumptions based on current and projected production levels, oil and gas prices and oilfield costs, the impact of current supply chain and inflationary pressures or expectations on our operations or costs, current or future expectations or estimations of our cash flows or the impact of changes in commodity prices on cash flows, price and availability of advantageous commodity derivative contracts or their predicted downside cash flow protection or cash settlement payments required, 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 laws or outcomes of any pending litigation, prospective legislation, orders or regulations affecting the oil and gas industry or environmental regulations, competition, rates of return, 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-lookinginformation is based upon management's current plans, expectations, estimates, and assumptions that could significantly and adversely affect current plans, anticipated actions, 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 oil prices or in U.S. oil price differentials and consequently in the prices received or demand for our oil produced; geopolitical actions and reactions to recent Russian troop movements surrounding Ukraine; relaxation or removal of oil sanctions against Iran as part of diplomatic negotiations about Iran's nuclear program; decisions as to production levels and/or pricing by OPEC or U.S. producers in future periods; the impact of COVID-19 on oil demand and economic activity levels; whether inflation impacts future expenses; success of our risk management techniques; access to and terms of credit in the commercial banking or other debt markets; fluctuations in the prices of goods and services; 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 and credit markets; general economic conditions; competition; government regulations, including changes in tax or environmental laws or regulations and consequent unexpected delays, as well as the risks and uncertainties inherent in oil and gas drilling and production activities or that are otherwise discussed in this presentation, including, without limitation, the portions referenced above, and the uncertainties set forth from time to time in our other public reports, filings and public statements.

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 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: $3.4B

Enterprise Value: $3.4B

YE21 Proved O&G Reserves

192 MMBOE

2022E Sales Volumes

46-49 MBOE/d

2022E Total CO2 Managed

~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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2021 Highlights

Record-low Total Recordable Incident Rate of 0.4(1); 5th consecutive annual safety improvement

105-mile CCA CO2 Pipeline installation completed ahead of schedule and under budget; CO2 linefill

completed

Reduced debt by $103 million; Cash flows from operations of $317 million exceeded development capital expenditures of $252 million

Acquired Big Sand Draw and Beaver Creek oil fields in WY; EOR fields utilizing 100% industrial-

sourced CO2 and 46-mile CO2 pipeline

Executed term sheet with Mitsubishi for the transport and storage of CO2 captured from

Mitsubishi's proposed U.S. Gulf Coast ammonia plant

Announced initial sequestration site agreement with potential capacity for 400 million metric tons

of CO2, along Texas Gulf Coast

1. Measured as number of incidents divided by man hours (employee and contractor) times 200,000.

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Leading Sustainability

Environment

The only U.S. public company of scale where injecting CO2 into the ground to produce oil is our primary business

Social

We maintain a long-standing commitment to the highest standards for the safety and development of our employees, contractors and local communities

Net Negative Combined Scope 1 and Scope 2 CO2 Emissions

Average of 2018, 2019 and 2020

Combined	1.8 million metric tons
Scope 1 & 2 Emissions
Captured	3.0 million metric tons
Industrial-Source CO2
Net NegativeCO2 Emissions	- 1.2 million metric tons

• Achieved our best Total Recordable Incident Rate (TRIR) in 2021		Total Recordable Incident Rate (TRIR)
1.5
• Executive compensation is explicitly tied to safety, environmental and
1
emissions targets	+
	0.5
• Comprehensive training and development program including safety,
leadership, and diversity training	0
		2016	2017	2018	2019	2020	2021

• Matching employee charitable donations

Governance

Strong corporate governance is essential to fulfilling our obligations to our stakeholders and to operating as a responsible corporate citizen

• 7 out of 8 directors are independent, including Chairman of the Board
• 5 out of 8 directors added since September 2020
• Code of Conduct and Ethics Rated "A" by NYSE Governance Services (Top 1%)
• Sustainability and Governance Committee of the Board with direct oversight of climate change, diversity, equity and inclusion initiatives

Consistent sustainability reporting (2014-2021) in accordance with GRI Standards.

Our most recent Corporate Responsibility Report can be accessed on our website at:

csr.denbury.com

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