Denbury : Goldman Sachs Global Energy and Clean Technology Conference

Goldman Sachs Global Energy and

Clean Technology Conference

January 2022

Cautionary Statements

Forward-LookingStatements: The data and/or statements contained in this presentation that are not historical facts are forward-looking statements, as that term is defined in Section 21E of the Securities Exchange Act of 1934, as amended, 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, 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 aspects of proposed carbon capture, use and storage industry arrangements, or the nature and amounts of any enhancements of Internal Revenue Code Section 45Q credits or payments included in any tax reform passed by both Houston of Congress and signed into law, possible future write-downs of oil and natural gas reserves, 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 operational or other costs, current or future expectations or estimations of our cash flows or the impact of changes in commodity prices on cash flows, borrowing capacity, price and availability of advantageous commodity derivative contracts or their predicted downside cash flow protection or cash settlement payments required, mark-to-market commodity derivative values, forecasted, drilling activity or methods, including the timing and location thereof, the nature of any future asset purchases or sales or the timing or proceeds thereof, estimated timing of commencement of CO2 injections in particular fields or areas, including Cedar Creek Anticline ("CCA"), 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-looking information is based upon management's current plans, expectations, estimates, and assumptions and is subject to a number of risks and uncertainties 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 prices and consequently in the prices received or demand for our oil produced; decisions as to production levels and/or pricing by OPEC+ or production levels by U.S. producers in future periods; 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, including without limitation, the Company's most recent Form 10-K.

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.

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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

1000+ miles of CO2 Pipelines

Owned and operated, strategically located in the Gulf Coast and Rocky Mountain areas

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

3Q21 Sales Volumes

49,682 BOE/d

YE20 Proved O&G Reserves

143 MMBOE

YE20 Proved CO2 Reserves	GULF COAST REGION
5.7 Tcf

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

Fields Owned by Others - CO2 EOR Candidates

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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)
2
•	Executive compensation is explicitly tied to safety targets
1.5

•	+
Comprehensive training and development program including safety,	1
	leadership, and diversity training	0.5
•	Matching employee charitable donations	0
2014	2015	2016	2017	2018	2019	2020

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 independent Chairman of the Board
• 5 out of 8 directors added in connection with or after restructuring
• Code of Conduct and Ethics Rated "A" by NYSE Governance Services (Top 1%)
• Recently formed a Sustainability Committee of the Board of Directors

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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2021 Corporate Responsibility Report

Report Highlights - 2019/2020

• Delivered negative Scope 1 and Scope 2 carbon emissions for each year
• Reduced total Scope 1, Scope 2, and Scope 3 emissions by 12% since 2018
• Annually transported and injected an average of approximately 3 million metric tons of industrial-sourced CO2
• Reduced our employee and contractor combined total recordable incident rate by 28% to a Company record low level
• Board of Directors with 25% female representation and a Sustainability Committee focused on providing oversight on important health and safety, climate change, environmental, social and community strategies and risks

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