Denbury Third Quarter 2021 Results Presentation

3Q21 Earnings Presentation

November 4, 2021

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, 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	1000+ miles	Scope 3	Financial
Carbon
Experience	of CO2	Strength and
Negative
Managing CO2	Pipelines	Flexibility
By 2030
Safely transporting,	Owned and operated,	Through increasing our	Maintain strong
injecting and	strategically located in	financial position,
use of captured
monitoring large-scale	the Gulf Coast and	disciplined capital
industrial-sourced CO2
volumes of CO2	Rocky Mountain areas	allocation

Market Cap: $4.5B	3Q21 Sales Volumes	YE20 Proved O&G Reserves	YE20 Proved CO2 Reserves
Enterprise Value: $4.5B	49,682 BOE/d	143 MMBOE	5.7 Tcf

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3Q21 Highlights

Cash Flow from Operations $104 million; Adjusted Cash Flows From Operations(1) $78 million

105-mile Greencore CO2 Pipeline extension installation ahead of schedule and at or under budget; completion targeted before the end of November 2021

Reduced debt by $52 million, no bank facility borrowings as of end of September 2021

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

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

Commenced joint evaluation with Mitsui E&P USA LLC to assess opportunities to develop

carbon-negative oil assets utilizing anthropogenic CO2

Announced joint development of sequestration site with Gulf Coast Midstream Partners with potential to store up to 400 million metric tons of CO2

1. A non-GAAP measure. See slide 22 as well as press release attached as exhibit 99.1 to the Form 8-K filed November 4, 2021 for additional information indicating why the Company believes this non-GAAP measure is useful to investors.

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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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