#1Denbury Carbon Solutions for a Sustainable Future NYSE: DEN June 2023#2Cautionary Statements FORWARD-LOOKING INFORMATION 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 (the "Exchange Act"), that involve a number of risks and uncertainties, particularly those regarding: possible or assumed future results of operations, cash flows, production and capital expenditures; goals and predictions as to the Company's future carbon capture, use and storage ("CCUS") activities; and assumptions as to oil markets or general economic conditions. Such forward-looking statements may be or may concern, among other things, the level and volatility of posted or realized oil prices; the adequacy of our liquidity sources to support our future activities; statements or predictions related to the ultimate timing and financial impact of our proposed CCUS arrangements, including the estimated emissions storage capacity of storage sites, predictions of long-term cumulative capital investments in CCUS, the volumes of CO2 emissions we estimate can be transported and stored, along with the timing of receipt of first revenues from storage of CO2; our projected production levels, oil and natural gas revenues or oilfield costs; guidance ranges for various operating statement expenses for 2023: the impact of supply chain issues 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; anticipated 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 or of any future regulation of CO2 pipelines; 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 be affected by various factors discussed below, along with currently unknowable events beyond our control. 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 from current projections are fluctuations in worldwide or U.S. oil prices, especially in light of existing economic or geopolitical events such as the war in Ukraine; widespread inflation in economies across the world; future decisions as to production levels and/or pricing by OPEC; as to our CCUS activities, the successful completion of technical and feasibility evaluations, the raising of funds sufficient to build and operate add-on or new facilities, the pace of finalization of CCUS arrangements; and the receipt of required regulatory approval or classifications; 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, 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 the Company's periodic public reports, other 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 or letters of intent covering various CCUS arrangements. In the case of arrangements covered by term sheets or letters of intent, those arrangements are subject to the negotiation and execution of definitive enforceable agreements. Statement Regarding Non-GAAP Financial Measures: This presentation also contains certain non-GAAP financial measures pertaining to EBITDA estimates (earnings before interest, taxes, depreciation and amortization) for future periods. These projections are not reconciled to any GAAP measure given that no comparable future GAAP measures for these future periods currently exist. Management believes these projections may be helpful to investors in order to assess the Company's future CCUS activities as compared to that of other companies in the industry. These projections should not be considered in isolation, as a substitute for, or more meaningful than GAAP measures of net income (loss), cash flow from operations, or any other measure reported in accordance with GAAP. This presentation also presents information regarding the Company's free cash flows and its discounted estimated future net cash flows before income taxes, or PV-10 Value, of our proved oil and gas reserves, both of which are non-GAAP measures. The presentation contains reconciliations to the most directly comparable GAAP measures, along with a statement (or location of such statement in or attached to the Company's periodic reports) as to why the Company believes such measures are beneficial to investors. Mmtpa: Million metric tons of CO2 per annum Denbury Inc. 2#3DENBURY - A Unique Carbon Solutions Company Strategic Focus Leading in Carbon Capture, Utilization 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 Net Zero by 2030 Through increasing use of captured industrial-sourced CO2 Financial Strength and Flexibility Disciplined capital allocation, ability to organically fund growth Rocky Mountain Region ND MT Gulf Coast Region WY Market capitalization: $4.5 Bn AT A GLANCE YE22 Oil & gas proved reserves: 202 MMBOE 2023E Sales volumes: 46 - 49 MBOE/d 2022 Total CO2 sourced: 14 million metric tons; ~30% industrial 2022 Scope 1, 2 emissions: Net negative 2.5 million metric tons (1) Scope 3 refers to Scope 3 Category 11 (Use of Sold Products) Denbury Inc. TX LA Denbury CO2 pipelines CO2 pipelines owned by others Natural CO2 source Industrial CO2 source Denbury EOR oil fields Denbury - non-EOR oil fields Secured CO2 sequestration sites MS AL 3#4Sustainability - The Nature of Our Business 2022 - transported, injected and stored 4.3 million metric tons of industrial-sourced CO2 Delivered net negative 2.5 million metric tons Scope 1 and Scope 2 CO2e emissions in 2022 • Achieved target of reducing Scope 1 and Scope 2 CO2e emissions by 3% in 2022; tied to compensation Continued outstanding employee and contractor combined total recordable incident rate; 2022 represents 2nd lowest rate in DEN history 2023 ESG and TCFD Reports anticipated to be issued in the coming months Increasingly-negative Scope 1 & 2 CO₂e Emissions Million metric tons CO2e Decreasing Total Recordable Incident Rate Incidents per 200K hours worked 2 2019 2020 2021 2022 1 0 (1) (2) (3) Scope 1 emissions (4) Scope 2 emissions Industrial-sourced CO2 (offsetting Scope 1 & 2 emissions) (5) Net Scope 1 & 2 emissions Note: See details in the Company's latest Corporate Responsibility Reports on the Company website. Denbury Inc. 1.17 0.89 0.88 0.84 0.53 0.40 2017 2018 2019 2020 2021 2022 4#5Denbury's 1Q23 Highlights Financial • Generated $89 MM of cash flows from operations; adjusted cash flows from operations $140 MM(1) • Ended 1Q23 with $68 MM in debt and $672 MM of financial liquidity • Cash operating margins of -$31 per BOE Oil & Gas Operations Carbon Capture, Utilization & Storage (CCUS) • • • • • Delivered sales of 47,655 BOE/d; in line with expectations and 2% higher than 4Q22 Strong volumes from Oyster Bayou A2 Phase 2 development and Tinsley inventory sales Progressed CCA EOR project with first CO2 recycle facility commissioned in March 2023 (second currently ongoing); initial EOR production expected in 2Q23 Executed multiple eFuels agreements; cumulative agreements for future CO2 transportation and/or storage total more than 22 Mmtpa Secured new dedicated CO2 sequestration site in high-emissions Houston corridor of SE Texas (April 2023) Drilled stratigraphic test well in Orion dedicated CO2 sequestration site in Alabama for Class VI permit process Continued success on CCUS strategic priorities; Invested $7 MM into two emerging carbon capture technologies (ION Clean Energy and Aqualung Carbon Capture) (1) Non-GAAP measure. See reconciliation to appropriate GAAP metric on Slide 43. Denbury Inc. 5#62023 Capital Spend and Sales Volume Outlook – On Plan 1Q23 Capital Spend $MM FY 2023 Anticipated Capital~$510 MM (1) $MM - Sales Volumes (1) MBOE/d 2023E Volumes 46 49 MBOE/d - 20 41 CCUS Capital Orion strat test well WY CO2 sequestration site Seismic licensing / other CCA CO2 Capital CO2 recycle facilities CO2 producer conversions Pre-production CO2 175 50 Development Capital Soso Rodessa Phase 2 Webster horizontals CCA Charles horizontal 40 150 €23 9 Guidance as of May 3, 2023. Other Capitalized Items (2) Includes capitalized internal acquisition, CO2 sources and non-CCA pipeline and pre-production tertiary startup costs. Includes pre-production capitalized CO2 estimated at $15MM in 2023 Denbury Inc. 145(3) 47.7 1Q23 FY 2023E 6#72023 Outlook DEN Capital Allocation Priorities 2023E Cash Flow from Operations and Capital Allocation $MM $560 Equity invts.$17 ARO $36 CCUS $150 Oil & Gas $360 ☐ Free Cash Flow @ 2023E Cash Flow (1) 2023E Capital Allocation $75 oil to be utilized for ARO and CCUS equity investments Capital Allocation Priorities 1. Maintain Strong Balance Sheet Ended 1Q23 with $68 MM in debt; $672 MM financial liquidity (cash and available borrowings) 2. Sustain Production / Deliver CCA Continue to invest for modest long-term oil growth through CCA 3. Fund CCUS Development Increased capital spend in 2023 - focus on developing dedicated CO 2 storage portfolio 4. Return Capital to Shareholders when prices are significantly above $75 per Bbl; $100 MM share buyback in 2022 (1) $75/bbl WTI price assumption excluding hedges Denbury Inc. 7#8Oil & Gas Operations - Gulf Coast Region 1Q23 Highlights Oyster Bayou - strong production response from Frio A2 phase 2 development Soso completed Phase 2 Rodessa development, expected response 3Q23 Webster - drilled and commenced production on 4 horizontal wells Asset retirement - proactively plugged & abandoned 34 wells in 1Q23 TX LA • Conroe 1Q23 Statistics Sales volume (BOE/d) 26,524 Webster - CO2 utilized (million metric tons) - % industrial 2.0 14% Hastings Capital expenditures ($MM) 23 YE22 proved reserves (MMBOE) 113 (1) Excludes capitalized internal costs and inventory. Denbury Inc. Oyster Bayou Tinsley Jackson Dome Delhi Heidelberg Soso MS AL NEJD Pipeline Green Pipeline Denbury CO2 pipelines Natural CO2 source Industrial CO2 source Denbury EOR oil fields Denbury non-EOR oil fields - 8#9Soso Field (MS) – Revitalizing Mature Assets ⚫ 2022 Highlights - Phase 1 - Net production up 135% in 2022 - Recompleted 9 vertical oil producers and 4 CO2 injectors into the Rodessa interval to develop a new horizon for CO2 flooding by utilizing existing CO2 infrastructure Net capital spend for Phase 1 ~$13 MM • Future Development - Phase 2 expansion started early 2023 with an additional 6 wells to be recompleted in the Rodessa formation - Additional potential future phases Soso Denbury CO2 pipelines Natural CO2 source Denbury - EOR oil field MS Soso Field Avg. Net Production BOE/d 1,051 1,038 827 Denbury Inc. 497 446 1Q22 2Q22 3Q22 4Q22 1Q23 Rodessa formation: New target flood interval Bailey formation: previous flooded interval 9 11300#10Oyster Bayou Field (TX) - A2 Phase 2 Development TX LA Encouraging Frio A2 Phase 2 Development Response - Converted two existing wells to CO2 injection and drilled one new CO2 injector and two new oil producers Green Pipeline - First injection September 2022 with first oil response January 2023 - Net field production up >400 BOE/d from project response Oyster Bayou Denbury CO2 pipelines Denbury - EOR oil fields Denbury non-EOR oil fields Industrial CO2 source Net capital spend -$10.5 MM Additional Development Opportunities in 2024 / 2025 Denbury Inc. Oyster Bayou Field Avg. Net Production BOE/d 3,832 3,490 3,423 3,417 2Q22 3Q22 4Q22 1Q23 10#11Oil & Gas Operations - Rocky Mountain Region MT Greencore Pipeline Cedar Creek Anticline (CCA) Bell Creek 0000 CCA Pipeline ND 1Q23 Highlights CCA (Cabin Creek) - waterflood pilot development in the Charles formation (2 new drill production wells and 1 injection well) CCA EOR development - construction of 4 CO2 recycle facilities; downhole producer conversions for CO2 operations Wind River Basin - continued strong production response in Beaver Creek from Madison E/F development and reservoir management optimization Beaver Creek Denbury Inc. Grieve Salt Creek WY Denbury CO2 pipelines CO2 pipelines owned by others Industrial CO2 source Denbury - EOR oil fields Denbury Sales volume (BOE/d) 21,132 1Q23 Statistics CO2 utilized (million metric tons) - % industrial Capital expenditures ($MM) YE22 proved reserves (MMBOE) 0.9 100% (1) 65 89 non-EOR oil fields (1) Excludes capitalized internal costs and inventory. 11#12Wind River (WY) - Significant Value Increase Post Acquisition Beaver Creek Big Sand Draw Denbury CO2 pipelines CO2 pipelines owned by others Industrial CO2 source Denbury EOR oil fields WY ◇ Denbury - non-EOR oil fields ⚫2022 Highlights - Quarterly high production in 1Q23; up 75% from level when acquired in March 2021 - - - Beaver Creek: executed Madison E/F reservoir project - Net capital spend Madison E/F ~$11 MM Big Sand Draw: recompleted downdip wells for additional oil response ⚫ Future Development - Infill drilling at Beaver Creek planned for 2H23 and pilot project in Big Sand Draw targeting incremental oil recovery Wind River Basin Avg. Net Production (1) • Acquired in March 2021 for $20 MM - $12 MM original purchase price plus oil-linked contingency - Two active CO, floods (Big Sand Draw and Beaver Creek) producing 2.6 MBOE/d - 46 miles of CO2 pipeline and other infield CO2 infrastructure Denbury Inc. BOE/d 3,768 3,872 3,149 2,623 2,726 2,375 2,497 2,525 2,203 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 (1) Net production does not include non-tertiary field production 12#13World-class Cedar Creek Anticline EOR Development Largest CO2 Flood in DEN History • Estimated total recoverable resource of >400 MMBbls Est. 5 Billion Bbls OOIP ~175,000 net acres .................. NORTH DAKOTA ΜΟΝΤΑΝΑ 6,750' 7,000' Phase 2 target Phase 1 target 9,000' CCA Formations Charles B. Mission Canyon Lodgepole Interlake Stony Mountain Red River East Lookout Butte Drives Total Company Production Growth in 2024 Peak production from Phase 1 of 7.5 - 12.5 MBbl/d Lowers Operating Costs over Life of Field • Anticipate $10 - 15 LOE/BOE after full field ramp 100% Carbon-negative Development • Net negative Scope 1/2/3 emissions (1) Phase 2 EOR ~100 MMBbl oil CCA CO2 Pipeline (1) Scope 3 refers to Scope 3 Category 11 (Use of Sold Products) Denbury Inc. Phase 1 EOR ~30 MMBbl oil CHSU lateral Cedar Hills South 13#14CCA EOR- Initial Phase 1 Response Expected in 2Q23 1st CO2 Recycle Facility Commissioned in March 2023; Commissioning of 2nd Recycle Facility Underway - - Ongoing construction of 2 additional recycle facilities with commissioning expected to begin late 3Q23; All CO2 recycle facilities to be expanded in 2024 Curtailed slightly more than 500 Bbl/d (1Q23 avg.) awaiting CO2 recycle facilities Expect 2023 exit rate of 2,000 Bbl/d incremental EOR production Denbury Inc. East Lookout Butte MONTANA NORTH DAKOTA CHSU lateral CCA CO2 Pipeline Location of first two CO2 recycle facilities Cedar Hills South Cedar Hills South first recycle facility and CO2 compressor 491 14#15CCUS - A Proven Pathway to Significantly Reduce CO2 Emissions CAPTURE TRANSPORT CCUS is an effective, low-cost solution using proven technology to capture CO2 emissions and either inject them permanently underground or use them in creating various products Denbury Inc. Denbury Owned / Managed Processes STORE/UTILIZE MONITOR / VERIFY ENHANCED OIL RECOVERY (EOR) SEQUESTRATION OTHER USES 15#162023 CCUS Goals Continue to Capture CO2 Emissions Market Secure additional agreements in 2023 from both brownfield and greenfield projects • Cumulative agreements at the end of 2023 to total in excess of 30 Mmtpa • Expand Dedicated Storage Portfolio Plans to secure additional CO2 storage sites in strategic locations; potentially new markets Expand existing sequestration sites with nearby leasing • • Enhance CCUS Partnerships Invest in multiple carbon capture technology companies Continue to assess JV/strategic relationships to expand CCUS opportunities • Advance Class VI Permitting and Ready for Injection Submit Class VI permits on 4 additional dedicated CO2 storage sites ⚫ Drill at least 2 stratigraphic test wells to support Class VI injection Denbury Inc. 16#17Increasing CCUS Scale With IRA and Technology • New technologies and enhanced §45Q levels ($35 $50 to $60 / $85 per tonne) bring post-combustion emissions into economic capture window • Emerging technologies driving down the cost of CO2 capture by up to 40% - - Membrane-based technologies offer lower cost of capture for lower volume levels Industry Capture Cost per Metric Ton $ per tonne 90 Current §45Q 80 70 60 Previous §45Q - Liquid technologies (solvent-based) offer lower cost of capture at higher volumes; benefit from economies of scale 50 40 • DEN equity investments / partnerships with two CO2 capture technology companies Insights into capture technology innovation - Increases potential transportation and storage opportunities Denbury Inc. 30 20 20 10 0 Original §45Q Compression / dehydration Membrane-based solutions Amine / solvent solutions Source: Great Plains Institute, Transport Infrastructure for Carbon Capture and Storage 17#18DEN Investments in Innovative Capture Technologies ION CLEAN ENERGY aqualung Advanced liquid absorption technologies in ICE-21 and ICE-31 Significantly reduced cost structure - At least 95% capture efficiency - Extremely low emissions; low energy requirements - - Faster solvent kinetics Unprecedented solvent stability Target emitters: - Large scale post combustion > 500,000 mtpa Developing modular capture units for smaller scale . Hybrid facilitated transport membrane • Lowest capture costs of membrane technologies · - Patented coating process drives passive CO2 separation resulting in substantial energy savings - Technology utilizes commercially available membrane capacity which materially drives down capital costs Highly compact and fully scalable Target emitters: <100,000 to 500,000+ mtpa - Low CO2 concentration (3.5%) to high (30%+) Denbury Inc. 18#19U.S. Gulf Coast - A World-class CCUS Opportunity • The Gulf Coast has one of the highest concentrations of stationary CO 2 emissions • Advantaged for greenfield projects - · Access to low-cost natural gas feedstock, waterways and deepwater ports, supportive regulatory policy • Expandable CO2 pipeline infrastructure already in place • - DEN has the only dedicated CO2 pipeline network in the Gulf Coast at >900 miles High-quality geology for secure long-term storage of CO2 - Large reservoirs and high injectivity - Approximately 5 trillion tonnes potential storage capacity in the U.S. Gulf Coast Denbury CO2 pipelines Stationary CO2 emissions Saline aquifer CO2 storage capacity low to high ↑ ~240 Mmtpa emissions within 30 miles of DEN Gulf Coast system Source: 2021 EPA Greenhouse Gas Reporting Program data, National Energy Technology Laboratory: 1NATCARB Medium (P50) saline aquifer CO2 storage capacity, Great Plains Institute, Transport Infrastructure for Carbon Capture and Storage Denbury Inc. 19#20Denbury Inc. Power Gen Petrochem Refining 58 U.S. Gulf Coast - Major Source of Existing CO2 Emissions U.S. Gulf Coast Emissions w/in 30 Miles of DEN Pipelines CO2 (Mmtpa) 70 ― Denbury CO2 pipelines Stationary CO₂ emissions Planned Denbury sequestration site Beaumont 26 26 NG Processing N 22 Hydrogen Houston Ship Channel ~65 Mmtpa from 100 sources Avg. distance from DEN 10-15 miles Source: 2021 EPA Greenhouse Gas Reporting Program data 14 11 Ammonia Avg. distance from DEN 10-15 miles Port Arthur Lake Charles LA AL ~60 Mmtpa from TX 75 sources MS Louisiana Industrial Corridor ~75 Mmtpa from 110 sources Avg. distance from DEN 15-20 miles Mobile Bay ~12 Mmtpa from 30 sources Avg. distance from DEN 25-30 miles ~240 Mmtpa within 30 miles of DEN Gulf Coast system; provides unique transportation and storage opportunities 20#21Rocky Mountains - An Emerging CCUS Opportunity • Acquired initial CO2 sequestration ● • site (Corvus) in Wyoming for future storage - 15,000-acre site located directly under - Denbury Greencore CO2 pipeline Estimated potential CO2 storage capacity of 40 million metric tons Nearby emissions primarily from power generation - 9 Mmtpa existing with multiple proposed greenfield projects - DEN signed agreement for Wyoming hydrogen newbuild w/ up to 1 Mmtpa CO2 Future potential CO2 sources include SW Wyoming and Casper Denbury CO2 pipelines Other CO2 pipelines Stationary CO2 emissions Secured sequestration site NE Wyoming ~9 Mmtpa existing from 10 sources ND MT WY Power Gen Petroleum / Natural Gas Corvus site SW Wyoming ~17 Mmtpa existing from 14 sources Power Gen Mining / Mineral Production Chemicals Fertilizer Casper ~6 Mmtpa existing from 6 sources Power Gen Petroleum / Natural Gas Denbury Inc. Source: 2021 EPA Greenhouse Gas Reporting Program data 21#22CCUS Commercial Structures Types of Emissions Agreements % of anticipated DEN volumes Agreements announced (million metric tons per year) Transportation Leverage DEN pipeline system to move CO2 to 3rd party storage 5-10% 4 Transportation & Storage Connect lateral to industrial customer; move CO2 to DEN owned and operated secure storage 80-90% 18.5 Capture, Transportation, Storage Turnkey operation for customers who prefer full-service solution 5-10% Anticipated avg. revenue ($/tonne) Term length (years) Capital intensity Note: Anticipated revenue per agreement subject to pipeline capital costs and §45Q levels. Denbury Inc. $5 15 $15 25 (sequestration) $0 - 10 (EOR) Up to 20 Low 12-20 Medium $85 §45Q (less market-priced fee paid to industrial customer) 12+ (§45Q term) High 22 22#23On Track to Exceed 2023 CO2 Transportation and/or Storage Goal CO2 Emissions Agreements Announced Mmtpa Previously announced emissions New agreements >30 Actively engaged with >55 Mmtpa of brownfield & greenfield CCUS projects to exceed 2023 goal 2 22 20 Current Signed Emissions Agreements by Type % 4% 4% 4% 17% 70% YE2021 YE2022 Current End of Year 2023 Cumulative Goal Note: Other category includes Biofuels and Chemical facilities Denbury Inc. ■ Blue ammonia eFuels ■ Hydrogen ■ Blue methanol ■ Other 23#24Clean Hydrogen Works - Ascension Clean Energy Project • Planned to be one of the largest "Blue Ammonia" complexes in the world - 7.2 million tons per year of ammonia .LA. :TX (2 Blocks) - CO2 offtake volume up to 12 Mmtpa - - 12-year term agreement; Start date 2027 (1st Block) • DEN equity owner in the ACE project with $20 MM investment 80% of Ammonia Offtake Under LOI w/ Large International Buyers Block 1 Timeline H₂ Donaldsonville H₂ Planned Blue ammonia site Denbury pipeline infrastructure Secured sequestration site Stationary CO2 emissions Source: 2021 EPA Greenhouse Gas Reporting Program data 1,700-acre site - West bank of Mississippi River in Donaldsonville Denbury Inc. FEED Study Sign Offtake Agreements Secure Capital Commitment 2024 Final investment decision Final Design & Construction 2027 On Production Plant commission & start up MS. AL 24#25. DEN Competitive Advantage - CO2 Transport • >1,300 miles of existing DEN CO2 pipelines • • (approximately 25% (1) of existing U.S. total) - - Specifically built for purpose of moving CO2 High efficiency and flexibility through supercritical operating pressure (ANSI 900) Transport capacity of current network and future planned expansions ~150 Mmtpa - Capacity expansions of existing pipelines through pump stations and line looping in heavy emissions areas. - Future extensions of major DEN pipelines along Texas Gulf Coast, to New Orleans and SW Alabama Unparalleled redundancy and reliability for industrial customers - Proven reliability over 20+ years of operation; - nearly 100% uptime - CO2 fungibility to balance entire system between multiple emissions sources and offtake locations to EOR / sequestration Note: Picture highlights 2021 installation of CCA CO2 pipeline in Rocky Mountain region (1) Per 2021 National Petroleum Council Report, Meeting the Dual Challenge Denbury Inc. 25#26Current Flow of CO2 Through DEN Gulf Coast Pipeline System Size Distance Pipeline (in) (miles) Single Direction Flow Green 24 320 NEJD Delta 22 20 183 DEN currently moving 10 Mmtpa to EOR / Utilization 24 108 Free State 20 86 West Gwinville 18 51 TX Other Vary 202 Denbury CO2 pipelines Natural CO2 source Industrial CO2 source Green Pipeline current capacity 16 Mmtpa Denbury - EOR production Stationary CO2 emissions Planned Denbury sequestration site Denbury Inc. Houston LA Donaldsonville MS NEJD Pipeline current capacity 11 Mmtpa AL Source: 2021 EPA Greenhouse Gas Reporting Program data 26#27Future Potential - Optimized Network to Maximize CO2 Flows Multi-directional flow DEN capable to move >150 Mmtpa w/ strategically located emissions / sequestration sites Denbury CO2 pipelines Potential future Denbury CO2 pipeline Natural CO2 source Potential future CO2 source Denbury - EOR production Potential future Denbury sequestration site Stationary CO2 emissions Denbury Inc. TX LA Donaldsonville Houston MS AL Source: 2021 EPA Greenhouse Gas Reporting Program data 27#28DEN Competitive Advantage - CO2 Storage • 20+ years of CO2 injection and monitoring through EOR underpins technical leadership - - - Multiple large-scale EOR developments and CO2 pipeline projects Extensive subsurface modeling and monitoring skillsets used in EOR is highly adaptable to CCUS Currently operate >750 CO2 injection wells 7 sequestration sites with ~1.75 B metric tons in U.S. Gulf Coast CO2 storage potential - - Strategically positioned to expand network capacity Recently-added sequestration site in Wyoming under Greencore Pipeline • Submitted Class VI permits on 2 Sites (AL, MS) and anticipate multiple additional submittals in early 2023 Ongoing engagement with EPA Drilled initial stratigraphic test well (AL); anticipate drilling 2-4 more in 2023 (LA, MS, TX) Denbury Inc. 28#29EOR Provides Large-scale CO2 Associated Storage Today • . More than 20 active EOR floods connected to DEN pipeline infrastructure Cedar Creek Anticline EOR began injection in 1H22 (anticipated production response in 2H23) DEN Class II injection for 2021 totaled approximately 70 Mmtpa (recycled volumes and new purchase) DEN EOR has resulted in cumulative associated storage of >225 million metric tons of CO 2 • Over 400 million metric tons of future CO2 utilization potential in our EOR fields Denbury Inc. 29#30The Most Environmentally Friendly Oil on the Planet Petroleum-based fuels remain a significant contributor to the global economy in all IEA scenarios • Blue oil (negative CI score) and Electrofuels (net zero target) are direct drop-in fuels without modifications to infrastructure Carbon-negative Blue oil is Scope 1, 2, 3 (¹) negative Approximately 28% of DEN current production is Blue oil Net Negative CO2 Per Barrel Produced CO2 emissions (metric tons/thousand barrels) +30 Scope 1 Direct development & operations +40 Scope 2 Indirect emissions, utilities & electricity +460 Scope 3 Transportation, refining and combustion of petroleum products -240 Net negative carbon emissions (1) Scope 3 refers to Scope 3 Category 11 (Use of Sold Products) -770 Industrial CO2 Injected Denbury Inc. 30#31Strategic Gulf Coast Dedicated CO2 Storage Acquisition Dorado Sequestration Site in SE Texas - - - - - 30,000-acre site in Matagorda County acquired in 2Q23 Potential CO2 storage capacity of >115 million metric tons Approx. 60 miles from DEN CO2 pipeline infrastructure Plans to submit Class VI permits by end of 2023 Extensive Emissions in Houston Area; Potential to Expand Towards Corpus Christi Denbury CO2 pipelines Potential future Denbury CO2 pipeline New secured sequestration site Denbury EOR oil fields Stationary CO2 emissions TX - - Houston Green Pipeline 65 Mmtpa located 10 - 15 miles from Green Pipeline (power generation, petrochemical, refineries) Previously announced transportation agreement with HIF Global for a planned eFuels project in SE Texas with up to 2 Mmtpa of CO2 Dorado Flexibility to move CO2 multiple directions out of Houston area with high concentration of emissions Denbury Inc. Source: 2021 EPA Greenhouse Gas Reporting Program data 31#32Advancing Premium Gulf Coast CO2 Sequestration Portfolio Denbury CO2 pipelines Secured sequestration site Stationary CO2 emissions LA TX Source: 2021 EPA Greenhouse Gas Reporting Program data no MS ALⓇ Submitted Initial Class VI Permits on Orion (3 permits - Nov. 2022) and Leo (6 permits - Apr. 2023) - Plan to submit additional Class VI permits on at least two additional sites in 2023 Drilled First Stratigraphic Test Well in Orion site - Additional 2-3 stratigraphic test wells planned across portfolio for 2023 (MS, LA, TX) Plans to acquire additional sites in strategic locations near high emission areas Note: DEN elected in June 2023 not to proceed with the Gulf Coast Midstream potential CO2 storage location in SE Texas. Denbury Inc. (1) (2) Aries, Gemini (3) Pegasus (4) Orion (5) Draco (6) Leo (7) Dorado Potential storage capacity 300 500 300 250 275 115 (million metric tons) Distance to DEN 5,10 95 90 25 0 60 pipeline (miles) Acreage 29,000 84,000 75,000 31,000 16,000 30,000 32#33Well Positioned to Deliver on Class VI Development DEN Clear Leader in Class II CO2 Injection >750 CO2 injection wells operating in the U.S. Top of cement required above USDW Class II Well Class VI Well DEN Class II Injection Wells in U.S. Gulf Coast Count(1) 544 Denbury 64 46 Hilcorp Energy 12 11 Petco Energy Tellus Operating Group TMR Exploration (1) Active Class II permits; filing data from RRC, MSOGB, LNDR Denbury Inc. Highly similar construction Class II vs. Class VI injection well Top of cement required to surface Direct pressure monitoring gauge 33#34Example DEN CO2 Sequestration Site Industrial facility Bulk CO2 pipeline CO2 injection well In-field CO2 LA injection lines Com Monitor well Sequestration results in 90% less surface impact than oil & gas operations O&G/EOR Example unit area . Generic 100 - 200 million metric ton site • 20-year injection life @ 5 - 10 Mmtpa • 5-10 injection wells - avg. rate 0.5-1.5 Mmtpa per well Estimated capital $2-4 per tonne - acquisition cost, seismic, wells (injection / monitoring), lateral pipeline, distribution network, abandonment Anticipated operating expense $5 - 9 per tonne surveillance, utilities, repair & maintenance, labor, insurance, pore space payment 5,000' Sequestration zone 12,000' Note: Schematics are for illustrative purposes. All pipelines will be located underground Denbury Inc. 34#35• Projecting Substantial Growth in CCUS Volumes and EBITDA • Initial volumes anticipated in 2025; 50-70 Mmtpa projected 2030 avg. (~50/50 brownfield/greenfield split) Cumulative CCUS capital investments estimated $1.6 - $2 B from 2023 to 2030; - Avg. $200 - 250 MM per year Highest investment period expected 2024 - 2025 Anticipated 30 - 35% spend on pipelines, 65-70% on sequestration sites Ability to organically fund CCUS capital expenditures through 2030 with oil @ $60 WTI CCUS self-funding beginning 2026/2027 Projected Transport & Storage Volumes CO2 (Mmtpa) 80 60 60 40 20 20 Volume ranges EBITDA ranges Estimated Annual EBITDA (1) $MM 1000 800 600 400 200 (1) See "Statement Regarding Non-GAAP Financial Measures" on Slide 2 Denbury Inc. 0 2026 2028 2030 0 35#36Denbury Appendix#3722 Mmtpa Under Existing Transport & Storage Agreements CO2 Emissions Agreements Mmtpa DEN announced contracts equivalent to -50% of current global CO2 capture (1) 7 5 2 2 22 20 19 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Current DEN executed agreements Planned location Industry type CO2 volume (Mmtpa) Expected start date Wyoming hydrogen facility Infinium WY Hydrogen Up to 1 2024 / 2025 S TX Low carbon fuels 1.5 2025 Gulf Coast biofuels facility S TX Louisiana chemicals facility LA Biofuels Chemical plant Up to 1 2025 0.4 2025 Monarch Energy Development S TX eFuels 0.4 2026 Nutrien SE LA Blue ammonia 1.8 2027 Mitsubishi LA Blue ammonia 1.8 Second half of decade Lake Charles Methanol LA Blue methanol 1 2027 Clean Hydrogen Works SE LA Blue ammonia Up to 12 2027 (initial phase) HIF Global S TX eFuels 2 2027 (1) Global carbon capture of 43 million metric tons in 2021 per IEA World Energy Outlook 2022 Denbury Inc. 37#382023 Annual Guidance - as of May 3, 2023 1Q Actuals $100 Forward Commentary 2Q anticipated consistent with 1Q Oil & Gas development capital ($MM) OCCUS capital ($MM) 2023 Guidance $350 - $370 $140 - $160 $20 Sales volumes (MBOE/d) 46-49 47.7 2Q expected higher than 1Q 2Q planned consistent with 1Q - CCA anticipated higher; offsets Delhi and Tinsley Realized oil differentials ($ / Bbl NYMEX) ($0.50) - ($1.50) ($1.28) Lease operating expense ($/ BOE) $29.00 $31.00 $30.12 2Q rate expected above 1Q based on seasonal labor/workovers and CCA EOR startup Transportation and marketing expense ($ / BOE) $1.15-$1.35 $1.26 G&A (total) ($MM) $90 - $105 $23 2Q should increase based on employee hires for CCUS Stock compensation ($MM) $22 - $26 $5 DD&A ($/ BOE) $9.75 - $10.25 $9.80 Potentially above the high end of the range driven by 2Q CCA EOR startup 53-55 53.8 Diluted shares (million) Tax provision; % Current (of total taxes) ~25%; 5-10% 24%; 8.3% Denbury Inc. 38#39Commodity Hedge Position - as of May 3, 2023 NYMEX Oil Hedges 2023 2024 1H 2H 1 H 2H Fixed-Price Swaps Volumes Hedged (Bbls/d) 9,500 18,000 5,000 1,000 Swap Price (1) $76.65 $78.51 $75.34 $75.12 Collars Volumes Hedged (Bbls/d) 17,500 9,000 Floor Price (1) $69.71 $68.33 Ceiling Price (¹) $100.42 $100.69 Total Volumes Hedged 27,000 27,000 5,000 1,000 (1) Averages are volume weighted Denbury Inc. 39#40Operating Cost Summary 1Q23 4Q22 1Q22 LOE Cost Type CO2 Costs Correlation with Commodity Price High $20 ($MM) ($/BOE) $4.76 ($MM) ($/BOE) ($MM) ($/BOE) $20 $4.74 $19 $4.53 Power & Fuel High 37 8.57 38 8.91 37 8.76 Labor & Overhead Low 35 8.19 36 8.37 33 7.73 Repairs & Maintenance Moderate 8 00 1.88 6 1.36 6 1.34 Chemicals Moderate 5 1.23 6 1.37 1.16 Workovers High 15 3.55 13 2.89 13 3.08 Other Low 9 1.94 7 1.67 5 1.30 Total LOE Total LOE excluding CO₂ Costs NYMEX Oil Price $129 $30.12 $126 $29.31 $118 $27.90 $109 $25.36 $106 $24.57 $99 $23.37 $76.15 $82.51 $94.54 HH Gas Price $2.79 $6.10 $4.55 Denbury Inc. 40 10#41NYMEX Oil Differential Summary $ per barrel Gulf Coast region Rocky Mountain region 1Q23 4Q22 3Q22 2Q22 1Q22 2022 2021 2020 $(1.29) $(0.40) $0.66 $0.16 $(1.37) $(0.19) $(1.42) $(1.14) $(1.28) 0.56 1.02 0.01 (1.38) (0.02) (1.32) (2.80) Total Company NYMEX Oil Differential $(1.28) $0.03 $0.82 $0.09 $(1.37) $(0.10) $(1.38) $(1.81) Average realized oil price per barrel $74.87 $82.54 $92.77 $108.81 $93.17 $94.29 $66.52 $37.78 (excl. derivative settlements) Average realized oil price per barrel (incl. derivative settlements) $75.36 $73.13 $79.49 $77.63 $70.43 $75.19 $50.46 $43.40 Denbury Inc. 41#42Net Income / Adjusted Net Income Reconciliation Reconciliation of Net Income (GAAP Measure) to Adjusted Net Income (Non-GAAP Measure) (1) In millions (except per share data) Net income (GAAP measure) Noncash fair value gains on commodity derivatives Estimated income taxes on above adjustments to net income and other discrete tax items (2) Adjusted Net Income (non-GAAP measure) (1) Weighted-average shares outstanding Basic Diluted 1Q23 Amount Per Diluted Share $89 $1.66 (21) (0.39) 5 0.09 $73 $1.36 51.5 53.8 (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. Represents the estimated income tax impacts on pre-tax adjustments to net income. (2) Denbury Inc. 42#43Cash 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. 43