1Q23 Earnings and Operations Update

2023 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

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