1Q23 Earnings and Operations Update

Operating 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

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