1Q23 Earnings and Operations Update

Denbury'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

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