1Q23 Earnings and Operations Update
2023 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
ā 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.
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