1Q23 Earnings and Operations Update

Oil & 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

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