1Q23 Earnings and Operations Update

2023 Annual Guidance - as of May 3, 2023 1Q Actuals $100 Forward Commentary 2Q anticipated consistent with 1Q Oil & Gas development capital ($MM) OCCUS capital ($MM) 2023 Guidance $350 - $370 $140 - $160 $20 Sales volumes (MBOE/d) 46-49 47.7 2Q expected higher than 1Q 2Q planned consistent with 1Q - CCA anticipated higher; offsets Delhi and Tinsley Realized oil differentials ($ / Bbl NYMEX) ($0.50) - ($1.50) ($1.28) Lease operating expense ($/ BOE) $29.00 $31.00 $30.12 2Q rate expected above 1Q based on seasonal labor/workovers and CCA EOR startup Transportation and marketing expense ($ / BOE) $1.15-$1.35 $1.26 G&A (total) ($MM) $90 - $105 $23 2Q should increase based on employee hires for CCUS Stock compensation ($MM) $22 - $26 $5 DD&A ($/ BOE) $9.75 - $10.25 $9.80 Potentially above the high end of the range driven by 2Q CCA EOR startup 53-55 53.8 Diluted shares (million) Tax provision; % Current (of total taxes) ~25%; 5-10% 24%; 8.3% Denbury Inc. 38

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