Powering the Energy Transition With World-Leading Carbon Solutions ROCKY MOUNTAIN REGION Strategic Focus Market Cap: 3.8B Leading in Carbon Capture, Use and Enterprise Value: 3.8B Storage, including Enhanced Oil Recovery YE21 Proved…
Denbury A Compelling Investment Opportunity Today A Valuable, CO2 EOR-Focused Oil Tomorrow 2023+ Business CCA Development Enhances EOR Future 2024+ 3.3 Bn proved value at 75 oil Business (current market cap 3.8 Bn)(1) Uniquely…
Sustainability The Nature of Our Business Transported, injected and stored over 3.7 MM metric tons 2022 Corporate Responsibility of industrial CO2 in 2021 Report Delivered net negative Scope 1 and Scope 2 CO2e emissions Prepared…
A Leading Producer of Low-Carbon Oil 25% of Denburys production is Scope 3 carbon negative through the use of industrial-sourced CO2 CO2 Emissions per Barrel of Oil Produced Industrial CO2 Injected 1,700 lbs/Bbl Scope 1+2+3 For…
High Oil Leverage Delivering Leading Cash Margins Cash Operating Margin/BOE(1) Industry-Leading Oil Weighting(4) 22% expansion from 1Q22; 118% from 2Q21 DEN 97% Oil 1Q22 % Oil Production 106.67 91.14 Realized Price 61.31…
2022 Cash Flow Outlook and Capital Allocation Priorities Cash Flow From Operations and Capex Capital Allocation Priorities (MM) Pre-Working Capital 1 Maintain Strong Balance Sheet 620 Estimated Free 50% of estimated FCF No debt at…
Gulf Coast Region 1H22 Highlights 2H22 Activity Soso - positive production Webster - plan to drill multiple response from Rodessa reservoir horizontal producers in the Frio CO2 flood development reservoir Heidelberg - drilled new CO2…
Rocky Mountain Region 1H22 Highlights 2H22 Activity Beaver Creek - positive results from Cedar Creek Anticline - multiple E/F reservoir development with new horizontal wells planned at continued optimization of Wind Cabin Creek in…
World-Class CCA EOR Development on Track Largest potential EOR resource for DEN (400 MMBbl recoverable) utilizing 100% industrial-sourced CO2 Initiated CO2 injection at CCA on February 1, 2022 With over 1,300 miles of CO2 pipelines,…
Cedar Creek Anticline A World Class CO2 EOR Project 400 MMBbl total recovery potential using 100% industrial-sourced CO2 Est. 5 Billion Bbls OOIP 175,000 net acres Estimated Production Profile KEY FACTS Bbls/d Unbooked Resource…
CCA Phase 1 CO2 Injection Commenced Feb 1, 2022 Phase 1 Development Highlights East Lookout Butte Unit 73 water injection wells converted to CO2 75 miles of infield CO2 injection and production flowlines installed in 2021 Utilizing…
Third Party Verified Negative Carbon Intensity Oil Calculated including the emissions of the carbon capture facility and downstream refining Cradle to Grave analysis includes all CO2 emissions associated with the capture facility,…
Proposed 45Q Revisions Significantly Increase CCUS Opportunity Proposed Inflation Reduction Act(1) 45Q Enhancements Global Carbon Capture Required to Meet Goldman Sachs 1.5oC Higher Credit Structure Net Zero by 2050 Scenario Current…
Denbury Carbon Solutions - 2022 Goals Strategic Priorities 2021 2022 Secure Transportation & Executed agreements for 2 MMTPA Cumulative Target for agreements 10 MMTPA of CO2 Storage Agreements Signed new agreements for 5 MMTPA;…
Industry-Leading Gulf Coast CCUS Infrastructure Unmatched, well-established CO2 pipeline system located near major regional emissions CO2 Emissions(1) Jackson Dome CO2 Transport, Storage, and Utilization 2.6 billion tons/year from…
Negotiations to Transport, Store and Utilize 50 MMTPA of CO2 2022 targeting cumulative 10 mmtpa executed agreements 100 mmtpa Current Targeted Market Initial Negotiations TX 22% 50+ mmtpa Initial Negotiations Emissions LA Other…
Denburys CO2 EOR Experience is Ideally Suited for CCUS HSE 5-year consecutive record low safety performance Net negative Scope 1 and 2 emissions Performance Scope 3 negative goal by 2030 70 Mmtpa of CO2 managed across current EOR…
2022 Annual Guidance As of August 4, 2022 Original Guidance based on 70 WTI; Current Outlook reflects recent environment Current Outlook Original Guidance Commentary Oil & Gas Development Capital 360 million 290 - 320 million…
Appendix NYSE:DEN 22
Gulf Coast Region 2022 Development / Activity Plans Tertiary Development East Heidelberg Adding downdip dedicated injection for additional recovery in the Tuscaloosa sands Cranfield Phase 8 Three new CO2 flood patterns including new…
Rocky Mountain Region 2022 Development / Activity Plans Cedar Creek Anticline EOR Development Phase I CO2 injection underway in Cedar Hills South and East Lookout Butte (25 MM capitalized in 2022) Installation of CO2 recycle…
Carbon Capture, Use and Storage (CCUS) Overview CCUS both through CO2 EOR or direct CO2 injection is a proven technology with the potential for safe, long-term, deep underground containment of billions of tons of industrial-sourced CO2…
The CO2 EOR Process CO2 Enhanced Oil Recovery (EOR) can produce nearly as much oil from a reservoir as was produced in either primary or secondary recovery CO2 EOR Process Overview Example Recovery of Original Oil in Place CO2…
Significant CO2 EOR Potential in the U.S. Denbury's assets and pipeline infrastructure are well positioned in key EOR potential basins 2.8 to 6.6 MT ND Billion Barrels Rocky Mountain Region(2) 33-83 Billion Barrels of Technically…
CO2 EOR is a Proven Process CO2 EOR Oil Production by Region(1) Significant CO2 EOR Operators by Region 300 Gulf Coast/Other Gulf Coast Region Mid-Continent Denbury Hilcorp 250 Rocky Mountains Permian Basin Region Permian Basin…
Current Natural and Industrial CO2 Sources Gulf Coast CO2 Supply Rocky Mountain CO2 Supply Jackson Dome LaBarge Area Proved CO2 reserves as of 12/31/20: 4.6 Tcf(1) Estimated field size: 750 square miles Additional probable CO2…
Cash Flows from Operations/Free Cash Flow Reconciliation Reconciliation of Cash Flows from Operations (GAAP Measure) to Adjusted Cash Flows from Operations (Non-GAAP Measure) and Free Cash Flow (Non-GAAP Measure) (1) In millions…
Net Income / Adjusted Net Income Reconciliation Reconciliation of Net Income (GAAP Measure) to Adjusted Net Income (Non-GAAP Measure)(1) 2Q22 Per Diluted In millions, except per-share data Amount Share Net income (GAAP measure) 155…
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