DENBURY A Unique Carbon Solutions Company Strategic Focus Rocky Mountain Region ND Leading in Carbon Capture, Utilization and Storage, including Enhanced Oil Recovery MT 20+ years Experience Managing CO2 Safely transporting,…
Sustainability The Nature of Our Business 2022 - transported, injected and stored 4.3 million metric tons of industrial-sourced CO2 Delivered net negative 2.5 million metric tons Scope 1 and Scope 2 CO2e emissions in 2022 Achieved…
Denburys 1Q23 Highlights Generated 89 MM of cash flows from operations; adjusted cash flows from operations 140 MM(1) Financial Ended 1Q23 with 68 MM in debt and 672 MM of financial liquidity Cash operating margins of 31 per BOE…
2023 Capital Spend and Sales Volume Outlook On Plan 1Q23 Capital Spend FY 2023 Anticipated Capital 510 MM(1) Sales Volumes(1) 2023E Volumes MM MM MBOE/d 46 49 MBOE/d CCUS Capital 47.7 Orion strat test well 20 WY CO2 sequestration…
Oil & Gas Operations Rocky Mountain Region Cedar Creek 1Q23 Highlights Anticline (CCA) ND CCA (Cabin Creek) waterflood pilot development in the Charles formation (2 new drill production wells and 1 injection well) MT CCA EOR…
World-class Cedar Creek Anticline EOR Development Largest CO2 Flood in DEN History Est. 5 Billion Bbls OOIP 175,000 net acres NORTH DAKOTA MONTANA Estimated total recoverable resource of 400 MMBbls Drives Total Company…
CCA EOR Initial Phase 1 Response Expected in 2Q23 First EOR CO2 Recycle Facility Commissioned in March 2023; Second Began Commissioning April 2023 Ongoing construction of 2 additional recycle facilities; Cedar Hills South commissioning…
Oil & Gas Operations Gulf Coast Region 1Q23 Highlights Tinsley Jackson Dome Oyster Bayou strong production response from Frio A2 phase 2 development Soso completed Phase 2 Rodessa development, expected response 3Q23 Delhi Heidelberg…
Oyster Bayou Field (TX) A2 Phase 2 Development Encouraging Frio A2 Phase 2 Development Response Converted two existing wells to CO2 injection and drilled one new CO2 injector TX LA and two new oil producers First injection September…
Strategic Gulf Coast Dedicated CO2 Storage Acquisition Denbury CO2 pipelines Dorado Sequestration Site in SE Texas Potential future Denbury CO2 pipeline New secured sequestration site 30,000-acre site in Matagorda County acquired in…
Progressing 2.1 B Metric Tons of Gulf Coast CO2 Storage Submitted Initial Class VI Permits on Orion (3 permits Nov. 2022) and Leo (6 permits Apr. 2023) Plan to submit additional Class VI permits on at least two additional sites in 2023…
2023 Annual Guidance as of May 3, 2023 2023 Guidance 1Q Actuals Forward Commentary Oil & Gas development capital (MM) 350 - 370 100 2Q anticipated consistent with 1Q CCUS capital (MM) 140 - 160 20 2Q expected higher than 1Q 2Q…
Appendix 15
Commodity Hedge Position as of May 3, 2023 NYMEX Oil Hedges 2023 2024 1H 2H 1H 2H Fixed-Price Swaps Volumes Hedged (Bbls/d) 9,500 18,000 5,000 1,000 (1) Swap Price 76.65 78.51 75.34 75.12 Collars Volumes Hedged (Bbls/d) 17,500…
Operating Cost Summary 1Q23 4Q22 1Q22 Correlation with LOE Cost Type Commodity Price (MM) (/BOE) (MM) (/BOE) (MM) (/BOE) CO2 Costs High 20 4.76 20 4.74 19 4.53 Power & Fuel High 37 8.57 38 8.91 37 8.76 Labor & Overhead Low 35 8.19…
Net Income / Adjusted Net Income Reconciliation Reconciliation of Net Income (GAAP Measure) to Adjusted Net Income (Non-GAAP Measure)(1) 1Q23 In millions (except per share data) Amount Per Diluted Share Net income (GAAP measure)…
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…
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