Denbury is an independent energy company with 191.7 MMBOE of estimated proved oil and natural gas reserves as of December 31, 2021, of which 97% is oil. Our operations are focused in two key operating areas: the Gulf Coast and Rocky Mountain regions. The Company is differentiated by its focus on CO2 EOR and the emerging CCUS industry, supported by the Company’s CO2 EOR technical and operational expertise and its extensive CO2 pipeline infrastructure. The utilization of captured industrial-sourced CO2 in EOR significantly reduces the carbon footprint of the oil that Denbury produces, underpinning the Company’s goal to fully offset its Scope 1, 2, and 3 CO2 emissions within the decade. Currently our properties with proved and producing reserves in the Gulf Coast region are situated in Mississippi, Texas, and Louisiana, and in the Rocky Mountain region are situated in Montana, North Dakota and Wyoming. Our current portfolio of CO2 EOR projects provides us significant oil production and reserve growth potential in the future, assuming crude oil prices are at levels that support the development of those projects.

Denbury is unique among domestic oil and gas companies with its focus aimed at developing significant stranded reserves of American oil from depleted reservoirs through CO2 EOR. In most U.S. oil fields, about 30% to 40% of the original oil in place is recoverable through primary and secondary methods, which can be increased to 50% to 60% with CO2 EOR. While the technology used in CO2 EOR may not be considered new, we apply several concepts learned over the years to improve and increase sweep efficiency within the reservoirs.

We began our CO2 EOR operations in August 1999 when we acquired Little Creek Field, followed by our acquisition of Jackson Dome CO2 reserves and the NEJD Pipeline in 2001. Based upon our success at Little Creek and the ownership of the CO2 reserves, we began to transition our capital spending and acquisition efforts to focus more heavily on CO2 EOR and, over time, transformed our strategy to focus primarily on owning and operating oil fields that are well suited for CO2 EOR projects. Our asset base today almost entirely consists of, or otherwise relates to, oil fields that we are currently flooding with CO2 or plan to flood with CO2 in the future, or assets that produce CO2.

As part of our corporate strategy, we target specific regions where we either have, or believe we can create, a competitive advantage as a result of our ownership or use of CO2 reserves, oil fields and CO2 infrastructure. Our goals include increasing the value of our assets through applying our technical expertise in CO2 tertiary recovery, together with a combination of other exploration, development, exploitation and marketing skills and practices, seeking to expand the use of industrial-sourced CO2 in our tertiary recovery operations, with an ultimate objective of producing oil with a negative carbon footprint, and leveraging our extensive CO2 pipeline assets and CO2 EOR expertise to expand our operations and leadership position in the emerging CCUS industry.

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