DEN - Denbury: Carbon Solutions Business Ramping Up

• Denbury may be able to generate over $300 million in positive cash flow in 2022 at current strip.
• This is despite over $300 million in estimated hedging losses plus $155 million in investments that won't affect 2022 results.
• It has signed agreements for CO2 transportation storage and utilization covering 5 million tons of CO2 per year, and is aiming to at least double this by the end of 2022.
• Past experience with CO2 and extensive infrastructure should help it carve out a good position in a competitive market.

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