Denbury Publishes 2022 Corporate Responsibility Report

PLANO, Texas–(BUSINESS WIRE)–#blueoil–Denbury Inc. (NYSE: DEN) (“Denbury” or the “Company”) today announced the publication of its seventh Corporate Responsibility Report, disclosing key performance data for the Company’s operations during the 2021 calendar year. The report demonstrates Denbury’s continued dedication to transparency and was prepared based on the recommendations of the Task Force on Climate-Related Financial Disclosures (“TCFD”), in accordance with the Global Reporting Initiative (“GRI”) Standards: Core Option and includes indicators from the Sustainability Accounting Standards Board (“SASB”) Standards.

Noteworthy accomplishments related to Denbury’s corporate responsibility in 2021 include:

• Delivered net negative Scope 1 and Scope 2 carbon dioxide equivalent (“CO₂e”) emissions
• Established a near-term target of reducing Scope 1 and Scope 2 CO₂e emissions by 3% in 2022, and made achievement of this target an element of employee compensation
• Received third-party verification of the negative carbon intensity of the Company’s “Blue Oil” production at the West Hastings and Bell Creek enhanced oil recovery assets
• Transported, injected and stored over 3.7 million metric tons of industrial-sourced CO₂
• Reduced Denbury’s employee and contractor combined total recordable incident rate by 52%, setting a Company record-low level for a fifth consecutive year
• Provided comprehensive training and development programs on safety, leadership, and diversity to field and office employees

Chris Kendall, Denbury’s President and CEO commented, “Our 2022 Corporate Responsibility Report reflects our successes operating a growing, profitable and sustainable company that is dedicated to bettering our employees, our environment and our communities. As Denbury continues to power the energy transition with world-leading carbon solutions, corporate responsibility and sustainability remain critical elements of our overall business strategy. We are proud to have delivered net negative combined Scope 1 and Scope 2 CO₂e emissions for the past five years and remain confident that we will achieve our objective of becoming fully carbon-negative by 2030, including Scope 1, 2, and 3 emissions. Through our Denbury Carbon Solutions business, we intend to significantly accelerate global carbon capture by providing the industry’s most extensive and reliable CO₂ management, transportation and storage service network. We are excited about our achievements to date and remain focused on enhancing our sustainability efforts to drive progress in our pursuit of decarbonizing our world safely and economically.”

Access the 2022 Corporate Responsibility Report under the Sustainability page of our website: www.denbury.com.

ABOUT DENBURY

Denbury is an independent energy company with operations and assets focused on Carbon Capture, Use and Storage (CCUS) and Enhanced Oil Recovery (EOR) in the Gulf Coast and Rocky Mountain regions. For over two decades, the Company has maintained a unique strategic focus on utilizing CO₂ in its EOR operations and since 2012 has also been active in CCUS through the injection of captured industrial-sourced CO₂. The Company currently injects over four million tons of captured industrial-sourced CO₂ annually, with an objective to fully offset its Scope 1, 2, and 3 CO₂ emissions by 2030, primarily through increasing the amount of captured industrial-sourced CO₂ used in its operations. For more information about Denbury, visit www.denbury.com.

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This press release contains forward looking statements that involve risks and uncertainties, including risks and uncertainties detailed in the Company’s filings with the Securities and Exchange Commission, which risks and uncertainties are incorporated by reference as though fully set forth herein. These statements are based on financial and operating assumptions that the Company believes are reasonable based on currently available information; however, management’s assumptions and the Company’s future performance are subject to a wide range of business risks, and there is no assurance that these goals and projections can or will be met. Actual results may vary materially. Any forward-looking statements represent the Company’s estimates only as of today and should not be relied upon as representing its projections as of any future date.

Contacts

DENBURY IR CONTACTS
Brad Whitmarsh, 972.673.2020, brad.whitmarsh@denbury.com
Beth Bierhaus, 972.673.2554, beth.bierhaus@denbury.com