With the introduction of carbon capture and storage (CCS) as a means to reduce carbon emissions, a need has arisen for accurate and efficient simulation tools. In this work, we propose a method for dynamic simulations of carbon dioxide using the Span–Wagner reference equation of state. The simulations are based on using the density and internal energy as states, which is a formulation naturally resulting from mass and energy balances. The proposed numerical method uses information about saturation lines to choose between single-phase and two-phase equation systems, and is capable of handling phase transitions. To illustrate the potential of the method, it is applied to simulations of tank depressurization, and to fluid-dynamic simulations of pipe transport.