diff --git a/source/blender/blenkernel/intern/image_format.cc b/source/blender/blenkernel/intern/image_format.cc
index 82745eff2ce..0a431edfa49 100644
--- a/source/blender/blenkernel/intern/image_format.cc
+++ b/source/blender/blenkernel/intern/image_format.cc
@@ -818,12 +818,51 @@ void BKE_image_format_to_imbuf(ImBuf *ibuf, const ImageFormatData *imf)
   }
 }
 
+static char imtype_best_depth(const ImBuf *ibuf, const char imtype)
+{
+  const char depth_ok = BKE_imtype_valid_depths(imtype);
+
+  if (ibuf->float_buffer.data) {
+    if (depth_ok & R_IMF_CHAN_DEPTH_32) {
+      return R_IMF_CHAN_DEPTH_32;
+    }
+    if (depth_ok & R_IMF_CHAN_DEPTH_24) {
+      return R_IMF_CHAN_DEPTH_24;
+    }
+    if (depth_ok & R_IMF_CHAN_DEPTH_16) {
+      return R_IMF_CHAN_DEPTH_16;
+    }
+    if (depth_ok & R_IMF_CHAN_DEPTH_12) {
+      return R_IMF_CHAN_DEPTH_12;
+    }
+    return R_IMF_CHAN_DEPTH_8;
+  }
+
+  if (depth_ok & R_IMF_CHAN_DEPTH_8) {
+    return R_IMF_CHAN_DEPTH_8;
+  }
+  if (depth_ok & R_IMF_CHAN_DEPTH_12) {
+    return R_IMF_CHAN_DEPTH_12;
+  }
+  if (depth_ok & R_IMF_CHAN_DEPTH_16) {
+    return R_IMF_CHAN_DEPTH_16;
+  }
+  if (depth_ok & R_IMF_CHAN_DEPTH_24) {
+    return R_IMF_CHAN_DEPTH_24;
+  }
+  if (depth_ok & R_IMF_CHAN_DEPTH_32) {
+    return R_IMF_CHAN_DEPTH_32;
+  }
+  return R_IMF_CHAN_DEPTH_8; /* fallback, should not get here */
+}
+
 void BKE_image_format_from_imbuf(ImageFormatData *im_format, const ImBuf *imbuf)
 {
   /* Read from ImBuf after file read. */
   int ftype = imbuf->ftype;
   int custom_flags = imbuf->foptions.flag;
   char quality = imbuf->foptions.quality;
+  bool is_depth_set = false;
 
   BKE_image_format_init(im_format, false);
 
@@ -839,6 +878,7 @@ void BKE_image_format_from_imbuf(ImageFormatData *im_format, const ImBuf *imbuf)
 
     if (custom_flags & PNG_16BIT) {
       im_format->depth = R_IMF_CHAN_DEPTH_16;
+      is_depth_set = true;
     }
 
     im_format->compress = quality;
@@ -853,6 +893,7 @@ void BKE_image_format_from_imbuf(ImageFormatData *im_format, const ImBuf *imbuf)
     im_format->imtype = R_IMF_IMTYPE_TIFF;
     if (custom_flags & TIF_16BIT) {
       im_format->depth = R_IMF_CHAN_DEPTH_16;
+      is_depth_set = true;
     }
     if (custom_flags & TIF_COMPRESS_NONE) {
       im_format->tiff_codec = R_IMF_TIFF_CODEC_NONE;
@@ -871,11 +912,17 @@ void BKE_image_format_from_imbuf(ImageFormatData *im_format, const ImBuf *imbuf)
 #ifdef WITH_OPENEXR
   else if (ftype == IMB_FTYPE_OPENEXR) {
     im_format->imtype = R_IMF_IMTYPE_OPENEXR;
+    char exr_codec = custom_flags & OPENEXR_CODEC_MASK;
     if (custom_flags & OPENEXR_HALF) {
       im_format->depth = R_IMF_CHAN_DEPTH_16;
+      is_depth_set = true;
     }
-    if (custom_flags & OPENEXR_CODEC_MASK) {
-      im_format->exr_codec = R_IMF_EXR_CODEC_ZIP; /* Can't determine compression */
+    else if (exr_codec == R_IMF_EXR_CODEC_B44 || exr_codec == R_IMF_EXR_CODEC_B44A) {
+      /* B44 and B44A are only selectable for half precision images, default to ZIP compression */
+      exr_codec = R_IMF_EXR_CODEC_ZIP;
+    }
+    if (exr_codec < R_IMF_EXR_CODEC_MAX) {
+      im_format->exr_codec = exr_codec;
     }
   }
 #endif
@@ -903,9 +950,11 @@ void BKE_image_format_from_imbuf(ImageFormatData *im_format, const ImBuf *imbuf)
 
     if (custom_flags & JP2_16BIT) {
       im_format->depth = R_IMF_CHAN_DEPTH_16;
+      is_depth_set = true;
     }
     else if (custom_flags & JP2_12BIT) {
       im_format->depth = R_IMF_CHAN_DEPTH_12;
+      is_depth_set = true;
     }
 
     if (custom_flags & JP2_YCC) {
@@ -942,6 +991,11 @@ void BKE_image_format_from_imbuf(ImageFormatData *im_format, const ImBuf *imbuf)
     im_format->quality = quality;
   }
 
+  /* Default depth, accounting for float buffer and format support */
+  if (!is_depth_set) {
+    im_format->depth = imtype_best_depth(imbuf, im_format->imtype);
+  }
+
   /* planes */
   im_format->planes = imbuf->planes;
 }
diff --git a/source/blender/blenkernel/intern/image_save.cc b/source/blender/blenkernel/intern/image_save.cc
index a8b62792431..f3cf9ae9a5a 100644
--- a/source/blender/blenkernel/intern/image_save.cc
+++ b/source/blender/blenkernel/intern/image_save.cc
@@ -42,44 +42,6 @@
 
 using blender::Vector;
 
-static char imtype_best_depth(ImBuf *ibuf, const char imtype)
-{
-  const char depth_ok = BKE_imtype_valid_depths(imtype);
-
-  if (ibuf->float_buffer.data) {
-    if (depth_ok & R_IMF_CHAN_DEPTH_32) {
-      return R_IMF_CHAN_DEPTH_32;
-    }
-    if (depth_ok & R_IMF_CHAN_DEPTH_24) {
-      return R_IMF_CHAN_DEPTH_24;
-    }
-    if (depth_ok & R_IMF_CHAN_DEPTH_16) {
-      return R_IMF_CHAN_DEPTH_16;
-    }
-    if (depth_ok & R_IMF_CHAN_DEPTH_12) {
-      return R_IMF_CHAN_DEPTH_12;
-    }
-    return R_IMF_CHAN_DEPTH_8;
-  }
-
-  if (depth_ok & R_IMF_CHAN_DEPTH_8) {
-    return R_IMF_CHAN_DEPTH_8;
-  }
-  if (depth_ok & R_IMF_CHAN_DEPTH_12) {
-    return R_IMF_CHAN_DEPTH_12;
-  }
-  if (depth_ok & R_IMF_CHAN_DEPTH_16) {
-    return R_IMF_CHAN_DEPTH_16;
-  }
-  if (depth_ok & R_IMF_CHAN_DEPTH_24) {
-    return R_IMF_CHAN_DEPTH_24;
-  }
-  if (depth_ok & R_IMF_CHAN_DEPTH_32) {
-    return R_IMF_CHAN_DEPTH_32;
-  }
-  return R_IMF_CHAN_DEPTH_8; /* fallback, should not get here */
-}
-
 bool BKE_image_save_options_init(ImageSaveOptions *opts,
                                  Main *bmain,
                                  Scene *scene,
@@ -108,13 +70,11 @@ bool BKE_image_save_options_init(ImageSaveOptions *opts,
   ImBuf *ibuf = BKE_image_acquire_ibuf(ima, iuser, &lock);
 
   if (ibuf) {
-    bool is_depth_set = false;
     const char *ima_colorspace = ima->colorspace_settings.name;
 
     if (opts->save_as_render) {
       /* Render/compositor output or user chose to save with render settings. */
       BKE_image_format_init_for_write(&opts->im_format, scene, nullptr);
-      is_depth_set = true;
       if (!BKE_image_is_multiview(ima)) {
         /* In case multiview is disabled,
          * render settings would be invalid for render result in this area. */
@@ -156,11 +116,6 @@ bool BKE_image_save_options_init(ImageSaveOptions *opts,
       opts->im_format.planes = R_IMF_PLANES_RGBA;
     }
 
-    /* depth, account for float buffer and format support */
-    if (is_depth_set == false) {
-      opts->im_format.depth = imtype_best_depth(ibuf, opts->im_format.imtype);
-    }
-
     /* some formats don't use quality so fallback to scenes quality */
     if (opts->im_format.quality == 0) {
       opts->im_format.quality = scene->r.im_format.quality;
diff --git a/source/blender/compositor/cached_resources/intern/cached_image.cc b/source/blender/compositor/cached_resources/intern/cached_image.cc
index 6bfd8152956..bec29638cd7 100644
--- a/source/blender/compositor/cached_resources/intern/cached_image.cc
+++ b/source/blender/compositor/cached_resources/intern/cached_image.cc
@@ -283,7 +283,7 @@ CachedImage::CachedImage(Context &context,
   ImBuf *image_buffer = BKE_image_acquire_ibuf(image, &image_user_for_pass, nullptr);
   ImBuf *linear_image_buffer = compute_linear_buffer(image_buffer);
 
-  const bool use_half_float = linear_image_buffer->flags & IB_halffloat;
+  const bool use_half_float = linear_image_buffer->foptions.flag & OPENEXR_HALF;
   this->result.set_precision(use_half_float ? ResultPrecision::Half : ResultPrecision::Full);
 
   this->result.set_type(get_result_type(render_result, image_user_for_pass, linear_image_buffer));
diff --git a/source/blender/editors/space_image/image_buttons.cc b/source/blender/editors/space_image/image_buttons.cc
index da80e5609fe..4b0c8a7b7f0 100644
--- a/source/blender/editors/space_image/image_buttons.cc
+++ b/source/blender/editors/space_image/image_buttons.cc
@@ -943,7 +943,7 @@ void uiTemplateImage(uiLayout *layout,
           void *lock;
           ImBuf *ibuf = BKE_image_acquire_ibuf(ima, iuser, &lock);
 
-          if (ibuf && ibuf->float_buffer.data && (ibuf->flags & IB_halffloat) == 0) {
+          if (ibuf && ibuf->float_buffer.data && (ibuf->foptions.flag & OPENEXR_HALF) == 0) {
             uiItemR(col, &imaptr, "use_half_precision", UI_ITEM_NONE, std::nullopt, ICON_NONE);
           }
           BKE_image_release_ibuf(ima, ibuf, lock);
diff --git a/source/blender/imbuf/IMB_imbuf_types.hh b/source/blender/imbuf/IMB_imbuf_types.hh
index 50a9508df48..194dc62df5a 100644
--- a/source/blender/imbuf/IMB_imbuf_types.hh
+++ b/source/blender/imbuf/IMB_imbuf_types.hh
@@ -102,7 +102,6 @@ enum eImBufFlags {
   /** ignore alpha on load and substitute it with 1.0f */
   IB_alphamode_ignore = 1 << 15,
   IB_thumbnail = 1 << 16,
-  IB_halffloat = 1 << 18,
 };
 
 /** \} */
diff --git a/source/blender/imbuf/intern/oiio/openimageio_support.cc b/source/blender/imbuf/intern/oiio/openimageio_support.cc
index 0183a4dc0c5..e4970338f62 100644
--- a/source/blender/imbuf/intern/oiio/openimageio_support.cc
+++ b/source/blender/imbuf/intern/oiio/openimageio_support.cc
@@ -203,7 +203,7 @@ static ImBuf *get_oiio_ibuf(ImageInput *in, const ReadContext &ctx, char colorsp
   /* Fill in common ibuf properties. */
   if (ibuf) {
     ibuf->ftype = ctx.file_type;
-    ibuf->flags |= (spec.format == TypeDesc::HALF) ? IB_halffloat : 0;
+    ibuf->foptions.flag |= (spec.format == TypeDesc::HALF) ? OPENEXR_HALF : 0;
 
     set_colorspace_name(colorspace, ctx, spec, is_float);
 
diff --git a/source/blender/imbuf/intern/openexr/openexr_api.cpp b/source/blender/imbuf/intern/openexr/openexr_api.cpp
index 4b5def97379..4e451fe64f2 100644
--- a/source/blender/imbuf/intern/openexr/openexr_api.cpp
+++ b/source/blender/imbuf/intern/openexr/openexr_api.cpp
@@ -466,6 +466,35 @@ static void openexr_header_compression(Header *header, int compression, int qual
   }
 }
 
+static int openexr_header_get_compression(const Header &header)
+{
+  switch (header.compression()) {
+    case NO_COMPRESSION:
+      return R_IMF_EXR_CODEC_NONE;
+    case RLE_COMPRESSION:
+      return R_IMF_EXR_CODEC_RLE;
+    case ZIPS_COMPRESSION:
+      return R_IMF_EXR_CODEC_ZIPS;
+    case ZIP_COMPRESSION:
+      return R_IMF_EXR_CODEC_ZIP;
+    case PIZ_COMPRESSION:
+      return R_IMF_EXR_CODEC_PIZ;
+    case PXR24_COMPRESSION:
+      return R_IMF_EXR_CODEC_PXR24;
+    case B44_COMPRESSION:
+      return R_IMF_EXR_CODEC_B44;
+    case B44A_COMPRESSION:
+      return R_IMF_EXR_CODEC_B44A;
+    case DWAA_COMPRESSION:
+      return R_IMF_EXR_CODEC_DWAA;
+    case DWAB_COMPRESSION:
+      return R_IMF_EXR_CODEC_DWAB;
+    case NUM_COMPRESSION_METHODS:
+      return R_IMF_EXR_CODEC_NONE;
+  }
+  return R_IMF_EXR_CODEC_NONE;
+}
+
 static void openexr_header_metadata(Header *header, ImBuf *ibuf)
 {
   if (ibuf->metadata) {
@@ -2220,7 +2249,8 @@ ImBuf *imb_load_openexr(const uchar *mem, size_t size, int flags, char colorspac
       const bool is_alpha = exr_has_alpha(*file);
 
       ibuf = IMB_allocImBuf(width, height, is_alpha ? 32 : 24, 0);
-      ibuf->flags |= exr_is_half_float(*file) ? IB_halffloat : 0;
+      ibuf->foptions.flag |= exr_is_half_float(*file) ? OPENEXR_HALF : 0;
+      ibuf->foptions.flag |= openexr_header_get_compression(file_header);
 
       if (hasXDensity(file_header)) {
         /* Convert inches to meters. */
diff --git a/source/blender/imbuf/intern/util_gpu.cc b/source/blender/imbuf/intern/util_gpu.cc
index 808918ac6fa..e21310b61b2 100644
--- a/source/blender/imbuf/intern/util_gpu.cc
+++ b/source/blender/imbuf/intern/util_gpu.cc
@@ -59,7 +59,7 @@ static void imb_gpu_get_format(const ImBuf *ibuf,
 
   if (float_rect) {
     /* Float. */
-    const bool use_high_bitdepth = (!(ibuf->flags & IB_halffloat) && high_bitdepth);
+    const bool use_high_bitdepth = (!(ibuf->foptions.flag & OPENEXR_HALF) && high_bitdepth);
     *r_texture_format = is_grayscale ? (use_high_bitdepth ? GPU_R32F : GPU_R16F) :
                                        (use_high_bitdepth ? GPU_RGBA32F : GPU_RGBA16F);
   }