ExxonMobil acquires Denbury

Exxon Mobil Corporation announced that it has completed the acquisition of Denbury Inc. today in an all-stock transaction worth $4.9 billion, equivalent to $89.45 per share. Denbury shareholders will be issued 0.84 shares of ExxonMobil for each Denbury share as per terms of the agreement, according to a press release by Exxon Mobil Corporation.

ExxonMobil has expanded its infrastructure by over 1,300 miles, incorporating almost 925 miles of CO2 pipelines across Louisiana, Texas, and Mississippi. The company holds access to more than 15 CO2 storage sites. When fully developed, this integrated system can curtail CO2 emissions by over 100 million metric tons annually. The recent acquisition encompasses Gulf Coast and Rocky Mountain oil and natural gas operations, with proven reserves exceeding 200 million barrels of oil equivalent by the end of 2022 said Exxon Mobil Corporation.

“This transaction is a major step forward in the profitable growth of our Low Carbon Solutions business,” said Chairman and CEO Darren Woods, according to Exxon Mobil Corporation. “Our expertise, combined with Denbury’s talent and CO2 pipeline network, expands our low-carbon leadership and best positions us to meet the decarbonization needs of industrial customers while also reducing emissions in our own operations.”

Denbury is a carbon solutions company specializing in Enhanced Oil Recovery (EOR) and Carbon Capture, Utilization, and Storage (CCUS) initiatives in the Rocky Mountain and Gulf Coast regions. It has over two decades of expertise with operations spanning more than 1,300 miles overseeing transportation, injection monitoring over 70 million metric tons of CO2 annually. The company operates the largest CO2 network in the U.S., constituting 20% of the nation's CO2 pipeline infrastructure managing distribution across its EOR assets said Denbury website.