ExxonMobil Acquires Denbury Valued at €4.5 Billion
ExxonMobil has acquired Denbury, a carbon capture, utilization, and storage (CCUS) and enhanced oil recovery company. The all-stock transaction is valued at €4.5 billion.
The acquisition provides ExxonMobil with the largest owned and operated CO2 pipeline network in the US, with over 2000 km of pipeline and 10 onshore sequestration sites. This will contribute to multiple low-carbon value chains including CCUS and hydrogen, ammonia, and biofuel production.
“The breadth of Denbury’s network, when added to ExxonMobil’s decades of experience and capabilities in CCUS, gives us the opportunity to play an even greater role in a thoughtful energy transition, as we continue to deliver on our commitment to provide the world with the vital energy and products it needs," said Darren Woods, Chairman and CEO of ExxonMobil.
Chris Kendall, Denbury’s President and Chief Executive Officer commented, “This transaction is a compelling opportunity for Denbury to join an admired global energy leader with a low-carbon focus, a robust balance sheet and a leading shareholder return program."
The acquisition also includes Denbury's Gulf Coast and Rocky Mountain oil and natural gas operations, with reserves of over 200 million barrels of oil and 47,000 oil-equivalent barrels per day production. The transaction is expected to close in Q4 2023.
