ExxonMobil Corporation has closed the $4.9bn acquisition of Denbury, a US-based carbon solutions provider.
Darren Woods, CEO and Chairman of ExxonMobil, described the deal as a major step forward in the profitable growth of Exxon’s Low Carbon Solutions business.
Post transaction, ExxonMobil now owns the largest owned and operated carbon dioxide (CO2) pipeline network in the US. The deal added more than 1,300 miles of pipeline, including nearly 925 miles of CO2 pipelines in Louisiana, Texas, and Mississippi.
The acquisition also includes Gulf Coast and Rocky Mountain oil and natural gas operations, consisting of proved reserves totalling more than 200 million barrels of oil equivalent as of year-end 2022, with around 46,000 oil-equivalent barrels per day of current production.
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