Published: November 7, 2023 |

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ExxonMobil Corporation has closed its acquisition of Denbury in an all-stock transaction valued at $4.9 billion.

“This transaction is a major step forward in the profitable growth of our low carbon solutions business,” said Chairman and CEO Darren Woods.

“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,” added Woods.

ExxonMobil now has the largest owned and operated CO2 pipeline network in the U.S. — adding more than 1,300 miles, including nearly 925 miles of CO2 pipelines in Louisiana, Texas, and Mississippi — located in one of the largest U.S. markets for CO2 emissions. The company also has access to more than 15 strategically located onshore CO2 storage sites.

The acquisition also includes Gulf Coast and Rocky Mountain oil and natural gas operations, consisting of proved reserves totaling more than 200 million barrels of oil equivalent as of year-end 2022, with approximately 46,000 oil-equivalent barrels per day of current production. These operations provide immediate operating cash flow and optionality for carbon capture operations.

Once fully developed and optimized, the combination of these assets and capabilities has the potential to reduce CO2 emissions by more than 100 million metric tons per year.

ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society’s evolving needs. The corporation’s primary businesses — upstream, product solutions, and low carbon solutions — provide products that enable modern life, including energy, chemicals, lubricants, and lower emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants, and chemical companies in the world. In 2021, ExxonMobil announced scope 1 and 2 greenhouse gas emission-reduction plans for 2030 for operated assets, compared to 2016 levels. The plans are to achieve a 20-30 percent reduction in corporate-wide greenhouse gas intensity; a 40-50 percent reduction in greenhouse gas intensity of upstream operations; a 70-80 percent reduction in corporate-wide methane intensity; and a 60-70 percent reduction in corporate-wide flaring intensity. With advancements in technology and the support of clear and consistent government policies, ExxonMobil aims to achieve net-zero scope 1 and 2 greenhouse gas emissions from its operated assets by 2050.

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