ExxonMobil completes Denbury acquisition
Published on: Nov 3, 2023
Transaction creates a CO2 pipeline network of over 1,300 miles, the largest owned and operated in the U.S.
Exxon Mobil Corporation announced it has closed its acquisition of Denbury for $4.9 billion, creating the largest owned and operated CO2 pipeline network in the U.S.
The transaction adds over 1,300 miles of CO2 pipelines, including nearly 925 miles in Louisiana, Texas and Mississippi. These locations are key to the company as they represent one of the largest U.S. markets for CO2 emissions.
Moreover, the deal grants access to more than 15 strategically located onshore CO2 storage sites.
“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,” said Darren Woods, Chairman and CEO of ExxonMobil.
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.
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.
