ExxonMobil Completed Acquisition of Denbury

SEATTLE (Oil Monster): Exxon Mobil Corporation announced that it has completed the previously announced acquisition of Texas, U.S. - based Denbury, Inc. The acquisition, by way of an all-stock transaction, was valued at $4.9 billion, or $89.45 per share. As per the agreement, Denbury shareholders will receive 0.84 shares of ExxonMobil for every share held by them.

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With this acquisition, ExxonMobil now owns the largest operated CO2 pipeline network in the U.S., adding more than 1,300 miles of Co2 pipelines across Louisiana, Texas and Mississippi. The deal also gives ExxonMobil access to more than 15 strategically located CO2 storage sites onshore.

Also, the acquisition includes Gulf Coast and Rocky Mountain oil and natural gas operations, comprising of proved reserves totaling more than 200 million barrels of oil equivalent as at the end of the previous year. These operations currently produce approximately 46,000 oil-equivalent barrels per day. The addition of these assets will make immediate contribution to the company’s operating cash flow.

Darren Woods, Chairman and CEO, ExxonMobil stated that the transaction is a major step in the profitable growth of the company’s Low Carbon Solutions business.