ExxonMobil to buy Denbury in $4.9bn deal

ExxonMobil said on Thursday that it has agreed to buy oil and gas producer Denbury in an all-stock deal valued at $4.9bn, or $89.45 per share.

Under the terms of the agreement, Denbury shareholders will receive 0.84 shares of ExxonMobil for each of their shares.

ExxonMobil chairman and chief executive Darren Woods said: "Acquiring Denbury reflects our determination to profitably grow our Low Carbon Solutions business by serving a range of hard-to-decarbonise industries with a comprehensive carbon capture and sequestration offering.

"The breadth of Denbury’s network, when added to ExxonMobil’s decades of experience and capabilities in CCS, 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."

Denbury has the largest owned and operated CO2 pipeline network in the US at 1,300 miles, including nearly 925 miles of CO2 pipelines in Louisiana, Texas, and Mississippi, located within one of the largest US markets for CO2 emissions, as well as 10 strategically located onshore sequestration sites, Exxon said.