Exxon's $4.9 Billion Acquisition of Denbury

Exxon Mobil has announced its plans to acquire Denbury in an all-stock deal worth $4.9 billion, providing the oil giant with access to the largest carbon dioxide pipeline network in the United States. Denbury specializes in using carbon dioxide to extract oil from old wells, making it an attractive asset for oil majors looking to invest in ESG strategies. Exxon aims to reduce its operational emissions by 2050 and plans to develop technologies such as carbon capture and storage. The deal is expected to close in the fourth quarter and represents a premium of 1.9% to Denbury's last close.