SPRING, Texas — ExxonMobil Corp. has closed its acquisition of Denbury in an allstock transaction valued at $4.9 billion, or $89.45 per share, based on ExxonMobil’s closing price on July 12, 2023.

Under the terms of the agreement, Denbury shareholders would receive 0.84 shares of ExxonMobil for each Denbury share.

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

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 O&G operations, consisting of proved reserves totaling more than 200 million boe as of year-end 2022, with approximately 46k boe/d of current production. These operations provide immediate operating cash flow and optionality for carbon capture operations.

For more information, visit exxonmobil.com.