ExxonMobil boosts CCS portfolio with $4.9b Denbury deal
Acquisition of Texas-based independent gives oil major largest US CO₂ pipeline network and ten onshore storage sites
ExxonMobil has accelerated its expansion into CCS with a $4.9b deal to acquire US independent energy company Denbury, one of the country’s fastest-growing operators in the carbon management sector. The acquisition, which is expected to close in the fourth quarter, provides ExxonMobil with the largest owned and operated CO₂ pipeline network in the US as well as ten strategically located onshore sequestration sites. The pipeline network includes 952 miles of CO₂ lines in Louisiana, Texas and Mississippi—one of the largest US markets for emissions. “Acquiring Denbury reflects our determination to profitably grow our Low Carbon Solutions business by serving a range of hard-to-decarbonise industr
Also in this section
21 July 2024
Awards experience 20% increase in nominations this year, with submissions from 27 countries
18 July 2024
Platform developed at Scottish university uses advanced simulations and machine learning to find most cost-effective and sustainable combinations of materials for use in carbon capture
18 July 2024
Stockholm Exergi agrees to one of world’s largest deployments of CO₂ liquefication technology to enable transport of emissions captured from biomass power plant
11 July 2024
Watkins will leverage her financial acumen and strategic insight to lead Gulf’s commercial initiatives across media, events, and market intelligence