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