Exxon Mobil is considering a takeover of Denbury an oil and gas producer with the largest carbon dioxide pipeline network in the U.S., according to people familiar with the matter.
Exxon Mobil Corp. is considering a takeover of Denbury Inc., an oil and gas producer with the largest carbon dioxide pipeline network in the U.S., according to people familiar with the matter.
Shares of Denbury jumped as much as 12 per cent and traded at US$98.83 at 3:49 p.m. in New York Monday, giving the company a market value of about US$4.9 billion. A Denbury representative declined to comment, while an Exxon representative didn’t immediately respond to a request for comment. If the takeover happens, it would also be the biggest carbon-management investment since the Inflation Reduction Act passed in August, providing large tax incentives for burying carbon dioxide. The legislation increased tax credits for carbon capture 70 per cent to US$85 a ton. Executives including Exxon CEO Darren Woods have praised the act for its financial support for carbon capture, which Morgan Stanley says could be highly profitable in the future.
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