6 November 2023
On November 2nd, 2023, Exxon Mobil Corporation (NYSE: XOM) announced that it has closed its acquisition of Denbury Inc. (NYSE: DEN) in an all-stock 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 will receive 0.84 shares of ExxonMobil for each Denbury share.
ExxonMobil Chairman and CEO Darren Woods said: “This transaction is a major step forward in the profitable growth of our Low Carbon Solutions business. Our expertise, combined with Denbury’s talent and CO2 pipeline network, expands our low-carbon leadership and best positions us to meet the decarbonization needs of industrial customers while also reducing emissions in our own operations.”
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