The acquisition opens up multiple revenue streams for ExxonMobil, from federal tax credits to upfront fees from emitters, and is expected to be particularly profitable as the market for carbon sequestration grows.
- Jul 19, 2023, 6:00 PM CDT
ExxonMobil made a splash in the Carbon Capture and Underground Storage-CCUS business last week with news of its $4.9 bn acquisition of Denbury Resources . XOM had $32 bn kicking around on its balance sheet, and it was itching to put some of this cash to work. The much-rumored tie-up between XOM and Pioneer Natural Resources had not materialized , so XOM moved to their next priority.
With this infrastructure already in place, XOM side-steps one of the more contentious and divisive elements of the energy transmission conundrum-pipeline building. An article in the“By snapping up Denbury, Exxon will inherit 1,300 miles of pipelines used to move carbon dioxide from smokestacks to underground reservoirs, a prized asset as building new infrastructure to transport CO2 has often been met with local opposition.
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