ExxonMobil Makes Major Move Into Carbon Capture With $4.9 Billion Acquisition ...Middle East

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ExxonMobil Makes Major Move Into Carbon Capture With $4.9 Billion Acquisition
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ExxonMobil (NYSE:XOM) 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 (NYSE:DEN). 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 (NYSE:PXD) had not materialized (discussed in an OilPrice article here), so XOM moved to their next priority. Denbury will be folded into XOM’s existing Low Carbon Solutions business and provide some…

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