M&A Deal Summary

ExxonMobil Acquires Denbury

On July 13, 2023, ExxonMobil acquired oil/gas exploration company Denbury for 4.9B USD

Acquisition Highlights
  • This is ExxonMobil’s 8th transaction in the Oil/Gas Exploration sector.
  • This is ExxonMobil’s 4th largest (disclosed) transaction.
  • This is ExxonMobil’s 7th transaction in the United States.
  • This is ExxonMobil’s 3rd transaction in Texas.

M&A Deal Summary
Date 2023-07-13
Target Denbury
Sector Oil/Gas Exploration
Buyer(s) ExxonMobil
Deal Type Add-on Acquisition
Deal Value 4.9B USD

Target

Denbury

Plano, Texas, United States
Entrance to Denbury Resources' corporate headquarters in Plano, Texas.
Entrance to Denbury Resources' corporate headquarters in Plano, Texas.
Denbury is an independent energy company with operations and assets focused on Carbon Capture, Utilization, and Storage (“CCS”) and Enhanced Oil Recovery (“EOR”) in the Gulf Coast and Rocky Mountain regions. For over two decades, the Company has maintained a unique strategic focus on utilizing CO2 in its EOR operations and since 2012 has also been active in CCS through the injection of captured industrial-sourced CO2. It currently injects over four million tons of captured industrial-sourced CO2 annually, with an objective to fully offset its Scope 1, 2, and 3 CO2 emissions by 2030, primarily through increasing the amount of captured industrial-sourced CO2 used in its operations. Danbury was incorporated in 2003 and is based in Plano, Texas.

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Buyer(S) 1

Buyer

ExxonMobil

Spring, Texas, United States
Category Company
Founded 1870
Sector Oil/Gas Exploration
Employees62,000
Revenue 334.7B USD (2023)
DESCRIPTION
Entrance to Exxon Mobil's corporate campus in Irving, Texas.
Entrance to Exxon Mobil's corporate campus in Irving, Texas.

ExxonMobil is a global oil and gas exploration company. ExxonMobil's principal business is energy, involving exploration for, and production of, crude oil and natural gas, manufacture of petroleum products and transportation and sale of crude oil, natural gas and petroleum products. ExxonMobil is a major manufacturer and marketer of commodity petrochemicals, including olefins, aromatics, polyethylene and polypropylene plastics and a wide variety of specialty products. Exxon was incorporated in 1870 and is based in Spring, Texas.

DEAL STATS #
Overall 9 of 10
Sector (Oil/Gas Exploration) 8 of 9
Type (Add-on Acquisition) 5 of 5
State (Texas) 3 of 4
Country (United States) 7 of 8
Year (2023) 1 of 2
Size (of disclosed) 4 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-20 Billings Assets

Texas, United States

ExxonMobil Billings Assets is a high-conversion, complex refinery, which processes low-cost Western Canadian and regional Rocky Mountain crude oil grades.

Sell $310M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-11 Pioneer Natural Resources

Irving, Texas, United States

Pioneer Natural Resources is a large independent exploration and production company with a large position in the Permian Basin. Pioneer Natural Resources Company was formed through the 1997 merger of NGP Portfolio Company, MESA Inc., and Parker & Parsley Petroleum Company. Pioneer Natural Resources was founded in 1997 and is based in Irving, Texas.

Buy $64.5B
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