Topic: How To Invest

Spinoffs & Takeovers Hotline – Friday, July 21, 2023

Article Excerpt

EXXON MOBIL CORP., $103.89, symbol XOM on New York, is one of the world’s largest integrated oil and gas companies. Its operations include oil and gas production, as well as refining and chemical businesses. Its 62,300 employees operate on every continent except Antarctica. On July 13, 2023, Exxon announced that it would acquire Denbury Inc. (symbol DEN on New York) for $4.9 billion in an all-stock transaction. Shareholders will receive 0.84 shares of Exxon for every share held in Denbury. In buying Denbury, Exxon gets access to the largest carbon dioxide pipeline network in the U.S. Denbury’s 1,300 miles of pipelines are used to move carbon dioxide to underground reservoirs. Denbury is also a midsize oil-and-gas producer that injects carbon into aging oil fields to boost output, a practice known as enhanced oil recovery. Denbury’s network is especially valuable as building new infrastructure to transport CO2 has often been met with local opposition. Meanwhile, the Inflation Reduction Act, which U.S. President Biden signed into…

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