Oct 11, 2022 - Economy

Denbury could become ExxonMobil's carbon capture key

Illustration of a mason jar with carbon dioxide molecules captured inside.

Illustration: Gabriella Turrisi/Axios

ExxonMobil is considering a takeover offer for Denbury, a Plano, Texas-based oil and gas company with nearly a $5 billion market cap, per Bloomberg.

Why it matters: Denbury owns the country's largest carbon dioxide pipeline network, and thus could be a crown jewel for ExxonMobil's grand carbon capture plans.

  • More from Bloomberg: "If the takeover happens, it would also be the biggest carbon-management investment since the Inflation Reduction Act passed in August, providing large tax incentives for burying carbon dioxide."
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