Exxon eyes takeover of Plano-based oil and gas company

, an oil-recovery specialist with the largest carbon dioxide pipeline network in the US, according to people familiar with the matter.

Irving-based Exxon has expressed preliminary interest in the company, said the people, who asked not to be identified because the matter isn’t public. They added that no final decision has been made, and Exxon could opt against proceeding with a potential deal.since the Inflation Reduction Act passed in August, providing large tax incentives for burying carbon dioxide.

A representative for Denbury declined to comment to Bloomberg. A representative for Exxon didn’t immediately respond to a request for comment. Denbury rose 6.6% to $98.81 at 12:45 p.m. in New York trading Monday, giving the company a market value of about $4.9 billion.aims to eliminate the oil giant’s operational emissions

by 2050. Denbury’s 1,300 miles of pipelines in the Gulf Coast and Rocky Mountains dedicated to transporting carbon dioxide would give Exxon critical and hard-to-replicate infrastructure that will be essential if its carbon capture push is to be a success..

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Climate bill positions big oil and gas companies to cash inFossil fuel companies won lucrative federal subsidies for carbon capture projects. But these projects often promote more oil and gas extraction. Few years from now, we will be hearing how carbon capture plants are actually just total scams that are a net carbon emitter Always the same…Big Business manages a way to divert government grants and tax breaks into their stockholders’ pockets instead of using for the intended purposes.
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