- Jul 19, 2023, 6:00 PM CDT
ExxonMobil 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 . 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 had not materialized , so XOM moved to their next priority.
With this infrastructure already in place, XOM side-steps one of the more contentious and divisive elements of the energy transmission conundrum-pipeline building. An article in the“By snapping up Denbury, Exxon will inherit 1,300 miles of pipelines used to move carbon dioxide from smokestacks to underground reservoirs, a prized asset as building new infrastructure to transport CO2 has often been met with local opposition.