Exxon will pay almost $5 billion to buy Denbury, a pipeline operator that moves carbon dioxide.
The purchase increases Exxon’s bet that it can make money collecting other companies’ emissions.
There will be a slight premium for Dallas-based Denbury, which was valued at around $4.4 billion.
Denbury emerged from bankruptcy in 2020 and has benefited from the Biden administration’s signature climate bill by expanding its foothold in carbon capture and tapping into billions in government tax credits.
