We are advising ExxonMobil on the acquisition

Davis Polk is advising Exxon Mobil Corporation on its acquisition of Denbury Inc. in an all-stock transaction valued at $4.9 billion, or $89.45 per share based on ExxonMobil’s closing price on July 12, 2023. Under the terms of the agreement, Denbury shareholders will receive 0.84 shares of ExxonMobil for each Denbury share. The boards of directors of both companies have unanimously approved the transaction, which is subject to customary regulatory reviews and approvals. The transaction is expected to close in the fourth quarter of 2023.

ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society’s evolving needs. The corporation’s primary businesses – upstream, product solutions and low carbon solutions – provide products that enable modern life, including energy, chemicals, lubricants and lower-emissions technologies and services. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants and chemical companies in the world.

Denbury is an independent energy company with operations and assets focused on carbon capture, utilization and storage (CCS) and enhanced oil recovery (EOR) in the Gulf Coast and Rocky Mountain regions. For over two decades, Denbury has maintained a unique strategic focus on utilizing CO2 in its EOR operations, and since 2012 has also been active in CCS through the injection of captured industrial-sourced CO2.

The Davis Polk corporate team includes partners Louis Goldberg, Oliver Smith and Shanu Bajaj and associate Alex S. Burger. Partner Howard Shelanski is providing antitrust and competition advice. Partner Jennifer S. Conway, counsel Joseph S. Brown and associate Laura S. Lee are providing executive compensation advice. Partner David H. Schnabel is providing tax advice. Members of the Davis Polk team are based in the New York and Washington DC offices.