Exxon mulling acquisition of minor oil and gas company

The Big Oil company allegedly has its sights set on oil and gas company Denbury, valued at USD 4.7bn, Bloomberg reports.
Photo: Jessica Rinaldi/Reuters/Ritzau Scanpix
Photo: Jessica Rinaldi/Reuters/Ritzau Scanpix

US supermajor ExxonMobil is eyeing oil and gas company Denbury as a potential acquisition target, reports Bloomberg News citing anonymous sources.

No final decision has been made on such a move, though, the sources say.

Denbury has declined to comment on the information, and Exxon has not replied to requests for comments, writes Bloomberg.

Denbury’s share price rose 0.6% in the wake of the reports, increasing its market cap to USD 4.7bn.

Since August, Denbury has worked with advisors to uncover any potential interest in the company, which went through a bankruptcy in 2020.

On the other hand, Exxon’s share price declines by 1.6% during Monday’s trading.

Exxon projects Q3 earnings near record result

Study shows ”very worrisome” climate disinformation from oil giants

Sign up for our newsletter

Stay ahead of development by receiving our newsletter on the latest sector knowledge.

Newsletter terms

Front page now

Further reading