The deal builds out Exxon's plan to develop an emerging market that makes money from reducing its own and others' greenhouse gases.
Carbon sequestration is the favored strategy for U.S. oil and gas companies to reduce emissions while continuing to expand oil and gas production.
Last year, Exxon struck its first commercial carbon storage deal with top ammonia maker CF Industries.
The Denbury deal "reflects our determination to profitably grow our low carbon solutions business," Exxon CEO Darren Woods said in a statement.
The all-stock transaction represents a 1.9% premium to Denbury's Tuesday close at 0.84 Exxon shares for each Denbury share.
Persons:
Raymond James, Pavel Molchanov, Denbury, Darren Woods, Sabrina Valle, Arathy, Arunima Kumar, Savio D'Souza, Shilpi Majumdar, Conor Humphries
Organizations:
Denbury, Exxon Mobil Corp, Denbury Inc, Exxon, Linde AG, CF Industries, Carbon Solutions, Thomson
Locations:
HOUSTON, Plano , Texas, U.S, Texas, Alabama, Houston, Bengaluru