DEN - ExxonMobil Is Considering a Big Splash to Enhance Its Low Carbon Ambitions
Shares of Denbury Resources (NYSE: DEN) rocketed in recent weeks. Shares of the oil company focused on utilizing carbon dioxide have spiked more than 60% from their bottom in late July, fueled by acquisition speculation and higher oil prices.
According to a recent Bloomberg report, oil giant ExxonMobil (NYSE: XOM) is among the interested bidders. Here's a look at why Exxon is exploring an acquisition of Denbury.
Takeover speculation started swirling around Denbury in August when Bloomberg reported it was exploring strategic options, including a possible sale. More recent reports said that Denbury was in talks with a strategic buyer and was working with banking giant JPMorgan on a potential deal. Bloomberg has since reported that Exxon is one of the companies considering a takeover of Denbury.
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ExxonMobil Is Considering a Big Splash to Enhance Its Low Carbon Ambitions