Oil major Exxon Mobil Corp. is considering acquiring Denbury Inc., Bloomberg News reported on Oct. 10, citing people familiar with the matter.
Shares of Plano, Texas-based energy company Denbury rose 8% on the report.
RELATED:
Exxon Mobil Sells Assets in Favor of Permian, Guyana—So Why Denbury?
Exxon Mobil has expressed preliminary interest in Denbury, but no final decision has been made, the report said, adding the oil major could opt against proceeding with a potential deal.
Denbury was exploring options including a sale, Bloomberg reported in August.
Exxon Mobil declined to comment and Denbury did not immediately respond to Reuters request for comment.
Recommended Reading
IRA Tax Credits Will Drive Higher LNG Exports, EIA Says
2023-03-22 - In its annual outlook, the EIA forecast a scenario in which prevalent use of Inflation Reduction Act (IRA) tax credits will bolster LNG exports.
Sempra Reaches FID on $13 Billion Port Arthur LNG Project, Closes JV
2023-03-21 - Sempra Infrastructure is moving forward on building the first phase of Port Arthur LNG, which is expected to cost around $13 billion and closed a joint venture with ConocoPhillips.
What's Affecting Oil Prices This Week? (March 20, 2023)
2023-03-20 - The price of Brent crude ended the week at $72.97 and the price of WTI ended the week at $66.74 in reaction to the collapse of Silicon Valley Bank (SVB) and concerns about the stability of the financial sector.
Oil Hits Lowest Since 2021 on Banking Fears
2023-03-20 - The slide in oil comes despite the historic deal for Switzerland's UBS to buy Credit Suisse in an attempt to rescue the country's second-biggest bank.
Haynesville, Permian to Lead Natural Gas Production Growth in April
2023-03-20 - Despite recent price volatility, natural gas output from key regions including the Permian and Haynesville is expected to grow from March to April, according to the Energy Information Administration.