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Exxon Buys Pipeline Operator, Making Big Bet on Carbon

Collin Eaton writes in The Wall Street Journal about Exxon’s purchase of pipeline operator Denbury.

The C3 Take
  • The $4.4 billion deal will give Exxon 1,300 miles worth of pipeline that it can use to move captured carbon from industrial sources.
  • Exxon has recently signed agreements with a fertilizer company, an industrial gas provider, and steelmaker to move and store carbon starting in 2025.
  • Exxon’s purchase of Denbury could provide investor confidence and legitimacy to the carbon capture industry in the future.

“By snapping up Denbury, Exxon will inherit 1,300 miles of pipelines used to move carbon dioxide from smokestacks to underground reservoirs, a prized asset as building new infrastructure to transport CO2 has often been met with local opposition. Denbury owns more than 900 miles of pipelines on the Gulf Coast running near the region’s manufacturing hubs.”

Read the full article here.

The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.

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