ExxonMobil (XOM) is buying Denbury (DEN) in a $4.9 billion deal aimed at reducing the energy giant'💞s carbon emissions.

The all-stock deal is valued at $89.45 per share based on Exxon's closing price Wednesday, the companies said Thursday. The deal is expected to close in the fourth quarter of 2023.ဣ

Exxon’s 澳洲幸运5官方开奖结果体彩网:acquisition of Plano, Texas-based Denbury is part of its broader strategy to reduce its carbon emissions. The energy giant has set a target to achieve net-zero emissions by 2050, and Denbury's CO2 pipeline network could help Exxon achieve that goal.

Denbury is a developer of carbon capture, utilization, and storage (CCS) solutions and boasts the largest op🙈erated CO2 pipeline in the country, spanning💛 more than 1,300 miles across states including Louisiana, Texas, and Mississippi. 

This isn't the first acquisition Exxon has made in an effort to reach its net-zero goals.

Last year, the oil giant bought a 49.9% stake in Biojet AS, a Norwegian company that is working to convert forestry and other wood-based construction waste into biofuels and biofuel components.

Exxon, along with 10 other companies, has proposed a large-scale carbon capture and storage hub in the Houston industrial area.  Exxon claims that by 2040, the hub will annually capture about 100 million metric tons of CO2 from the area's refineries, chemical plants, and power generation facilities, equaling greenhouse gas emissions from more than 20 million gasoline-powered passenger vehicles.

Exxon shares fell by nearly 2% on Thursday and are trading at $104 per share, while Denbury’s shares fell by about 1.3% and were trading at more than $86 per share.