Breakingviews - Exxon’s carbon-capture deal is pale shade of green

unveiled on Thursday provides a financially and strategically judicious way to capture and move carbon dioxide.

The premium Exxon is paying for Denbury, which owns and operates the largest U.S. carbon pipeline network at 1,300 miles, amounts to less than 2%, based on Wednesday’s closing price. The $89.75 a share is also lower than where Denbury was trading before Bloombergof a possible deal in October. Exxon should generate value from the transaction.

While Denbury’s pipelines pass by Exxon’s Gulf Coast refining facilities, enhancing its efforts to produce low-carbon ammonia, the company also pumps carbon dioxide into ageing wells to boost oil production. Denbury says that 28% of it is that produces negative scope 3 emissions. Showcasing an evolving mindset while helping extract more oil is just the pale green hue that suits Exxon. Shelved port deal will test Temasek’s private push

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Breakingviews - Temasek is betting on all its stars aligningMisery loves company. That’s one consolation Temasek can take from a tricky year. Singapore’s state-owned investor already had to swallow an embarrassing $275 million hit from its investment in now-defunct cryptocurrency exchange FTX, with fellow backers like Sequoia Capital also suffering. Then on Tuesday, the fund revealed that the net value of its portfolio dropped 5.2% to S$382 billion ($285 billion) in the 12 months to the end of March. That did at least beat the 11% drop in MSCI’s Asia ex-Japan Index. But Temasek’s hopes for a more prosperous year or two ahead rely on matters mostly out of its hands.
Source: Reuters - 🏆 2. / 97 Read more »