Occidental Acquires Canadian DAC Technology Firm Carbon Engineering for $1.1 Billion

Houston based oil and gas producer Occidental Petroleum reported on Tuesday agreed to pay $1.1 billion for Canadian direct air capture (DAC) supplier Carbon Engineering Ltd to help it develop a string of carbon-capture sites it hopes will profit from tackling climate change. Occidental said it has been working with Carbon Engineering on DAC deployment since 2019. The deal is another from oil majors looking to add to participate in energy transition. In early July Exxon Mobil (XOM) bought Dallas … Continue reading “Occidental Acquires Canadian DAC Technology Firm Carbon Engineering for $1.1 Billion”

Exxon Buys Pipeline Operator Denbury Solidifying Energy Transition Strategy

Exxon Mobil (XOM) announced on Wednesday it is buying Dallas based pipeline operator Denbury (DEN) for $4.9 billion, representing $89.45 per share as of its closing price on July 12, 2023. In an all-stock deal Denbury shareholders will receive 0.84 shares of XOM for each of its shares. There have been rumors of how Exxon was going to spend it’s $32 billion in cash, with rumors of Pioneer Natural Resources earlier in the year. The deal is a move by … Continue reading “Exxon Buys Pipeline Operator Denbury Solidifying Energy Transition Strategy”

Houston SPAC CO2 Energy Transition filed IPO Targeting Carbon Capture

With energy transition in mind, Houston, Texas based SPAC “CO2 Energy Transition Corp” targeting the carbon capture, utilization, and storage industry filed to go public. The company plans to raise up to $80 million in an initial public offering by offering 8 million units at $10 the SEC filed showed. Each unit consists of one share of common stock and one warrant, exercisable at $11.50. At the proposed deal size, CO2 Energy Transition Corp. would command a market value of … Continue reading “Houston SPAC CO2 Energy Transition filed IPO Targeting Carbon Capture”