Shares of Denbury Inc. DEN rallied 1.1% in premarket trading Thursday, after the Exxon Mobil Corp. XOM announced an agreement to buy the Texas-based energy company in an all-stock deal valued at $4.9 billion. Exxon’s stock fell 0.1% ahead of the open. Under terms of the deal, Denbury shareholders will receive 0.84 Exxon shares for each Denbury share they own. Based on Wednesday’s closing prices, that values Denbury shares at $89.45 each, or a 1.9% premium. “Acquiring Denbury reflects our determination to profitably grow our Low Carbon Solutions business by serving a range of hard-to-decarbonize industries with a comprehensive carbon capture and sequestration offering,” said Exxon Chief Executive Darren Woods. Denbury’s stock has gained 0.8% year to date through Wednesday, while Exxon shares have slipped 3.5% and the S&P 500 SPX has run up 16.5%.
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