Deals - Acquisition, Mergers, Divestitures
Denbury, ExxonMobil Finalize Bakken Asset Sale
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Denbury Resources Inc. has reported the closing of the first phase of its previously announced Bakken sale and asset exchange with Exxon Mobil Corporation and its wholly-owned subsidiary XTO Energy Inc. (collectively, ExxonMobil).
In the first of two closings, ExxonMobil paid cash of approximately $1.3 billion (which includes preliminary closing adjustments) and transferred to Denbury ExxonMobil's operating interests in Webster Field in Texas and Hartzog Draw Field in Wyoming.
For the second phase closing, which is expected to take place prior to year-end, Denbury retained approximately 17.5% of its pre-closing interest in Bakken area assets, and ExxonMobil withheld $350 million of cash consideration for such Bakken area assets. The parties continue to work to finalize an agreement and…
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