Formerly | Denbury Resources Newscope Resources |
---|---|
Industry | Petroleum industry |
Founded | 1951 |
Defunct | November 3, 2023 |
Fate | Acquired by ExxonMobil |
Headquarters | Plano, Texas, United States |
Key people | Christian S. Kendall, President & CEO Mark C. Allen, CFO |
Products | Petroleum Natural gas |
Production output | 48.770 thousand barrels of oil equivalent (298,370 GJ) per day |
Revenue | $1.258 billion (2021) |
$56 million (2021) | |
Total assets | $1.902 billion (2021) |
Total equity | $1.135 billion (2021) |
Number of employees | 716 (2021) |
Footnotes /references [1] |
Denbury Inc. was a company engaged in hydrocarbon exploration and extraction via enhanced oil recovery, utilizing carbon dioxide to extract petroleum from fields that have been previously exploited. In November 2023 it was acquired by ExxonMobil.
The company's operations were focused in the Gulf Coast and Rocky Mountain regions. As of December 31, 2021, Denbury had 191.689 million barrels of oil equivalent (1.17273×109 GJ) of estimated proved reserves, of which 98.6% was petroleum and 1.4% was natural gas. The company also had an estimated 910 billion cubic feet of probable carbon dioxide reserves at Jackson Dome. The company's largest producing property was the Cedar Creek Anticline in Montana and North Dakota, which accounted for 23% of production in 2021. [1]
In March 1951, the company was incorporated in Manitoba as "Kay Lake Mines Limited (N.P.L.)". In September 1984, the name of the company was changed to "Newscope Resources Limited". In December 1985, the name of the company was changed to "Denbury Resources Inc." [2]
In May 1997, the company became a public company via an initial public offering. [1] In 1998, the company acquired properties from Chevron Corporation for $202 million. [3] In August 1999, the company began its enhanced oil recovery operations with the acquisition of the Little Creek Field. [1]
In 2001, the company acquired Matrix Oil & Gas for $138 million in cash and stock. [4] The company also acquired the Jackson Dome carbon dioxide reserves and the NEJD Pipeline in Mississippi, providing a source of carbon dioxide and the related transportation infrastructure. [1] In 2009, the company sold its assets in the Barnett Shale. [5]
In 2010, the company acquired Encore Acquisition Company in a $4.6 billion transaction. [6] [7]
In 2012, the company acquired Thompson Field in Fort Bend County, Texas for $360 million. [8] [9] The company also sold its acreage in the Bakken Formation to ExxonMobil for $1.6 billion. [10]
In 2013, the company acquired fields in the Cedar Creek Anticline from ConocoPhillips for $1.05 billion. [11]
In 2017, Christian S. Kendall was named chief executive officer of the company. [12] The company also acquired assets in the Salt Creek Field of Wyoming from Linn Energy for $71.5 million. [13]
In July 2020, the company filed for bankruptcy. It emerged from bankruptcy in September 2020 and changed its name to Denbury Inc. [14] In November 2023, ExxonMobil acquired Denbury for $4.9 billion. [15] [16]
In 2007, Amite and Lincoln counties experienced leaks of CO2, with people in the former having been evacuated. [17]
In 2011, a carbon dioxide pipeline owned by the company had a "blowout" in Tinsley, Mississippi, causing the sickening of one worker and killing deer, fish and birds. [17] [18]
On February 22, 2020, a 24-inch pressurized pipeline carrying liquid carbon dioxide and hydrogen sulfide for carbon capture and utilization ruptured less than half a mile from Satartia. More than 300 people were evacuated and 46 hospitalized with carbon dioxide poisoning. [19] [20] [21] [22] [17] In May 2022, the Pipeline and Hazardous Materials Safety Administration preliminarily assessed a civil penalty of $ 3,866,734. [23] In March 2023, Denbury signed a consent order to reform their safety procedures and response protocols. [24]
Yazoo County is a county located in the U.S. state of Mississippi. As of the 2020 census, the population was 26,743. The county seat is Yazoo City. It is named for the Yazoo River, which forms its western border. Its name is said to come from a Choctaw language word meaning "River of Death".
Satartia is a village in Yazoo County, Mississippi. Per the 2020 Census, the population was 41, Mississippi's smallest incorporated municipality by population.
Kinder Morgan, Inc. is one of the largest energy infrastructure companies in North America. The company specializes in owning and controlling oil and gas pipelines and terminals.
Burlington Resources Inc. was a company engaged in hydrocarbon exploration. In 2006, the company was acquired by ConocoPhillips.
APA Corporation is the holding company for Apache Corporation, an American company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Houston. The company is ranked 431st on the Fortune 500.
XTO Energy Inc. is an American energy company and subsidiary of ExxonMobil principally operating in North America. Acquired by ExxonMobil in 2010 and based out of Spring, Texas, it is involved with the production, processing, transportation, and development of oil and natural gas resources. The company specializes in developing shale gas via unconventional means like hydraulic fracturing and horizontal drilling.
The Gorgon gas project is a multi-decade natural gas project in Western Australia, involving the development of the Greater Gorgon gas fields, subsea gas-gathering infrastructure, and a liquefied natural gas (LNG) plant on Barrow Island. The project also includes a domestic gas component. Construction was completed in 2017.
Jackson Volcano is an extinct volcano 2,900 feet (880 m) beneath the city of Jackson, Mississippi, under the Mississippi Coliseum. The uplifted terrain around the volcano forms the Jackson Dome, an area of dense rock clearly noticeable in local gravity measurements. E.W. Hilgard published his theory of an anticline beneath Jackson in 1860 due to his observations of surface strata. The dome contains relatively pure carbon dioxide which is used in oil production in Gulf Coast oil fields. The noble gas data suggests mantle origins with a date of 70 million years for the Jackson Dome intrusion. Geologists have evidence of repeated uplifts accompanied by dike intrusions and volcanic extrusions, erosion, and sedimentation with one coral reef having developed during a submergence. Much of the oil at the crest of the dome volatilized during a late uplift, but oil production wells numbered over a hundred in 1934.
ExxonMobil Corporation is an American multinational oil and gas corporation and the largest direct descendant of John D. Rockefeller's Standard Oil. The company, which took its present name in 1999 per the merger of Exxon and Mobil, is vertically integrated across the entire oil and gas industry, and within it is also a chemicals division which produces plastic, synthetic rubber, and other chemical products. ExxonMobil is headquartered near the Houston suburb of Spring, Texas, though officially incorporated in the U.S. state of New Jersey. It is the largest United States-based oil and gas producing company. ExxonMobil is also the 8th largest company in the world by revenue and the 3rd largest in the US.
Pioneer Natural Resources Company, headquartered in Irving, Texas, is engaged in hydrocarbon exploration. It operates in the Cline Shale, which is part of the Spraberry Trend of the Permian Basin, where the company is the largest acreage holder. Pioneer is presently undergoing an acquisition by ExxonMobil, which in October 2023 agreed to acquire the company in the largest merger in the energy industry in 20 years; closing is expected in the first half of 2024.
Linn Energy, Inc. was a company engaged in hydrocarbon exploration. It was incorporated in Delaware and headquartered in Houston. In 2018, the company split into Roan Resources and Riviera Resources.
As the world's largest majority investor-owned oil and gas corporation, ExxonMobil has received significant amounts of controversy and criticism, mostly due to its activities which increase the speed of climate change and its denial of global warming.
ExxonMobil, an American multinational oil and gas corporation presently based out of Texas, has had one of the longest histories of any company in its industry. A direct descendant of John D. Rockefeller's Standard Oil, the company traces its roots as far back as 1886 to the founding of the Vacuum Oil Company, which would become part of ExxonMobil through its own merger with Mobil during the 1930s. The present name of the company comes from a 1999 merger of Standard Oil's New Jersey and New York successors, which adopted the names Exxon and Mobil respectively throughout the middle of the 20th century. Because of Standard Oil of New Jersey's ownership over all Standard Oil assets at the time of the 1911 breakup, ExxonMobil is seen by some as the definitive continuation of Standard Oil today.