Each one in plain English, with the numbers worked through for a shareholder.
6 Dec 2012asset acquisition disposition● NeutralMajor
The ExxonMobil Bakken exchange was split in two; the first closing on 30 November 2012 gave Denbury about $1.3 billion in cash plus the Webster and Hartzog Draw interests. Denbury kept about 17.5% of its Bakken interest, and ExxonMobil withheld $350 million, to be settled in a second closing for either a share of ExxonMobil's LaBarge Field CO2 reserves or the cash. Denbury expects no gain or loss on the sale and has put much of the cash in trust accounts for possible tax-deferred acquisitions.
Denbury's subsidiary agreed on 19 September 2012 to give ExxonMobil its Bakken assets in North Dakota and Montana for $1.6 billion in cash (before adjustments) plus ExxonMobil's operating interests in Webster Field (Texas) and Hartzog Draw Field (Wyoming). Closing needs due diligence, lender approval and antitrust clearance, and was expected late in the fourth quarter of 2012.
TIAA-CREF Investment Management, LLC, Teachers Advisors, Inc reported a DENBURY INC shareholding of 13,440,128 shares (3.43% of votes) in a periodic institutional filing.
TIAA-CREF Investment Management, LLC, Teachers Advisors, Inc reported a DENBURY INC shareholding of 13,440,128 shares (3.43% of votes) in a periodic institutional filing.
