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.