Banking Recap

DENBURY INC to Be Acquired

Denbury Inc. disclosed in a Form 8-K that on July 13, 2023 it had entered into an Agreement and Plan of Merger with Exxon Mobil Corporation and EMPF Corporation, a wholly-owned Exxon Mobil merger subsidiary, under which the merger subsidiary will merge with and into Denbury, leaving Denbury as a wholly owned Exxon Mobil subsidiary. The filing furnishes a joint press release regarding the merger as Exhibit 99.1, but the 8-K body text itself does not restate the transaction's dollar value.

Jul 13, 2023·SEC EDGAR (8-K)·pending regulatory·merger (stock-for-stock, subsidiary merger)

This record is sourced from Denbury's Form 8-K filed July 13, 2023 (Item 7.01 Regulation FD Disclosure), which discloses the signing of the merger agreement and the advisor roles connected to it. At the time of this filing, the Denbury/ExxonMobil merger was a newly signed definitive agreement, with ExxonMobil and Denbury expected to file a registration statement and proxy statement/prospectus with the SEC.

J.P. Morgan Securities LLC acted as Denbury's lead financial advisor and provided a fairness opinion to its board, per the filing's statement "In connection with the Merger, J.P. Morgan Securities LLC is acting as lead financial advisor to the Company and provided a fairness opinion to the Board of Directors." TPH&Co., the energy business of Perella Weinberg Partners, also acted as a financial advisor to Denbury and separately provided a fairness opinion, per "TPH&Co., the energy business of Perella Weinberg Partners, is acting as financial advisor to the Company and provided a fairness opinion to the Board of Directors." PJT Partners additionally provided a fairness opinion to the board without being described as a transaction financial advisor. J.P. Morgan is explicitly the only advisor designated "lead," with TPH&Co. serving in a secondary, non-lead financial advisor capacity alongside it.

On the legal side, Vinson & Elkins LLP served as legal counsel to Denbury; no advisor information for ExxonMobil is disclosed in this filing.

The filing notes the merger is subject to Denbury stockholder approval and that a registration statement on Form S-4 would be filed by ExxonMobil containing a joint proxy statement/prospectus, but provides no further deal-structure detail (such as exchange ratio or per-share consideration) in the fetched text.

Not disclosed in the sourced document is the transaction's dollar value, exchange ratio, expected closing date, or ExxonMobil's financial or legal advisors, since those details were contained in the furnished Exhibit 99.1 press release rather than the 8-K body text that was fetched.

Advisors

target

TPH&Co., the energy business of Perella Weinberg Partnersfinancial advisorview source →

“TPH&Co., the energy business of Perella Weinberg Partners, is acting as financial advisor to the Company and provided a fairness opinion to the Board of Directors.”

PJT Partnersfairness opinion providerview source →

“PJT Partners also provided a fairness opinion to the Board of Directors.”

J.P. Morganlead financial advisorview source →

“In connection with the Merger, J.P. Morgan Securities LLC is acting as lead financial advisor to the Company and provided a fairness opinion to the Board of Directors.”

Legal advisors

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Vinson & Elkins LLP

“Vinson & Elkins LLP is acting as legal counsel to the Company.”

Treasury yields

3-Month4.25%

2-Year4.81%

10-Year5.13%

30-Year5.42%

Source: U.S. Treasury, daily par yield curve · as of 10/21/2026