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Exxon to Pay Almost $2 Billion for Denbury’s Bakken Crude

Exxon Mobil Corp., the world’s largest energy company by market value, agreed to pay about $2 billion in cash and assets to expand in the U.S. Bakken Shale after efforts to exploit overseas shale fields foundered.

Exxon will acquire drilling rights on 196,000 net acres in North Dakota and Montana from Denbury Resources Inc. for $1.6 billion in cash and the exchange of two fields. The agreement will boost Exxon’s holdings in the region by about 50 percent, Irving, Texas-based Exxon said in a statement today.