A PYMNTS Company

Expanded Antitrust Case Targets ExxonMobil and Denbury

By  |  February 3, 2026

An expanded lawsuit in Texas is now targeting ExxonMobil and its Denbury carbon capture unit, after a blue ammonia developer accused the companies of using control over a carbon dioxide pipeline to block a competing project, according a statement tied to the legal filing.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The case was brought by start-up Clean Hydrogen Works, which recently added ExxonMobil as a defendant. Per a statement outlining the amended complaint, the company alleges that after ExxonMobil completed its acquisition of Denbury, the energy giant pressured the carbon capture firm to walk away from pre-existing agreements that were critical to Clean Hydrogen Works’ plans.

    ExxonMobil closed its purchase of Denbury in November of last year through an all-stock transaction. Under the terms of the deal, Denbury shareholders received 0.84 shares of ExxonMobil for each Denbury share they owned. At the time the acquisition was announced, ExxonMobil’s share price implied a total deal value of about $4.9 billion, or roughly $89.45 per Denbury share, according a statement included in the merger documentation.

    With the deal completed, Denbury’s stock was delisted and the company was absorbed into ExxonMobil as a wholly owned subsidiary. Per a statement describing the post-merger structure, Denbury no longer files its own financial reports or hosts separate investor briefings, with all of its performance now folded into ExxonMobil’s consolidated results.

    Read more: US Senators Call For Antitrust Probe into ExxonMobil & Chevron Mega-Deals

    Clean Hydrogen Works contends that this corporate restructuring had immediate competitive consequences. According a statement from the plaintiff, ExxonMobil’s control over Denbury’s CO2 pipeline network gave it leverage to disrupt a rival blue ammonia project by cutting off access that had already been contractually promised.

    The lawsuit also points to ExxonMobil’s own ambitions in the same market. While the alleged contract disruptions were taking place, ExxonMobil was advancing plans for a large-scale blue hydrogen and ammonia facility in Baytown, Texas. That project was later put on hold as near-term demand for low-carbon ammonia weakened, per a statement describing ExxonMobil’s project status.

    The legal action frames these moves as part of a broader strategy to limit competition in the emerging low-carbon fuels sector. ExxonMobil and Denbury have not publicly detailed their response to the claims, but the case now places renewed scrutiny on how the merger has reshaped control over key carbon capture and transportation assets in the region.

    Source: H2View