Denbury announced 2023 capital budget range for oil and natural gas development of $350M-$370M, and for carbon capture, utilization, and storage, or CCUS, capital expenditures of $140M-$160M. 2023 capital expenditures will be focused on expanding the company’s CO2 transportation and dedicated storage network by adding strategically-located sequestration sites to its portfolio, expanding existing sequestration sites with nearby leasing, and drilling a number of stratigraphic test wells. In addition, Denbury expects to acquire additional rights of way and long-lead items for CO2 pipeline connections to sequestration sites and industrial customers. Excluded from the capital budget amount are equity investments that Denbury may make from time to time to increase the scale of its CCUS operations.
Published first on TheFly
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