Denbury partners with Weyerhaeuser for a CO2 sequestration site in Mississippi

• Denbury (NYSE:DEN) and Weyerhaeuser (NYSE:WY) on Monday announced an agreement for the evaluation and potential development of a CO₂ sequestration site in Mississippi.
• The lease agreement will provide Denbury with the exclusive right to develop and operate approximately 16,000 acres of subsurface pore space owned by Weyerhaeuser in Simpson and Copiah Counties.
• The site, with an estimated sequestration capacity of 275 million metric tons of carbon dioxide, is located directly adjacent to Denbury's NEJD Pipeline in Mississippi.
• Denbury plans to utilize the site to permanently sequester industrial CO₂ in secure underground geologic formations, and Weyerhaeuser will continue to manage the timberland acreage as a sustainable working forest.
• Denbury said intends to drill a stratigraphic test well in 2023 at the site.

Comments

[Toddshaky]

Tertiary oil recovery uses CO2. Global warming/change still a tax scam

[Doug De Bono]

This is corporate virtue signaling. What a waste of money.

[7561121]

Do the Weyerhaueser managers understand that trees grow better with more CO2?
If the government pays for the system, I guess this is good for shareholders. Can they sneak the CO2 into the forest like a drip irrigation system and get a double-dip?
Look at the greenhouse developments two hours north of headquarters. Cheap natural gas is used to heat the greenhouses and the CO2 is retained to nourish the produce. (I am not proposing to enclose the timberlands in giant Quonset huts.)

[qwerty11]

So the stock doesn't take off after announcing this extremely profitable business setup?

[VinhoVerde]

@qwerty11
A waste of money

[volpe21]

@qwerty11 because apparently Americans are never going to buy houses ever again, and timber will be worthless forever, is why WY is getting dumped

[oscargarcia]

@qwerty11 The announcement is for an evaluation, with 1 test well being drilled sometime next year. So, no significant impact, yet.