ExxonMobil is evaluating Australia’s Woodside Energy Group as a potential acquisition target. The deal aims to expand Exxon’s presence in liquefied natural gas (LNG) and Asian markets. Discussions remain in early stages with no certainty of a formal offer.
This strategy follows Exxon’s recent $60 billion acquisition of Pioneer Natural Resources. The company seeks to compete with LNG leaders Shell and TotalEnergies. Woodside holds a market value of approximately $42 billion as Australia’s largest gas exporter. The acquisition would significantly increase Exxon’s LNG production and export capacity.
Woodside’s American depositary receipts surged as much as 14% in New York trading on Friday. Investors reacted to preliminary reports of the potential deal.