Woodside Energy stated on Monday it is not discussing a potential transaction with Exxon Mobil. It is unaware of any proposal.
This statement responded to media speculation. Bloomberg first reported the speculation. Exxon was reportedly considering Woodside as an acquisition target. This move would expand Exxon's global liquefied natural gas (LNG) operations. The expansion would focus on Asian markets.
The speculation caused Woodside's U.S.-listed shares to rise over 8% on Friday.
Following Woodside's denial, its shares on the Australian stock exchange fell 2.7%. This occurred in early trade on Monday.
Exxon declined to comment.
A foreign takeover of Woodside would likely face political scrutiny. Woodside is Australia's largest LNG exporter.