Exxon Mobil Considers Buying Australia’s Woodside Energy to Expand LNG Presence
Exxon Mobil's Acquisition Strategy and LNG Expansion
Potential Acquisition of Woodside Energy
June 12 (Reuters) - Exxon Mobil Corp is exploring potential acquisition targets, including Australia's Woodside Energy Group, Bloomberg News reported on Friday, citing people familiar with the matter.
Strengthening Position in LNG Market
Any move for Woodside would further strengthen the U.S. oil major's position in liquefied natural gas (LNG), a business that major energy companies increasingly see as a key growth area as rising power demand boosts gas consumption.
Other Acquisition Targets
According to Bloomberg, Woodside is one of several targets Exxon has been evaluating.
Market Reaction and Company Responses
U.S.-listed shares of Woodside were up 6% in morning trade, while Exxon shares rose 0.7%.
Woodside declined to comment. Exxon did not immediately respond to Reuters' request for comment.
Reporting Credits
(Reporting by Sumit Saha in Bengaluru; Editing by Tasim Zahid)