ExxonMobil weighs early stage bid for Woodside Energy Group

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ExxonMobil is assessing possible acquisition targets that include Australia-based Woodside Energy Group, according to a report from Bloomberg News, citing unnamed sources.

The US-based oil and gas company is said to be holding initial internal discussions as it seeks to expand further into the liquefied natural gas (LNG) sector and reinforce its foothold in Asian energy markets.

The sources, who requested anonymity as they are not authorised to speak publicly, stated that ExxonMobil has not made any decisions. There is also no certainty that these considerations will result in a formal bid for Woodside or any other entity, said the sources.

A prospective acquisition of Woodside, Australia's largest LNG exporter, would represent a strategic shift for ExxonMobil, which completed a $60bn deal for US shale producer Pioneer Natural Resources in 2024.

Bloomberg reported that the acquisition of Woodside would broaden ExxonMobil's operational reach outside the US. It would also give the company a greater stake in LNG, an area where it trails behind operators such as Shell and TotalEnergies, the publication said.

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Now…such is from an unnamed source, and it appears Woodside folks are saying they have no knowledge of such a takeover.

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Woodside Energy Group said it was not in discussions with Exxon Mobil Corp. over a potential takeover, while an analyst said any deal would likely face regulatory hurdles if it came to fruition.

Exxon is studying potential acquisition targets including Woodside as it looks for further scale in the liquefied natural gas sector, people familiar with the matter told Bloomberg. The discussions are internal, and at an early stage, they said.

Woodside is not aware of an incoming bid and confirmed it had not been in discussions with Exxon to date, the company said in a statement Monday.

Any such bid by Exxon for Woodside would face significant challenges from a regulatory perspective, as Australia only has two listed major energy producers, and the government may be unlikely to approve the biggest of them leaving the local bourse.

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However…such an acquisition would appear to have implications in Louisiana where Woodside has been making their presence known, being a huge corporate sponsor of LSU athletics.