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.
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.
According to Bloomberg, Woodside is one of several targets Exxon has been evaluating.
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 by Sumit Saha in Bengaluru; Editing by Tasim Zahid)