Overview
- Bloomberg reported that ExxonMobil has held early internal discussions about targets that could include Woodside, and those talks remain exploratory with no formal bid planned or submitted.
- Woodside issued a public statement saying it has not received any proposal from Exxon and is not engaged in merger talks, in response to the market reports.
- Western Australia’s premier Roger Cook said the state would not support any deal that moved Woodside’s head office out of Perth, creating a political obstacle to a cross-border takeover.
- Last week Woodside exercised a pre-emption right to buy PetroChina’s 10.67% stake in the Browse joint venture, a defensive move that strengthens its control over a major undeveloped gas resource.
- The interest reflects strategic pressure to boost LNG supplies to Asian buyers after disruptions to flows through the Strait of Hormuz and follows Exxon’s 2024 US shale expansion, but any transaction would face regulatory, political and commercial hurdles.