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Investing.com -- Exxon Mobil Corp (NYSE:XOM). is actively seeking opportunities to acquire smaller rivals, according to Bloomberg, citing comments made by Chief Executive Officer Darren Woods during a call with reporters.
The Texas oil giant’s acquisition strategy comes one year after its $60 billion purchase of Pioneer Natural Resources (NYSE:PXD) Co.
During a call with reporters, Woods emphasized that Exxon aims to create value through combining assets and expertise rather than simply expanding for size alone.
"It’s a high bar, but frankly, as we’ve demonstrated with Pioneer, it can work and you really deliver on this equation of one plus one equaling more than three," Woods said. "There are opportunities out there for us, frankly still, and we’re working to see if we can’t bring some of those to fruition."
While Woods did not identify specific acquisition targets or asset types, he stressed that any potential deal must "drive more value for the combined shareholders, more value than either company on its own can achieve."
The CEO distinguished Exxon’s approach from other recent industry consolidations, which he characterized as "consolidation of volumes play."
Woods also highlighted the company’s integration philosophy, stating: "You won’t actually see us acquire a company and then fire a bunch of people. If you look at what we did with Pioneer, we really brought the best of both organizations together."
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