ExxonMobil is reportedly considering a megamerger with Woodside Energy to strengthen its liquefied natural gas business. Woodside produced a record 198.8 million barrels of oil equivalent in 2025, generated $12.98 billion in revenue, and earned $2.65 billion in underlying net profit. The company controls major LNG growth projects including the Scarborough development in Australia, which is over 96% complete and on track for first LNG cargo in late 2026, and the Louisiana LNG export project with initial capacity of 16.5 million metric tons per year and potential expansion to 27.6 million metric tons annually. Woodside expects its operated LNG production to reach roughly 40 million tons annually by 2032, nearly double current levels, with annual operating cash flow rising from about $5 billion to roughly $9 billion. A takeover would likely require a premium over Woodside's roughly $40 billion market value and face political scrutiny in Australia, while Santos is mentioned as a potentially less expensive alternative with valuable LNG assets in Australia and Papua New Guinea.
Exxon Mobil CorpExxonMobil is considering a megamerger with Woodside to expand LNG business, which would be a major strategic acquisition.
Woodside Energy Group LtdSantos is mentioned as a potentially less expensive alternative for ExxonMobil, which could increase takeover interest.