Exxon Mobil Seeks Smaller Rivals for Acquisition Amidst Pressure to Maintain Dividends

Exxon Mobil Corp. is looking for opportunities to acquire smaller rivals, focusing on combining assets and expertise to create value, rather than just expanding. CEO Darren Woods said that the company wants to achieve a "one plus one equaling more than three" equation, as seen in the $60 billion acquisition of Pioneer Natural Resources Co. in 2022. Woods emphasized that any deal must drive more value for shareholders than either company could achieve on its own.