Exxon Mobil Is on the Lookout For Acquisitions, CEO Woods Says

Exxon Mobil Corp. is looking for opportunities to acquire smaller rivals, a year after buying Pioneer Natural Resources Co. for $60 billion, Chief Executive Officer Darren Woods said.

The Texas oil giant wants to acquire companies to create value through combining assets and expertise rather than simply buying to get bigger, Woods said on a call with reporters.

“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,” he said. “There are opportunities out there for us, frankly still, and we’re ...