ExxonMobil is actively exploring fresh acquisition opportunities, according to its Chief Executive Officer, Darren Woods. Speaking during a media briefing, Woods said the oil major is seeking deals that would enhance shareholder value and create strategic synergy, rather than simply expand its portfolio for scale.

This comes nearly a year after ExxonMobil made headlines with its massive $60 billion purchase of Pioneer Natural Resources. Woods pointed to that deal as a blueprint for how future acquisitions could be structured, emphasizing the importance of combining operational strengths to generate more value than either company could on its own.

“The goal is not just to grow bigger, but to get better. We want deals that turn 1 + 1 into more than 3,” he said, noting that ExxonMobil is already evaluating several promising targets.

While he stopped short of naming specific companies or asset types, Woods made it clear that any future moves must deliver tangible benefits to the shareholders of both firms involved. He also distinguished ExxonMobil’s approach from other recent oil industry mergers, which he described as volume-driven rather than value-driven.

Woods also dismissed fears of large-scale job cuts following potential mergers, highlighting the company’s integration with Pioneer as a successful example of blending talent and capabilities instead of downsizing.

With oil prices under pressure this year, energy firms are facing growing calls to sustain the high returns investors became accustomed to during the 2022 profit boom. BP, currently under scrutiny from activist investor Elliott Management, has repeatedly surfaced as a possible acquisition target for larger players.

Still, Woods maintained that ExxonMobil’s focus is on strategic fits not just scooping up companies for the sake of expansion.

“We’re not interested in acquiring just for volume,” he said. “We’re interested in creating long-term value.”