Australian energy company Woodside Energy has rejected media speculation linking it to a potential takeover or business combination with ExxonMobil.

The company said it is not aware of any proposal from ExxonMobil Corporation and confirmed that it is not in talks regarding a possible transaction with the U.S.-headquartered energy major.

The statement followed industry media reports suggesting ExxonMobil may be looking at acquisition opportunities to expand its liquefied natural gas (LNG) business.

Woodside also said it would continue to meet its continuous disclosure obligations, a point aimed at reassuring shareholders as speculation continued in the market.

The reports came shortly after Woodside exercised a pre-emption right to increase its interest in a major undeveloped conventional gas resource in Australia.

An economic impact assessment by Deloitte Access Economics indicated that the project could contribute more than A$141 billion. The U.S. dollar equivalent was not fully provided in the source text.