Exxon Mobil (XOM) is exploring opportunities for acquisition of smaller rivals, a year after buying Pioneer for $60 billion, to create shareholder value by combining capabilities rather than simply growing larger, Bloomberg reported Friday, citing CEO Darren Woods.

Woods did not specify any targets or types of assets Exxon wanted to buy but emphasized that future deals must generate more value together than separately, Bloomberg said.

The report said that Woods distanced Exxon from typical 'volume consolidation' deals in the sector, adding that "You won't see us acquire a company and then fire a bunch of people."

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)