Exxon Mobil's (XOM) subdivision XTO Energy, itself a major $36 billion poorly timed acquisition Exxon Mobil made in 2010, made an unsolicited tender offer for Hugoton Royalty Trust. The fairly small acquisition, at $7 million, is normally insignificant for a company the size of Exxon Mobil. However, given the downturn the market is in, this could be the start of something more.

Exxon Mobil recently announced quarterly results that, as a result of COVID-19, were disappointing. The company's continued plan of massive capital spending throughout a downturn that got worse also provided the company with no favors.

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