Exxon Mobil Corp., the world's largest oil company, has planned to tap its $31.4 billion mountain of cash to purchase stakes in offshore fields from state oil companies rather than mounting takeover bids for major rivals.

Brian Youngberg, an analyst at Edward Jones & Co. in Des Peres, Missouri, said:

The obvious opportunity is Brazil, where if oil stays at $40 much longer, the national oil company may have to get a partner to the table that has a lot of cash.

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