Exxon Mobil Eyes Billions Lost In Russia As Talks With Rosneft Take Shape

Benzinga

xxon Mobil and Rosneft reached a preliminary framework on possible compensation for Exxon’s $4.6B loss from exiting Russia in 2022. The talks hinge on sanctions relief and progress toward peace in Ukraine, with Exxon aiming to recover losses tied to its Sakhalin-1 stake.

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00:00It's Benzinga bringing Wall Street to Main Street.

00:02ExxonMobil has entered into a preliminary deal with Russia's Rothschild staff to explore

00:06recovering losses from its 2022 exit, which included a $4.6 billion write-down tied to

00:11its Sakhalin-One stake, according to Reuters. The agreement marks the first framework for

00:15potential compensation, but depends on progress towards peace in Ukraine and easing of sanctions.

00:20Talks on compensation began in 2023 and continue with Exxon CEO Darren Woods

00:25confirming they focus on recouping losses, but giving no details on the scope of a deal.

00:30Exxon's $4.6 billion write-down stepped from its 30% operator stake in the Sakhalin-One project,

00:35which cost the company access to 150 million barrels of proven reserves.

00:40Island's Governor, Valery Livretko, said Exxon's return would help accelerate regional energy

00:44development. For all things money, visit Benzinga.com.

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