XOM Exxon Mobil Corp

By Michael Dabaie

Exxon Mobil Corp. said it is proceeding with efforts to discontinue operations at the Sakhalin-1 project in light of the situation in Ukraine and the resulting sanctions on Russia, and may be required to impair its investment up to the full book value.

Exxon said in a U.S. Securities and Exchange Commission filing it is developing steps to exit the venture. Depending on the terms of its exit from Sakhalin, the company may be required to impair its investment in the project up to $4 billion, the company said.

"As operator of Sakhalin, the Company remains focused on the safety of people, protection of the environment and integrity of operations," Exxon said in the filing.

Exxon said in early March that it operates the Sakhalin-1 project on behalf of an international consortium of Japanese, Indian and Russian companies. "In response to recent events, we are beginning the process to discontinue operations and developing steps to exit the Sakhalin-1 venture," Exxon said at the time.

The company said last month that it won't invest in new developments in Russia.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

April 04, 2022 08:22 ET (12:22 GMT)

Exxon Mobil (NYSE:XOM)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024

Exxon Mobil (NYSE:XOM)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024