Companies & Finance

Exxon takes $200 mln hit after leaving Russian ventures

ExxonMobil will take an after-tax loss of $200 million as a result of its abandonment of its joint exploration ventures in Russia.
By Staff reporter 1 March 2018 0 29812

ExxonMobil will take an after-tax loss of $200 million as a result of its abandonment of its joint exploration ventures in Russia with state-owned oil company Rosneft late last year, the world’s largest IOC said in a regulatory filing on Wednesday.

Exxon and Rosneft established various entities in 2013 and 2014 to conduct exploration and research activities. In the second half of last year, the United States codified and expanded sanctions against Russia, which were first imposed on the country’s energy sector in...