Exxon Says Chance of Third Party Buying Its Russia Assets Is ‘Remote’
(Bloomberg) -- Exxon Mobil Corp. said there's little chance currently of a third-party agreeing to buy its main Russian operation due to international sanctions following the country's invasion of Ukraine.
“The pool of market participants for Russia-based upstream assets was assessed as extremely limited,” the Irving, Texas-based company said in a regulatory filing Wednesday. “The likelihood of a third-party market participant agreeing to engage in a transaction for the corporation's interest in Sakhalin, as of March 31, was judged to be remote.”
Exxon took an after-tax writedown of $3.4 billion in the first quarter following its decision to exit the Sakhalin-1 project in Russia's sub-Arctic east coast. Once the oil giant makes it exit, some 150 million barrels of oil equivalent would no longer count as proved reserves, it said. However, that's less than 1% of its 18.5 billion barrels of reserves at end of 2021.
©2022 Bloomberg L.P.
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