Exit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market or liquidated local entity(ies)
Exited Exit Completed
ExxonMobil Corporation is an American multinational oil and gas corporation headquartered in Irving, Texas. It is the largest direct descendant of John D. Rockefeller's Standard Oil, and was formed on November 30, 1999, by the merger of Exxon and Mobil.
Exit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market or liquidated local entity(ies)
Exited Exit CompletedExxonMobil was (and still is) the largest provider of lubricants and other chemicals to Russia. A couple of interesting observations: first, the overall volume has not descreased after the full-fledged invasion, the second - most of the exports were originated in the United States. "The Corporation holds a 25 percent interest in Tengizchevroil, LLP (TCO), which operates the Tengiz and Korolev oil fields in Kazakhstan, and a 16.8 percent working interest in the Kashagan field in Kazakhstan. Oil production from those operations is exported through the Caspian Pipeline Consortium (CPC), in which the Corporation holds a 7.5 percent interest. CPC traverses parts of Kazakhstan and Russia to tanker-loading facilities on the Russian coast of the Black Sea. In the event that Russia takes countermeasures in response to existing sanctions related to its military actions in Ukraine, it is possible that the transportation of Kazakhstan oil through the CPC pipeline could be disrupted, curtailed, temporarily suspended, or otherwise restricted. In such a case, the Corporation could experience a loss of cash flows of uncertain duration from its operations in Kazakhstan. For reference, after-tax earnings related to the Corporation’s interests in Kazakhstan in 2022 were approximately $2.5 billion, and its share of combined oil and gas production was approximately 246 thousand oil-equivalent barrels per day." - Annual Report. American ExxonMobil has begun to actively protect its intellectual property in Russia. The governor of Russia's far eastern Sakhalin region told Reuters that a potential return of U.S. energy major Exxon Mobil would be a boost for the local oil and gas business.
ExxonMobil has started to reduce oil production on the Sakhalin-1 project - Reuters. Exxon Mobil is negotiating to transfer its stake in the Sakhalin-1 project to another company. Exxon Mobil on Monday, October 17, 2022 said it has fully exited Russia, with the energy giant saying that President Vladimir Putin had expropriated its assets in the country and "unilaterally terminated" the company's Sakhalin-1 oil project. 15.01.2024: The legal entity in Russia was liquidated. "The Corporation holds a 25 percent interest in Tengizchevroil, LLP (TCO), which operates the Tengiz and Korolev oil fields in Kazakhstan, and a 16.8 percent working interest in the Kashagan field in Kazakhstan. Oil production from those operations is exported through the Caspian Pipeline Consortium (CPC), in which the Corporation holds a 7.5 percent interest. CPC traverses parts of Kazakhstan and Russia to tanker-loading facilities on the Russian coast of the Black Sea. In the event that Russia takes countermeasures in response to existing sanctions related to its military actions in Ukraine, it is possible that the transportation of Kazakhstan oil through the CPC pipeline could be disrupted, curtailed, temporarily suspended, or otherwise restricted. In such a case, the Corporation could experience a loss of cash flows of uncertain duration from its operations in Kazakhstan. For reference, after-tax earnings related to the Corporation’s interests in Kazakhstan in 2022 were approximately $2.5 billion, and its share of combined oil and gas production was approximately 246 thousand oil-equivalent barrels per day." - Annual Report. Russian President Vladimir Putin has signed a decree that could allow foreign investors, including leading American oil giant Exxon Mobil, to regain stakes in the Sakhalin-1 oil and gas project. ExxonMobil held behind-the-scenes talks with the Russian state-owned energy company Rosneft about a possible return to Sakhalin-1, a large-scale oil and gas project. These negotiations took place in 2025 and await approval from both the U.S. and Russia as part of a peace settlement in Ukraine. Exxon Mobil, the largest US oil company, will not resume operations in Russia, CEO Darren Woods told The Financial Times on Thursday. The company ceased operations in the country in 2022 following the imposition of Western sanctions and the outbreak of war in Ukraine. Its 30% stake in the Sakhalin-1 project was confiscated. According to Woods, Exxon is negotiating with Russian authorities to return assets worth $4.6 billion and is not considering new investments.