ExxonMobil Earnings Stumble as Capex Costs Soar, Production Falls

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Exxon to exit Russian JVs hit by sanctions

Exxon Mobil is abandoning JVs with Rosneft as a result of international sanctions against Russia that caused a halt at a major drilling project. The decision to depart Exxon’s biggest exploration region was made late last year, and the company expects to formally initiate withdrawal procedures in 2018.

Exxon reportedly took a $200m after-tax loss in 4Q17 as a result of pulling out of the Rosnneft JV, but also loses an area that was meant to be a significant driver of longer-term growth opportunity. (Bloomberg)