ExxonMobil is closing its operations in Russia, joining fellow energy giants BP, Equinor and Shell in pulling back from the world's third-largest oil producer after its invasion of Ukraine.
Exxon late Wednesday announced it was exiting the Sakhalin-1 project, an oil and gas operation on Sakhalin Island in Russia's Far East that the company operates on behalf of an international consortium. Exxon is also dropping new investments in Russia, the company said.
"ExxonMobil supports the people of Ukraine as they seek to defend their freedom and determine their own future as a nation. We deplore Russia's military action that violates the territorial integrity of Ukraine and endangers its people," the company said in itsExxon's Russia holdings were valued at more than $4 billion as of 2021, according to its latest annual
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