Exxon expects a profit boom thanks to high oil prices. But exiting Russia will come at a cost
CNN
It's a tale of two oil trends for ExxonMobil: The company will post a massive profit increase for the first quarter thanks to the oil price spike, but it's bracing to lose money on its planned exit from Russia.
Exxon (XOM) disclosed the news Monday ahead of its official quarterly earnings report on April 29, saying high oil prices significantly padded its bottom line during the quarter. But it could also take a $4 billion loss on a drilling project in Russia that is owned in part by the Russian government.
Exxon said it is "proceeding with efforts to discontinue operations" at the Sakhalin-1 drilling project — which the company promised last month to shut down due to Russia's invasion of Ukraine and related sanctions from the West — and is developing steps to exit the venture.
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