Exxon to Leave Russia as Ukraine War Pressures Energy Giants (3)

Exxon Mobil Corp. flagged it would join rivals exiting Russia as pressure grows on energy giants to respond to the invasion of Ukraine.

The company, which holds a 30% stake in the Sakhalin-1 offshore oil asset in Russia’s Far East, will begin steps to discontinue operations and leave the venture, Exxon said in a statement. No timeframe was given, and the fact Exxon serves as operator of the facility sets up a complicated, and potentially lengthy process to quit its only remaining oil-producing asset in the nation.

Exxon also signaled a wider severing of long-standing tieswith a country that ...