Exxon Mobil Corp. announced on March 1, 2022, that it will cease operations at Sakhalin-1, a major oil and gas project in Russia.[1] According to the press release, Exxon will not invest in new developments in Russia, given the current situation. Reuters reported that Exxon is also removing employees from the country who are U.S. citizens.[2] “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.

Exxon Neftegas, a subsidiary of Exxon, operates the Sakhalin-1 project on behalf of a consortium of Japanese, Indian and Russian companies. The consortium includes Russia's Rosneft, which holds a 20% stake in the project. The project is comprised of three oil and gas fields near Sakhalin Island. According to Exxon’s website, the Sakhalin-1 project represents “one of the largest single international direct investments in Russia.” It pumps about 220,000 barrels of oil per day and is the company’s last project in Russia. In a statement, Exxon said the process to discontinue operations will be closely coordinated with other members of the project to ensure safety. The company did not provide a timeline for ceasing operations.

[1] https://corporate.exxonmobil.com/News/Newsroom/News-releases/2022/0301_ExxonMobil-to-discontinue-operations-at-Sakhalin-1_make-no-new-investments-in-Russia

[2] https://www.reuters.com/business/energy/exxon-mobil-begins-removing-us-employees-its-russian-oil-gas-operations-2022-03-01/