Exxon Mobil Corp (NYSE:XOM, ETR:XONA) shares ticked up 2% Tuesday after word spread that the US oil major has signed a preliminary agreement with Russia’s Rosneft to claw back billions lost when it exited the country in 2022.
According to Reuters, the deal, described by two people familiar with the talks, is not legally binding but lays out terms for negotiations aimed at recovering the $4.6 billion charge Exxon booked after it abandoned its stake in the Sakhalin-1 oil and gas project.
That exit, prompted by Moscow’s invasion of Ukraine and the ensuing sanctions, also cost the company access to 150 million barrels of proven reserves.
Talks with Rosneft have been underway since 2023 with the blessing of both the Trump and Biden administrations.
The agreement was reached in late August or early September, the sources told Reuters, though Rosneft has publicly denied any cooperation.
In afternoon trading, the stock was up $2.31 at $114.31.