Exxon signs initial agreement with Rosneft seeking to recoup Russian losses - Reuters

[Exxon Posts 38 Percent Decline In Quarterly Profit]
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Exxon Mobil (NYSE:XOM [https://seekingalpha.com/symbol/XOM]) and Russia's Rosneft have signed a non-binding initial agreement to help the U.S. company recoup its $4.6 billion writedown on its activities in Russia that followed the 2022 invasion of Ukraine, Reuters reported Tuesday.

An agreement would mark a tentative step toward repairing commercial relations between the U.S. and Russia, although little further progress is likely without more serious movement toward a peace deal in Ukraine.

Exxon (NYSE:XOM [https://seekingalpha.com/symbol/XOM]) received permission to engage in talks with Rosneft under both the Trump and Biden administrations, and CEO Darren Woods said last week [https://seekingalpha.com/news/4496137-exxon-has-no-plans-to-re-enter-russia-ceo-woods-tells-ft] that talks on recovering the losses have been ongoing since 2023.

Peace efforts over Ukraine have stalled since President Trump met Russia's President Putin in Alaska in mid-August, but Exxon (XOM [https://seekingalpha.com/symbol/XOM]) and Rosneft have continued talks, and the companies signed the initial agreement in late August or early September, according to the report [https://www.reuters.com/business/energy/exxon-signs-initial-agreement-with-rosneft-chart-possible-path-recoup-russian-2025-09-23/].

Exxon (XOM [https://seekingalpha.com/symbol/XOM]) took a $4.6 billion impairment charge on its 30% operator stake in the Sakhalin-1 oil and gas project off Russia's Pacific coast in April 2022, saying its exit from Russia meant it had lost access to 150 million boe of proven reserves.

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