Exxon extends partnership with Rosneft, despite tensions

Exxon Mobil (XOM -0.2%) is deepening its ties with Russia despite western unhappiness over the country's actions in Ukraine, today signing a pact with Rosneft (RNFTF) to team up for drilling in the Arctic and Siberia and liquefying natural gas for export in Russia’s Far East.

XOM is among U.S. oil producers that ignored State Department pressure to skip the International Economic Forum this week in St. Petersburg, betting the Ukraine crisis eventually blows over.

U.S. and European energy producers hold equity partnerships in Russian oil and gas worth at least $30B, led by BP’s near 20% stake in Rosneft, Total's stake in gas producer Novatek and a gas project operated by Royal Dutch Shell.

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Comments (8)
  • deercreekvols
    , contributor
    Comments (9848) | Send Message
    (RSX) may not be a poor play at this point.
    23 May 2014, 02:58 PM Reply Like
  • Jake2992
    , contributor
    Comments (1142) | Send Message
    They should have all of their tax subsidies revoked, unfortunately they have bought and paid for the entire Republican Party. John Boehner was caught handing out checks to Republican member on the floor of the House of Representatives.
    23 May 2014, 03:11 PM Reply Like
  • JohnBinTN
    , contributor
    Comments (4448) | Send Message
    Exxon paid the most to the US government of any corporation last year in taxes. 31 billion dollars.


    23 May 2014, 03:28 PM Reply Like
  • Jake2992
    , contributor
    Comments (1142) | Send Message
    Was their a point? They made a lot of money, they SHOULD pay a lot in taxes. They shouldn't be getting and more tax breaks.
    23 May 2014, 03:41 PM Reply Like
  • JohnBinTN
    , contributor
    Comments (4448) | Send Message
    I take it you don't think $31 billion is enough... Typical.
    23 May 2014, 03:52 PM Reply Like
  • PDavid
    , contributor
    Comments (373) | Send Message
    Are you referring to the incident in 1995 with check from the tobacco industry? What does have to do with 2014 and the Oil Industry?
    24 May 2014, 11:57 AM Reply Like
  • User 353732
    , contributor
    Comments (5168) | Send Message
    Sanctions against oil and gas producing nations are ineffective because the world cares far more about energy than the smug and hypocritical posturing of the US Regime.


    If the West wants to "punish" Russia(and Iran and.....) the best path is to encourage substantial growth in oil, gas, coal and nuclear energy production in North America and Europe and close off markets for Russian (and Iranian) energy exports. Offer the world, especially Asia, real alternatives to Russian energy and it will listen. Offer the world incoherent babbling and it will turn away with contempt.
    It is a shame and a tragedy that much of the Global South trusts Russia more than the US on several issues, including energy supply and honoring alliances.
    23 May 2014, 03:12 PM Reply Like
  • Sakelaris
    , contributor
    Comments (2707) | Send Message
    Exxon should not have to face a financial crisis because the two US political parties are currently under the sway of this stupid Ukraine gambit. Policies come and go. let us hope that the idea of supporting the entire agenda of the Ukrainian insurgents will go quickly.


    Whatever you all might think of Russia's President Putin, the fact remains that the millions of Russians around Donetsk and Lugansk cannot be harmoniously ruled by the Ukrainians of Kiev and Lvov. A partition might not be a bad idea.


    A new border? Now, before you all gasp in horror, consider the way the US created a border for a de facto independent Kurdistan in 2003, how the US actively and violently took apart Yugoslavia in the 1990s in favor of many new borders there, or how the US allowed its ally Turkey in 1974 to violently set up a new border in Cyprus. Even if Donetsk and Lugansk do join Russia, the US will remain the border-changing champion of the last fifty years.
    23 May 2014, 09:26 PM Reply Like
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