Exxon Mobil Corporation (XOM) Partners with Russia's Rosneft to try and Recoup $4.6B

Exxon Mobil Corporation (NYSE:XOM) is one of the best conservative stocks to buy now. On September 23, the company entered into a cooperation agreement with the Russian state energy giant Rosneft as it seeks to recoup $4.6 billion in write-downs it incurred in 2022.

The US oil giant incurred a $4.6 billion impairment charge in 2022 on its 30% operator stake in an oil and gas project off the Russian coast following the Russian invasion of Ukraine. Exit from Russia also resulted in the loss of access to approximately 150 million barrels of proven oil reserves.

The agreement opens the door for the repair of commercial relations between the US and Russia following Moscow’s invasion of Ukraine. Exxon has already received permission to engage in talks with Rosneft.

Exxon Mobil Corporation (NYSE:XOM) is a multinational oil and gas corporation that explores for, produces, transports, and sells crude oil and natural gas. It also manufactures, transports, and sells petroleum products, including fuels and lubricants, and is involved in the chemicals industry, producing materials used in various consumer products.

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Disclosure: None. This article is originally published at Insider Monkey.