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Big Oil’s Huge Russia Writedowns Eased by Cash From $100 Oil

  • Supermajors are set to post highest adjusted profit since 2011
  • Accounting charges from exiting Russia may reach $34 billion
An Exxon Mobil refinery in Rotterdam, Netherlands.

An Exxon Mobil refinery in Rotterdam, Netherlands.

Photographer: Peter Boer/Bloomberg
Updated on

Big Oil is walking away from tens of billions of dollars of Russian assets, but $100 crude is easing the sting.

The invasion of Ukraine forced the global supermajors to sever most of their ties with Moscow, while also sending oil and gas prices soaring. The outcome will be a first-quarter earnings season full of contradictions -- huge operational profits on one side, massive accounting losses on the other.