ExxonMobil Ditches Russia Following Western Sanctions: Reuters

Exxon Mobil Corp XOM suspended its liquefied natural gas project in Russia's Far East following Western sanctions, Reuters reports.
Exxon would pull out of managing extensive oil and gas production facilities on Sakhalin Island in Russia's Far East, putting the proposed multi-billion dollar LNG facility there in doubt.
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Exxon had aimed to build the Far East Liquefied Natural Gas (LNG) project with an annual capacity of more than 6 million tonnes as part of the Sakhalin-1 consortium led by Russian energy giant Rosneft Oil Co OJSCY.
Previously, ExxonMobil looked to exit its Russian oil and gas operations, worth over $4 billion, and halt new investment due to sanctions on Russia over Ukraine.
Russia expressed its disappointment with Exxon's move.
Price Action: XOM shares closed higher by 0.63% at $83.11 on Friday.