Exxon Mobil Corp. XOM, +0.64% said Monday it is working to discontinue operations at a Russian project but may have to impair its investment up to the full book value of $4 billion. “In light of the ongoing situation in Ukraine and the resulting sanctions on Russia, the Company is proceeding with efforts to discontinue operations at the Sakhalin-1 project (“Sakhalin”) and is developing steps to exit the venture,” the company said in a regulatory filing. As operator of Sakhalin, the oil giant is focused on the safety of its people and the environment, but it may have to impair its investment in the project up to the full value of its property, plant and equipment, said the filing. Shares were slightly higher premarket and have gained 45% in the last 12 months, while the Dow Jones Industrial Average DJIA, +0.40% has gained 5% and the S&P 500 SPX, +0.34% has gained 13%.
