Overview

• Two sources told Reuters the companies signed a preliminary, nonbinding pact in late August or early September that sets terms for further talks rather than a legally enforceable deal.
• Exxon seeks to recover the $4.6 billion impairment it booked in 2022 after exiting its 30% operator stake in Sakhalin‑1, which also cost access to about 150 million barrels of proved reserves.
• Rosneft told Reuters it had not signed a cooperation agreement with Exxon and did not respond when asked specifically about a nonbinding framework.
• CEO Darren Woods said discussions focused on recouping losses have been underway since 2023, and an Exxon spokesperson declined to comment on the reported pact.
• Sources said meaningful movement is unlikely without easing of U.S. and EU sanctions, even as Russian officials publicly signaled openness to talks and U.S.–Russia contacts included an August meeting between President Trump and Vladimir Putin.