Integrated Oil Russia Update: Shell Exits, Total Sticks, Exxon Answer Likely Coming Soon

Following Shell’s announcement of a complete exit from Russia (see Feb 28. note), TotalEnergies released a statement condemning Russia’s military aggression against Ukraine but did not announce intentions to exit the country. Instead, it stated it merely would no longer provide capital for new projects. While things could change and greater sanctions force its hand or make it untenable to stay, Total appears to be willing to ride out the storm for now. Its Russian assets include 20% of Yamal LNG, 21.64% of Arctic LNG 2, a 49% interest in ZAO Terneftegas operator of Termokarstovoye onshore gas field, and a 19.4% interest in Novatek.