Why Russia doesn’t represent the future for Exxon | Opinion
Former Exxon CEO Rex Tillerson talks with Russia's President Vladimir Putin at a 2012 ceremony for the signing of an agreement between state-controlled Russian oil company Rosneft and Exxon Mobil.We are pleased to see Exxon Mobil take steps to halt operations in Russia, following other major oil companies in cutting off commerce with the country after it invaded Ukraine.
President Joe Biden has moved slowly on cutting oil and gas trade with Russia, and that’s understandable. Tinkering with oil and gas trade always has consequences for the cost to fill up our tanks and heat our homes. While Russia provides about 1% of the oil that Americans use, it provides a significant amount of the natural gas that Europeans use.
The decades that Exxon spent building its business in Russia was a time when major oil companies scoured the earth for hydrocarbons, often finding them in countries that grappled with poverty, corruption or conflict. Oil majors often negotiated with governments or national oil companies to gain access to fields, then invested billions of dollars in massive structures and operations to extract the resources. These were decades-long projects that executives spent entire careers managing.
But during Tillerson’s time at Exxon, the oil and gas industry experienced a revolution as small operators figured out how to use fracking technologies to unlock gas and, later, oil from fields in the U.S. Tillerson began turning the ship toward home, investing in North Texas operations.
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