XOM - Russian asset exposure takes Majors lower

Following news over the weekend that BP (NYSE:BP) will divest the Company's Rosneft shares (OTCPK:RNFTF), investors have begun to parse through energy sector holdings in Russia. BP shares are down ~5% with oil up ~4% (NYSEARCA:USO) following the news. Management could not be facing a more challenging negotiation, as they look to divest in coming weeks and months; however, others in the sector may face greater challenges from direct Russian asset exposure.   Total (NYSE:TTE) owns 19.4% of Russia's Novatek (OTCPK:NOVKY). Novatek shares were down 67% early Monday, and more than 80% since the invasion began. Total also directly holds 20% in the Yamal LNG project, 22% in the Arctic 2 LNG project, and 49% of the Terneftegas joint venture. Yamal and Arctic 2 LNG each cost more than $20b to construct, and Novatek's market cap was over $70b in recent weeks. Total's (TTE) shares were down ~6% in early trading Monday.  Exxon (NYSE:XOM)

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Russian asset exposure takes Majors lower