Backing out of Russia is costing oil companies billions

Some of oil’s biggest players are paying the price for backing out of Russia.

Selina Lee

For some corporations, leaving Russia isn’t easy — take McDonald’s, which is losing $50m/mo. by shutting down its Russian restaurants.

But oil companies are making Mickey D’s losses look like child’s play: 4 of petroleum’s biggest players have lost a collective ~$38B by shutting down Russian operations, per WSJ.

Among the group…

… BP was hit the hardest, taking a $25.5B accounting charge in Q1. Shell, TotalEnergies, and Exxon have each taken multi-billion dollar charges of their own.

But it’s not all doom and gloom in the world of petrol.

With the US national average for a gallon of regular gas up ~46% YoY, those same oil companies are swimming in cash.

Case in point: BP’s stock is up 5% since taking the loss.

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