Per the Wall Street Journal, Exxon Mobil Corporation (NYSE:XOM) has sought a waiver from current sanctions to continue its joint venture in Russia. Earlier in the Obama administration, the U.S. initiated sanctions against Russia for its meddling in Ukraine. The sanctions prevented Exxon Mobil Corporation (NYSE:XOM) from participating in its joint venture to develop major resources in Russia’s arctic region as well as in other regions in the country. With today’s news, it seems that Exxon wants to make the current arrangement work, by both letting the broader sanctions continue (ex-Exxon) and by allowing the company to develop valuable resources in Russia.
Exxon has filed the appropriate forms via the Treasury Department to hopefully continue activity in the Black Sea and bulls hope that the company’s request has a shot. The company’s former CEO is now the Secretary of State, after all. That being said, Secretary Tillerson has recused himself of any matters concerning Exxon for 24 months.
What Does The Smart Money Sentiment Say?
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According to our database of 742 elite funds, many smart money funds owned Exxon, but they didn’t own a huge amount of it. 60 top funds owned shares of Exxon Mobil Corporation (NYSE:XOM) at the end of December, up one from the previous quarter, but those 60 top funds only accounted for 0.8% of the oil giant’s float at the end of 2016.
The Bottom Line
Exxon Mobil Corporation (NYSE:XOM) shares are trending due to the news that it has sought a waiver to continue its Russian oil operations. For more reading, check out ‘11 Countries That Consume The Most Oil In the World‘.