Business News

Exxon Mobil Corp logo seen at the Rio Oil and Gas Exhibition and Conference in Rio de Janeiro, Brazil, September 24, 2018. REUTERS / Sergio Moraes

Houston, March 1 – Exxon Mobil (XOM.N) will leave operations in Russia, including oil fields, it said on Tuesday, becoming the last major Western energy company to leave the oil-rich country after Moscow’s invasion of Ukraine. .

The decision involves operations on a major oil and gas project on Sakhalin Island in Russia’s Far East. Britain’s BP PLC, Shell and Norway’s Equinor ASA (EQNR.OL) have previously revealed plans to abandon operations in Russia.

“Given the current situation, Exxon Mobil will not invest in new developments in Russia,” the company said in a statement.

Exxon did not provide a release schedule or comment on possible asset write-offs.

The company condemned Russia’s attack and said it supported the people of Ukraine.

“We deplore Russia’s military action, which violates Ukraine’s territorial integrity and threatens its people,” Exxon said.

Exxon has begun removing US nationals from Russia, Reuters reported earlier, based on two people familiar with the matter.

Last year, Exxon hired more than 1,000 people across Russia with offices in Moscow, St. Petersburg, Ekaterinburg and South Sakhalin, according to its website.

The number of evacuees evacuated was unclear on Tuesday. The company sent a plane to Sakhalin Island to pick up staff, said a source familiar with the matter.

Exxon manages three large offshore oil and gas fields with operations based on Sakhalin Island on behalf of an international consortium of Japanese, Indian and Russian companies. He was developing plans to add a liquefied natural gas export terminal to the site.

“Exxon’s Russian business is relatively small in the context of its larger company, so it doesn’t matter as much to BP or TotalEnergies if it has to abandon its Russian assets,” said Anish Kapadia, director of energy and mining researcher. case of Pallissy Advisors.

The company, which has been developing its Russian oil and gas fields since 1995, has come under pressure to sever ties with Russia over Moscow’s invasion of Ukraine. Russia calls its actions in Ukraine a “special operation.”

Sakhalin’s facilities, which Exxon has operated since its inception in 2005, are one of the largest single direct investments in Russia, according to a description of the project on Exxon’s website. The operation pumped up to 300,000 barrels of oil and gas a day.

Report by Gary McWilliams; Edited by Jonathan Oatis, Grant McCool and Kenneth Maxwell

Our standards: ‘ principles of trust.

AMC Entertainment Holdings Inc. reported lower losses for the fourth quarter late Tuesday, saying it was no longer rocking thanks to the “military chest” with memes it accumulated in 2021.

AMC AMC,
-2.86%
said it lost $ 134.4 million, or 26 cents a share, in the quarter, compared with a loss of $ 946.1 million, or $ 6.21 a share, in the previous quarter. Adjusted for disposable items, AMC lost 11 cents a share.

Kirkland & Ellis consistently leads to the highest revenue in all of Biglaw. Given this – and especially against the backdrop of a glowing white side market – the company would almost certainly meet the highest levels of compensation recently announced by Cravath.

Of course, they had already announced promotions less than a week ago, but when there is a new compensation network that makes the rounds, well, you have to raise money to keep your employees happy.

So here’s Kirkland’s new Compensation Network:

As you can see from the graph, contributors receive a full match from the Cravath scale retrospectively by January 1st. And while the company maintains its commitment to paying at the top of the market for its non-shareholders, tipsters are annoyed by the retroactive date for the NSP:

However, if you are not a partner without sharing, they only send a separate note and pay by February 1 (not January 1), which actually reduces you over $ 4,000 for the month of January. I will be glad to see this accurately reported, so they have some responsibility for the NSP short circuit.

You can read the full note on the next page.

*** Wondering if the grass is greener on the inside? Click here to view the corporate advisor’s black box in our 2021 Internal Compensation Report ***

Remember everyone, we rely on your advice to keep up with important bonus updates, so when your company matches, please send us an SMS (646-820-8477) or email us (subject: “[Firm Name] Coincidences ”). Please include the note, if available. You can take a photo of the note and send it via text or email if you do not want to forward the original PDF or Word file.

And if you want to sign up for the ATL bonuses (which is the list of alerts we also use for payroll announcements), please scroll down and enter your email address in the box below this post. If you have previously signed up for bonus alerts, you do not need to do anything. You will receive an email notification within minutes of each bonus message we post. Thanks for all your help!

Catherine Rubino is a senior editor at Above the Law, host of The Jabot podcast and co-host of Thinking Like A Lawyer. AtL tipsters are the best, so please contact her. Feel free to email her with any tips, questions or comments and follow her on Twitter (@ Kathryn1).

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Good luck with your iPhone purchase in Moscow.

Apple banned the sale of all its products in Russia on Tuesday as more companies withdrew from the country.

Consumers who want to order products such as iPhones, iPads and Macs from Apple’s Russian website received a “Delivery: Not Currently Available” message late Tuesday.

Although Apple has no official stores in Russia, its devices are widely sold through third-party vendors. Apple told reporters that it “stopped all exports to our sales channel in the country” last week, which means that stores in Russian cities may soon be left without an iPhone.

Apple also said in a statement that it was banning Russian state-controlled news outlets RT and Sputnik from its app store in every country except Russia.

U.S. users who tried to download the RT app late Tuesday were told “this item is no longer available.”

In addition, Apple is removing traffic and “live incident” features from Apple Maps in Ukraine, which it says is a “safety and security measure for Ukrainian citizens” amid Vladimir Putin’s invasion.

This reflects a similar measure taken by Google over the weekend, when it disabled live traffic on Google Maps after the tool and was used to track the movements of Ukrainian and Russian troops, as well as civilians.

Other companies, including Nike and Volvo, withdrew their products from Russia after the country’s brutal invasion of Ukraine.

Apple’s move comes days after Ukraine’s Deputy Prime Minister Mykhailo Fedorov wrote a personal letter to CEO Tim Cook urging the company to ban Russia from using Apple products and services – including the App Store.

“We are sure that such actions will motivate the youth and the active population of Russia to actively stop the shameful military aggression,” Fedorov wrote.

However, some analysts said that excluding Russians from the app store would make it very difficult for them to obtain accurate information about the war in Ukraine.

Other major technology companies have also taken steps they say will help protect Ukrainians from Russian invasion. The mother of Facebook Meta, YouTube and Twitter, owned by Goggle, has placed restrictions on Russian state media, including RT and Sputnik.

Comparable sales, which include sales from stores or digital channels operating for at least 12 months, rose 8.9 percent in the quarter ended Jan. 29 from a year earlier, the company said. Digital sales increased by 9.2%.

For the full year, Target’s revenue reached $ 106 billion, compared to $ 77.1 billion for the year ended February 1, 2020, before the pandemic overturned the global economy and consumer buying patterns.

Other big retailers like Walmart Inc.

reports strong sales growth in the last fiscal year, including the holiday shopping period. These retailers have been able to use their powerful and e-commerce networks to address labor shortages due to the Omicron variant, supply chain problems and rising prices.

Smaller retail chains, such as Kohl’s Corp.

KSS 2.12%

they said the delay in the arrival of inventory in stores has slowed sales growth, and the complexity of the pandemic has reflected profits in recent months.

Consumer spending remains high even as prices rise. In January, expenditures rose by 2.1% seasonally adjusted compared to the previous month, while personal incomes remained stable, the trade ministry said. However, studies show a growing gloom among consumers during the last phase of the pandemic, combined with the effects of inflation, among other events.

“Consumers are still worried about Covid, but they are looking for that note of normalcy in their lives,” Target CEO Brian Cornell told analysts on Tuesday.

Financial performance in the first two years of a pandemic will be difficult for many retailers to replicate. Target expects earnings and adjusted earnings per share to grow at a slower pace this year than 2021. Kohl’s, which also reported quarterly financial results on Tuesday, forecasts net sales in fiscal 2022 to increase by 2% to 3% , compared to almost 22% increase the previous year.

Another chain of department stores, Nordstrom Inc.,

predicts revenue growth will slow to between 5% and 7% this year, but said that as a result of improvements in its business, it may resume dividend payments in the current quarter after a nearly two-year hiatus.

Target is focusing on investing in its stores while increasing digital sales, company executives told analysts at an event in New York on Tuesday. About 19% of Target’s total sales are now digital, up from 8.8% in 2019. Most of these sales come from in-store inventory – store workers pack orders for home delivery or for delivering to customers in car parks.

The company is building large sorting centers, large warehouses that use automation to quickly pack same-day delivery orders near urban centers such as Chicago to expand the business faster, executives said. He also plans to expand Roundel, his internal media operation that works with brands and advertising agencies, to a $ 2 billion operation over the next few years.

Dedicated shares rose 9.8% in trading on Tuesday.

Kohl’s relies on partnerships like the one it has with cosmetics retailer Sephora to help boost sales. He also plans to invest in his physical locations, including moving goods such as active clothing to the front of stores.

The latest report from the department store chain is also coming, as it repulses criticism from investor activists. He rejected a $ 9 billion takeover offer from a consortium backed by hedge fund Starboard Value LP. The rejection drew criticism from Jonathan Duskin, a managing partner at Macellum Advisors GP LLC, which has a 5% stake in the retailer and is pushing for changes to the board.

On Tuesday, CEO Michelle Gus dismissed criticism that the company’s board was not open to opportunities to increase shareholder value. Kohl’s also said it would double its quarterly dividend and buy back at least $ 1 billion of its shares this year, which Ms Gass said in an interview as proof of the company’s confidence in its strategy.

“While we have great confidence in our future, we are testing and evaluating this plan against other alternatives,” she said.

Kohl shares rose 2.1%.

In response to inflation, Target seeks to keep prices lower than competitors this year, executives said. “We have a lot of leverage to fight costs and the price is the one we pull last, not first,” said Michael Fidelke, the company’s chief financial officer.

The company expects severe labor market and supply chain problems to continue this year and is monitoring consumer spending without benefiting from government incentives, he said. On Monday, Target said it would offer hourly workers a minimum wage of $ 15 to $ 24 and expand the group of eligible employees.

Target is also monitoring the situation in Ukraine to determine whether there will be a wider impact on the supply chain, Mr Cornell, the chief executive, told reporters. Although the company does not supply products directly from Ukraine, executives said the company would use its scale to be flexible in dealing with any changes.

Write to Sarah Nassauer at [email protected] and Charity L. Scott at [email protected]