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Business media reported last month that ExxonMobil has been in secret negotiations with Russian officials about a possible return to the country.

Earlier this month, ExxonMobil’s CEO told the Financial Times the company has no plans to go back to Russia, and the meeting was to discuss recovering more than $4 billion in assets that had been seized by the Kremlin.

For many observers, it beggars belief that any major Western company would consider returning to Russia under the current circumstances, especially a company that had to write off $4 billion in the aftermath of Russia’s full-scale invasion of Ukraine in February 2022.

Since ExxonMobil is denying a potential return, it is worth reflecting on what such a turn of events would have entailed for the world’s largest wholly non-government owned oil and gas company.

ExxonMobil has earned its reputation for technological leadership and prowess in executing some of the most challenging energy projects around the globe. It is among the safest of financial investments, deemed a “widow and orphan stock” for its high dividend yield and long-term capital gains, and does not waste money in areas outside of its field of........

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