Halliburton Co is the world’s No. 2 oil field services provider. REUTERS/Richard Carson/Files
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U.S. and European Union sanctions against Russia's Vladimir Putin threaten to shut off some of the world's largest energy companies from one of the biggest untapped energy troves on the planet.Russia relies on companies including Exxon Mobil Corp., BP Plc, Halliburton Co. and Schlumberger Ltd. for the latest technology and expertise it needs to develop an estimated $7.58 trillion in oil and natural gas resources that sprawl across nine time zones. Exploration and production companies like Exxon were expected to spend $51.7 billion in Russia this year, according to estimates from Barclays Capital Inc. – much of which would go to service and equipment companies such as Schlumberger and Halliburton.Oil field service companies Halliburton, Baker Hughes Inc. and Weatherford International Plc each generate 4 percent to 5 percent of their global sales from Russia, while Schlumberger gets 5 percent to 6 percent, according to RBC Capital Markets. The increased sanctions aren't expected to drive the service companies out of Russia, Kurt Hallead, an analyst at RBC Capital Markets in Austin, said in a phone interview.Halliburton continues to operate in Russia while complying fully with all laws, Susie McMichael, a spokeswoman at Houston-based Halliburton, said Tuesday in an emailed statement.Russia is Exxon's biggest exploration prospect outside of its home country.
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