WASHINGTON (dpa-AFX) - Exxon Mobil announced that its global production dropped by 6 percent in the first quarter of 2026 after the conflict in Iran disrupted oil and gas operations in the Persian Gulf.
This included damage to liquefied natural gas facilities in Qatar. According to the company, two LNG trains at a Qatari site where Exxon is a partner were struck by missiles and might need extensive repairs.
The company noted that about half of the lost output was tied to the Qatari facility, with the Middle East typically contributing around one fifth of its overall production.
Additionally, Exxon warned that its earnings from the energy products division, which covers refining and trading, are projected to be $3.7 billion lower than the previous quarter due to price fluctuations and delays in cargo deliveries. However, management expects these impacts to recover in the future.
On a brighter note, higher crude and gas prices are likely to cushion some of the disruption, adding around $2.5 billion to upstream earnings for the first quarter.
Nevertheless, Exxon's shares fell by more than 6 percent in premarket trading following a temporary two-week ceasefire announcement, which eased broader concerns in the oil market.
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