ExxonMobil Q1 Earnings Hit by Middle East Conflict

ExxonMobil reported significant disruptions to its first-quarter 2026 operations due to the ongoing Middle East conflict involving Iran, which began on February 28 and led to a 6 percent decline in the company's global oil and gas production compared to the previous quarter. The Texas-based energy giant disclosed the impacts in a regulatory filing on Wednesday, highlighting damage to facilities in Qatar and the United Arab Emirates where it holds stakes.

The production shortfall stemmed primarily from Iranian missile strikes that damaged two liquefied natural gas production trains at a complex in Qatar, in which ExxonMobil is a partner. The facility normally accounts for about 3 percent of the company's global output. ExxonMobil stated that public reports suggest the damage could require years to repair, potentially costing Qatar $20 billion in annual revenue. "Pending an onsite evaluation, we are unable to comment on the length of time before the two trains return to normal operations," the company said in a statement. The Middle East region represents roughly 20 percent of ExxonMobil's oil and gas production and 5 percent of its refining and chemical capacity, making it one...