ExxonMobil Reports Financial Fallout Amid Iran War

(MENAFN) Two of America's most powerful energy corporations, ExxonMobil and Chevron, have disclosed significant production losses and sweeping financial damage tied directly to the Iran war, as disruptions along the Strait of Hormuz and attacks on regional facilities send shockwaves through global energy markets.

In a regulatory filing submitted Wednesday, ExxonMobil warned of a potential earnings blow of up to $6.5 billion, revealing that its worldwide oil and gas output in the first quarter of 2026 ran approximately 6% below fourth-quarter 2025 levels. The company attributed part of that decline to strikes on facilities in Qatar and the UAE in which it holds operational stakes.

Chevron, filing separately on Thursday, reported first-quarter production of 3.8 to 3.9 million barrels of oil equivalent per day — a measurable drop from the 4.05 million barrels recorded in the preceding quarter.

ExxonMobil, which derives roughly 20% of its total global output from Middle East operations, painted a sobering picture of the damage sustained to regional infrastructure. The company said destruction to assets — including gas liquefaction facilities in Qatar — "will take a prolonged period to repair," and acknowledged it remains unable to project when full operational capacity will be restored.

The single largest driver of Exxon's first-quarter earnings damage — estimated at between $3.5 billion and $4.9 billion — was attributed not to physical destruction, but to the violent price swings unleashed by the conflict itself.

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