ExxonMobil flags Iran war-driven production losses

ExxonMobil Corp. expects a notable decline in first-quarter 2026 production as the Iran war has disrupted operations and logistics across key Middle East assets, the operator said in recent filing with the US Securities and Exchange Commission (SEC).

The Middle East assets represent about 20% of ExxonMobil’s global oil-equivalent production, but a smaller percentage of Upstream earnings. Certain assets in Qatar and the UAE in which ExxonMobil holds ownership interests experienced production disruptions beginning in March. As a result, the company expects Middle East disruptions to lower its global oil-equivalent production by about 6% in the first quarter compared with fourth-quarter 2025.

In Qatar, attacks in first-quarter 2026 impacted two LNG trains in which ExxonMobil has ownership interest. These assets accounted for about 3% of 2025 Upstream production. “Pending an on-site evaluation, we are unable to comment on the length of time before the two trains return to normal operations,” ExxonMobil said in the filing.

The disruptions are also expected to affect ExxonMobil’s Product Solutions business. Middle East assets represent about 5% of the operator's global refining and chemical capacity. ExxonMobil said disruptions in the region, along with reduced crude availability at Asia-Pacific operations, are expected to lower its global Energy Products throughput by about 2% in the first quarter compared with fourth-quarter 2025.

Despite the setbacks, ExxonMobil said it is relying on the strength of its integrated global system to support customers and mitigate the impact of the disruptions. The company said it is increasing Permian production to 1.8 MMboe/d in 2026, optimizing logistics and crude and product flows, and maximizing refinery throughput wherever safe and feasible.

ExxonMobil also pointed to progress at Golden Pass LNG, its joint venture with QatarEnergy. The project achieved first LNG production from Train 1 at its Sabine Pass terminal on Mar. 30, 2026, marking a major milestone for the partnership.