Iran war disrupts Exxon, halves LNG output in Qatar

Exxon Mobil Corp. lost 6% of its global production in the first quarter as the war in Iran disrupted oil and natural gas operations across the Persian Gulf.

Half of the outages came from a liquefied natural gas (LNG) complex in Qatar where Exxon is a partner, the company reported Wednesday, News.Az reports, citing Bloomberg.

Two LNG production lines, or trains, at the facility were damaged by Iranian missile strikes.

“Public reports indicate the damage will take a prolonged period to repair,” Exxon stated. “Pending an on-site evaluation, we are unable to comment on the length of time before the two trains return to normal operations.”

Exxon also noted that first-quarter earnings from its energy-products division would be lower. The company is among the first international supermajors to disclose the war’s effects on assets it owns or co-operates in and around the Gulf. Under normal conditions, the region contributes roughly one-fifth of the Texas-based company’s global output.

Exxon shares fell 6.1% in pre-market trading in New York as energy stocks broadly declined following the two-week ceasefire announced by US President Donald Trump. The company is set to release full quarterly results on May 1.

European rival Shell Plc also issued a trading update on Wednesday, reporting lower quarterly gas production due to the conflict.

Qatar estimates that the LNG facility will lose around $20 billion in annual revenue due to the damage and that repairs could take up to five years.

Meanwhile, first-quarter earnings at Exxon’s energy-products division, which covers refining and trading, are expected to be $3.7 billion lower than in the final three months of 2025, reflecting price volatility and the timing of cargoes, the company said.

News.Az 

By Nijat Babayev