ExxonMobil expects first-quarter global oil and gas production to fall 6% compared to the fourth quarter of 2025. Ongoing Middle East disruptions significantly impacted regional operations, which represent 20% of the company's worldwide output. Two liquefied natural gas (LNG) trains in Qatar require prolonged repairs following severe damage.
Higher oil and gas prices will contribute between $2.1 billion and $2.9 billion to first-quarter earnings. The company flagged a potential $6.5 billion total earnings hit from accounting timing effects related to hedging and undelivered cargoes. These timing effects are expected to reverse in later quarters. ExxonMobil shares fell approximately 5% in pre-market trading.