ExxonMobil shares drop 7.5% after Middle East conflicts cut Q1 production by 6%.

ExxonMobil shares fell 7.5% following a report that Middle East conflicts disrupted its production in Qatar and the UAE, cutting global oil-equivalent output by about 6% in Q1 2026. Damage to LNG facilities and supply interruptions are expected to reduce refining capacity and lower earnings by up to $4.9 billion due to timing effects and $600-$800 million from physical shipment issues. Despite these challenges, ExxonMobil expects Q1 earnings per share to surpass Q4 2025 levels when excluding timing impacts. The company is awaiting full assessments to determine repair timelines for damaged assets.