economy
April 10, 2026
ExxonMobil and Chevron have reported an output drop amid Iran war disruption
ExxonMobil and Chevron have disclosed production declines and lower earnings as the Iran war disrupts energy supplies and drives oil price volatility
TL;DR
- ExxonMobil and Chevron disclosed production declines and financial fallout from the Iran conflict.
- The conflict caused operational disruptions and market volatility, affecting shipping routes like the Strait of Hormuz.
- ExxonMobil flagged a potential hit of up to $6.5 billion to earnings, with global oil and gas production expected to be 6% lower in Q1 2026.
- Chevron reported a decrease in first-quarter production compared to the previous quarter.
- Exxon noted damage to assets, including Qatari gas liquefaction facilities, will require prolonged repair.
- The largest hit to Exxon's first-quarter earnings is linked to price swings caused by the conflict.
- Economists warn of potential broader inflation and slowed growth due to higher energy costs and disrupted energy supplies.
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