American oil supermajor. Net income for the three months to March 31st 2026 was $4.2bn, down 46% on the year, weighed down by $3.9bn of hedging losses on cargoes whose sale was agreed before oil prices soared as a result of the 2026 Iran war. Around a fifth of Exxon's oil-and-gas production is located in the Middle East—one of the highest exposures among the supermajors. The company pumped the equivalent of 4.6m barrels per day over the first quarter of 2026, down from 5m in the previous one; if the Strait of Hormuz remains shut until the end of June, output would fall to 4.1m-4.3m b/d. Exxon's share price has fallen 2% since the war began, compared with double-digit gains for European rivals such as TotalEnergies, BP and Eni.
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