About six per cent of ExxonMobil’s global oil and gas production in the first quarter was taken offline as conflict linked to Iran disrupted key energy assets across the Persian Gulf.

A large portion of the shutdown occurred at a liquefied natural gas facility in Qatar where ExxonMobil is a partner. Two LNG processing trains at the site were damaged, and the company said early reports indicate repairs could take a long time. A full technical assessment is still pending before a timeline for restart can be confirmed.

The Gulf region normally contributes roughly one-fifth of ExxonMobil’s total global output, underscoring the scale of the disruption. Qatar has estimated the damage to the LNG complex could cost as much as US$20 billion in annual lost revenue and may take years to fully restore.

ExxonMobil said earnings from its energy products division, which includes refining and trading, are expected to drop by about US$3.7 billion compared to the previous quarter due to price swings and delayed cargo movements during the crisis. However, the company also expects to benefit from higher crude oil and natural gas prices during the period.

Chief financial officer Neil Hansen said the market disruptions would eventually translate into profitable trades once underlying transactions are completed. Excluding timing effects, the company noted that per-share earnings improved from the prior quarter.

ExxonMobil is scheduled to release its full first-quarter financial results on May 1.