ExxonMobil Holdings Corp. is standing by its Middle East growth plans despite the Iran conflict that knocked half a million barrels of the company's daily production offline. Chief Financial Officer Neil Hansen said the company will not make broad investment decisions based on today's headlines and remains committed to current and future investments in the region. Before the war began in late February, ExxonMobil was pumping the equivalent of 900,000 barrels of crude a day in the United Arab Emirates and Qatar, roughly one-fifth of its global output. As a result of the conflict, 450,000 barrels of ExxonMobil production has been halted in Qatar and a further 50,000 barrels in the UAE, with a portion of the UAE production in storage until shipping constraints are relieved. Hansen described the absence of participation in such an important region as shortsighted and commercially unwise, contrasting ExxonMobil's stance with that of archrival Chevron Corp., which has a much smaller Middle East presence.
Exxon Mobil CorpLost 500,000 barrels per day due to Iran conflict, but remains committed to Mideast growth.
Chevron Corp