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ExxonMobil warned its first-quarter earnings could take a hit of up to $6.5 billion.
ExxonMobil warned of a potential $6.5 billion first-quarter earnings hit tied to the Iran war.
KEY POINTS
- Most of the loss is due to temporary accounting timing from hedging contracts, expected to reverse later.
- Operational disruptions in the UAE and Qatar will reduce ExxonMobil's Q1 oil and gas production by 6%.
- Damage to ExxonMobil's Qatari LNG joint ventures from Iranian attacks may take a prolonged period to repair.
- Despite disruptions, higher oil and gas prices are expected to boost Q1 earnings by up to $2.9 billion.
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