Exxon Mobil (XOM.N) says it remains committed to Middle East investment despite
roughly 500,000 bpd of production offline after conflict tied to Iran. CFO Neil
Hansen: "We will not make broad investment decisions based on today's headlines.
We can thrive in this environment and remain committed to current and future
investments in the region." Before the late-February fighting, Exxon's UAE and
Qatar crude output totaled about 900,000 bpd, roughly one-fifth of its global
production; those volumes are now heavily disrupted. Two Qatar gas projects in
which Exxon holds stakes were badly damaged in an Iran strike, leaving about
450,000 bpd of Qatar output suspended and roughly 50,000 bpd in the UAE
affected. Hansen said some firms view staying away from the region as an
advantage; Exxon calls that short-sighted. Some UAE volumes are being held in
storage pending the lifting of transport restrictions.
