Exxon Sees First-Quarter Production Loss of 6% on Iran War

Exxon Mobil Corp. lost 6% of its global production in the first quarter as the Iran war paralyzed oil and natural gas operations in the Persian Gulf.

The Strait of Hormuz’s closure over the past five weeks have severely affected Exxon’s operations in the United Arab Emirates and Qatar, where it owns stakes in the giant Las Raffan liquefied natural gas complex, the company said in a statement Wednesday. Those two nations account for about 20% of Exxon’s global annual production.