ExxonMobil
US oil supermajor; world's largest publicly traded oil and gas company.
Last refreshed: 30 March 2026
Can ExxonMobil's Gulf assets survive both Hormuz closure and Yanbu strikes?
Latest on ExxonMobil
- What is ExxonMobil?
- ExxonMobil is the world's largest publicly traded oil and gas company, formed in 1999 through the merger of Exxon and Mobil. It operates across exploration, refining, and chemicals in more than 60 countries.Source: ExxonMobil
- What happened to ExxonMobil's refinery in Yanbu?
- The SAMREF refinery at Yanbu, a 50/50 joint venture between ExxonMobil and Saudi Aramco, was struck by a drone that evaded a Patriot PAC-3 battery. Yanbu is the only Gulf crude export outlet still open since the Strait of Hormuz closure.Source: Lowdown
- How has the Iran conflict affected ExxonMobil's Iraq operations?
- Iraq declared Force majeure on all oilfields operated by foreign companies in March 2026, citing inability to export through the Strait of Hormuz with storage at capacity. This suspended ExxonMobil's upstream production in the country.Source: Lowdown
- What is the difference between ExxonMobil and Saudi Aramco in the Gulf crisis?
- Saudi Aramco is state-owned and operates across the full Saudi oil system; ExxonMobil is a US-listed supermajor with joint ventures in Saudi Arabia and Iraq. Both are exposed to Yanbu strikes and Hormuz closure, but Aramco bears sovereign responsibility for Saudi output while ExxonMobil's exposure is through specific JV assets.Source: Lowdown
- Is Yanbu still exporting oil?
- As of March 2026, Yanbu is the only remaining crude export outlet for Gulf Arab states following the Strait of Hormuz closure. However, the SAMREF refinery there was struck by a drone, raising doubts about the viability of continued exports through this route.Source: Lowdown
Background
ExxonMobil was formed in 1999 through the merger of Exxon and Mobil, both descended from John D. Rockefeller's Standard Oil trust. The company is the world's largest publicly traded oil and gas producer, headquartered in Spring, Texas, with operations spanning exploration, refining, and chemicals across more than 60 countries. Its joint ventures include the SAMREF refinery at Yanbu, Saudi Arabia, a 50/50 facility operated with Saudi Aramco.
ExxonMobil's Saudi assets became a direct casualty of the Iran conflict when a drone evaded a Patriot battery and struck the SAMREF refinery at Yanbu, the only remaining crude export outlet for Gulf Arab states since the Strait of Hormuz closure. A simultaneous Force majeure declared by Iraq on all foreign-operated oilfields further jeopardised the company's upstream production in the country.
ExxonMobil now faces a compounding crisis: its refining joint venture at Yanbu is damaged, its Iraqi upstream operations are suspended, and the Hormuz closure has severed the primary export route for any Gulf recovery. How quickly the company restores output will serve as a proxy for the wider damage to Gulf energy infrastructure and the viability of remaining export routes.
