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

Background

ExxonMobil was formed in 1999 through the merger of Exxon and Mobil, both descended from Standard Oil. Headquartered in Spring, Texas, it is the world's largest publicly traded oil and gas company, with operations across more than 60 countries spanning exploration, refining, and chemicals.

ExxonMobil's SAMREF refinery at Yanbu, Saudi Arabia (50/50 with Saudi Aramco) was struck by a drone in the 2026 conflict, affecting the only remaining crude export outlet for Gulf Arab states after Hormuz closure. Iraq's Force majeure on foreign-operated oilfields also swept up ExxonMobil's Iraqi positions.

ExxonMobil holds a 30% stake in Golden Pass LNG at Sabine Pass, Texas alongside QatarEnergy (70%). With QatarEnergy's Ras Laffan exports suspended, Golden Pass has become the routing mechanism for Qatari LNG to reach Europe via an Atlantic detour. Golden Pass exported its second European cargo in mid-May 2026 to the Adriatic LNG terminal off Italy.

ExxonMobil has Caspian Pipeline Consortium (CPC) exposure via the Novorossiysk terminal, which Ukraine struck with drones in April 2026. The US State Department warned Ukraine to stop targeting CPC terminals, reflecting ExxonMobil's presence in the Russian Black Sea export chain.

ExxonMobil's Antwerp refinery, one of the ARA hub's largest single-plant contributors to gasoline and gasoil supply, became a live market risk on 25 June 2026 when unions suspended a strike notice that would have shut the plant from 29 June to 3 July, averting an immediate disruption. An 8 July ballot could still authorise industrial action, sustaining uncertainty over product supply into the summer peak demand window. Antwerp feeds product into the same NWE-ARA pricing cluster as Rotterdam and Shell Pernis; any refinery stoppage propagates directly into ICE Gasoil and Eurobob crack spreads. The episode adds a labour-relations risk to ExxonMobil's European downstream exposure, distinct from its Golden Pass LNG routing role and its Caspian pipeline positions.

More questions

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

What is ExxonMobil's role in the Golden Pass LNG facility?

ExxonMobil holds a 30% stake in Golden Pass LNG at Sabine Pass, Texas alongside QatarEnergy's 70%. Since Ras Laffan LNG exports are suspended, Golden Pass is being used to route Qatari LNG to European terminals via an Atlantic detour, including the Adriatic LNG terminal off Italy.Source: event

Was the ExxonMobil refinery in Saudi Arabia hit in the 2026 Iran conflict?

Yes. The SAMREF refinery at Yanbu — a 50/50 ExxonMobil and Saudi Aramco joint venture — was struck by a drone that evaded a Patriot battery. Yanbu was the only remaining crude export outlet for Gulf Arab states after Hormuz was closed.Source: event

What is ExxonMobil's exposure to the Russia-Ukraine war?

ExxonMobil has Caspian Pipeline Consortium (CPC) exposure via the Novorossiysk terminal. Ukraine struck CPC with drones in April 2026; the US State Department warned Kyiv to stop targeting CPC terminals, reflecting ExxonMobil's presence in the Russian crude export chain.Source: event

Will ExxonMobil workers at Antwerp go on strike in July 2026?

An initial strike covering 29 June to 3 July was averted on 25 June 2026 when unions suspended their notice. An 8 July ballot could still authorise industrial action, making a post-ballot stoppage a live risk to ARA supply.Source: Lowdown European Oil Markets

How does the ExxonMobil Antwerp refinery affect European fuel prices?

Antwerp feeds gasoline and gasoil into the ARA hub alongside Rotterdam and Shell Pernis. Any refinery stoppage reduces product supply and widens crack spreads at a time when BP Rotterdam's second unit is already offline.Source: Lowdown European Oil Markets

What is ExxonMobil's Golden Pass LNG terminal and how does it serve European gas supply?

ExxonMobil holds a 30% stake in Golden Pass LNG at Sabine Pass, Texas (QatarEnergy 70%). With Qatar's Ras Laffan exports suspended in 2026, Golden Pass became the routing mechanism for Qatari LNG to reach Europe via an Atlantic detour.Source: Lowdown European Energy Markets