ExxonMobil reported a 6% decline in first-quarter petroleum production in an April 9, 2026, securities filing.
The company attributed the drop to war-related outages and disruptions in the Middle East.
Management characterized the decrease as a temporary timing effect that will reverse over time.
Higher oil and gas prices driven by the conflict are expected to boost Q1 upstream earnings.
Wells Fargo and RBC Capital raised their price targets for the company on the same day.