American oil supermajor. Net income for the first quarter of 2026 was $4.2bn, down 46% on the year, weighed down by $3.9bn of hedging losses on cargoes whose sale was agreed before oil prices soared as a result of the 2026 Iran war. Around a fifth of Exxon's oil-and-gas production is located in the Middle East—one of the highest exposures among the supermajors. The company pumped the equivalent of 4.6m barrels per day in early 2026, down from 5m the previous quarter; if the Strait of Hormuz remains shut for several more months, output would fall further. Exxon's share price has fallen 2% since the war began, compared with double-digit gains for European rivals such as TotalEnergies, BP and Eni.
Whoever has lived long enough to find out what life is, knows how deep a debt of gratitude we owe to Adam, the first great benefactor of our race. He brought death into the world.