Exxon Mobil, TotalEnergies and Shell are among the energy majors most exposed to potential disruptions in oil and natural gas production as a result of the war between the United States and Israel and Iran, according to analyses released on Sunday and Monday.

U.S. and Israeli strikes against Iran on Saturday, which led to the death of Supreme Leader Ayatollah Ali Khamenei, have triggered significant turbulence in the energy sector.

The conflict has resulted in the shutdown of certain oil and gas fields in the region and has effectively paralyzed shipping through the Strait of Hormuz, the strategically vital maritime passage between Iran and Oman. Tankers transporting crude oil, fuels and liquefied natural gas from major Middle Eastern producers and refineries to global buyers typically pass through this corridor.

According to Reuters, analysts at Jefferies estimate that 29 percent of TotalEnergies’ total output comes from the Middle East, while the region accounts for 20 percent of oil and gas production for both Exxon and Shell.

Although the war threatens part of their production, it has also driven a sharp rise in oil and gas prices, potentially supporting company profitability. Brent crude futures closed on Monday up around 7 percent at 77.74 dollars per barrel, while the European natural gas benchmark surged by roughly 40 percent.

Particularly significant impacts could emerge in Exxon’s liquefied natural gas portfolio. According to TD Cowen, nearly 60 percent of the U.S. group’s LNG activities are concentrated in the Middle East.

Exxon declined to comment on its regional operations, while Shell and TotalEnergies did not immediately respond to related requests.

All three companies are partners of state-owned QatarEnergy, which on Monday suspended LNG production following Iranian drone attacks on its facilities. Qatar accounts for approximately 20 percent of global liquefied natural gas supply.

Exxon is expected to benefit in the medium term from the start-up of the Golden Pass LNG project in Texas, which is scheduled to begin production within the month, according to Barclays analyst Betty Jiang.

Beyond their stakes in LNG projects in the Middle East, TotalEnergies also produces oil and gas in the United Arab Emirates, while Shell maintains a strong presence in Oman.

Source: newmoney.gr