QatarEnergy Warns Hormuz Crisis May Delay LNG Expansion, Golden Pass Trains Slip to 2027
XOM sits 47% above its 52-week low of $110.385 on elevated volume (2.5× avg).
Summary
QatarEnergy's CEO says the Strait of Hormuz crisis is delaying equipment deliveries for its massive North Field East LNG expansion, pushing the first train to H1 2027 and making additional trains contingent on the strait reopening. Attacks on Ras Laffan destroyed 17% of Qatar's LNG capacity, with repairs to two trains taking up to three years. For ExxonMobil, the key exposure is the Golden Pass LNG joint venture in Texas: the second and third trains are now expected fully operational in 2027, a slip from earlier timelines. This follows the July 31 warning from ExxonMobil and Chevron about elevated fuel prices due to the Iran war, but adds concrete project delays and damage assessments. The news is negative for XOM's near-term LNG growth and global supply outlook, though the company's Permian-driven earnings remain strong.
At the time of this announcement, XOM was trading at $161.93 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $672.5B. The 52-week trading range was $110.39 to $176.41. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Reuters.