Seeking Alpha analysts Fluidsdoc and Grassroots Trading weigh in.

Fluidsdoc: Closure of the strait is causing disruption to the movement of oil and LNG out of the Persian Gulf to markets in the west. Qatar’s operations, in particular, have been impacted by this threat. Early in the conflict, it chose to shut down its LNG facilities at Ras Laffan, through which it processes and exports 77 mpta (20% of global capacity) of the product.

Companies whose earnings statements could be impacted by this event include ConocoPhillips (COP), ExxonMobil (XOM), Shell (SHEL), and TotalEnergies (TTE). These companies own interests in various phases of projects that feed into Ras Laffan, including Qatargas 3, North Field South, and North Field Expansion.

That said, these companies are all so huge that the investment thesis for them would not be seriously affected in the short term.

Grassroots Trading: The companies that would be most directly affected by the Strait of Hormuz closure are the ones that produce oil and export LNG from the Persian Gulf.

This is especially true for companies connected to Qatar’s LNG exports and oil/gas production in the Gulf region, because their shipments have to pass through the Strait of Hormuz to get to global markets. Examples include Shell (SHEL), TotalEnergies (TTE), and BP (BP). Meanwhile, even if Exxon Mobil (XOM) doesn’t ship all the natural gas itself, its partnership in related projects means it could still be indirectly affected as gas shipments through that region continue to face disruptions.

That said, large integrated oil companies operate in many segments of the energy business, so they’re generally diversified enough to benefit as oil prices rise. In contrast, companies that focus mainly on upstream activities, such as exploration and production, and don’t have refining or chemical operations to balance their businesses would likely see the sharpest earnings volatility. ConocoPhillips (COP), Occidental Petroleum (OXY), EOG Resources (EOG), Devon Energy (DVN), and APA (APA) come to mind.

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Woods said the company has evacuated non-essential personnel from its Middle East operations as a precautionary measure amid rising regional tensions. He also noted that XOM has scaled back certain activities to better manage inventory levels, citing ongoing disruptions and uncertainty surrounding shipping traffic through the Strait of Hormuz, one of the world’s most critical oil transit routes.

The developments have placed Exxon Mobil in focus for investors tracking energy sector ETFs. The oil major is a widely held component across the ETF landscape and currently appears in 480 exchange traded funds. Collectively, those funds hold more than 705M shares of XOM, underscoring the company’s significant influence across energy-focused investment portfolios.

Outlined below are the 10 ETFs with the largest allocations towards XOM:

1. Global X PureCap MSCI Energy ETF (GXPE), 30.25% allocation.
2. Westwood Salient Enhanced Energy Income ETF (WEEI), 23.95% allocation.
3. Energy Select Sector SPDR Fund (XLE), 23.65% allocation.
4. Vanguard Energy ETF (VDE), 23.53% allocation.
5. Strive U.S. Energy ETF (DRLL), 23.38% allocation.
6. iShares U.S. Energy ETF (IYE), 23.29% allocation.
7. Direxion Daily Energy Bull 2x Shares (ERX), 22.64% allocation.
8. Fidelity MSCI Energy Index ETF (FENY), 21.94% allocation.
9. Portfolio Building Block Integrated Oil and Gas and Exploration and Production Index ETF (PBOG), 20.15% allocation.
10. iShares Global Energy ETF (IXC), 18.54% allocation.

Other energy ETFs to watch:

Energy ETFs: (AMLP), (XOP), and (OIH).

Oil ETFs: (USO), (UCO), (DBO), (OILK), and (USL).

Natural Gas ETFs: (UNG), (BOIL), and (UNL).

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Exxon (XOM), which has been incorporated in New Jersey

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Seeking Alpha analysts Jack Bowman and Long Player weigh in.

Jack Bowman: Right now I think oil itself is uninvestable because it’s

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Exxon Mobil (XOM) is set to ship at least 300K barrels of gasoline from the U.S. Gulf Coast to Australia, the company’s first such shipment, due to the global fuel export crunch resulting from the war in the Middle East, Reuters reported late Wednesday.

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“We know the resource pretty well. We had a ​very successful ​operation there,” ⁠Williams told the Morgan Stanley Energy & Power Conference in New York, referring to the company’s 2007 expropriation of its assets in the ‌country.

Exxon (XOM) has improved its technology for working with ​heavy oil resources over the years since ​leaving ⁠Venezuela, “so I think we can do even better than we were before, in terms ⁠of ​the technology toolkit that we ​can bring,” Williams said.

The company’s vast scale and geographical footprint provide a buffer against any operational disruptions from the conflict in the Middle East, the executive also said, according to Argus.

“We have assets all over the world. We have upstream, downstream, we have a big trading operation, we operate a large long-term charter fleet, so we can move feed and we can move products around the world to optimize around this situation,” Williams said, adding that oil and LNG markets are “very well supplied,” providing some support.

Exxon (XOM) has the most exposure among the oil majors to Qatar’s suspension of liquefied natural gas exports, RBC analyst Biraj Borkhataria said Tuesday in a note.

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Exxon (XOM) had accused the environmental groups of defamation and business disparagement after California AG Rob Bonta filed a lawsuit saying the company carried out a “decades-long campaign of deception” that played a part in the global plastic pollution crisis.

Bonta’s lawsuit took particular issue with Exxon’s (XOM) statements about “advanced recycling” and said the company should create a pollution abatement fund and refrain from “any further false or misleading statements about plastics recycling.”

Four California nonprofits filed a parallel lawsuit making the same claims.

Exxon (XOM) responded with a countersuit that claimed California officials were seeking to blame the industry for their own decades-long failure to run an effective recycling program.

The company claimed the AG and the non-profits were one-time proponents of recycling who had done an “about-face” at the behest of Australian mining magnate and Fortescue Metals (FSUMF) founder Andrew Forrest, who was a business competitor with a grudge against Exxon (XOM) and an outspoken critic of fossil fuel use.

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Exxon (XOM) had accused the environmental groups of defamation and business disparagement after California AG Rob Bonta filed a lawsuit saying the company carried out a “decades-long campaign of deception” that played a part in the global plastic pollution crisis.

Bonta’s lawsuit took particular issue with Exxon’s (XOM) statements about “advanced recycling” and said the company should create a pollution abatement fund and refrain from “any further false or misleading statements about plastics recycling.”

Four California nonprofits filed a parallel lawsuit making the same claims.

Exxon (XOM) responded with a countersuit that claimed California officials were seeking to blame the industry for their own decades-long failure to run an effective recycling program.

The company claimed the AG and the non-profits were one-time proponents of recycling who had done an “about-face” at the behest of Australian mining magnate and Fortescue Metals (FSUMF) founder Andrew Forrest, who was a business competitor with a grudge against Exxon (XOM) and an outspoken critic of fossil fuel use.

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The company is seeking more than $1B in compensation from Cuban state-owned entities for oil and gas assets confiscated by Cuba’s government; at the time the assets were taken, the loss was valued at $70M, but Exxon’s (XOM) current claim is worth much more because of interest and the potential for enhanced damages.

The Helms-Burton Act allows U.S. nationals to bring lawsuits in federal court against anyone who “traffics in property which was confiscated by the Cuban Government on or after January 1, 1959.”

The Court heard arguments in two cases concerning the scope of the Helms-Burton Act; the other case involves whether four cruise operators should be liable for using docks built by an American company that Cuba also seized in 1960.

A Supreme Court ruling in favor of Exxon (XOM) or the cruise line companies could open the door to other claims for compensation over the expropriation of assets in Cuba.

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The court said it will review a Colorado Supreme Court ruling that said the city and county of Boulder could use state law to press a lawsuit against the two companies that seeks unspecified monetary damages for costs incurred by Boulder associated with mitigating the impact of climate change.

In their 2008 lawsuit, the Boulder government officials accused Exxon (XOM) and Suncor (SU) of misleading the public about the role their products played in exacerbating climate change while profiting from unchecked fossil fuel sales.

The oil companies argue in their appeal that the Constitution does not permit state lawsuits aimed at addressing a global issue like climate change, saying, “Boulder, Colorado, cannot make energy policy for the entire country.”

The Supreme Court previously turned down a similar bid by Sunoco (SUN) and other oil companies to reject a climate-related lawsuit by Honolulu after Hawaii’s top court allowed it to proceed.

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