ExxonMobil Lower Upstream Earnings, Iraqi Field Nationalization, U.S. Crude Oil Inventories: Your Daily Energy News

News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

EARNINGS
ExxonMobil Sees Lower Upstream Earnings Looming - Exxon Mobil Corporation (Spring, Texas) said in a regulatory filing on Wednesday changes in crude oil prices could lower its fourth-quarter 2025 upstream earnings by about $800 million to $1.2 billion. Oil prices declined 9.2% during the three months ended December 31, as concerns about oversupply and tariffs outweighed geopolitical risks. (Reuters)

MIDDLE EAST
Iraq to Nationalize West Qurna 2 Oil Operations - The Iraqi cabinet has approved nationalizing petroleum operations in the West Qurna 2 oilfield, one of the world's largest, in accordance with the provisions of a service contract signed with Russia's Lukoil (Moscow), the government said in a statement on Wednesday. "The state-run Basra Oil Company will cover local staff salaries, operational expenses, and payments to subcontractors, using an account linked to the Majnoon oilfield to help facilitate the process," said an Iraqi oil manager at the West Qurna 2 field. Production at West Qurna 2 remains steady at around 465,000 to 480,000 barrels per day, the official said. Subscribers to Industrial Info's Global Market Intelligence (GMI) Production Project Database can learn more by viewing a project report regarding the ongoing addition of a gas-sweetening unit and dehydration systems at the field. (Reuters)

TERMINALS
U.S. Crude Oil Inventories Decrease - U.S. crude oil inventories (excluding the Strategic Petroleum Reserve (SPR)) decreased 3.832 million barrels for the week ending January 2, according to the U.S. Energy Information Administration (EIA). Gasoline inventories increased 7.702 million barrels, and distillates were 5.594 million barrels higher week-on-week. Inventories at the SPR rose another 200,000 barrels, according to the EIA. (IIR Energy)

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About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).