The conflict in the Middle East has escalated. Who''s exposed? Since our first take on the Middle East conflict (BIG OIL: Conflict in the Gulf: Some Initial Thoughts), the attacks in the region have only escalated. Both the oil price and the oil and gas equities have rallied as a consequence, and in this note we summarise the various company exposures to the Middle East. Exxon is the largest producer in the region in absolute terms, with an output of c. 1mb/d mostly from its large Qatar LNG position. As a percentage of group production, TotalEnergies is 30% exposed to the region while Shell and bp are c. 20% exposed. Chevron is the only name exposed to Israel via the Leviathan (430mmcfd) and Tamar (300mmcfd) gas fields. Exxon most exposed to the Qatar LNG shutdown, at least in the short term. After being targeted in an Iranian drone attack, the world''s largest LNG export facility - QatarEnergy''s Ras Laffan complex (77mtpa) - has halted production. European gas prices have rallied on the news as Europe relies heavily on LNG imports from Qatar, which passes through the Strait of Hormuz. Exxon is the most exposed to this disruption - of its c. 20mmtpa of liquefaction volumes in operation, 65% originate in Qatar. Shell and TTE are also exposed to this, with 8% and 12% of their LNG volumes sourced from Qatar respectively, but their LNG portfolios are also reliant on other regions. Looking at price sensitivities, Equinor leads in gas, Repsol in refining. With the commodity slate tightening, we consider the relative cash sensitivities of the various companies to oil, gas and refining. Shell, Chevron and Exxon are likely to gain due to their greater oil price sensitivity. Equinor emerges as best-placed near-term in this context as it has zero exposure to the Middle East and simultaneously can benefit the most from the surging TTF price, as reflected in its share price performance so far. Looking to the downstream, diesel supply from the Middle East...