ExxonMobil — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported third-quarter 2026 earnings of $15.4 billion ($3.72 per share), compared to $14.5 billion ($3.48 per share) in the second quarter of 2026.
• Year-to-date 2026 earnings totaled $34.1 billion ($8.18 per share), an increase of $11.8 billion compared to $22.3 billion ($5.16 per share) in year-to-date 2025.
• Adjusted earnings for the third quarter were $17.5 billion ($4.23 per share), up from $14.7 billion ($3.52 per share) in the second quarter.
• Year-to-date adjusted earnings reached $41.0 billion ($9.82 per share), a $18.5 billion increase from $22.5 billion ($5.19 per share) in year-to-date 2025.
• Cash flow from operating activities was $25.7 billion for the quarter and $57.9 billion year-to-date, compared to $39.3 billion in year-to-date 2025.
• Free cash flow was $19.1 billion for the quarter and $39.0 billion year-to-date, compared to $20.6 billion in year-to-date 2025.
• Net debt stood at $22.1 billion as of September 30, 2026, reflecting nearly $11 billion in year-to-date net debt reduction.
• Total cash capital expenditures were $7.0 billion for the quarter and $20.0 billion year-to-date, down from $21.1 billion in year-to-date 2025.
• Cumulative structural cost savings since 2019 totaled $16.9 billion, including an additional $1.8 billion in the first nine months of 2026.

Guidance and Future Outlook:

• Management stated that advantaged investments, technology, and structural cost savings are expanding earnings power, positioning the company to deliver growth in long-term value for shareholders.
• The company aims to reach Scope 1 and Scope 2 net zero from operated assets by 2050 and Scope 1 and 2 net zero in integrated Upstream Permian Basin unconventional operated assets by 2035.
• Future carbon capture, transportation, and storage, as well as lower-emission fuels, hydrogen, ammonia, lithium, and direct air capture plans are dependent on future market factors, policy support, and permitting.
• Capital investment guidance in lower-emission investments is based on the corporate plan but is subject to the availability of the opportunity set and public policy support.

Business Segments and Product Lines:

• Upstream: Reported $7.1 billion in earnings (GAAP) and $7.3 billion in adjusted earnings for the quarter. Year-to-date earnings improved to $20.8 billion (GAAP) and $22.8 billion (adjusted) from $17.8 billion and $17.5 billion respectively in 2025, driven by higher prices and advantaged volume growth in Guyana, Permian, and Golden Pass LNG.
• Energy Products: Reported $7.2 billion in earnings (GAAP) and $9.1 billion in adjusted earnings for the quarter. Year-to-date earnings surged to $11.4 billion (GAAP) and $16.0 billion (adjusted) from $4.0 billion and $4.0 billion respectively in 2025, driven by higher margins and record fuels utilization.
• Chemical Products: Reported $0.7 billion in earnings (GAAP) and $0.7 billion in adjusted earnings for the quarter. Year-to-date earnings improved to $2.0 billion (GAAP) and $2.0 billion (adjusted) from $1.1 billion in 2025, driven by record reliability and increased North American feed advantage.
• Specialty Products: Reported $1.3 billion in earnings (GAAP) and $1.3 billion in adjusted earnings for the quarter. Year-to-date earnings increased to $2.9 billion (GAAP) and $2.9 billion (adjusted) from $2.2 billion in 2025, driven by higher basestock margins and structural cost savings.
• Corporate and Financing: Reported a loss of $0.9 billion for the quarter and $2.9 billion year-to-date.
• Upstream production volumes were 4,496 thousand barrels of oil equivalent per day (koebd) in the third quarter, compared to 4,514 koebd in the second quarter and 4,651 koebd in year-to-date 2025.
• Energy Products sales volumes were 5,753 thousand barrels per day (kbd) in the third quarter, compared to 5,698 kbd in the second quarter and 5,522 kbd in year-to-date 2025.
• Chemical Products sales volumes were 4,888 thousand tons (kt) in the third quarter, compared to 4,471 kt in the second quarter and 15,560 kt in year-to-date 2025.
• Specialty Products sales volumes were 1,737 thousand tons (kt) in the third quarter, compared to 1,784 kt in the second quarter and 5,872 kt in year-to-date 2025.
• Achieved cumulative production milestones of 1 billion barrels at Guyana and 1 billion barrels at Kearl, and 100 million tons at PNG LNG.
• Advanced Carbon Capture and Storage (CCS) with the startup at Nucor and approval for the Rose carbon storage project.

Market and Competitive Landscape:

• ExxonMobil achieved record year-to-date refining operational performance, including the highest global fuels utilization (excluding Middle East impacts), highest global diesel yield, and highest North American diesel volumes.
• Solidified position as operator of choice in international upstream developments by assuming operatorship at Papua LNG and increasing working interest in LNG projects at Papua to 34% and Rovuma, Mozambique to 50%.
• Industry-leading shareholder distributions totaled $9.4 billion in the third quarter, including $4.3 billion in dividends and $5.1 billion in share repurchases.
• Reached 44 consecutive years of increases in annual dividends per share, a streak longer than 95% of S&P 500 companies.

Risks and Challenges:

• Forward-looking statements regarding future earnings, cash flow, capital expenditures, and emission reduction goals are subject to risks including global or regional supply and demand imbalances, economic conditions, and seasonal fluctuations.
• Risks include changes in laws, taxes, regulations, trade sanctions, and the timely granting of governmental permits and licenses.
• Potential impacts from variable trading activities, derivative positions, interest and exchange rates, and actions of co-venturers or partners.
• Risks related to geopolitical volatility, war, civil unrest, expropriations, and supply chain disruptions.
• Uncertainty regarding the timing and outcome of projects to capture, transport, and store CO2, produce hydrogen and ammonia, and other low-carbon technologies.
• Potential for actual results to differ materially due to factors such as reservoir performance, technical disruptions, and the development of alternative energy technologies.

Management Commentary and Tone:

• Darren Woods, Chairman and CEO, stated the company continued to rise to the challenge of meeting global energy needs by drawing on unmatched scale, integration, and technical capabilities.
• Management highlighted increasing production while improving efficiency as a result of years of consistent and disciplined investment.
• Woods noted that investments such as the Beaumont refinery expansion have contributed to a 40% increase in distillate production since 2019.
• Management emphasized that improvements in portfolio quality and earnings power are lasting, driven by advantaged investments and technology rather than just favorable prices and margins.

Other Key Points:

• Announced 2027 share repurchases of $20 billion, assuming reasonable market conditions.
• Declared a fourth-quarter dividend of $1.07 per share, payable on December 10, 2026, to shareholders of record as of November 16, 2026.
• Year-to-date identified items included a $675 million gain on sale of assets and $2.5 billion in other identified items (including $1.6 billion in additions to financial reserves and $921 million in Middle East impacts).
• Estimated timing effects for the quarter were a $2.5 billion reduction in earnings, primarily related to unsettled derivatives and LIFO inventory accounting recognition differences.
• Second quarter 2026 identified items included $1.1 billion in impairments and $1.6 billion in other items (including $1.4 billion in additions to financial reserves and $194 million in Middle East impacts).
• Year-to-date 2025 identified items included $155 million in impairments and $355 million in restructuring charges.