10-QPeriod: Q2 FY2026

EXXON MOBIL CORP Quarterly Report for Q2 Ended Jun 30, 2026

Filed August 3, 2026For Securities:XOM

Summary

ExxonMobil Corporation (XOM) reported a strong financial performance for the second quarter and the first six months of 2026, driven by favorable market conditions, particularly high refining margins and elevated natural gas prices. Net income attributable to ExxonMobil significantly increased year-over-year, reaching $14.5 billion in the second quarter and $18.7 billion for the first six months. The company demonstrated robust operational execution across its segments. The Upstream segment benefited from higher crude oil realizations and growth in advantaged assets like Guyana and the Permian. Energy Products saw a substantial boost from strong refining margins and positive impacts from derivatives, despite some volume reductions due to maintenance. Chemical Products experienced improved margins, primarily driven by North American ethane advantages. The Specialty Products segment also showed increased earnings driven by higher basestock margins. ExxonMobil continued its focus on capital discipline, investing $6.8 billion in cash capital expenditures for the quarter and $13.0 billion year-to-date, with plans to invest between $27-$29 billion for the full year 2026. The company also returned significant capital to shareholders through $8.6 billion in dividends and $10.0 billion in share repurchases during the first six months. The balance sheet remains strong, with a debt-to-capital ratio of 13.7% at the end of the second quarter.

Key Highlights

  • 1Net income attributable to ExxonMobil was $14.5 billion for Q2 2026 and $18.7 billion for the first six months of 2026, a significant increase from the prior year.
  • 2Strong refining margins and elevated natural gas prices contributed to robust performance across segments.
  • 3Upstream segment earnings benefited from higher crude realizations and growth from advantaged assets (Guyana, Permian).
  • 4Energy Products segment saw a significant earnings increase driven by strong refining margins and positive derivative impacts.
  • 5Cash capital expenditures for the first six months of 2026 totaled $13.0 billion, with a full-year 2026 projection of $27-$29 billion.
  • 6The company returned $8.6 billion to shareholders through dividends and $10.0 billion through share repurchases in the first six months of 2026.
  • 7ExxonMobil's financial position remains strong, with a debt-to-capital ratio of 13.7% as of June 30, 2026.

Frequently Asked Questions

The significant increase in net income was primarily driven by favorable market conditions, including higher crude oil prices, elevated natural gas prices, and exceptionally strong global industry refining margins. Advantaged investments in the Upstream and Energy Products segments, along with structural cost savings, also contributed to the improved earnings.

During the first six months of 2026, ExxonMobil generated substantial cash flow from operations, totaling $32.3 billion. The company allocated this capital towards investing in its business (additions to property, plant, and equipment of $13.0 billion), returning capital to shareholders through dividends ($8.6 billion) and share repurchases ($10.0 billion), and managing its debt levels.

ExxonMobil plans to invest in the range of $27 billion to $29 billion in capital expenditures for the full year 2026. The company remains committed to its capital allocation priorities, which include investing in high-return projects and continuing to share success with shareholders through consistent share repurchases and a growing dividend.

Yes, the company reported identified items that impacted its results. For the Upstream segment, there was a $1,199 million loss from financial reserves in Q2 2026. The Energy Products segment reported a $1,180 million loss mainly from impairments in Q2 2026. The Chemical Products and Specialty Products segments also reported smaller losses related to identified items.