ExxonMobil reports third-quarter profit above analyst estimates

ExxonMobil reported third-quarter 2026 adjusted earnings of $17.5 billion, or $4.23 per share, above the $16.6 billion and $4.08-per-share analyst estimates compiled by LSEG. The company reported U.S. GAAP earnings of $15.4 billion, or $3.72 per share.

Refining margins lifted ExxonMobil's quarterly profit

Reuters reported that unusually strong refining margins helped ExxonMobil exceed Wall Street expectations for the third quarter. The company attributed the result to refined-fuel shortages following the loss of production capacity amid conflict involving Iran and Russian refineries.

ExxonMobil's adjusted upstream earnings declined to $7.3 billion, a 20% decrease from the second quarter, as Brent crude prices were lower than in the preceding three months. The company also reported record year-to-date refining performance, including its highest global diesel yield and highest North American diesel volumes.

The company said investments on the U.S. Gulf Coast, including its Beaumont refinery expansion, had increased distillate production by approximately 40% since 2019.

Cash generation and shareholder distributions

Cash flow from operating activities totaled $25.7 billion for the quarter, while free cash flow was $19.1 billion. ExxonMobil distributed $9.4 billion to shareholders during the period, comprising $4.3 billion in dividends and $5.1 billion in share repurchases.

The company also announced $20 billion in share repurchases for 2027 and declared a fourth-quarter dividend of $1.07 per share. The dividend is payable on December 10, 2026, to shareholders of record at the close of business on November 16, 2026.

ExxonMobil said it had completed 44 consecutive years of increases in annual dividends per share and reduced net debt by nearly $11 billion year to date.

Production and project milestones

ExxonMobil reported cumulative production milestones of one billion barrels at both its Guyana and Kearl operations, as well as 100 million tons at PNG LNG.

The company assumed operatorship at Papua LNG and said it had reached an agreement to increase its working interests in LNG projects at Papua to 34% and in Rovuma, Mozambique, to 50%, where it is already the operator.

Additional highlights included the startup of advanced carbon capture and storage operations at Nucor and approval for the Rose carbon storage project.

Earnings presentation issued

ExxonMobil published a third-quarter earnings-call presentation on October 30. The available extract confirms the presentation's publication but does not provide its underlying figures or detailed conclusions.

A separate secondary report said ExxonMobil, Chevron and BP all exceeded third-quarter earnings forecasts, but the available summary did not include comparable underlying figures and did not support a detailed cross-company assessment.