ExxonMobil's second-quarter 2026 earnings report, released today, revealed a profit that narrowly missed analyst forecasts, despite a significant surge in global crude oil prices. The energy giant posted earnings of $14.5 billion, or $3.48 per share, with adjusted earnings at $14.7 billion or $3.52 per share, which fell slightly short of the consensus estimate of $3.56 per share.
The miss is attributed in part to scheduled maintenance at its refineries, which hampered its ability to fully capitalize on widening fuel-making margins for gasoline, diesel, and jet fuel. While the company achieved strong upstream production and benefited from higher oil prices, the refinery issues presented a significant headwind.
Despite the earnings miss, ExxonMobil's revenue for the quarter was robust, reaching $116.02 billion, exceeding analyst expectations of $109.94 billion. The company's Upstream segment was a major contributor, with adjusted earnings of $9.19 billion, up from $6.27 billion a year earlier. Energy Products also saw substantial growth, with adjusted earnings nearly doubling to $4.10 billion from $2.80 billion in the prior year.
Darren Woods, ExxonMobil chairman and chief executive officer, stated, "The second quarter was shaped by disruption, but defined by execution. Markets were supportive, but our performance reflected the strength of the portfolio and operating model we have built over many years." The company highlighted its ongoing commitment to investing in growth opportunities, returning capital to shareholders through dividends and share repurchases totaling $9.4 billion, and expanding production capacity to meet global energy demands.
