ExxonMobil Holdings Corporation (XOM)

ExxonMobil Holdings Corporation reported third-quarter 2026 earnings of $15.4 billion, or $3.72 per share, on 30 October 2026 2. A year earlier the figure was $7.5 billion 1.

The company says stronger prices and refining margins lifted earnings, while lower volumes from Middle East disruptions and higher depreciation held them back 1. Refining margins reached historically high levels as supply through the Strait of Hormuz stayed restricted 1.

On 1 July 2026 the company became the publicly traded parent of the ExxonMobil group through a reorganization that moved it from New Jersey to Texas 3. Each shareholder kept the same number of shares and the XOM ticker 3.

On 30 October 2026 the company also agreed to raise its working interest in the Rovuma LNG project in Mozambique to 50 percent and in Papua LNG in Papua New Guinea to 34 percent 2. The release named no counterparties and gave no terms 11.

Open questions include a final investment decision on Rovuma, which the annual report tied to 2026 4, and a decision on a low-carbon data center project that the company targeted for late 2026 7.

Exxon Mobil Corporation was incorporated in the State of New Jersey in 1882 4. Its divisions and affiliates operate under many names, including ExxonMobil, Exxon, Esso, Mobil and XTO 4.

The company reported a net loss of $22.4 billion in 2020 on sales of $178.6 billion 5. Earnings returned to $23.0 billion in 2021 and reached $55.7 billion in 2022 on sales of $398.7 billion 5.

Effective 14 October 2022 the Russian government unilaterally ended the company's interests in the Sakhalin project and moved operations to a Russian operator 5.

On 2 November 2023 it acquired Denbury, a carbon capture developer with oil recovery assets, for $5.1 billion in total 4. That included 46 million of its own shares valued at $4.8 billion 4.

On 3 May 2024 it acquired Pioneer Natural Resources, an independent oil and gas producer, in an all-stock deal 4. The company issued 545 million shares valued at $63 billion and assumed debt valued at $5 billion 4. Pioneer drove record Permian output in 2024 4.

Sales and other operating revenue was $334.7 billion in 2023, $339.2 billion in 2024 and $323.9 billion in 2025 4. Net income attributable to the company was $36.0 billion, $33.7 billion and $28.8 billion in those years 4.

Lower realizations cut Upstream earnings by $6.1 billion in 2025, and record Permian and Guyana output added back $1.9 billion 4.

Chemical margins stayed at the bottom of the cycle because new capacity far outran demand 4. Chemical Products earnings fell to $800 million from $2,577 million 4.

In 2024 higher volumes from advantaged assets added $3.8 billion to Upstream earnings, on record Permian and Guyana output 4. Cash from operating activities was $55.4 billion in 2023, $55.0 billion in 2024 and $52.0 billion in 2025 4.

The company spent $17.2 billion on dividends and $20.3 billion on share repurchases in 2025 4. Cash on hand fell $12.5 billion to $10.7 billion by the end of that year 4.

In the first nine months of 2026 earnings rose to $34.1 billion from $22.3 billion, while cash capital expenditures fell $1.2 billion to $20.0 billion 1. Higher crude realizations added $7,960 million to Upstream and stronger refining margins added $13,100 million to Energy Products over the period 1.

The company says it has cut cash operating costs by a cumulative $16.9 billion against 2019 levels 1.

The Tengiz expansion in Kazakhstan was completed and ramped up to nameplate capacity 4. A petrochemical complex in Huizhou, China, started up with capacity over 2.5 million metric tons a year 4. In 2025 the company exited Thailand 4.

The four segments

The company reports four segments: Upstream, Energy Products, Chemical Products and Specialty Products 1. Upstream finds and produces oil and gas, and the other three turn crude oil and gas into fuels, chemicals and specialty products 4.

Upstream: oil and gas

Upstream earned $7.1 billion in the third quarter, against $5.7 billion a year earlier 1. Higher crude and gas realizations added $3,680 million, while Middle East disruption cut $860 million 1.

Third-quarter production of 4.5 million oil-equivalent barrels a day was 273 thousand lower than a year earlier 1. The company ties the drop to Middle East and Kazakhstan disruptions and lower Guyana entitlement volumes 1.

The Permian Basin of West Texas and New Mexico reached 1.6 million net oil-equivalent barrels a day in 2025 4. Guyana production exceeded 700 thousand gross barrels a day 4. In Guyana the Yellowtail project started on the ONE GUYANA vessel, and the Hammerhead project was funded in 2025 4.

The company reports 1 billion cumulative barrels from Guyana and from Kearl, and 100 million tons from PNG LNG 2. In Qatar it took part in 45.7 million tonnes a year of gross LNG capacity at the end of 2025 4.

Golden Pass, a U.S. LNG export project, delivered its first cargoes in March and April and is expected to add 18 million tonnes 8. The company's exhibit lists a 30 percent interest in Golden Pass LNG Terminal LLC 6.

Energy Products: fuels

Energy Products earned $7.2 billion in the quarter, against $1.8 billion a year earlier, mostly on stronger refining margins 1. Refinery throughput was 3,735 thousand barrels a day, down from 4,106 thousand, with Europe falling from 1,055 to 754 1.

U.S. refining capacity totals 1,967 thousand barrels a day across Joliet in Illinois, Baton Rouge in Louisiana, and Baytown and Beaumont in Texas 4. Heating oils, kerosene and diesel sales were 1,773 thousand barrels a day in the quarter 1.

Chemical Products and Specialty Products

Chemical Products earned $735 million in the quarter, against $515 million, helped by cheap North American ethane feedstock 1. Sales were 4,888 thousand metric tons, down from 5,520 thousand 1. Margins stayed below the bottom of the ten-year range 1.

Specialty Products earned $1,285 million, against $740 million, as higher basestock margins added $660 million 1. In 2025 the company added two advanced recycling units at Baytown, tripling capacity there, and aims for 1 billion pounds a year of global recycling capacity 4.

People and workforce

Darren Woods has been chairman and chief executive since 1 January 2017 4. Neil Hansen became chief financial officer on 1 February 2026, and Dan Ammann has led the Upstream company since 1 February 2025 4.

Regular employees numbered 58 thousand at the end of 2025 and 61 thousand a year before 4. At the annual meeting on 27 May 2026 shareholders elected all twelve director nominees 10.

Rivals and current problems

The release compares the company's results with those of BP, Chevron, Shell and TotalEnergies 2. Its biggest current problem is disruption in the Middle East 1. Through nine months, losses tied to impairments and supply disruptions that blocked shipments tied to hedges reached $1,897 million in Energy Products 1.

The National reported that about 17 percent of Qatar's LNG capacity is offline and that QatarEnergy expects repairs to take three to five years 8. The company takes part in Qatar's LNG capacity 4.

Acreage and reserves

Proved reserves were 19,311 million barrels of oil equivalent at the end of 2025 4. Net developed acreage was 10,048 thousand acres and net undeveloped acreage 30,657 thousand acres 4.

The umbrella, in words

ExxonMobil Holdings Corporation is the publicly traded parent 3. Exxon Mobil Corporation, a New Jersey corporation, is now its subsidiary, and the parent fully and unconditionally guarantees its new notes 14. XTO Energy Inc. is a wholly owned subsidiary 13.

The subsidiaries exhibit to the annual report lists, as owned, Pioneer Natural Resources Company at 100 percent, Denbury Onshore at 100 percent and Imperial Oil Limited of Canada at 69.6 percent 6. It lists, as equity-method stakes, Tengizchevroil in Kazakhstan at 25 percent and Papua New Guinea LNG at 33.2 percent 6.

It also lists the Coral FLNG vessel in Mozambique at 25 percent and the Wink to Webster pipeline in Texas at 46.875 percent 6.

BlackRock reported owning 297,486,444 shares, or 7.2 percent of the common stock, as of 30 September 2026 9. The company has one class of common stock, with 4,079,222,444 shares outstanding on that date 1.

The company declared a fourth-quarter dividend of $1.07 per share, payable on 10 December 2026 to holders of record on 16 November 2026 2. It also announced $20 billion of share repurchases for 2027, assuming reasonable market conditions 2.

For 2026 the company plans capital investment of $27 billion to $29 billion 1. Spending could vary with the progress of individual projects, the quarterly report says 1.

In its plan update of 9 December 2025 the company said it expects $25 billion of earnings growth and $35 billion of cash flow growth by 2030 against 2024 7. It said these gains are at constant prices and margins with no increase in capital, and expects a return on capital employed above 17 percent 7.

The plan expects upstream production of 5.5 million oil-equivalent barrels a day by 2030, with Permian output near 2.5 million barrels a day 7. It lifts the cumulative cost savings target against 2019 to $20 billion 7.

The company expects the Rovuma LNG decision in 2026 and has agreed to raise its stakes in Rovuma and Papua LNG 42. The National reported that Mozambique would add 18 million tonnes a year and Papua New Guinea six million, with the Mozambique decision due before year-end 8.

The plan update says it is advancing integrated carbon-capture data center projects and targeting a final investment decision by late 2026 7. The third-quarter release reports a startup at Nucor and approval of the Rose carbon storage project 2.

The plan update said the company is pursuing about $20 billion of lower-emission investments between 2025 and 2030, with about 60 percent aimed at cutting emissions for third-party customers 7. It also said new businesses have the potential to reach $13 billion in earnings by 2040 7.

The same update said additional carbon capture projects with partners including Linde, Nucor and New Generation Gas Gathering would start up in 2026 7.

The company keeps its ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050 and in Permian operations by 2035, subject to policy and technology 1.