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SEC filingExxonMobil reported Q1 2026 GAAP earnings of $4.2 billion ($1.00 per share), impacted by $3.9 billion unfavorable timing effects and $0.7 billion identified items, with adjusted earnings of $8.8 billion.
ExxonMobil's Q1 2026 results reflect resilience amid disruptions, with GAAP earnings of $4.2 billion ($1.00/share) down from $7.7 billion ($1.76/share) YoY due to $0.7 billion identified items from Middle East hedge losses and $3.9 billion unfavorable timing effects from derivative mark-to-market mismatches, which unwind later. Adjusted earnings excluding these reached $8.8 billion ($2.09/share), up from $7.6 billion YoY, driven by higher prices/margins, advantaged volume growth in Guyana/Permian, and $0.6 billion quarterly structural cost savings (cumulative $15.6B since 2019, targeting $20B by 2030). Upstream delivered $5.7 billion earnings on 4.6M boe/d production, with Guyana FPSO at industry-leading availability and record >900k bbl/d gross; challenges included Kazakhstan disruptions, Middle East impacts, and U.S. winter storm. Energy Products swung to a $1.3 billion loss from $0.8 billion profit YoY due to timing/identified items, but adjusted $2.8 billion up $1.9B on strong refining/trading. Chemical earnings fell to $110M on weaker margins offset by China complex volumes; Specialty held steady at $651M with record high-value sales. Corporate charges rose to $1.1B. Cash generation remained robust at $8.7B operating ($13.8B ex-margin postings), $2.7B free cash flow, supporting $9.2B distributions ($4.3B dividends, $4.9B buybacks) toward $20B 2026 repurchase plan. Capex $6.2B aligns with $27-29B guidance. Balance sheet strength evident in 13.1% net debt-to-capital. CEO Woods highlighted strategy execution since 2018 for resilient earnings power, with Golden Pass LNG Train 1 first LNG boosting U.S. exports 5%.