Exxon Mobil Corporation has posted first-quarter 2026 earnings of $4.2 billion, driven by strong operational performance despite disruptions in the Middle East.
Earnings excluding identified items reached $4.9 billion, and adjusted for timing effects, the figure jumps to $8.8 billion, or $2.09 per share.
Cash flow from operations totalled $8.7 billion, or $13.8 billion excluding margin postings that fluctuate with derivative valuations. The global energy giant returned $9.2 billion to shareholders, split between $4.3 billion in dividends and $4.9 billion in share repurchases, aligned with previously announced plans.
“This quarter demonstrated that ExxonMobil is a fundamentally stronger company than it was just a few years ago, built to perform through disruption and across market cycles.
"Events in the Middle East tested that strength with the safety of our people remaining our top priority. Those events also underscored the importance of reliable, affordable energy products and the value of the capabilities we have built to deliver them,” said Darren Woods, chairman and CEO.
“The underlying business delivered strong results, reflecting the benefits of the strategy we have consistently executed since 2018. We have grown advantaged volumes, optimized our operations, reduced structural costs, and strengthened our earnings power.
"The result is a more resilient, lower-cost business, grounded in advantaged assets, disciplined capital allocation, and execution excellence. That foundation gives us a durable platform to grow earnings, cash flow, and shareholder value through 2030 and beyond.”
First-quarter earnings were down from $7.7 billion in Q1 2025, though adjusted earnings excluding identified items and timing effects rose to $8.8 billion from $7.6 billion last year.
Identified items of $0.7 billion reflect losses on settled financial hedges disrupted by Middle East supply issues, while $3.9 billion in unfavorable timing effects represent temporary mismatches between derivative valuations and physical shipments.
ExxonMobil has achieved $15.6 billion in cumulative Structural Cost Savings since 2019, with another $0.6 billion added this quarter, on track to reach $20 billion by 2030. Free cash flow stood at $2.7 billion.
The company also reported a record first-quarter total shareholder return (TSR) of 42%. A second-quarter dividend of $1.03 per share will be payable June 10, 2026.
Upstream operations earned $5.7 billion, down from $6.8 billion last year, but adjusted earnings remained steady at $6.3 billion.
Net production reached 4.6 million oil-equivalent barrels per day, with Guyana setting a record at over 900,000 barrels per day. Golden Pass LNG achieved first production from Train 1 at Sabine Pass, boosting U.S. LNG exports by 5% versus 2025.
Energy Products posted $2.8 billion in adjusted earnings, up $1.9 billion from Q1 2025, despite lower reported profits due to Middle East disruptions and derivative timing effects. Chemical Products earnings fell to $110 million, while Specialty Products held steady at $651 million.
Corporate and Financing net charges were $1.1 billion, up from $0.8 billion last year due to lower interest income and the absence of favorable tax items.
ExxonMobil ended the quarter with a cash balance of $8.4 billion and industry-leading debt-to-capital ratios of 15.4% and 13.1%, reaffirming its financial strength and disciplined capital management.
