olivLaw · US equity research
ExxonMobil Holdings Corporation XOM
Petroleum Refining · SIC 2911 · Vertical: Petroleum Refining (SIC 2911)
ExxonMobil Holdings Corporation reported second-quarter 2026 earnings of $14.5 billion, or $3.48 per share, according to the release. The company says its integrated structure and structural cost savings supported returns in a volatile market with Middle East supply disruptions. Cash flow from operating activities was $23.6 billion and free cash flow $17.2 billion.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, ExxonMobil Holdings Corporation (XOM) stock was 169.27 USD (−4.62% on the day), with market capitalisation 701.6 bn USD, P/E 25.3 on diluted EPS of 6.70 USD over the last 12 months, dividend yield 2.39%, beta 0.14, 52-week range 113.68–187.25 USD. Latest reported quarter (Q1 2026): revenue of 85.1 bn USD (+2.4% YoY), net income of 4.2 bn USD (−45.8% YoY), diluted EPS 1.00 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 42.5
- weak (30–45)
- Bollinger (20, 2)
- 167.52 – 187.82
- in the lower half of the band · %B 0.09 · band width 11.4%
- SMA 50 / 200
- 168.49 / 155.28
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 3.09 / 4.29
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +3.2% | −1.1% | +4.3 pp | — |
| 3 months | +11.6% | −0.5% | +12.1 pp | — |
| 6 months | +13.8% | +4.4% | +9.4 pp | — |
| Year to date | +40.7% | +12.3% | +28.3 pp | — |
| 1 year | +48.3% | +13.5% | +34.8 pp | +54.4% |
| 3 years | +57.1% | +76.4% | −19.4 pp | +82.5% |
| 5 years | +160.3% | +63.7% | +96.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2026 · 31 Mar 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 93.1 bn | 90.0 bn | 83.4 bn | 83.1 bn | 81.5 bn | 85.3 bn | 82.3 bn | 85.1 bn |
| SG&A | 2.6 bn | 2.3 bn | 2.6 bn | 2.5 bn | 2.5 bn | 3.0 bn | 3.0 bn | 2.7 bn |
| Depreciation & amortisation | 5.8 bn | 6.3 bn | 6.6 bn | 5.7 bn | 6.1 bn | 6.5 bn | 7.7 bn | 6.8 bn |
| Interest expense | 271.0 m | 207.0 m | 297.0 m | 205.0 m | 145.0 m | 90.0 m | 163.0 m | 295.0 m |
| Pre-tax income | 13.7 bn | 13.0 bn | 9.8 bn | 11.6 bn | 10.7 bn | 10.9 bn | 8.0 bn | 7.0 bn |
| Income tax | 4.1 bn | 4.1 bn | 1.9 bn | 3.6 bn | 3.4 bn | 3.2 bn | 1.4 bn | 2.5 bn |
| Net income | 9.2 bn | 8.6 bn | 7.6 bn | 7.7 bn | 7.1 bn | 7.5 bn | 6.5 bn | 4.2 bn |
| Diluted EPS | 2.14 | 1.92 | — | 1.76 | 1.64 | 1.76 | — | 1.00 |
| Operating cash flow | 10.6 bn ≈ | 17.6 bn ≈ | 12.2 bn | 13.0 bn | 11.6 bn ≈ | 14.8 bn ≈ | 12.7 bn | 8.7 bn |
| Capex | 6.2 bn ≈ | 6.2 bn ≈ | 6.8 bn | 5.9 bn | 6.3 bn ≈ | 8.7 bn ≈ | 7.5 bn | 6.5 bn |
| Dividends paid | 4.3 bn ≈ | 4.2 bn ≈ | 4.4 bn | 4.3 bn | 4.3 bn ≈ | 4.2 bn ≈ | 4.4 bn | 4.3 bn |
| Share repurchases | 5.3 bn ≈ | 5.5 bn ≈ | 5.8 bn | 4.8 bn | 5.0 bn ≈ | 5.1 bn ≈ | 5.4 bn | 4.9 bn |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 89 percentile of its own 9-quarter history (min 8.3, median 14.0, max 48.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 290.2 bn | 264.9 bn | 181.5 bn | 285.6 bn | 413.7 bn | 344.6 bn | 349.6 bn | 332.2 bn |
| Revenue YoY | +18.8% | −8.7% | −31.5% | +57.4% | +44.8% | −16.7% | +1.5% | −5.0% |
| Net income | 20.8 bn | 14.3 bn | -22.4 bn | 23.0 bn | 55.7 bn | 36.0 bn | 33.7 bn | 28.8 bn |
| Net income YoY | +5.7% | −31.2% | −256.5% | unavailable | +141.9% | −35.4% | −6.5% | −14.4% |
| Diluted EPS | 4.88 | 3.36 | -5.25 | 5.39 | 13.26 | 8.89 | 7.84 | 6.70 |
| Diluted EPS YoY | +5.4% | −31.1% | −256.3% | unavailable | +146.0% | −33.0% | −11.8% | −14.5% |
| net % | 7.2% | 5.4% | -12.4% | 8.1% | 13.5% | 10.5% | 9.6% | 8.7% |
| Free cash flow | 16.4 bn | 5.4 bn | -2.6 bn | 36.1 bn | 58.4 bn | 33.5 bn | 30.7 bn | 23.6 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 10.7 bn USD
- Financial debt
- 9.3 bn USD
- Net debt
- -1.4 bn USD
- Equity
- 266.6 bn USD
- Total assets
- 449.0 bn USD
- Debt / equity
- 0.03x
- Current ratio
- 1.15x
- ROE
- 10.7%
- ROA
- 6.4%
- FCF margin
- 7.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 181.5 bn | 285.6 bn | 413.7 bn | 344.6 bn | 349.6 bn | 332.2 bn | SEC (XBRL)· 18 Feb 2026verified |
| Research & development | 1.0 bn | 843.0 m | 824.0 m | 900.0 m | 1.0 bn | 1.2 bn | SEC (XBRL)· 18 Feb 2026verified |
| SG&A | 10.2 bn | 9.6 bn | 10.1 bn | 9.9 bn | 10.0 bn | 11.1 bn | SEC (XBRL)· 18 Feb 2026verified |
| Depreciation & amortisation | 46.0 bn | 20.6 bn | 24.0 bn | 20.6 bn | 23.4 bn | 26.0 bn | SEC (XBRL)· 18 Feb 2026verified |
| Interest expense | 1.2 bn | 947.0 m | 798.0 m | 849.0 m | 996.0 m | 603.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Pre-tax income | -28.9 bn | 31.2 bn | 77.8 bn | 52.8 bn | 48.9 bn | 41.3 bn | SEC (XBRL)· 18 Feb 2026verified |
| Income tax | -5.6 bn | 7.6 bn | 20.2 bn | 15.4 bn | 13.8 bn | 11.5 bn | SEC (XBRL)· 18 Feb 2026verified |
| Net income | -22.4 bn | 23.0 bn | 55.7 bn | 36.0 bn | 33.7 bn | 28.8 bn | SEC (XBRL)· 18 Feb 2026verified |
| Diluted EPS | -5.25 | 5.39 | 13.26 | 8.89 | 7.84 | 6.70 | SEC (XBRL)· 18 Feb 2026verified |
| Dividend per share | 3.48 | 3.49 | 3.55 | 3.68 | 3.84 | 4.00 | SEC (XBRL)· 18 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 4.4 bn | 6.8 bn | 29.6 bn | 31.5 bn | 23.0 bn | 10.7 bn | SEC (XBRL)· 18 Feb 2026verified |
| Receivables | 16.3 bn | 26.9 bn | 32.8 bn | 30.3 bn | 35.3 bn | 35.7 bn | SEC (XBRL)· 18 Feb 2026verified |
| Current assets | 44.9 bn | 59.2 bn | 97.6 bn | 96.6 bn | 92.0 bn | 83.4 bn | SEC (XBRL)· 18 Feb 2026verified |
| Property, plant & equipment, net | 227.6 bn | 216.6 bn | 204.7 bn | 214.9 bn | 294.3 bn | 299.4 bn | SEC (XBRL)· 18 Feb 2026verified |
| Total assets | 332.8 bn | 338.9 bn | 369.1 bn | 376.3 bn | 453.5 bn | 449.0 bn | SEC (XBRL)· 18 Feb 2026verified |
| Short-term debt | 20.5 bn | 4.3 bn | 634.0 m | 4.1 bn | 5.0 bn | 9.3 bn | SEC (XBRL)· 18 Feb 2026verified |
| Current liabilities | 56.4 bn | 56.6 bn | 69.0 bn | 65.3 bn | 70.3 bn | 72.3 bn | SEC (XBRL)· 18 Feb 2026verified |
| Total liabilities | 168.6 bn | 163.2 bn | 166.6 bn | 163.8 bn | 182.9 bn | 182.4 bn | SEC (XBRL)· 18 Feb 2026verified |
| Equity | 164.1 bn | 175.7 bn | 202.5 bn | 212.5 bn | 270.6 bn | 266.6 bn | SEC (XBRL)· 18 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 14.7 bn | 48.1 bn | 76.8 bn | 55.4 bn | 55.0 bn | 52.0 bn | SEC (XBRL)· 18 Feb 2026verified |
| Capex | 17.3 bn | 12.1 bn | 18.4 bn | 21.9 bn | 24.3 bn | 28.4 bn | SEC (XBRL)· 18 Feb 2026verified |
| Free cash flow | -2.6 bn ≈ | 36.1 bn ≈ | 58.4 bn ≈ | 33.5 bn ≈ | 30.7 bn ≈ | 23.6 bn ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Investing cash flow | -18.5 bn | -10.2 bn | -14.7 bn | -19.3 bn | -19.9 bn | -25.9 bn | SEC (XBRL)· 18 Feb 2026verified |
| Financing cash flow | 5.3 bn | -35.4 bn | -39.1 bn | -34.3 bn | -42.8 bn | -39.1 bn | SEC (XBRL)· 18 Feb 2026verified |
| Dividends paid | 14.9 bn | 14.9 bn | 14.9 bn | 14.9 bn | 16.7 bn | 17.2 bn | SEC (XBRL)· 18 Feb 2026verified |
| Share repurchases | 405.0 m | 155.0 m | 15.2 bn | 17.7 bn | 19.6 bn | 20.3 bn | SEC (XBRL)· 18 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 29 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40 · (margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 701.6 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation15
- Balance sheet20
- Quality64
- Growth0
- Returns62
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 48.19 – 123.04 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)48.19 – 73.94 (Mid 58.21)WACC 9.2% · starting FCFF 19.3 bn USD · terminal value share of EV 72%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E50.28 – 123.04 (Mid 105.16)10 companies used · median multiple 17.2x · quartiles 8.2x – 20.1xCOP, CVI, CVX, DK, EQNR, MPC, PBF, PSX, SUNC, VLO
- Dividend discount (DDM)52.56 – 70.69 (Mid 60.29)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 29/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 7.6% | 65 (vs peers) | 10% |
| FCF conversion · Quality | 74.2% | 63 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | -7.0% | 0 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | -20.4% | 0 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.0x | 20 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 27.7x | 0 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 2.7% | 33 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 5.4% | 76 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 91.7% | 40 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial20/100 · 1/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality64/100 · 2/3 factors with a value
- Returns62/100 · 2/2 factors with a value
- Valuation15/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ExxonMobil Holdings Corporation (XOM). Latest full fiscal year: 2025; data up to 2026-03-31.
Figures computed from the financial statements: revenue 332.2 bn USD in 2025; YoY growth -5.0%; net margin 7.6%; ROE 9.8%.
The estimated value range is 50.28–73.94 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 60.29 USD, the price of 169.27 USD leaves a potential of -64.4% (value / price − 1) and a margin of safety of -180.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 29/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 5.4%
What contradicts it
- Revenue CAGR 3Y: -7.0%
- EPS CAGR 3Y: -20.4%
- Current ratio: 1.0x
- P/E (TTM): 27.7x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Petroleum Refining (SIC 2911) · same industry (4-digit SIC) · compared with 17 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| XOMExxonMobil Holdings Corporation | 701.6 bn | 27.7 | 9.8% | 7.6% | −5.0% | +48% / +57% |
| CVXChevron Corp | 428.7 bn | 20.8 | 12.2% | 9.6% | −6.8% | +44% / +51% |
| COPConocoPhillips | 164.5 bn | 18.1 | 14.2% | 14.7% | +7.7% | +54% / +18% |
| EQNREquinor Asa | 107.0 bn | 22.1 | 12.2% | 4.7% | +2.6% | +87% / +34% |
| MPCMarathon Petroleum Corporation | 106.9 bn | 7.7 | 72.6% | 8.4% | −4.4% | +103% / +163% |
| VLOValero Energy Corp | 101.9 bn | 8.2 | 50.1% | 8.4% | −5.5% | +107% / +191% |
| PSXPhillips 66 | 101.3 bn | 8.3 | 41.1% | 7.5% | −7.5% | +90% / +101% |
| YPFYPF Sociedad Anonima | 16.4 bn | — | -7.4% | -4.5% | −4.4% | +13% / +151% |
| CVICvr Energy, Inc | 4.3 bn | 16.3 | 27.5% | 2.7% | −5.9% | +25% / +35% |
| IEPIcahn Enterprises L.P. | 4.0 bn | — | — | -9.4% | −3.6% | −34% / −68% |
| DKDelek Us Holdings, Inc. | 4.0 bn | 18.2 | 62.6% | 1.9% | −9.5% | +69% / +141% |
| CLMTCalumet, Inc. | 3.8 bn | — | — | -3.0% | −1.2% | +126% / +153% |
| SUNCSunococorp LLC | 3.4 bn | 23.8 | — | 0.4% | +11.1% | +26% / unavailable |
| IMOImperial Oil Limited | — | — | 25.2% | 10.9% | −8.6% | +29% / +126% |
| PBFPbf Energy Inc. | — | 3.2 | 41.1% | 7.0% | −11.4% | +111% / +64% |
| BPBp PLC | — | — | 0.1% | 0.0% | −1.1% | +26% / +26% |
| SUNSunoco LP | — | — | — | 2.9% | +11.1% | +15% / +18% |
| SUSuncor Energy Inc | — | — | 13.2% | 11.3% | −4.6% | +61% / +118% |
1- and 3-year price returns: for XOM from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 90.50 Total return -45% · Per year -45% | 160.81 Total return -3% · Per year -3% | 243.33 Total return 46% · Per year 46% |
| 3 years | 71.86 Total return -53% · Per year -22% | 145.13 Total return -8% · Per year -3% | 243.33 Total return 51% · Per year 15% |
| 5 years | 57.06 Total return -60% · Per year -17% | 130.98 Total return -13% · Per year -3% | 243.33 Total return 56% · Per year 9% |
- Exit P/E± 36.28
- Net margin± 25.40
- Annual revenue growth± 22.94
- Annual dilution± 2.13
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 10-Q (02 Nov 2026), 8-K (30 Oct 2026 · results).
In brief
ExxonMobil Holdings Corporation reported second-quarter 2026 earnings of $14.5 billion, or $3.48 per share, according to the release 2. The company says its integrated structure and structural cost savings supported returns in a volatile market with Middle East supply disruptions 12. Cash flow from operating activities was $23.6 billion and free cash flow $17.2 billion 2.
SWOT
Strengths
- The integrated portfolio and Permian operations let the company move products to where demand is higher and offset regional disruptions.
- Cumulative structural cost savings and solid operating cash flow give the company room for investment and shareholder distributions.
- Record diesel output and rising upstream production show operational execution during volatile periods.
Weaknesses
- Upstream earnings were weighed by higher depreciation, which can reduce profit margins in some periods.
- The chemical segment remains below its historical margin range, pointing to pressure in that business.
- Reliance on volatile market conditions means quarterly results can vary significantly from one period to the next.
Opportunities
- Permian and Guyana output growth could strengthen the company's upstream position in the coming years.
- Expanding higher-value product capacity such as ProxximaTM could support specialty product margins.
- If high refining margins persist, the energy products segment could benefit from better use of Gulf Coast assets.
Threats
- Middle East disruptions and geopolitical risks could affect transport routes and supply chains.
- Additional European taxes and emissions rules could make some future investments less attractive.
- Inflation and cost pressures could erode the effect of structural savings if they outpace them.
Risks
- Price and margin volatilityhigh
Oil, gas and refining margin prices can change sharply, which could affect quarterly earnings.
- Middle East geopolitical riskhigh
Supply disruptions and restrictions on shipping routes could affect volumes and delivery costs.
- Climate policy and regulationmedium
Taxes, reporting rules and voluntary or mandatory standards could change conditions for investment and operations.
- Project executionmedium
Delays in completing construction projects or starting operations could postpone planned output growth.
- Costs and inflationlow
Inflationary pressure could reduce the benefit of structural savings and raise investment costs.
Investment thesis
What would need to be true (bull case)
- If Permian and Guyana output grows as planned, the company could strengthen its upstream position and sustain shareholder distributions.
- The integrated portfolio and structural savings could deliver steadier results than peers, especially during market volatility.
- If refining margins stay elevated, the energy products segment could keep contributing significantly to earnings.
What would break the thesis
- If Middle East disruptions extend, volumes and costs could be affected, which could reduce earnings.
- If refining margins return to normal ranges, energy products results could fall from current levels.
- If European taxes and climate regulation expand, new projects could become less attractive to pursue.
What to watch
- Startup of the fifth Guyana FPSO and the resulting increase in production capacityQ4 2026
- Evolution of refining margins and Middle East supply disruptionsQ3 2026
- Delivery of structural cost savings and planned 2026 capital spending2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 10-Q (02 Nov 2026), 8-K (30 Oct 2026 · results).
The business
ExxonMobil Holdings Corporation, based in Spring, Texas, is an integrated oil company active in exploration and production, refining, energy products, chemicals and specialty products 2. Its upstream business includes Permian Basin production, where the company reports record output in the second quarter of 2026 2. According to the release, the company invested $13.0 billion in cash capital expenditures in the first half of 2026 and declared a third-quarter dividend of $1.03 per share 2.
The strategy rests on an advantaged portfolio, integration and structural cost savings, cumulatively $16.3 billion according to management 2. The company reached a final investment decision on a ProxximaTM blending expansion in Louisiana 2. The SEC filing also mentions planned carbon capture and storage, lower-emission fuels, hydrogen and ammonia, whose delivery depends on market and regulatory factors 1.
Results in 2026 were shaped by Middle East supply disruptions and global refining capacity reductions, which pushed refining margins above the ten-year historical range 1. Management describes the quarter as shaped by disruption but defined by execution, saying the company moved products where needed and optimized assets 2.
Segments
Chemical Products and Specialty Products
Chemical earnings improved on North American feed advantage and performance chemical margins, while specialty products gained from higher basestock margins and growth in high-value products 2. Chemical margins stayed below the ten-year range, with regional supply constraints in Asia 1.
Market context
According to the quarterly filing, average crude oil prices remained within the 2010-2019 ten-year historical range, while natural gas prices stayed above their ten-year average because of ongoing supply disruptions 1. Global refining margins were far above the historical range due to unprecedented refining capacity reductions 1.
Chemical market conditions improved but remained below the ten-year historical range, and regional constraints affected product availability, particularly in Asia 1. If Middle East disruptions ease, market conditions could change materially, although the documents provide no firm forecast 1.
Trends
- Elevated refining marginstailwind
Global refining capacity reductions have pushed margins above the historical range, which could support energy products results if these conditions persist 1.
- Middle East supply disruptionsmixed
Regional disruptions have affected volumes and markets, though the company has partly offset them by moving products and optimizing assets 12.
- Climate policy and European taxesheadwind
The filings note additional European taxes on the energy sector and unequal support for emission-reduction technologies, factors that could influence investment in lower-emission projects 12.
Competitive position
The company says its Permian output exceeds all competitors, based on Rystad Energy estimates for 2025-2030 2. Cost and investment comparisons are made against other international oil companies (IOCs) using reported results and consensus 2.
The competitive edge rests on the integrated portfolio, operating scale and structural savings, which the release says exceed those of all other IOCs combined 2. Direct comparisons with individual competitors are not detailed in the sources provided.
- Other international oil companies (IOCs)
The release compares against the IOC group as a whole rather than naming each competitor in the sources provided.
- Rystad Energy
Cited forecast source for Permian output, not a direct competitor of the company.
- Permian Basin producers
Companies active in the Permian are the reference set for production comparisons, without further detail in the source.
- Asian refineries
Regional supply constraints in Asia affect chemical margins, and local refiners compete in the same markets.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Индексы МосБиржи и РТС открыли основную сессию снижением на 0,9%Interfax Russia (RU) · 05 Nov 2026 · RU
- Australia approves seabed site where a Japanese company will store carbon pollutionPhys.org · 05 Nov 2026 · EN
- Уолл-стрит закрылась в заметном плюсе после выборов в Конгресс СШАInterfax Russia (RU) · 05 Nov 2026 · RU
- Russo-Ukrainian war, day 1715: Russian three-ton bomb on aid queue kills 40Euromaidan Press (UA, EN) · 04 Nov 2026 · EN
- 300,000 tons of Russian diesel are reportedly heading to US — but New Jersey governor warns buyers of legal risksEuromaidan Press (UA, EN) · 04 Nov 2026 · EN
- Exxon, Chevron, and ex-Pornhub owner chased Russian oil giant Lukoil’s foreign assets. Dodgers co-owner’s group is now among front-runners in deal expected within weeksEuromaidan Press (UA, EN) · 04 Nov 2026 · EN
- Cine este Todd Boehly, miliardarul cu o avere de 9,2 miliarde de dolari care vrea să preia Lukoil România. A fost patron la ChelseaLibertatea.ro · 04 Nov 2026 · RO
- Un miliardar american pregătește preluarea activelor externe ale Lukoil printr-un schimb record de acțiuniLibertatea.ro · 04 Nov 2026 · RO
- Big Oil Puts Debt Reduction Ahead of New InvestmentsOil Price · 03 Nov 2026 · EN
- Индексы S&P 500 и Nasdaq снизились в понедельник, Dow Jones выросInterfax Russia (RU) · 03 Nov 2026 · RU
- Индексы S&P 500 и Nasdaq снизились по итогам 3-й недели подряд впервые с мартаInterfax Russia (RU) · 02 Nov 2026 · RU
- Chevron își dublează producția de petrol în Venezuela - Saptamana FinanciaraSurge — Google News · 31 Oct 2026 · RO
- Nasdaq scade 2,8% pe fondul rezultatelor Intel și Amazon, care amplifică vânzările în AI - InvezzSurge — Google News · 30 Oct 2026 · RO
- Wall Street încheie săptămâna cu scăderi puternice. Acțiunile companiilor tehnologice se prăbușesc pe fondul îngrijorărilor privind investițiile în inteligența artificială - Capital.roCapital.ro · 30 Oct 2026 · RO
- Acțiunile Coinbase ating minimul din doi ani după reducerile analiștilor și hackul Binance - InvezzSurge — Google News · 30 Oct 2026 · RO
- ExxonMobil Profits Double to $15.4 BillionOil Price · 30 Oct 2026 · EN
- Acțiunile Chevron urcă după ce profitul trimestrial crește aproape 200% - InvezzSurge — Google News · 30 Oct 2026 · RO
- Câștigurile Exxon: $19 billion în numerar, dar cu o capcană - InvezzSurge — Google News · 30 Oct 2026 · RO
- Exxon, Chevron Deliver Big Profits on Strong RefiningBloomberg Markets · 30 Oct 2026 · EN
- Oil Is a Tough Trade for Now, Says Sarah HuntBloomberg Markets · 30 Oct 2026 · EN
SEC filings
- Quarterly report02 Nov 2026
- Current report30 Oct 2026Results of operations · Regulation FD disclosure
- Current report16 Oct 2026Regulation FD disclosure
- Current report25 Sept 2026Other events · Financial statements and exhibits
- Current report28 Aug 2026Other events · Financial statements and exhibits
- Quarterly report03 Aug 2026
- Current report31 Jul 2026Results of operations · Regulation FD disclosure
- Current report07 Jul 2026Regulation FD disclosure
Sources
- [1] Form 10-Q, quarter ended 2026-06-30 · SEC / ExxonMobil Holdings Corporation · 03 Aug 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / ExxonMobil Holdings Corporation · 31 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.