ExxonMobil recorded its highest upstream production in more than two decades during the second quarter of 2026, excluding the impact of disruptions in the Middle East.
The production performance helped the United States energy major deliver earnings of US$14.5 billion for the three months ended June 30. Earnings amounted to US$3.48 per share. Adjusted earnings reached US$14.7 billion, or US$3.52 per share. ExxonMobil generated US$23.6 billion in cash flow from operating activities and US$17.2 billion in free cash flow.
“The second quarter was shaped by disruption, but defined by execution,” ExxonMobil Chairman and Chief Executive Officer Darren Woods said. “Markets were supportive, but our performance reflected the strength of the portfolio and operating model we have built over many years.”
ExxonMobil posts US$4.2B Q1 earnings as Guyana production tops 900,000 b/d, sets new record | OilNOW
Upstream earnings improved compared with the first quarter. ExxonMobil attributed the increase to strong operational reliability, record Permian Basin production, and the absence of disruptions that had affected its operations in Kazakhstan. Those gains were partly offset by disruptions in the Middle East and higher depreciation expenses.
Permian production exceeded 1.8 million oil-equivalent barrels per day during the quarter, the highest in more than two decades. ExxonMobil said this was a company record and remained consistent with its planned compound annual growth rate of 9% through 2030. The company is also preparing to add more production capacity in Guyana.
“As conditions changed, we moved products where they were needed, optimized assets, and supported customers, leveraging our global integrated portfolio,” Woods said. “We delivered strong earnings and cash flow, continued investing in advantaged opportunities, returned cash to shareholders, and strengthened the balance sheet.”
Energy Products earnings also increased from the previous quarter. Strong utilization at ExxonMobil’s United States Gulf Coast facilities supported record second-quarter diesel production. The improvement was partly offset by scheduled maintenance.
Chemical Products earnings strengthened due to the company’s North American feedstock advantage and improved reliability. ExxonMobil said those factors allowed it to capture stronger margins. Specialty Products earnings also increased. Higher basestock margins and growth in high-value products supported the segment despite the Middle East disruptions.
ExxonMobil’s cumulative structural cost savings reached US$16.3 billion during the quarter.
The company distributed US$9.4 billion to shareholders. This included US$4.3 billion in dividends and US$5.1 billion in share repurchases.
ExxonMobil invested US$13 billion in cash capital expenditures during the first half of 2026. The spending supported the development of advantaged assets and high-value products.
The company also reached a final investment decision for a 120,000-tonne-per-year Proxxima blending expansion in Louisiana. ExxonMobil declared a third-quarter dividend of US$1.03 per share. The dividend will be paid on September 10 to shareholders recorded at the close of business on August 17.
Exxon holds a 45% interest in Guyana’s Stabroek Block. Hess holds 30%, while CNOOC holds a 25% interest.
