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ExxonMobil Holdings Corp.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 30 October 2026: press release. Guidance figures: 1 new. The quarter’s numbers.

Key takeaways

  • Earnings rose to $15.4 billion: Reported earnings were $15.4 billion, or $3.72 per share, against $14.5 billion in 2Q26. Adjusted earnings were $17.5 billion, or $4.23 per share, against $14.7 billion. Source
  • Upstream earnings fell on prices: Upstream reported $7.1 billion and adjusted $7.3 billion, against $7.9 billion and $9.2 billion in 2Q26. Management cited lower prices and an accelerated Guyana entitlement impact. Source
  • Energy Products earnings rose sharply: Energy Products reported $7.2 billion and adjusted $9.1 billion, against $5.5 billion and $4.1 billion in 2Q26. Management cited higher margins and operational performance. Source
  • Record refining performance year-to-date: Management reported record year-to-date refining operational performance, with the highest global fuels utilization excluding Middle East impacts, the highest global diesel yield, and the highest North American diesel volumes. Source
  • Distributions reached $9.4 billion: Shareholder distributions totaled $9.4 billion, including $4.3 billion of dividends and $5.1 billion of share repurchases. Source
  • Papua and Rovuma stakes increase: The company agreed to raise its working interest in Papua LNG to 34% and in Rovuma, Mozambique to 50%, where it is already the operator. Source

“We're increasing production while improving efficiency - the result of years of consistent and disciplined investment and execution excellence.”

Darren Woods, ExxonMobil chairman and chief executive officer

Guidance

AreaPeriodFigureAgainst last quarter
Share repurchases Source2027$20 billionNew

What changed from last quarter

  • Guidance raised: Quarterly dividend declared at $1.07 per share, up from the $1.03 per share declared for the third quarter. Source
  • New guidance: 2027 share repurchases of $20 billion were announced, alongside the Papua and Rovuma stake agreements. Source
  • New: The company assumed operatorship of the Papua LNG project. Source

Results and cash flow

  • Earnings rose to $15.4 billion: Reported earnings were $15.4 billion, or $3.72 per share, against $14.5 billion in 2Q26. Adjusted earnings were $17.5 billion, or $4.23 per share, against $14.7 billion. Source
  • Operating and free cash flow both rose: Operating cash flow was $25.7 billion and free cash flow $19.1 billion, against $23.6 billion and $17.2 billion in 2Q26. Source
  • Year-to-date adjusted earnings up sharply: Year-to-date adjusted earnings were $41.0 billion, against $22.5 billion a year earlier, an increase of $18.5 billion. Source

Segment earnings and drivers

  • Upstream earnings fell on prices: Upstream reported $7.1 billion and adjusted $7.3 billion, against $7.9 billion and $9.2 billion in 2Q26. Management cited lower prices and an accelerated Guyana entitlement impact. Source
  • Energy Products earnings rose sharply: Energy Products reported $7.2 billion and adjusted $9.1 billion, against $5.5 billion and $4.1 billion in 2Q26. Management cited higher margins and operational performance. Source
  • Chemical earnings fell on margins: Chemical Products reported $735 million and adjusted $725 million, against $1,131 million and $1,214 million in 2Q26. Asia Pacific seasonal demand partly offset the margin decline. Source
  • Specialty earnings rose on basestock: Specialty Products reported $1,285 million and adjusted $1,283 million, against $956 million and $969 million in 2Q26, with higher basestock margins. Source

“These are lasting improvements, not simply the result of favorable prices and margins.”

Darren Woods, ExxonMobil chairman and chief executive officer

Volumes and production

  • Upstream production slightly lower: Upstream production was 4,496 koebd in 3Q26, against 4,514 in 2Q26. Year-to-date production was 4,534 koebd, against 4,651 in the prior year period. Source
  • Energy Products sales edged up: Energy Products sales were 5,753 kbd in 3Q26, against 5,698 kbd in 2Q26. Year-to-date sales were 5,694 kbd, against 5,522 kbd a year earlier. Source
  • Chemical sales rose, specialty eased: Chemical Products sales rose to 4,888 kt from 4,471 kt, while Specialty Products sales fell to 1,737 kt from 1,784 kt. Source

Costs and depreciation

  • Structural savings reach $16.9 billion: Cumulative structural cost savings since 2019 total $16.9 billion, including $1.8 billion in the first nine months of 2026. Source
  • Cash operating costs rose: Cash operating expenses excluding energy and production taxes were $33.0 billion in the first nine months of 2026, against $31.8 billion a year earlier. Source
  • Depreciation and depletion rose: Depreciation and depletion, including impairments, was $22.3 billion in the first nine months of 2026, against $18.3 billion a year earlier. Source

“Markets will change, but we're positioned to continue supplying the energy and products the world needs while delivering growth in long-term value for our shareholders.”

Darren Woods, ExxonMobil chairman and chief executive officer

Refining operations and records

  • Record refining performance year-to-date: Management reported record year-to-date refining operational performance, with the highest global fuels utilization excluding Middle East impacts, the highest global diesel yield, and the highest North American diesel volumes. Source
  • Beaumont expansion lifts distillate: Woods linked an increase of about 40% in U.S. Gulf Coast distillate production since 2019 partly to the Beaumont refinery expansion. Source
  • Full crude unit utilization in quarter: Crude unit utilization at U.S. Gulf Coast refineries was 100% in 3Q26, and diesel production was the second-highest on record for that asset base. Source

Capital and shareholder returns

  • Distributions reached $9.4 billion: Shareholder distributions totaled $9.4 billion, including $4.3 billion of dividends and $5.1 billion of share repurchases. Source
  • Cash capital spending rose in quarter: Total cash capital expenditures were $7.0 billion in 3Q26, against $6.8 billion in 2Q26. Year-to-date they were $20.0 billion, against $21.1 billion a year earlier. Source
  • Net debt cut by nearly $11 billion: Year-to-date net debt reduction was nearly $11 billion. Net debt was $22.1 billion at September 30, 2026. Source

Strategy, projects and investment

  • Papua and Rovuma stakes increase: The company agreed to raise its working interest in Papua LNG to 34% and in Rovuma, Mozambique to 50%, where it is already the operator. Source
  • Upstream production milestones reached: Cumulative milestones reached 1 billion barrels at both Guyana and Kearl, and 100 million tons at PNG LNG. Source
  • Carbon capture storage advanced: Carbon capture and storage advanced with a startup at Nucor and an approval for the Rose carbon storage project. Source

Coming up, as management said on 30 October 2026

  • Fourth-quarter dividend payment date: The fourth-quarter dividend is payable on December 10, 2026, to holders of record at the close of business on November 16, 2026. Source

Figures management reported

FigureReported
Crude unit utilization, U.S. Gulf Coast refineries Source100% in 3Q26
Total cash capital expenditures Source$7,002 million in 3Q26; $19,976 million year-to-date

Risks management discussed

  • Operational: External impacts on global capacity utilization were noted, more than offset in the quarter by Energy Products earnings gains. Source
  • External: Middle East volume impacts partly offset year-to-date Upstream earnings gains, along with higher non-cash expenses. Source
  • Financial: Year-to-date other identified items include additions to financial reserves and Middle East impacts. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.