XOM · 10-Q · 2026Q1 · Full report
Refining Margin Trends
EXXON MOBIL CORP · 2026-05-04 · Importance 48 · Surprise 24 · No source text
Feedstock shortages in March led to lower refinery runs in the Middle East and Asia and kept global industry refining margins above the 10‑year historical range. Higher refinery margins, together with higher crude and product prices in March, contributed positively to Energy Products results in the quarter. By contrast, chemical margins were at the bottom of the cycle, significantly below their 10‑year range, driven by higher feedstock costs—particularly in Asia. This divergence (stronger refining margins, weaker chemical margins) influenced mix and earnings across Energy Products and Chemical Products segments.
Key facts
- Energy Products margin increased earnings by $2,420 million in the first quarter. source
- Feedstock shortages resulted in lower refinery runs in the Middle East and Asia with global industry refining margins remaining above the 10-year historical range. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | positive | realized | +2.8% | Energy Products margin increased earnings by $2,420 million in the first quarter. |