XOM · 10-Q · 2026Q2 · Full report

Margin Drivers

ExxonMobil Holdings Corp · 2026-08-03 · Importance 75 · Surprise 64 · In source text

Second-quarter earnings increased to $14.5 billion from $7.1 billion, driven by higher prices and margins, advantaged Upstream and Energy Products investments, and structural cost savings. Upstream earnings rose to $7.9 billion from $5.4 billion, including a $4.65 billion benefit from higher crude realizations and a $1.14 billion benefit from Guyana and Permian growth, partly offset by $1.06 billion of Middle East disruption impacts and a $1.20 billion financial-reserves loss. Energy Products earnings increased to $5.5 billion from $1.4 billion, supported by $3.18 billion from stronger refining margins and $2.56 billion from favorable derivative mark-to-market effects, but reduced by a $1.18 billion impairment-related loss.

Key facts

• Upstream 2Q price increased earnings by $4,650 million on higher crude realizations, partly offset by lower gas realizations. source
• Crude oil and product purchases for three months ended June 30, 2026: $67,801 million; for three months ended June 30, 2025: $45,327 million. source
• Specialty Products 2Q margin increased earnings by $270 million on higher basestock margins. source
• Specialty Products year-to-date margins increased earnings by $120 million on higher basestock margins on supply disruptions. source

Impact estimates