XOM · 10-Q · 2026Q2 · Full report

Commodity Derivatives Impacts

ExxonMobil Holdings Corp · 2026-08-03 · Importance 59 · Surprise 82 · In source text

Commodity contracts held for trading generated $2.3 billion of before-tax realized and unrealized losses for the period ended June 30, 2026, compared with gains in the corresponding prior-year period. These contracts are presented net in sales and other operating revenue and in operating cash flows, and are not accounted for under hedge accounting. Gross derivative assets and liabilities were approximately $19.9 billion and $19.8 billion, respectively, at June 30, 2026, with $1.4 billion of collateral held under master netting arrangements.

Key facts

• Energy Products 2Q estimated timing effects increased earnings by $2,560 million on favorable derivative mark-to-market impacts. source
• Derivative assets fair value - total gross assets & liabilities at June 30, 2026: $19,923 million (Level 1 $15,760 million; Level 2 $4,163 million); Net carrying value: $1,598 million. source
• Derivative liabilities fair value - total gross assets & liabilities at June 30, 2026: $19,836 million (Level 1 $15,452 million; Level 2 $4,384 million); Net carrying value: $1,818 million. source
• At June 30, 2026 and December 31, 2025, the Corporation had $1.4 billion and $0.5 billion of collateral under master netting arrangements not offset against the derivatives on the Condensed Consolidated Balance Sheet. source
• Commodity contracts held for trading purposes included before-tax realized and unrealized losses of $2.3 billion for the period ended June 30, 2026. source
• Estimated timing effects for Upstream year-to-date decreased earnings by $870 million, mainly from unfavorable derivatives mark-to-market impacts. source
• Energy Products year-to-date estimated timing effects decreased earnings by $770 million, primarily from rising crude prices. source

Impact estimates