XOM · 10-Q · 2026Q2 · Full report
Refining Margin Trends
ExxonMobil Holdings Corp · 2026-08-03 · Importance 32 · Surprise 24 · No source text
Global refining margins strengthened materially in the second quarter and were the primary driver of Energy Products performance. The company attributed the improvement to stronger refining margins, while advantaged capacity growth and asset and product optimization provided an additional contribution. Refinery throughput declined to 3,562 thousand barrels per day from 3,936 thousand, mainly because of scheduled maintenance and Middle East supply disruptions affecting global operations.
Key facts
- Energy Products 2Q margin increased earnings by $3,180 million from stronger refining margins. source
- Energy Products refinery throughput worldwide for the three months ended June 30 was 3,562 thousand barrels daily versus 3,936 thousand barrels daily in the comparable prior period. source
- Energy Products year-to-date margins increased earnings by $5,530 million from stronger refining margins and improved trading and optimization. source
- The MD&A states global industry refining margins were sharply above the 10-year historical range during the period referenced. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | positive | realized | +2.7% | Energy Products 2Q margin increased earnings by $3,180 million from stronger refining margins. |
| revenue | negative | realized | — | Energy Products refinery throughput worldwide for the three months ended June 30 was 3,562 thousand barrels daily versus 3,936 thousand… |