XOM · Earnings call · 2026Q3T · Full report

Liquidity and Debt Position

ExxonMobil Holdings Corp · 2026-10-30 · Importance 38 · Surprise 24

ExxonMobil lowered net debt by more than $9 billion in the third quarter. The CFO said its net debt-to-capital ratio was the strongest in the industry, with possibly one large-cap industrial company as an exception. He noted the company had leaned on its balance sheet earlier in the year to sustain distributions, while the current price and margin environment was allowing it to build cash.

Key facts

• ExxonMobil lowered net debt by more than $9 billion this quarter.
• ExxonMobil said it was leaning into the balance sheet at the beginning of the year to keep distributions consistent and is building cash in the current price and margin environment.
• ExxonMobil's net debt to capital is the strongest in the industry and stronger than all but perhaps one large-cap industrial company.