XOM · 10-Q · 2026Q3 · Full report

Refining Supply and Margins

ExxonMobil Holdings Corp · 2026-11-02 · Importance 27 · Surprise 24

During the third quarter, global supply disruptions continued to affect commodity and product markets. Lower global refining capacity availability reduced demand for crude feedstock, while global refining margins rose to historically high levels because capacity was unavailable. International natural gas prices moved above their 10-year range amid limited Middle East supply. The filing attributes these market conditions to supply disruptions, including restrictions through the Strait of Hormuz.

Key facts

• Energy Products third-quarter Middle East volume decreased earnings by $130 million due to Middle East supply disruptions impacting global operations. source
• Energy Products year-to-date Middle East volume decreased earnings by $590 million due to supply disruptions impacting global operations. source
• Specialty Products third-quarter Middle East volume decreased earnings by $60 million due to supply disruptions. source
• Specialty Products year-to-date Middle East volume decreased earnings by $140 million due to supply disruptions. source