XOM 8-K
ExxonMobil Holdings Corp (XOM)
8-K
2026-07-31
For: 2026-07-31
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July 31, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 31, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (972 ) 940-6000
(Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
Name of Each Exchange | ||
Title of Each Class | Trading Symbol | on Which Registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of
this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Item 2.02 | Results of Operations and Financial Condition |
Item 7.01 | Regulation FD Disclosure |
The following information is furnished pursuant to both Item 2.02 and Item 7.01. | |
The Registrant hereby furnishes the information set forth in its News Release, dated July 31, 2026, announcing second quarter 2026 results, a copy of which is included as Exhibit 99.1, and furnishes the information in the related 2Q26 Investor Relations Data Summary, a copy of which is included as Exhibit 99.2. Material available by hyperlink from the News Release is not deemed to be furnished herewith or included in this filing. |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned hereunto duly authorized.
EXXONMOBIL HOLDINGS CORPORATION | ||
Date: July 31, 2026 | By: | /s/ SUSAN E. BUCHANAN |
Susan E. Buchanan | ||
Vice President and Chief Accounting Officer (Principal Accounting Officer) | ||
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 | EXHIBIT 99.1 | |||
2Q 2026 Earnings Release | ||||
FOR IMMEDIATE RELEASE | July 31, 2026 | |||
ExxonMobil Announces Second-Quarter 2026 Results
Advantaged portfolio, integration, and structural savings support earnings and cash flow in volatile market
•Reported EPS of $3.48, or $3.52 adjusted EPS1
•Highest Upstream production in more than two decades, excluding the Middle East disruptions2
•Record Permian production, consistent with planned 9% CAGR through 2030, exceeding all competitors3
•Fifth Guyana FPSO set sail with production startup on plan for 4Q26, increasing capacity by 250 Kbd
•Record second-quarter diesel production4
•Cumulative structural cost savings of $16.3B, more than all other IOCs combined5
Results Summary | ||||||
2Q26 | 1Q26 | Change vs 1Q26 | Dollars in millions (except per share data) | YTD 2026 | YTD 2025 | Change vs YTD 2025 |
14,525 | 4,183 | +10,342 | Earnings (U.S. GAAP) | 18,708 | 14,795 | +3,913 |
14,680 | 8,772 | +5,908 | Adjusted Earnings/(Loss) (non-GAAP) | 23,452 | 14,555 | +8,897 |
3.48 | 1.00 | +2.48 | Earnings Per Common Share (U.S. GAAP) ¹ | 4.47 | 3.40 | +1.07 |
3.52 | 2.09 | +1.43 | Adjusted Earnings/(Loss) Per Common Share (non-GAAP) ¹ | 5.60 | 3.35 | +2.25 |
SPRING, Texas – July 31, 2026 – ExxonMobil Holdings Corporation today announced second-quarter 2026
earnings of $14.5 billion, or $3.48 per share. Adjusted earnings were $14.7 billion, or $3.52 per share. Cash flow
from operating activities was $23.6 billion and free cash flow was $17.2 billion. Industry-leading shareholder
distributions totaled $9.4 billion, including $4.3 billion of dividends and $5.1 billion of share repurchases.5
"The second quarter was shaped by disruption, but defined by execution,” said Darren Woods, ExxonMobil chairman
and chief executive officer. “Markets were supportive, but our performance reflected the strength of the portfolio and
operating model we have built over many years."
"As conditions changed, we moved products where they were needed, optimized assets, and supported customers,
leveraging our global integrated portfolio. We delivered strong earnings and cash flow, continued investing in
advantaged opportunities, returned cash to shareholders, and strengthened the balance sheet. Importantly, we
remain committed to further growing advantaged production to help meet the world's need for reliable energy."
"ExxonMobil is not built for one market, one quarter, or one set of conditions. It is built to lead as markets evolve - to
turn its advantages into stronger performance and superior long-term returns for shareholders."
Additional Highlights
•Invested $13.0 billion in cash capital expenditures year-to-date, including $13.0 billion of additions to property,
plant, and equipment, to grow advantaged assets and high-value products; 2026 planned investments are 20%
higher than nearest IOC5
•Reached final investment decision for 120KTA ProxximaTM blending expansion in Louisiana
•Declared a third-quarter dividend of $1.03 per share, payable on September 10, 2026, to shareholders of record
of common stock at the close of business on August 17, 2026
1 Earnings per share (EPS) figures assume dilution.
2 Middle East disruptions analysis based on exclusion of Middle East country volumes across all periods.
3 Source: Rystad Energy, Permian production outlook between 2025-2030.
4 Second-quarter diesel record based on current asset basis, leveraging internal data available to 2014.
5 Structural cost savings and planned investments compare IOCs' reported results and outlooks as of July 30, 2026. Shareholder distributions compare IOCs' reported results or
Bloomberg consensus as of July 30, 2026.
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EARNINGS AND VOLUME SUMMARY BY SEGMENT | ||||
2Q26 | 1Q26 | Dollars in millions (unless otherwise noted) | YTD 2026 | YTD 2025 |
Earnings/(Loss) (U.S. GAAP) | ||||
7,927 | 5,737 | Upstream | 13,664 | 12,158 |
5,465 | (1,262) | Energy Products | 4,203 | 2,193 |
1,131 | 110 | Chemical Products | 1,241 | 566 |
956 | 651 | Specialty Products | 1,607 | 1,435 |
(954) | (1,053) | Corporate and Financing | (2,007) | (1,557) |
14,525 | 4,183 | Total Earnings/(Loss) (U.S. GAAP) | 18,708 | 14,795 |
Adjusted Earnings/(Loss) (non-GAAP) | ||||
9,189 | 6,265 | Upstream | 15,454 | 11,880 |
4,099 | 2,799 | Energy Products | 6,898 | 2,231 |
1,214 | 110 | Chemical Products | 1,324 | 566 |
969 | 651 | Specialty Products | 1,620 | 1,435 |
(791) | (1,053) | Corporate and Financing | (1,844) | (1,557) |
14,680 | 8,772 | Total Adjusted Earnings/(Loss) (non-GAAP) | 23,452 | 14,555 |
Volumes | ||||
4,514 | 4,594 | Production (koebd) | 4,554 | 4,591 |
5,698 | 5,630 | Energy Products Sales (kbd) | 5,664 | 5,436 |
4,471 | 5,358 | Chemical Products Sales (kt) | 9,829 | 10,040 |
1,784 | 1,976 | Specialty Products Sales (kt) | 3,760 | 3,940 |
Year-to-date vs. year-to-date1
•Upstream earnings improved as strong reliability contributed to the highest production in more than two decades,
excluding the Middle East disruptions, partly offset by higher depreciation.2
•Energy Products earnings strengthened, enabled by structural cost savings and a consistent focus on growing
advantaged capacity and optimizing assets and products, partly offset by scheduled maintenance impacts.
•Chemical Products earnings improved on North American feed advantage and performance chemical margins;
structural cost savings more than offset higher expenses and unfavorable forex.
•Specialty Products earnings increased with higher basestock margins and growth in high-value products, despite
the Middle East disruptions.
Sequential quarter1
•Upstream earnings improved, with record Permian production of more than 1.8 Moebd and the absence of
operational disruptions in Kazakhstan, partly offset by the Middle East disruptions.
•Energy Products earnings increased on strong U.S. Gulf Coast utilization and record diesel production, partly
offset by scheduled maintenance impacts.3
•Chemical Products earnings improved on North American feed advantage and reliability enabled margin capture.
•Specialty Products earnings improved with higher basestock margins and strong Middle East response.
1 Comparative earnings commentary applies to both Earnings/(Loss) (U.S. GAAP) and Adjusted Earnings/(Loss) (non-GAAP) financial metrics, unless otherwise indicated. Both metrics
share operational drivers but differ by adjusting items as described in the Adjusted Earnings/(Loss) definition on page 4. Adjusting item details for corporate and segment earnings are
shown for 2025 and 2026 periods on page 10.
2 Middle East disruptions analysis based on exclusion of Middle East country volumes across all periods.
3 Second-quarter diesel record based on current asset basis, leveraging internal data availability to 2014.
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ExxonMobil will discuss financial and operating results and other matters during a webcast at 8:30 a.m. Central Time
on July 31, 2026. To listen to the event or access an archived replay, please visit www.exxonmobil.com.
Cautionary Statement
Statements related to future events; projections; descriptions of strategic, operating, and financial plans and objectives;
statements of future ambitions, future earnings power, potential addressable markets, or plans; and other statements of future
events or conditions in this release are forward-looking statements. Similarly, discussion of future carbon capture, transportation
and storage, as well as lower-emission fuels, hydrogen and ammonia, lithium, direct air capture, ProxximaTM resin systems,
carbon materials, low-carbon data centers, and other low carbon and new business plans to reduce emissions of ExxonMobil,
its affiliates, and third parties, are dependent on future market factors, such as continued technological progress, stable policy
support and timely rule-making and permitting, and represent forward-looking statements. Actual future results, including
financial and operating performance; potential earnings, cash flow, or rate of return; total cash capital expenditures and mix,
including allocations of capital to low carbon and other new investments; realization and maintenance of structural cost
reductions and efficiency gains, including the ability to offset inflationary pressure; plans to reduce future emissions and
emissions intensity; ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050, to reach Scope 1 and 2
net zero in integrated Upstream Permian Basin unconventional operated assets by 2035, to eliminate routine flaring in-line with
World Bank Zero Routine Flaring, to reach near-zero methane emissions from operated assets and other methane initiatives,
and to meet ExxonMobil’s emission reduction goals and plans, divestment and start-up plans, and associated project plans as
well as technology advances, including the timing and outcome of projects to capture, transport, and store CO2, produce
hydrogen and ammonia, produce lower-emission fuels, produce lithium, produce ProxximaTM resin systems, produce carbon
materials, and use plastic waste as feedstock for advanced recycling; cash flow, dividends and shareholder returns, including
the timing and amounts of share repurchases; future debt levels and credit ratings; business and project plans, timing, costs,
capacities and returns; resource recoveries and production rates; maintenance and turnaround activity; drilling and improvement
programs; product sales levels and mix; and planned Pioneer and Denbury integrated benefits, could differ materially due to a
number of factors. These include global or regional changes or imbalances in the supply and demand for oil, natural gas,
petrochemicals, and feedstocks and other market factors, economic conditions and seasonal fluctuations that impact prices,
differentials, margins, and volume/mix for our products; changes in any part of the world in laws, taxes, or regulations including
extraterritorial environmental and tax regulations, trade sanctions, and timely granting of governmental permits, licenses, and
certifications; developments or changes in government policies supporting lower carbon and new market investment
opportunities or policies limiting the attractiveness of future investment such as the additional European taxes on the energy
sector and unequal support for different methods of emissions reduction; variable impacts of trading activities and derivative
positions, including timing effects, on our margins and results each quarter; changes in interest and exchange rates; actions of
co-venturers or partners, competitors and commercial counterparties, including suppliers and customers; the outcome of
commercial negotiations, including final agreed terms and conditions; the ability to access debt markets; the ultimate impacts of
public health crises, including the effects of government responses on people and economies; reservoir performance and
optimization, including variability and timing factors applicable to unconventional resources, the success of new unconventional
and AI-enhanced technologies, and the ability of new technologies to improve drilling performance and recovery relative to
competitors; the level, outcome, and timing of exploration projects and decisions to invest in future reserves and resources;
timely completion of development and other construction projects and commencement of start-up operations, including reliance
on third-party suppliers and service providers; final management approval of future projects and any changes in the scope,
terms, or costs of such projects as approved; government regulation of our growth opportunities; government actions in pursuit
of national energy and security policies or priorities affecting our business; war, civil unrest, armed hostilities, attacks against the
company or industry and other political or security disturbances, including disruption of land or sea transportation routes or
distribution or shipping channels; expropriations, seizures, or capacity, insurance, export, import or shipping limitations imposed
directly or indirectly by governments or laws; changes in market, national or regional tariffs or disruption, realignment or
breaking of current or historical trade or military alliances or global trade and supply chain networks; escalating geopolitical
volatility, including regime changes; opportunities for potential acquisitions, investments or divestments and satisfaction of
applicable conditions to closing, including timely regulatory approvals; the capture of efficiencies within and between business
lines and the ability to maintain near-term cost reductions as ongoing efficiencies without impairing our competitive positioning;
unforeseen technical or operating disruptions or difficulties and unplanned maintenance; the development and competitiveness
of alternative energy and emission reduction technologies; the results of research programs and the ability to bring new
technologies to commercial scale on a cost-competitive basis; and other factors discussed under Item 1A. Risk Factors of
ExxonMobil’s 2025 Form 10-K.
Actions needed to advance ExxonMobil’s 2030 greenhouse gas emission-reductions plans are incorporated into its medium-
term business plans, which are updated annually. The reference case for planning beyond 2030 is based on ExxonMobil’s
Global Outlook (Outlook) research and publication. The Outlook is reflective of the existing global policy environment and an
assumption of increasing policy stringency and technology improvement to 2050. Current trends for policy stringency and
deployment of lower-emission solutions are not yet on a pathway to achieve net-zero by 2050. As such, the Outlook does not
project the degree of required future policy and technology advancement and deployment for the world, or ExxonMobil, to meet
net zero by 2050. As future policies and technology advancements emerge, they will be incorporated into the Outlook, and
ExxonMobil's business plans will be updated accordingly. References to projects or opportunities may not reflect investment
decisions made by ExxonMobil or its affiliates. Individual projects or opportunities may advance based on a number of factors,
including availability of stable and supportive policy, permitting, technological advancement for cost-effective abatement,
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insights from the corporate planning process, and alignment with our partners and other stakeholders. Capital investment
guidance in lower-emission investments is based on our corporate plan; however, actual investment levels will be subject to the
availability of the opportunity set and public policy support, and focused on returns.
Frequently Used Terms and non-GAAP Measures
Adjusted Earnings/(Loss) (non-GAAP) and Adjusted Earnings/(Loss) Per Common Share (non-GAAP) • Earnings/(loss)
excluding individually significant non-operational events and estimated timing effects, both favorable and unfavorable. Identified
items typically contribute to an absolute corporate total earnings impact of at least $250 million in a given quarter. The earnings/
(loss) impact of an identified item for an individual segment may be less than $250 million when the item impacts several
periods or several segments. Adjusted Earnings/(Loss) does include non-operational earnings events or impacts that are
generally below the $250 million threshold utilized for identified items. When the effect of these events is significant in
aggregate, it is indicated in analysis of period results as part of quarterly earnings press release and teleconference materials.
Estimated timing effects excluded from Adjusted Earnings/(Loss) are primarily related to unsettled derivatives which are
required to be marked to current period-end prices (mark-to-market), where the associated physical shipments are not reflected
in earnings until the physical transaction is complete. Estimated timing effects also include estimated recognition differences
between the settlement of derivatives and their offsetting physical commodity realizations (due to LIFO inventory accounting).
Impacts are expected to unwind in subsequent periods. Management uses these figures to improve comparability of the
underlying business across multiple periods by isolating and removing significant non-operational events from business results.
The Corporation believes these views provide investors increased transparency into business results and trends and provide
investors with a view of the business as seen through the eyes of management. Adjusted Earnings/(Loss) are not meant to be
viewed in isolation or as a substitute for net income/(loss) attributable to ExxonMobil as prepared in accordance with U.S.
GAAP. A reconciliation to each of corporate earnings and segment earnings are shown for 2025 and 2026 periods on page 10.
Adjusted Earnings/(Loss) and Adjusted Earnings/(Loss) per share amounts are shown on page 1 and on page 9, including a
reconciliation to earnings/(loss) per common share – assuming dilution (U.S. GAAP).
Cash flow from operations excluding working capital (non-GAAP) • Net cash provided by operating activities less changes
in operational working capital, excluding cash and debt. This measure is useful when evaluating cash available for investment in
the business and financing activities as operational working capital, excluding cash and debt can vary quarter-to-quarter due to
volatility and changing needs of the corporation. Cash flow from operations excluding working capital is not meant to be viewed
in isolation or as a substitute for net cash provided by operating activities. A reconciliation to net cash provided by operating
activities for the 2025 and 2026 periods is shown on page 6.
Free cash flow (non-GAAP) • Sum of net cash provided by operating activities, net cash flow used in investing activities
excluding cash acquired from mergers and acquisitions, and inflows from noncontrolling interests for major projects from
financing activities. This measure is useful when evaluating cash available for financing activities, including shareholder
distributions, after investment in the business. Free cash flow is not meant to be viewed in isolation or as a substitute for net
cash provided by operating activities. A reconciliation to net cash provided by operating activities for the 2025 and 2026 periods
is shown on page 6.
Cash capital expenditures (Cash Capex) (non-GAAP) • Sum of Additions to property, plant and equipment; additional
investments and advances; and other investing activities including collection of advances; reduced by inflows from
noncontrolling interests for major projects, each from the Consolidated Statement of Cash Flows, and for 2026+ excludes
advances and collections not related to capital expenditures or equity investments, for example, supply and marketing related
advances and associated collections. The company believes it is a useful measure for investors to understand the cash impact
of investments in the business, which is in line with industry practice. A breakdown of cash capex is shown on page 7.
Structural cost savings (structural cost reductions, structural savings, structural cost improvements, cost discipline) •
Structural Cost Savings, which describes decreases in cash opex excluding energy and production taxes as a result of
operational efficiencies, workforce reductions, divestment-related reductions, and other cost-saving measures, that are expected
to be sustainable compared to 2019 levels. Relative to 2019, estimated cumulative Structural Cost Savings totaled $16.3 billion,
which included an additional $1.2 billion in the first six months of 2026. The total change between periods in expenses above
will reflect both Structural Cost Savings and other changes in spend, including market drivers, such as inflation and foreign
exchange impacts, as well as changes in activity levels and costs associated with new operations, mergers and acquisitions,
new business venture development, and early-stage projects. Structural Cost Savings from new operations, mergers and
acquisitions, and new business venture developments are included in the cumulative Structural Cost Savings. Estimates of
cumulative annual Structural Cost Savings may be revised depending on whether cost reductions realized in prior periods are
determined to be sustainable compared to 2019 levels. Structural Cost Savings are stewarded internally to support
management's oversight of spending over time. This measure is useful for investors to understand the Corporation's efforts to
optimize spending through disciplined expense management. A breakdown of structural cost savings is shown on page 8.
Resources, resource base, and recoverable resources • Along with similar terms, refer to the total remaining estimated
quantities of oil and natural gas that are expected to be ultimately recoverable. The resource base includes quantities of oil and
natural gas classified as proved reserves, as well as quantities that are not yet classified as proved reserves, but that are
expected to be ultimately recoverable. The term “resource base” or similar terms are not intended to correspond to SEC
definitions such as “probable” or “possible” reserves. The term “in-place” refers to those quantities of oil and natural gas
estimated to be contained in known accumulations and includes recoverable and unrecoverable amounts. A reconciliation of
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production excluding divestments, entitlements, and government mandates to actual production is contained in the Supplement
to this release included as Exhibit 99.2 to the Form 8-K filed the same day as this news release.
Compound annual growth rate (CAGR) • Represents the consistent rate at which an investment or business result would
have grown had the investment or business result compounded at the same rate each year. When applied to forecasted results,
it represents the forecasted rate an investment or business result is expected to grow given the investment or business result
compound at the same rate each year as calculated at the end of the forecasted period.
Advantaged projects • Capital projects and programs of work that contribute to Energy, Chemical, and/or Specialty Products
segments that drive integration of segments/businesses, increase yield of higher value products, or deliver higher-than-average
returns.
Performance products (performance chemicals, performance lubricants) • Refers to products that provide differentiated
performance for multiple applications through enhanced properties versus commodity alternatives and bring significant
additional value to customers and end-users.
High-value products • Includes performance products and lower-emissions fuels.
Project • The term “project” can refer to a variety of different activities and does not necessarily have the same meaning as in
any government payment transparency reports. Projects or plans may not reflect investment decisions made by ExxonMobil or
its affiliates. Individual opportunities may advance based on a number of factors, including availability of stable and supportive
policy, permitting, technological advancement for cost-effective abatement, insights from the company planning process, and
alignment with our partners and other stakeholders. We may refer to these opportunities as projects in external disclosures at
various stages throughout their progression..
IOCs • Unless stated otherwise, IOCs include each of BP, Chevron, Shell, and TotalEnergies.
Shareholder distributions • The Corporation's distributions of cash to shareholders in the form of both dividends and share
purchases. Shares are acquired to reduce shares outstanding and to offset shares or units settled in shares issued in
conjunction with company benefit plans and programs. For the purposes of calculating distributions to shareholders, the
Corporation includes only the cost of those shares acquired to reduce shares outstanding.
Unless otherwise indicated, year-to-date (“YTD”) means as of the last business day of the most recent fiscal quarter.
Reference to Earnings
References to corporate earnings mean net income attributable to ExxonMobil (U.S. GAAP) from the consolidated income
statement. Unless otherwise indicated, references to earnings, Upstream, Energy Products, Chemical Products, Specialty
Products and Corporate and Financing earnings, and earnings per share are ExxonMobil’s share after excluding amounts
attributable to noncontrolling interests.
ExxonMobil Holdings Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Mobil, Esso, and
XTO. For convenience and simplicity, those terms and terms such as Corporation, company, our, we, and its are sometimes
used as abbreviated references to specific affiliates or affiliate groups. Similarly, ExxonMobil has business relationships with
thousands of customers, suppliers, governments, and others. For convenience and simplicity, words such as venture, joint
venture, partnership, co-venturer, and partner are used to indicate business and other relationships involving common activities
and interests, and those words may not indicate precise legal relationships. ExxonMobil's ambitions, plans and goals do not
guarantee any action or future performance by its affiliates or ExxonMobil Holdings Corporation's responsibility for those
affiliates' actions and future performance, each affiliate of which manages its own affairs.
Throughout this press release, both Exhibit 99.1 as well as Exhibit 99.2, due to rounding, numbers presented may not add up
precisely to the totals indicated.
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CASH FLOW FROM OPERATIONS EXCLUDING WORKING CAPITAL | ||||
2Q26 | 1Q26 | Dollars in millions (unless otherwise noted) | YTD 2026 | YTD 2025 |
14,881 | 4,472 | Net income/(loss) including noncontrolling interests | 19,353 | 15,387 |
8,689 | 6,771 | Depreciation and depletion (includes impairments) | 15,460 | 11,803 |
(2,099) | (1,758) | Changes in operational working capital, excluding cash and debt | (3,857) | (4,848) |
2,084 | (780) | Other | 1,304 | 2,161 |
23,555 | 8,705 | Cash Flow from Operating Activities (U.S. GAAP) | 32,260 | 24,503 |
2,099 | 1,758 | Less: Changes in operational working capital, excluding cash and debt | 3,857 | 4,848 |
25,654 | 10,463 | Cash Flow from Operations excluding Working Capital (non-GAAP) | 36,117 | 29,351 |
FREE CASH FLOW | ||||
2Q26 | 1Q26 | Dollars in millions (unless otherwise noted) | YTD 2026 | YTD 2025 |
23,555 | 8,705 | Cash Flow from Operating Activities (U.S. GAAP) | 32,260 | 24,503 |
(6,527) | (6,470) | Additions to property, plant, and equipment | (12,997) | (12,181) |
(324) | (387) | Additional investments and advances | (711) | (472) |
102 | 632 | Other investing activities including collection of advances | 734 | 339 |
430 | 219 | Proceeds from asset sales and returns of investments | 649 | 1,999 |
— | — | Inflows from noncontrolling interest for major projects | — | 45 |
17,236 | 2,699 | Free Cash Flow (non-GAAP) | 19,935 | 14,233 |
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CASH CAPITAL EXPENDITURES | ||||
2Q26 | 1Q26 | Dollars in millions (unless otherwise noted) | YTD 2026 | YTD 2025 |
6,527 | 6,470 | Additions to property, plant, and equipment | 12,997 | 12,181 |
324 | 387 | Additional investments and advances | 711 | 472 |
(102) | (632) | Other investing activities including collection of advances | (734) | (339) |
— | — | Inflows from noncontrolling interests for major projects | — | (45) |
38 | (38) | Less: Advances and collections not related to capital expenditures or equity investments | — | 270 |
6,787 | 6,187 | Total Cash Capital Expenditures (non-GAAP) | 12,974 | 12,539 |
2Q26 | 1Q26 | Dollars in millions (unless otherwise noted) | YTD 2026 | YTD 2025 |
Upstream | ||||
3,423 | 3,449 | United States | 6,872 | 6,390 |
2,429 | 1,363 | Non-U.S. | 3,792 | 4,272 |
5,852 | 4,812 | Total | 10,664 | 10,662 |
Energy Products | ||||
331 | 828 | United States | 1,159 | 281 |
196 | 170 | Non-U.S. | 366 | 529 |
527 | 998 | Total | 1,525 | 810 |
Chemical Products | ||||
263 | 156 | United States | 419 | 325 |
44 | 26 | Non-U.S. | 70 | 245 |
307 | 182 | Total | 489 | 570 |
Specialty Products | ||||
18 | 35 | United States | 53 | 95 |
(7) | 20 | Non-U.S. | 13 | 112 |
11 | 55 | Total | 66 | 207 |
Other | ||||
90 | 140 | Other | 230 | 290 |
6,787 | 6,187 | Worldwide | 12,974 | 12,539 |
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CALCULATION OF STRUCTURAL COST SAVINGS | ||||||
Dollars in billions (unless otherwise noted) | Twelve Months Ended December 31, | Six Months Ended June 30, | ||||
2019 | 2025 | 2025 | 2026 | |||
Components of Operating Costs | ||||||
From ExxonMobil’s Consolidated Statement of Income (U.S. GAAP) | ||||||
Production and manufacturing expenses | 36.8 | 42.4 | 20.2 | 22.9 | ||
Selling, general and administrative expenses | 11.4 | 11.1 | 5.1 | 5.2 | ||
Depreciation and depletion (includes impairments) | 19.0 | 26.0 | 11.8 | 15.5 | ||
Exploration expenses, including dry holes | 1.3 | 1.0 | 0.3 | 0.3 | ||
Non-service pension and postretirement benefit expense | 1.2 | 0.4 | 0.2 | 0.1 | ||
Subtotal | 69.7 | 81.0 | 37.6 | 43.9 | ||
ExxonMobil’s share of equity company expenses (non-GAAP) | 9.1 | 10.6 | 5.2 | 4.3 | ||
Total Adjusted Operating Costs (non-GAAP) | 78.8 | 91.6 | 42.8 | 48.2 | ||
Total Adjusted Operating Costs (non-GAAP) | 78.8 | 91.6 | 42.8 | 48.2 | ||
Less: | ||||||
Depreciation and depletion (includes impairments) | 19.0 | 26.0 | 11.8 | 15.5 | ||
Non-service pension and postretirement benefit expense | 1.2 | 0.4 | 0.2 | 0.1 | ||
Other adjustments (includes equity company depreciation and depletion) | 3.6 | 6.2 | 2.4 | 4.2 | ||
Total Cash Operating Expenses (Cash Opex) (non-GAAP) | 55.0 | 59.0 | 28.4 | 28.5 | ||
Energy and production taxes (non-GAAP) | 11.0 | 14.9 | 7.6 | 6.6 | ||
Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (non-GAAP) | 44.0 | 44.1 | 20.8 | 21.9 | ||
Change vs 2019 | Change vs 2025 | Estimated Cumulative vs 2019 | ||||
Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (non-GAAP) | +0.1 | +1.1 | ||||
Market | +4.9 | +0.9 | ||||
Activity/ Other | +10.3 | +1.4 | ||||
Structural Cost Savings | -15.1 | -1.2 | -16.3 | |||
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KEY FIGURES: ADJUSTING ITEMS | ||||
2Q26 | 1Q26 | Dollars in millions (unless otherwise noted) | YTD 2026 | YTD 2025 |
14,525 | 4,183 | Earnings/(Loss) (U.S. GAAP) | 18,708 | 14,795 |
Identified Items | ||||
(1,079) | — | Impairments | (1,079) | — |
(1,559) | (706) | Other ¹ | (2,265) | — |
(2,638) | (706) | Total Identified Items | (3,344) | — |
2,483 | (3,883) | Estimated Timing Effects | (1,400) | 240 |
14,680 | 8,772 | Adjusted Earnings/(Loss) (non-GAAP) | 23,452 | 14,555 |
1 2Q26 Other Identified Items includes $1,365 million in additions to financial reserves and $194 million in Middle East impacts; 1Q26 includes $706 million in Middle East impacts. | ||||
ADJUSTING ITEMS PER COMMON SHARE | ||||
2Q26 | 1Q26 | Dollars per common share | YTD 2026 | YTD 2025 |
3.48 | 1.00 | Earnings/(Loss) Per Common Share (U.S. GAAP) ¹ | 4.47 | 3.40 |
Identified Items Per Common Share ¹ | ||||
(0.26) | — | Impairments | (0.26) | — |
(0.37) | (0.16) | Other | (0.54) | — |
(0.63) | (0.16) | Total Identified Items Per Common Share ¹ | (0.80) | — |
0.59 | (0.92) | Estimated Timing Effects Per Common Share ¹ | (0.33) | 0.06 |
3.52 | 2.09 | Adjusted Earnings/(Loss) Per Common Share (non-GAAP) ¹ | 5.60 | 3.35 |
¹ Assuming dilution. | ||||
10
| ||||||||||
KEY FIGURES: ADJUSTING ITEMS BY SEGMENT | ||||||||||
Second Quarter 2026 | Upstream | Energy Products | Chemical Products | Specialty Products | Corporate & Financing | Total | ||||
Dollars in millions (unless otherwise noted) | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | ||
Earnings/(Loss) (U.S. GAAP) | 1,920 | 6,007 | 2,987 | 2,478 | 599 | 532 | 287 | 669 | (954) | 14,525 |
Identified Items | ||||||||||
Impairments | — | — | — | (884) | (48) | — | — | — | (147) | (1,079) |
Other ¹ | (1,183) | (16) | (49) | (247) | (6) | (29) | (2) | (11) | (16) | (1,559) |
Total Identified Items | (1,183) | (16) | (49) | (1,131) | (54) | (29) | (2) | (11) | (163) | (2,638) |
Estimated Timing Effects (Worldwide) | (63) | 2,546 | — | — | — | 2,483 | ||||
Adjusted Earnings/(Loss) (non-GAAP) | 9,189 | 4,099 | 1,214 | 969 | (791) | 14,680 | ||||
¹ 2Q26 Other Identified Items includes $1,365 million in additions to financial reserves and $194 million in Middle East impacts | ||||||||||
First Quarter 2026 | Upstream | Energy Products | Chemical Products | Specialty Products | Corporate & Financing | Total | ||||
Dollars in millions (unless otherwise noted) | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | ||
Earnings/(Loss) (U.S. GAAP) | 1,574 | 4,163 | 661 | (1,923) | 319 | (209) | 274 | 377 | (1,053) | 4,183 |
Identified Items | ||||||||||
Other ¹ | — | — | — | (706) | — | — | — | — | — | (706) |
Total Identified Items | — | — | — | (706) | — | — | — | — | — | (706) |
Estimated Timing Effects (Worldwide) | (528) | (3,355) | — | — | — | (3,883) | ||||
Adjusted Earnings/(Loss) (non-GAAP) | 6,265 | 2,799 | 110 | 651 | (1,053) | 8,772 | ||||
¹ 1Q26 Other Identified Items includes $706 million in Middle East impacts. | ||||||||||
YTD 2026 | Upstream | Energy Products | Chemical Products | Specialty Products | Corporate & Financing | Total | ||||
Dollars in millions (unless otherwise noted) | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | ||
Earnings/(Loss) (U.S. GAAP) | 3,494 | 10,170 | 3,648 | 555 | 918 | 323 | 561 | 1,046 | (2,007) | 18,708 |
Identified Items | ||||||||||
Impairments | — | — | — | (884) | (48) | — | — | — | (147) | (1,079) |
Other ¹ | (1,183) | (16) | (49) | (953) | (6) | (29) | (2) | (11) | (16) | (2,265) |
Total Identified Items | (1,183) | (16) | (49) | (1,837) | (54) | (29) | (2) | (11) | (163) | (3,344) |
Estimated Timing Effects (Worldwide) | (591) | (809) | — | — | — | (1,400) | ||||
Adjusted Earnings/(Loss) (non-GAAP) | 15,454 | 6,898 | 1,324 | 1,620 | (1,844) | 23,452 | ||||
¹ YTD 2026 Other Identified Items includes $1,365 million in additions to financial reserves and $900 million in Middle East impacts | ||||||||||
YTD 2025 | Upstream | Energy Products | Chemical Products | Specialty Products | Corporate & Financing | Total | ||||
Dollars in millions (unless otherwise noted) | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | ||
Earnings/(Loss) (U.S. GAAP) | 3,082 | 9,076 | 1,122 | 1,071 | 510 | 56 | 613 | 822 | (1,557) | 14,795 |
Total Identified Items | — | — | — | — | — | — | — | — | — | — |
Estimated Timing Effects (Worldwide) | 278 | (38) | — | — | — | 240 | ||||
Adjusted Earnings/(Loss) (non-GAAP) | 11,880 | 2,231 | 566 | 1,435 | (1,557) | 14,555 | ||||
1
 | ATTACHMENT I-a | EXHIBIT 99.2 | ||
To assist investors in assessing 2Q26 results, the following disclosures have been made available in the 8-K filing: | ||||
2Q26 INVESTOR RELATIONS DATA SUMMARY | ||||
CONDENSED CONSOLIDATED STATEMENT OF INCOME | ||||
(Preliminary) | ||||
Dollars in millions (unless otherwise noted) | Three Months Ended June 30, | Six Months Ended June 30, | ||
2026 | 2025 | 2026 | 2025 | |
Revenues and other income | ||||
Sales and other operating revenue | 114,529 | 79,477 | 197,690 | 160,535 |
Income from equity affiliates | 893 | 1,462 | 2,262 | 2,831 |
Other income | 595 | 567 | 1,203 | 1,270 |
Total revenues and other income | 116,017 | 81,506 | 201,155 | 164,636 |
Costs and other deductions | ||||
Crude oil and product purchases | 67,801 | 45,327 | 119,603 | 92,115 |
Production and manufacturing expenses | 12,250 | 10,102 | 22,945 | 20,185 |
Selling, general and administrative expenses | 2,483 | 2,528 | 5,167 | 5,068 |
Depreciation and depletion (includes impairments) | 8,689 | 6,101 | 15,460 | 11,803 |
Exploration expenses, including dry holes | 155 | 251 | 281 | 315 |
Non-service pension and postretirement benefit expense | 32 | 90 | 94 | 203 |
Interest expense | 227 | 145 | 522 | 350 |
Other taxes and duties | 4,956 | 6,257 | 10,692 | 12,292 |
Total costs and other deductions | 96,593 | 70,801 | 174,764 | 142,331 |
Income/(Loss) before income taxes | 19,424 | 10,705 | 26,391 | 22,305 |
Income tax expense/(benefit) | 4,543 | 3,351 | 7,038 | 6,918 |
Net income/(loss) including noncontrolling interests | 14,881 | 7,354 | 19,353 | 15,387 |
Net income/(loss) attributable to noncontrolling interests | 356 | 272 | 645 | 592 |
Net income/(loss) attributable to ExxonMobil | 14,525 | 7,082 | 18,708 | 14,795 |
OTHER FINANCIAL DATA | ||||
Dollars in millions (unless otherwise noted) | Three Months Ended June 30, | Six Months Ended June 30, | ||
2026 | 2025 | 2026 | 2025 | |
Earnings per common share (U.S. dollars) | 3.48 | 1.64 | 4.47 | 3.40 |
Earnings per common share - assuming dilution (U.S. dollars) | 3.48 | 1.64 | 4.47 | 3.40 |
Dividends on common stock | ||||
Total | 4,299 | 4,288 | 8,633 | 8,623 |
Per common share (U.S. dollars) | 1.03 | 0.99 | 2.06 | 1.98 |
Millions of common shares outstanding | ||||
Average - assuming dilution | 4,174 | 4,331 | 4,188 | 4,351 |
Taxes | ||||
Income taxes | 4,543 | 3,351 | 7,038 | 6,918 |
Total other taxes and duties | 6,112 | 7,204 | 12,887 | 14,270 |
Total taxes | 10,655 | 10,555 | 19,925 | 21,188 |
Sales-based taxes | 7,797 | 5,289 | 12,974 | 10,759 |
Total taxes including sales-based taxes | 18,452 | 15,844 | 32,899 | 31,947 |
ExxonMobil share of income taxes of equity companies (non-GAAP) | 235 | 486 | 712 | 1,143 |
2
| ||
CONDENSED CONSOLIDATED BALANCE SHEET | ||
(Preliminary) | ||
Dollars in millions (unless otherwise noted) | June 30, 2026 | December 31, 2025 |
ASSETS | ||
Current assets | ||
Cash and cash equivalents | 10,588 | 10,681 |
Notes and accounts receivable – net | 60,558 | 44,562 |
Inventories | ||
Crude oil, products and merchandise | 22,363 | 22,979 |
Materials and supplies | 3,200 | 3,323 |
Other current assets | 4,084 | 1,837 |
Total current assets | 100,793 | 83,382 |
Investments, advances and long-term receivables | 45,605 | 45,317 |
Property, plant, and equipment – net | 296,298 | 299,373 |
Other assets, including intangibles – net | 21,786 | 20,908 |
Total Assets | 464,482 | 448,980 |
LIABILITIES | ||
Current liabilities | ||
Notes and loans payable | 10,139 | 9,296 |
Accounts payable and accrued liabilities | 74,491 | 60,911 |
Income taxes payable | 4,200 | 2,123 |
Total current liabilities | 88,830 | 72,330 |
Long-term debt | 32,229 | 34,241 |
Postretirement benefits reserves | 9,068 | 8,847 |
Deferred income tax liabilities | 39,546 | 40,216 |
Long-term obligations to equity companies | 549 | 542 |
Other long-term obligations | 28,149 | 26,178 |
Total Liabilities | 198,371 | 182,354 |
EQUITY | ||
Common stock without par value | ||
(9,000 million shares authorized, 8,019 million shares issued) | 46,636 | 46,150 |
Earnings reinvested | 492,569 | 482,494 |
Accumulated other comprehensive income | (11,549) | (10,863) |
Common stock held in treasury | ||
(3,907 million shares at June 30, 2026, and 3,840 million shares at December 31, 2025) | (268,276) | (258,395) |
ExxonMobil share of equity | 259,380 | 259,386 |
Noncontrolling interests | 6,731 | 7,240 |
Total Equity | 266,111 | 266,626 |
Total Liabilities and Equity | 464,482 | 448,980 |
3
| ||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | ||
(Preliminary) | ||
Dollars in millions (unless otherwise noted) | Six Months Ended June 30, | |
2026 | 2025 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income/(loss) including noncontrolling interests | 19,353 | 15,387 |
Depreciation and depletion (includes impairments) | 15,460 | 11,803 |
Changes in operational working capital, excluding cash and debt | (3,857) | (4,848) |
All other items – net | 1,304 | 2,161 |
Net cash provided by operating activities | 32,260 | 24,503 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to property, plant, and equipment | (12,997) | (12,181) |
Proceeds from asset sales and returns of investments | 649 | 1,999 |
Additional investments and advances | (711) | (472) |
Other investing activities including collection of advances | 734 | 339 |
Net cash used in investing activities | (12,325) | (10,315) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Additions to long-term debt | 894 | 883 |
Reductions in long-term debt | (135) | (13) |
Additions to short-term debt | — | 172 |
Reductions in short-term debt | (5,500) | (4,676) |
Additions/(reductions) in commercial paper, and debt with three months or less maturity | 3,912 | 257 |
Contingent consideration payments | (125) | (79) |
Cash dividends to ExxonMobil shareholders | (8,633) | (8,623) |
Cash dividends to noncontrolling interests | (332) | (452) |
Changes in noncontrolling interests | 61 | (10) |
Inflows from noncontrolling interests for major projects | — | 45 |
Common stock acquired | (10,007) | (9,768) |
Net cash provided by (used in) financing activities | (19,865) | (22,264) |
Effects of exchange rate changes on cash | (163) | 600 |
Increase/(Decrease) in cash and cash equivalents (including restricted) | (93) | (7,476) |
Cash and cash equivalents at beginning of period (including restricted) | 10,681 | 23,187 |
Cash and cash equivalents at end of period (including restricted) | 10,588 | 15,711 |
4
| |||||
Common Shares Outstanding, millions | 2Q26 | 1Q26 | 4Q25 | 3Q25 |
At quarter end | 4,112 | 4,145 | 4,179 | 4,217 |
Weighted-average - assuming dilution | 4,174 | 4,202 | 4,238 | 4,285 |
Upstream Volume Driver Analysis, koebd | 2Q26 vs 1Q26 | 2026 vs 2025 (YTD) | ||
Prior Period | 4,594 | 4,591 | ||
Entitlements - Net Interest | — | (16) | ||
Entitlements - Price / Spend / Other | (37) | 7 | ||
Government Mandates | — | (2) | ||
Divestments | (3) | (52) | ||
Growth / Other | (40) | 26 | ||
Current Period | 4,514 | 4,554 | ||
Upstream Realization Data | 2Q26 | 1Q26 | 4Q25 | 3Q25 |
United States | ||||
ExxonMobil | ||||
Crude ($/b) | 97.58 | 70.12 | 58.57 | 63.56 |
Natural Gas ($/kcf) | 0.52 | 3.37 | 1.75 | 2.36 |
Marker Benchmarks | ||||
WTI ($/b) | 93.21 | 71.98 | 59.23 | 65.03 |
Henry Hub ($/mbtu) | 2.90 | 5.01 | 3.55 | 3.07 |
Non-U.S. | ||||
ExxonMobil | ||||
Crude ($/b) | 92.42 | 69.98 | 57.46 | 62.58 |
Natural Gas ($/kcf) | 13.96 | 10.58 | 9.60 | 9.62 |
Marker Benchmarks | ||||
Brent ($/b) | 104.52 | 80.61 | 63.69 | 69.07 |
TTF ($/mbtu) | 16.45 | 10.79 | 10.77 | 11.75 |
The above numbers reflect ExxonMobil’s current estimate of volumes and realizations given data available as of the end of the second quarter of 2026. Volumes and realizations may be adjusted when full statements on joint venture operations are received from outside operators. ExxonMobil management assumes no duty to update these estimates. | ||||
Product Solutions Marker Benchmark Data | 2Q26 | 1Q26 | 4Q25 | 3Q25 |
Energy Products | ||||
Indicative Refining Margin ($/b) | 29.0 | 16.3 | 18.3 | 17.5 |
Chemical Products | ||||
North American Polyethylene ($/T) | 1,454 | 965 | 759 | 812 |
Asia Pacific Polyethylene ($/T) | 1,148 | 865 | 822 | 840 |
Asia Pacific LVN ($/T) | 893 | 720 | 564 | 588 |
USGC Ethane ($/T) | 158 | 173 | 196 | 171 |
The above markers reflect the average prices from the quarter. Indicative Refining Margin, NA PE, AP PE, AP LVN, and USGC Ethane from Platts, part of S&P Global Commodity Insights. NA PE, AP PE, AP LVN, and USGC Ethane historical prices were updated to reflect simple averages. Marker associated sensitivities developed for forward-looking analysis and in relation to full-year results. For any given period, the accuracy of the earnings sensitivity will be dependent on the price movements of individual types of crude oil, natural gas, or products, results of trading activities, project start-up timing, maintenance timing, taxes and other government take impacts, price adjustment lags in long-term gas contracts, and crude and gas production volumes. Accordingly, changes in benchmark prices only provide broad indicators of changes in the earnings experienced in any particular period. Refer to "Modeling Toolkit" tab on the Investor Relations page of our website at www.exxonmobil.com for more information. | ||||
Effective Income Tax Rate | 2Q26 | 1Q26 | 4Q25 | 3Q25 |
Effective Income Tax Rate, % | 24% | 40% | 21% | 32% |
Due to rounding, numbers presented may not add up precisely to the totals indicated. | ||||
5
| ||||
KEY FIGURES: UPSTREAM VOLUMES | ||||
2Q26 | 1Q26 | Net production of crude oil, natural gas liquids, bitumen and synthetic oil, thousand barrels per day (kbd) | YTD 2026 | YTD 2025 |
1,653 | 1,586 | United States | 1,620 | 1,456 |
922 | 936 | Canada/Other Americas | 929 | 779 |
3 | 3 | Europe | 3 | 4 |
121 | 138 | Africa | 130 | 138 |
647 | 611 | Asia | 629 | 799 |
26 | 23 | Australia/Oceania | 24 | 25 |
3,373 | 3,297 | Worldwide | 3,335 | 3,201 |
2Q26 | 1Q26 | Net natural gas production available for sale, million cubic feet per day (mcfd) | YTD 2026 | YTD 2025 |
3,840 | 3,589 | United States | 3,715 | 3,290 |
25 | 28 | Canada/Other Americas | 26 | 33 |
274 | 313 | Europe | 293 | 321 |
117 | 114 | Africa | 116 | 112 |
1,274 | 2,500 | Asia | 1,883 | 3,331 |
1,319 | 1,236 | Australia/Oceania | 1,278 | 1,257 |
6,849 | 7,779 | Worldwide | 7,311 | 8,344 |
4,514 | 4,594 | Oil-equivalent production (koebd) ¹ | 4,554 | 4,591 |
1 Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels. | ||||
6
| ||||
KEY FIGURES: MANUFACTURING THROUGHPUT AND SALES | ||||
2Q26 | 1Q26 | Refinery throughput, thousand barrels per day (kbd) | YTD 2026 | YTD 2025 |
1,908 | 1,795 | United States | 1,852 | 1,880 |
331 | 384 | Canada | 358 | 387 |
814 | 733 | Europe | 774 | 977 |
317 | 386 | Asia Pacific | 351 | 444 |
192 | 195 | Other | 194 | 185 |
3,562 | 3,494 | Worldwide | 3,528 | 3,873 |
2Q26 | 1Q26 | Energy Products sales, thousand barrels per day (kbd) | YTD 2026 | YTD 2025 |
3,036 | 3,214 | United States | 3,124 | 2,817 |
2,662 | 2,416 | Non-U.S. | 2,539 | 2,619 |
5,698 | 5,630 | Worldwide | 5,664 | 5,436 |
2,166 | 2,214 | Gasolines, naphthas | 2,190 | 2,229 |
1,722 | 1,672 | Heating oils, kerosene, diesel | 1,697 | 1,766 |
431 | 399 | Aviation fuels | 415 | 376 |
169 | 187 | Heavy fuels | 178 | 203 |
2,356 | 1,158 | Other energy products | 1,184 | 862 |
5,698 | 5,630 | Worldwide | 5,664 | 5,436 |
2Q26 | 1Q26 | Chemical Products sales, thousand metric tons (kt) | YTD 2026 | YTD 2025 |
1,682 | 1,904 | United States | 3,586 | 3,477 |
2,788 | 3,455 | Non-U.S. | 6,243 | 6,563 |
4,471 | 5,358 | Worldwide | 9,829 | 10,040 |
2Q26 | 1Q26 | Specialty Products sales, thousand metric tons (kt) | YTD 2026 | YTD 2025 |
367 | 536 | United States | 903 | 977 |
1,418 | 1,439 | Non-U.S. | 2,857 | 2,963 |
1,784 | 1,976 | Worldwide | 3,760 | 3,940 |
7
| ||||
KEY FIGURES: HISTORICAL ADJUSTING ITEMS | ||||
Dollars in millions (unless otherwise noted) | 4Q25 | 3Q25 | 2Q25 | 1Q25 |
Earnings/(Loss) (U.S. GAAP) | 6,501 | 7,548 | 7,082 | 7,713 |
Identified Items | ||||
Impairments 1 | (1,700) | (155) | — | — |
Gain/(Loss) on sale of assets | 720 | — | — | — |
Tax-related items | 288 | — | — | — |
Restructuring charges | (64) | (355) | — | — |
Total Identified Items | (755) | (510) | — | — |
Estimated Timing Effects | 336 | 156 | 110 | 129 |
Adjusted Earnings/(Loss) (non-GAAP) | 6,920 | 7,902 | 6,972 | 7,584 |
¹ Fourth quarter includes charge of $640 million associated with the optimization of materials and supply inventory. Materials and supplies impacts are included in production and manufacturing expenses on the Consolidated Statement of Income. | ||||
HISTORICAL ADJUSTING ITEMS PER COMMON SHARE | ||||
Dollars per common share | 4Q25 | 3Q25 | 2Q25 | 1Q25 |
Earnings/(Loss) Per Common Share (U.S. GAAP) ¹ | 1.53 | 1.76 | 1.64 | 1.76 |
Identified Items Per Common Share ¹ | ||||
Impairments | (0.40) | (0.04) | — | — |
Gain/(Loss) on sale of assets | 0.17 | — | — | — |
Tax-related items | 0.07 | — | — | — |
Restructuring charges | (0.02) | (0.08) | — | — |
Total Identified Items Per Common Share ¹ | (0.18) | (0.12) | — | — |
Estimated Timing Effects Per Common Share ¹ | 0.08 | 0.04 | 0.03 | 0.03 |
Adjusted Earnings/(Loss) Per Common Share (Non-GAAP) ¹ | 1.63 | 1.84 | 1.61 | 1.73 |
¹ Assuming dilution. | ||||
8
| ||||||||||
KEY FIGURES: HISTORICAL ADJUSTING ITEMS BY SEGMENT | ||||||||||
Fourth Quarter 2025 | Upstream | Energy Products | Chemical Products | Specialty Products | Corporate & Financing | Total | ||||
Dollars in millions (unless otherwise noted) | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | ||
Earnings/(Loss) (U.S. GAAP) | 753 | 2,764 | 1,012 | 2,378 | 64 | (345) | 233 | 449 | (807) | 6,501 |
Identified Items | ||||||||||
Impairments | (662) | (422) | (153) | (113) | (130) | (190) | (18) | (12) | — | (1,700) |
Gain/(Loss) on sale of assets | — | — | — | 720 | — | — | — | — | — | 720 |
Tax-related items | 192 | — | 34 | (6) | 50 | — | 30 | — | (11) | 288 |
Restructuring charges | — | — | — | — | — | — | — | — | (64) | (64) |
Total Identified Items | (471) | (422) | (118) | 601 | (80) | (190) | 12 | (12) | (75) | (755) |
Estimated Timing Effects (Worldwide) | (19) | 355 | — | — | — | 336 | ||||
Adjusted Earnings/(Loss) (non-GAAP) | 4,429 | 2,552 | (11) | 682 | (732) | 6,920 | ||||
Third Quarter 2025 | Upstream | Energy Products | Chemical Products | Specialty Products | Corporate & Financing | Total | ||||
Dollars in millions (unless otherwise noted) | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | ||
Earnings/(Loss) (U.S. GAAP) | 1,228 | 4,451 | 858 | 982 | 329 | 186 | 354 | 386 | (1,226) | 7,548 |
Identified Items | ||||||||||
Impairments | — | — | — | — | — | — | — | — | (155) | (155) |
Restructuring charges | — | — | — | — | — | — | — | — | (355) | (355) |
Total Identified Items | — | — | — | — | — | — | — | — | (510) | (510) |
Estimated Timing Effects (Worldwide) | 48 | 108 | — | — | — | 156 | ||||
Adjusted Earnings/(Loss) (non-GAAP) | 5,631 | 1,732 | 515 | 740 | (716) | 7,902 | ||||
Second Quarter 2025 | Upstream | Energy Products | Chemical Products | Specialty Products | Corporate & Financing | Total | ||||
Dollars in millions (unless otherwise noted) | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | ||
Earnings/(Loss) (U.S. GAAP) | 1,212 | 4,190 | 825 | 541 | 255 | 38 | 291 | 489 | (759) | 7,082 |
Total Identified Items | — | — | — | — | — | — | — | — | — | — |
Estimated Timing Effects (Worldwide) | 119 | (9) | — | — | — | 110 | ||||
Adjusted Earnings/(Loss) (non-GAAP) | 5,283 | 1,375 | 293 | 780 | (759) | 6,972 | ||||
First Quarter 2025 | Upstream | Energy Products | Chemical Products | Specialty Products | Corporate & Financing | Total | ||||
Dollars in millions (unless otherwise noted) | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | ||
Earnings/(Loss) (U.S. GAAP) | 1,870 | 4,886 | 297 | 530 | 255 | 18 | 322 | 333 | (798) | 7,713 |
Total Identified Items | — | — | — | — | — | — | — | — | — | — |
Estimated Timing Effects (Worldwide) | 158 | (29) | — | — | — | 129 | ||||
Adjusted Earnings/(Loss) (non-GAAP) | 6,598 | 856 | 273 | 655 | (798) | 7,584 | ||||