ExxonMobil's second-quarter results show an integrated portfolio absorbing outside disruption without breaking: profit rose in every segment even as the company continued to flag Middle East disruptions cutting into results.
The company reported earnings of $14.5 billion, or $3.48 a share, for the quarter, up from $4.2 billion, or $1.00 a share, in the first quarter. Adjusted earnings, which strip out one-time items, were $14.7 billion, or $3.52 a share, compared with $8.8 billion, or $2.09 a share, in the first quarter. Year to date, GAAP earnings per share reached $4.47, up from $3.40 over the same period in 2025, and adjusted EPS reached $5.60, up from $3.35.
Cash flow from operating activities was $23.6 billion for the quarter, and free cash flow was $17.2 billion. ExxonMobil returned $9.4 billion to shareholders, split between $4.3 billion in dividends and $5.1 billion in share repurchases.
"The second quarter was shaped by disruption, but defined by execution," said Darren Woods, ExxonMobil chairman and chief executive officer.
Earnings by segment
Every reporting segment improved from the first quarter on a GAAP basis.
| Segment | Q2 2026 | Q1 2026 |
|---|---|---|
| Upstream | $7,927M | $5,737M |
| Energy Products | $5,465M | $(1,262)M |
| Chemical Products | $1,131M | $110M |
| Specialty Products | $956M | $651M |
| Corporate and Financing | $(954)M | $(1,053)M |
| Total | $14,525M | $4,183M |
Upstream earnings improved on record Permian production of more than 1.8 million oil-equivalent barrels a day 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 second-quarter diesel production, partly offset by scheduled maintenance. Chemical Products earnings improved on North American feed advantage and reliability that supported margin capture, and Specialty Products earnings improved on higher basestock margins and a strong Middle East response.
Volumes and Permian growth
Total production was 4,514 thousand oil-equivalent barrels a day in the quarter, down from 4,594 thousand in the first quarter. Permian production set a record, which the company said is consistent with a planned 9% annual growth rate through 2030 that exceeds its competitors, citing Rystad Energy's Permian production outlook. ExxonMobil said the quarter brought its highest Upstream production in more than two decades, excluding Middle East country volumes.
The fifth Guyana floating production, storage and offloading vessel has set sail, with production due to start in the fourth quarter and add 250,000 barrels a day of capacity.
Energy Products sales volumes were 5,698 thousand barrels a day, up from 5,630 thousand in the first quarter. Chemical Products sales were 4,471 thousand tonnes, down from 5,358 thousand, and Specialty Products sales were 1,784 thousand tonnes, down from 1,976 thousand.
Spending and shareholder returns
ExxonMobil invested $13.0 billion in cash capital expenditures year to date, all of it additions to property, plant and equipment, which the company said puts its planned 2026 investment 20% above its nearest competitor among the major international oil companies. The company reached a final investment decision on a 120 KTA Proxxima blending expansion in Louisiana.
Cumulative structural cost savings reached $16.3 billion, which ExxonMobil said is more than all other major international oil companies combined. The company declared a third-quarter dividend of $1.03 a share, payable September 10, 2026, to shareholders of record as of August 17, 2026.
