ExxonMobil has reported a second-quarter 2026 profit of US$14.5 billion (AU$22.2 billion), supported by record Permian Basin output, structural cost reductions, and robust refining performance.
The energy major reported net earnings of US$3.48 per share, while adjusted earnings reached US$14.7 billion, or US$3.52 per share. Cash flow from operations totalled US$23.6 billion, with free cash flow reaching US$17.2 billion for the quarter.
ExxonMobil CEO Darren Woods said the company navigated market turbulence through execution and asset optimisation across its global portfolio.
“The second quarter was shaped by disruption, but defined by execution,” Woods said.
“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, optimised assets, and supported customers, leveraging our global integrated portfolio.”
Upstream earnings reached US$7.9 billion for the quarter, supported by highest production levels in more than two decades, excluding Middle East disruptions.
Production in the Permian Basin hit a record high, maintaining the company’s target of a 9 per cent compound annual growth rate through 2030.
Meanwhile, ExxonMobil’s Fifth Guyana Floating Production Storage and Offloading (FPSO) vessel set sail during the quarter, remaining on track for a fourth-quarter startup to add 250,000 barrels per day of capacity.
In downstream operations, Energy Products earnings surged to US$5.5 billion, aided by record second-quarter diesel output and high utilisation across U.S. Gulf Coast refineries. The company’s cumulative structural cost savings reached US$16.3 billion.
Shareholder returns remained a priority, with US$9.4 billion distributed during the period, comprising US$4.3 billion in dividends and US$5.1 billion in share buybacks. The company declared a third-quarter dividend of US$1.03 per share, payable on September 10.
