Exxon Mobil Crushes Earnings Expectations Despite Refinery Headaches

Exxon Mobil reported improved earnings and revenue in its second-quarter results, surpassing analyst estimates despite some challenges. The company's adjusted earnings increased to $14.7 billion, or $3.52 per share, from $8.8 billion, or $2.09 per share, in the first quarter of 2026.

Total revenue and other income rose to $116.0 billion, exceeding the analyst consensus estimate of $97.81 billion. Exxon Mobil attributed part of its missed earnings target to refinery maintenance, which weighed on fuel margins despite surging oil prices due to the ongoing U.S.-Iran conflict.

The company's upstream production reached a two-decade high, excluding Middle East disruptions, with net production averaging 4.5 million oil-equivalent barrels per day. This was driven by record Permian output of more than 1.8 million oil-equivalent barrels per day and the absence of operational disruptions in Kazakhstan.

Exxon Mobil's cash flow and balance sheet also showed improvements, with operating cash flow totaling $23.6 billion and free cash flow reaching $17.2 billion, both increasing year over year.