ExxonMobil Q3 2026 results: adjusted profit of $17.5bn as refining beats upstream

ExxonMobil Q3 results beat Wall Street forecasts on Friday 30 October 2026, as a refining boom lifted profits. Adjusted earnings for the third quarter of 2026 rose to $17.5bn, or $4.23 per share. Analysts polled by LSEG had expected $4.08 per share and $16.6bn. Moreover, ExxonMobil set a $20bn share buyback for 2027, the same as in 2026.

Reported earnings under US accounting rules were $15.4bn, or $3.72 per share. That was double the $7.5bn of a year earlier. Revenue reached $113.2bn, against $103.1bn expected. As a result, the shares touched an all-time high, CNBC reported.

Refining beats upstream in ExxonMobil Q3 results

For the first time in at least six years, ExxonMobil earned more from refining than from oil and gas production, Reuters reported. Adjusted downstream earnings totalled $9bn, up 120% from the second quarter of 2026. In contrast, adjusted upstream earnings fell 20% to $7.3bn, because Brent was lower than in the previous quarter.

On a reported basis, the Energy Products unit made about $7.2bn. That was slightly more than the $7.1bn from upstream. So far in 2026, refining profit has reached $11.4bn, against $4bn in the first nine months of 2025.

The company said its US Gulf Coast refineries ran at 100% crude unit utilisation. Chief executive Darren Woods said in a CNBC interview: “Refining capacity is very tight today.” He also called diesel “the key crunch point”. US diesel averaged $6.32 a gallon on Friday, up more than 70% on a year earlier, according to AAA.

ExxonMobil Q3 results: cash and shareholder returns

Cash flow from operations came to $25.7bn, and free cash flow was $19.1bn. In addition, ExxonMobil paid out $9.4bn to shareholders. That included $4.3bn of dividends and $5.1bn of share buybacks.

The company declared a fourth-quarter dividend of $1.07 per share. It is payable on 10 December 2026 to holders of record on 16 November 2026. ExxonMobil has now raised its annual dividend for 44 consecutive years. Meanwhile, net debt stood at $22.1bn after a cut of nearly $11bn this year.

Output holds despite the Middle East

Upstream production averaged 4.5 mmboe/d, roughly flat on the second quarter of 2026. However, the Middle East conflict cut about 0.35 mmboe/d from output, according to the earnings call. Growth in Guyana, the Permian basin and at Golden Pass LNG offset part of that loss.

ExxonMobil also passed several milestones. Guyana and the Kearl oil sands project in Canada have each produced 1bn barrels. Similarly, PNG LNG has now shipped 100mn tonnes.

Bigger stakes in LNG

Importantly, the company agreed to raise its working interest in Rovuma LNG in Mozambique to 50%, from 25%. It already operates that project. Finance chief Neil Hansen said the deal is a swap, with Eni getting “different properties there in that area”, Businessday reported. The partners plan a final investment decision by the end of 2026. Rovuma LNG would produce 18.6 mtpa.

ExxonMobil also took over as operator of Papua LNG in Papua New Guinea and will lift its stake there to 34%. The results release gave no terms for either deal.

What it means

The ExxonMobil Q3 results confirm the pattern set by Europe’s majors this week. Shell’s Q3 2026 results showed record refining margins too. Still, the high profits are politically sensitive in the US, where pump prices remain near records.

What comes next

Next, investors will watch fuel margins into 2027 and any update on Rovuma LNG. Executives expect margins to normalise only when conflicts end and companies repair damaged refineries.

For a deeper analysis, read: ExxonMobil and Chevron in Q3 2026: Refining Carried Profits, but the Cash Went to Debt, Not Buybacks