Exxon Mobil Corporation (XOM) Earnings
Exxon Mobil Corporation is expected to report next earnings on August 7, 2026 (in NaN days), with a consensus EPS estimate of $3.73. XOM has beaten EPS estimates in 6 of its last 12 reported quarters (average surprise +6.6% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 1, 2026 | $0.98 | $1.16 | +17.9% | $85.1B | +4.9% |
| Jan 30, 2026 | $1.70 | $1.71 | +0.6% | $80.0B | -0.7% |
| Oct 31, 2025 | $1.82 | $1.88 | +3.3% | $83.3B | -3.6% |
| Aug 1, 2025 | $1.57 | $1.64 | +4.5% | $79.5B | -1.5% |
| May 2, 2025 | $1.75 | $1.76 | +0.6% | $81.1B | -6.1% |
| Jan 31, 2025 | $1.77 | $1.67 | -5.6% | $81.1B | -6.1% |
| Nov 1, 2024 | $1.88 | $1.92 | +2.1% | $87.8B | -2.4% |
| Aug 2, 2024 | $2.01 | $2.14 | +6.5% | $90.0B | -3.7% |
| Apr 26, 2024 | $2.20 | $2.06 | -6.4% | $80.4B | -2.2% |
| Feb 2, 2024 | $2.21 | $2.48 | +12.2% | $81.7B | -4.2% |
| Oct 27, 2023 | $2.37 | $2.27 | -4.2% | $88.6B | +5.7% |
| Jul 28, 2023 | $2.01 | $1.94 | -3.5% | $80.8B | -0.8% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 1, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Recognized the impact of the Middle East conflict on colleagues and partners, committed to supporting them and restoring operations with focus on safety and risk management. - Delivered strong operational performance in challenging environment, including increasing Permian production, record production in Guyana, first LNG at Golden Pass, optimizing logistics and refinery throughput. - Expanding LNG footprint, progressing with LNG projects in Papua New Guinea and Mozambique. - In Guyana, committed $100 million over 10 years for national STEM education. - In Permian, leveraging scale and proprietary technologies for efficiency and net zero ambition. - Product solutions performance strong, driven by higher value products and technology-led differentiation. - Technology as core competitive advantage, with advancements in rig automation in Guyana, subsea applications, and enterprise-wide process and data platform transformation.
Guidance
- Expect increased prices in the marketplace as the Strait of Hormuz remains closed and inventory levels change. - Anticipate a one to two month transition time lag between the Strait opening and market seeing normal flow. - World demand for oil and natural gas remains substantial, and ExxonMobil confident in its advantages for long-term value creation. - Plan to continue progressing LNG projects in Papua New Guinea and Mozambique, and grow Permian production as planned.
Segment performance
Upstream: In Guyana, achieved record production, with Uwaru, Whiptail, and Hammerhead projects under construction; in Permian, on track to grow full-year production to 1.8 million oil-equivalent barrels in 2026, with methane monitoring across key assets in New Mexico. Downstream: Beaumont Refinery expansion completed in 2023 fully recovered initial investment ahead of expectation, contributing to stronger margins and cash flow. LNG: Golden Pass LNG Train 1 achieved first LNG in March, with plans to increase U.S. LNG exports; progressing toward final investment decisions on LNG projects in Papua New Guinea and Mozambique. Low carbon solutions: Began transporting and storing captured CO2 from a new generation gas gathering project, with plans to start facilities to capture additional 4 million tons per year of CO2
Risks & headwinds
- Disruption in the Middle East affecting operations and potential long-term market impacts. - Uncertainty around the repair timeline of damaged LNG trains in Qatar, with a range of three to five years. - Volatility in energy markets and potential impacts on pricing and inventory levels. - Challenges in the low-carbon space where market may not always reward emissions reductions, affecting progress in power opportunities related to data centers.
Analyst Q&A
Q: Unpack views on near and longer-term impacts from Middle East situation, including timeline for operations to return to normal, market impacts, and structural changes to prices and margins.
A: Darren discussed context of market disruption, expected increased prices as inventory levels change, one to two month transition lag after Strait opens, longer term implications depending on Strait closure duration and risk premium, and Neil added on external impacts to upstream production and benefit of global diverse portfolio.
Q: Talk about refining margins, March performance, April outlook, and downstream opportunities.
A: Bob mentioned Beaumont Refinery expansion paid off, Gulf Coast refineries ran at record utilization in Q1, increased refining production from February to March, supplier organization moved barrels to rebalance supply, and energy product segment made $2.8 billion in the quarter.
Q: Elaborate on resource expansion opportunities in Guyana and situation in Venezuela.
A: Darren talked about Venezuela's heavy oil requiring effort to produce, ExxonMobil uniquely positioned with heavy oil technology, Guyana at record production with projects under construction and significant acreage left, and work with Trinidad and Tobago.
Q: Perspective on Permian growth, industry activity response, and crude export ban.
A: Darren said Permian growth driven by capital-efficient and low-cost supply, optimistic on technology deployment, and Neil discussed crude export bans being detrimental to industry and supply, with administration recognizing negative implications.
Q: LNG long-term view, Golden Pass flexibility, and timing of next LNG projects.
A: Betty said LNG market tightened in short to medium term, Golden Pass train two mechanically complete by end of year, train three by second quarter next year, and projects in Papua New Guinea and Mozambique progressing.
Q: Implications of force majeure on repairs of damaged LNG trains in Qatar.
A: Darren said strong partnership with Qatar Energy, committed to restoring supply, and will find win-win solutions.
Q: Diversification of LNG portfolio after recent events.
A: Darren said LNG portfolio growth continues with Mozambique, Papua New Guinea, and Golden Pass projects, and will pursue additional opportunities if advantageous.
Q: Insurance on Qatar assets and opportunities in UAE.
A: Darren said use self-insurance and third-party assurance, and working with UAE to help grow production.
Q: Restart growth in Canada's heavy oil projects.
A: Darren said emphasis on performance improvement in Curl assets, technology driving lower costs, and progressing in-situ Cold Lake projects, uniquely positioned for Venezuela's heavy oil.
Q: Chemical margins, feedstock availability, and utilization rate.
A: Darren said advantaged versus general market due to performance products growth and feed advantage from U.S. gas crackers, and North American advantage extends to refining.
Q: Timing for damaged Qatar trains to return online.
A: Darren said timing depends on assessing damage, working with Cutter Energy, and cold box being a critical path, but confident in partnership's capability.
Q: Learnings on timing effects and operating practices.
A: Darren and Neil explained timing effects driven by trading organization hedging price risk, mismatch between booked paper and physical barrels, and identified item due to disrupted physical deliveries.
Q: Update on power opportunities in Gulf Coast related to data centers.
A: Darren said interested in providing virtually carbon-free power using decarbonized natural gas and carbon capture storage, in discussion with hyperscalers but challenges in market rewarding emissions reductions.