Exxon Q1 earnings fall 45% to $4.2B on mark-to-market losses, Middle East disruptions

Filed May 4, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 5, 2025 · ~2 min read

Key Changes

• high

  First quarter 2026 earnings dropped 45% to $4.2 billion from $7.7 billion prior year, driven by unfavorable mark-to-market derivative effects and Middle East geopolitical supply disruptions that prevented physical shipments.

  MD&A: Quarterly Earnings verify on EDGAR →
• high

  Energy Products segment swung to $1.3 billion loss from $827 million profit, including a $706 million identified item from Middle East disruptions preventing hedged shipments and $3.3 billion in negative mark-to-market timing effects.

  MD&A: Energy Products Segment verify on EDGAR →
• high

  Total debt increased 27% to $47.7 billion while cash fell 54% to $8.4 billion, pushing net debt-to-capital ratio from 7.1% to 13.1% and debt-to-capital from 12.2% to 15.4%.

  MD&A: Debt and Liquidity verify on EDGAR →