XOM Q2 earnings double to $14.5B on unprecedented refining margins from Mideast disruptions

Filed August 3, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 4, 2025 · ~2 min read

Key Changes

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  Second-quarter 2026 net income reached $14.5B, up 105% from $7.1B in Q2 2025, driven by refining margins "sharply above" the 10-year historical range due to unprecedented global refining capacity reductions and Middle East supply disruptions.

  MD&A: Market Conditions & Earnings verify on EDGAR →
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  Middle East supply disruptions reduced production volumes across all segments, cutting earnings by $1.06B in Upstream, $310M in Energy Products, and $110M in Specialty Products during Q2 2026—a material operational constraint absent from the prior-year period.

  MD&A: Middle East Volume Impact verify on EDGAR →
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  The company recorded $2.5B in Identified Items for Q2 2026, including $1.2B in Upstream financial reserves, $1.2B in Energy Products impairments and supply-disruption hedging losses, and smaller charges in Chemical and Specialty Products. The baseline period reported zero Identified Items.

  MD&A: Identified Items verify on EDGAR →