ExxonMobil Holdings Corp
For the period ended Sep 30, 2026. Filed Nov 2, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 2, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-03.
0000034088-26-000093
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-02.
0002115436-26-000020
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 304 previous paragraphs and 306 current paragraphs.
162 unchanged; 89 reworded; 44 added; 41 removed; 12 previous and 11 current paragraphs rearranged.
Tables are not compared: 15 previous and 15 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (44)
Current report
distribution or shipping channels; decoupling of economies, closure of producing markets, or reintroduction of regional
Current report
During thethird quarter of 2026, global supply disru ptions continued to affect commodity and product markets. Lower global
Current report
refining capacity availability led to lower demand for crude feedstock which contributed to average crude oil prices remaining
Current report
within the 10-year historical range (2010-2019), despite restrictions on supply through the Strait of Hormuz. International
Current report
natural gas prices increased above the 10-year range on limited Middle East supply. Global refining margins increased to
Current report
historically high levels above the 10-year range with unavailable capacity. Global chemical margins declined, particularly in
Current report
Europe and Asia, on higher product availability and sustained higher feed costs, contributing to chemical margins declining
Current report
REVIEW OF THIRD QUARTER 2026 RESULTS
Current report
supported anincrease in earnings driven by stronger price and refining margins, while reliable operations, advantaged
Current report
impacts and Middle East disruptions. Cashc apital expenditures were$7.0 billion, down $1.6 billion from third quarter 2025.
Current report
Upstream Third Quarter Earnings Driver Analysis (millions of dollars)
Current report
Advantaged Volume Growth –Decreased earnings by$90 million, mainly driven by accelerated Guyana entitlement impact,
Current report
offset with Guyana, Permian and LNG growth.
Current report
Structural Cost Savings –Increased earnings by$210 million.
Current report
Other –Decreased earnings by$470 million, primarily due to theabsence of one-time tax items.
Current report
Identified Items –3Q26 $448 million gain, mainly from asset sales.
Current report
Advantaged Volume Growth –Increased earnings by$2,010 million, driven by Guyana, Permian and LNG growth.
Current report
Structural Cost Savings –Increased earnings by$540 million.
Current report
Expenses –Decreased earnings by$2,060 million, mainlydue to higher depreciation and growth.
Current report
Other –Decreased earnings by $390 million, primarily due to the absence of one-time tax items andasset sales.
Current report
impacts.
Current report
Energy Products Third Quarter Earnings Driver Analysis (millions of dollars)
Current report
earnings by $250 million.
Current report
Base Volume –Decreased earnings by$510 million, mainly driven by external impacts on operations and scheduled
Current report
maintenance.
Current report
Estimated Timing Effects –Decreased earnings by$1,980 million, on unfa vorable derivative mark-to-market impacts.
Current report
Identified Items –3Q26 $(11) million loss.
Current report
earnings by$660 million.
Current report
Base Volume –Decreased earnings by$920 million, mainly driven by external impacts on operations andscheduled
Current report
maintenance.
Current report
Expenses –Decreased earnings by$780 million, driven by scheduled maintenance and advantaged project growth.
Current report
Chemical Products Third Quarter Earnings Driver Analysis (millions of dollars)
Current report
Identified Items –3Q26 $10 million gain.
Current report
Structural Cost Savings –Increased earnings by$210 million.
Current report
Expenses –Decreased earnings by$140 million, including the impact of growth projects.
Current report
Identified Items –2026 $(73) million loss.
Current report
Specialty Products Third Quarter Earnings Driver Analysis (millions of dollars)
Current report
Margin –Increased earnings by$660 million, driven byhigher basestock margins.
Current report
Expenses –Decreased earnings by$60 million, mainly from new business growth.
Current report
Identified Items –3Q26 $2 million gain.
Showing the first 40 of 44 passages. Open the source sections for the rest.
Removed paragraphs (41)
Previous report
Market conditions continued to be heavily influenced by supply disruptionsin the Middle East and global refining capacity
Previous report
reductionsd uring thesecond quarter of 2026. Average crude oil prices remained within the 10-year historical range
Previous report
(2010-2019)with reduced refining capacity and inventory releases. Natural gas prices remained elevated above the 10-year
Previous report
average with ongoing supply disruptions. Global industry refining margins were sharply above the 10-year historical range due
Previous report
year range with regional supply constraints impacting product availability, particularly in Asia.
Previous report
REVIEW OF SECOND QUARTER 2026 RESULTS
Previous report
supportive, but our performance reflected the strength of the portfolio and operating model. Theincrease in earnings was driven
Previous report
East disruptions, and identified items, primarily impairments and financial reserves. Cashc apital expenditures were$6.8
Previous report
billion, up $0.2 billion from second quarter 2025.
Previous report
Upstream Second Quarter Earnings Driver Analysis (millions of dollars)
Previous report
Advantaged Volume Growth –Increased earnings by$1,140 million, mainly driven by Guyana and Permian growth.
Previous report
Structural Cost Savings –Increased earnings by$170 million.
Previous report
Expenses –Decreased earnings by $690 million due to higher depreciation.
Previous report
Advantaged Volume Growth –Increased earnings by$1,940 million, mainly driven by Guyana and Permian growth.
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Structural Cost Savings –Increased earnings by$340 million.
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Energy Products Second Quarter Earnings Driver Analysis (millions of dollars)
Previous report
earnings by $270 million.
Previous report
Base Volume –Decreased earnings by$280 million, mainly driven scheduled maintenance.
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Expenses –Decreased earnings by$170 million, driven by growth projects and scheduled maintenance.
Previous report
Other –Decreased earnings by$80 million, driven by unfavorable foreign exchange rate effects.
Previous report
Estimated Timing Effects –Increased earnings by$2,560 million, on favorable derivative mark-to-market impacts.
Previous report
Identified Items –2Q26 $(1,180) million loss mainly from impairments.
Previous report
earnings by$410 million.
Previous report
Base Volume –Decreased earnings by$330 million, mainly driven byscheduled maintenance.
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Structural Cost Savings –Increased earnings by$380 million.
Previous report
Expenses –Decreased earnings by$600 million, primarily driven byhigher scheduled maintenance and growth projects.
Previous report
Other –Decreased earnings by$260 million, mainly driven by unfavorable foreign exchange rate effects.
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Chemical Products Second Quarter Earnings Driver Analysis (millions of dollars)
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margins.
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Advantaged Volume Growth –Decreased earnings by$130 million from weak Asia Pacific market dyna mics.
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Identified Items –2Q26 $(83) million loss.
Previous report
chemical margins.
Previous report
Identified Items –2026 $(83) million loss.
Previous report
Specialty Products Second Quarter Earnings Driver Analysis (millions of dollars)
Previous report
Margin –Increased earnings by$270 million on higher basestock margins.
Previous report
Advantaged Volume –Increased earnings by$10 million.
Previous report
Identified Items –2Q26 $(13) million loss.
Previous report
Identified Items –2026 $(13) million loss.
Previous report
quarter of 2025, due to lower interest income and unfavorable tax impacts.
Showing the first 40 of 41 passages. Open the source sections for the rest.
Reworded paragraphs (89)
Previous wording
transportation and storage, lower-emission fuels, hydrogen and ammonia, direct air capture, Proxxima TM systems, carbon
Current wording
transportation and storage, lower-emission fuels, hydrogen and ammonia, direct air capture, Proxxima TM resin systems, carbon
Previous wording
ammonia, produce lower-emission fuels, produce Proxxima TM systems, produce carbon materials, produce lithium, and use
Current wording
ammonia, produce lower-emission fuels, produce Proxxima TM resin systems, produce carbon materials, produce lithium, and
Previous wording
plastic waste as feedstock for advanced recycling; future debt levels and credit ratings; maintenance and turnaround activity;
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use plastic waste as feedstock for advanced recycling; future debt levels and credit ratings; maintenance and turnaround
Previous wording
drilling and improvement programs; product sales levels and mix; business and project plans, timing, costs, capacities and
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activity; drilling and improvement programs; product sales levels and mix; business and project plans, timing, costs, capacities
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profitability; resource recoveries and production rates; and planned Denbury and Pioneer integrated benefits, could differ
Current wording
and profitability; resource recoveries and production rates; and planned Denbury and Pioneer integrated benefits, could differ
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distribution or shipping channels; decoupling of economies; disruption, realignment, or breaking of current or historical trade or
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markets; disruption, realignment, or breaking of current or historical trade or military alliances or global trade and supply chain
Previous wording
military alliances or global trade and supply chain networks; escalating geopolitical volatility, including regime changes;
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networks; escalating geopolitical volatility, including regime changes; expropriations, seizure, or capacity, insurance, shipping,
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expropriations, seizure, or capacity, insurance, shipping, import or export limitations imposed directly or indirectly by
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import or export limitations imposed directly or indirectly by governments or laws; opportunities for potential acquisitions,
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conditions to closing, including timely regulatory approvals; the capture of efficiencies within and between business lines and
Current wording
investments or divestments and satisfaction of applicable conditions to closing, including timely regulatory approvals; the
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the ability to maintain near-term cost reductions as ongoing efficiencies without impairing our competitive positioning;
Current wording
capture of efficiencies within and between business lines and the ability to maintain near-term cost reductions as ongoing
Previous wording
unforeseen technical or operating disruptions or difficulties and unplanned maintenance; the development and competitiveness
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efficiencies without impairing our competitive positioning; unforeseen technical or operating disruptions or difficulties and
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of alternative energy and emission reduction technologies; consumer preferences including willingness and ability to pay for
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consumer preferences including willingness and ability to pay for reduced emission products; the results of research programs
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reduced emission products; the results of research programs and the ability to bring new technologies to commercial scale on a
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and the ability to bring new technologies to commercial scale on a cost-competitive basis; and other factors discussed under
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cost-competitive basis; and other factors discussed under "Item 1A. Risk Factors" of ExxonMobil’s 2025 Form 10-K.
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"Item 1A. Risk Factors" of ExxonMobil’s 2025 Form 10-K.
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to unprecedented global refining capacity reductions. Chemical margins improved but remained below the bottom of the 10-
Current wording
further below the bottom of the 10-year range.
Previous wording
derivatives and their offsetting physical commodity realizations (due to LIFO inventory accounting). Impacts are expected to
Current wording
derivatives and their offsetting physical commodity realizations (primarily due to LIFO inventory accounting). Impacts are
Previous wording
unwind in subsequent periods.
Current wording
expected to unwind in subsequent periods.
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sustainable compared to 2019 levels. Relative to 2019, estimated cumulative Structural Cost Savings totaled$16.3 billion,
Current wording
sustainable compared to 2019 levels. Relative to 2019, estimated cumulative Structural Cost Savings totaled$16.9 billion,
Previous wording
which included an additional $1.2 billion in the firstsix months of 2026. The total change between periods in expenses below
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which included an additional $1.8 billion in the first nine months of 2026. The total change between periods in expenses below
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ExxonMobil’ssecond quarter 2026 earnings were$14.5 billion, compared to$7.1 billion a year earlier. Markets were
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ExxonMobil’sthird quarter 2026 earnings were$15.4 billion, compared to$7.5 billion a year earlier. Global market conditions
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by higher prices and margins, advantaged investments across Upstream and Energy Products, and structural cost savings. This
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investments across Upstream and Energy Products, and structural cost savings improved business performance and capacity to
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increase was partly offset by higher expenses related to depreciation, lower volumes from scheduled maintenance and Middle
Current wording
generate earnings. This increase was partly offset by higher expenses related to depreciation, lower volumes from external
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Earnings for the firstsix months of 2026 were$18.7 billion, compared to$14.8 billion a year earlier. Cash capital expenditures
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Earnings for the first nine months of 2026 were$34.1 billion, compared to$22.3 billion a year earlier. Cash capital
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were$13.0 billion, up$0.4 billion from the firstsix months of 2025. The Corporation distributed$8.6 billion in dividends to
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expenditures were$20.0 billion, down $1.2 billion from the first nine months of 2025. The Corporation distributed$12.9 billion
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shareholders and repurchased$10.0 billion of common stock.
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in dividends to shareholders and repurchased$15.1 billion of common stock.
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Price –Increased earnings by$4,650 million, on higher crude realizations, partly offset by lower gas realizations.
Current wording
Price –Increased earnings by$3,680 million, on higher crude and gas realizations.
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Base Volume –Decreased earnings by$30 million.
Current wording
Base Volume –Decreased earnings by$200 million, drivenby downtime and external impacts.
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Middle East Volume -Decreased earnings by$1,060 million due to Middle East disruption impacts.
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Middle East Volume –Decreased earnings by$860 million due to Middle East disruption impacts.
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Expenses –Decreased earnings by$1,510 million mainlydue to higher depreciation.
Current wording
Expenses –Decreased earnings by $590 million, mainlydue to higher depreciation.
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Estimated Timing Effects –Decreased earnings by$180 million, mainly from unfavorable derivatives mark-to-market impacts.
Current wording
Estimated Timing Effects –Decreased earnings by$720 million, mainly from unfavorable derivatives mark-to-market impacts.
Previous wording
Price –Increased earnings by$4,200 million, on higher crude realizations, partly offset by lower gas realizations.
Current wording
Price –Increased earnings by$7,960 million, driven by higher crude realizations.
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Base Volume –Decreased earnings by$590 million from divestments and Kazakhstan downtime.
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Base Volume –Decreased earnings by$670 million from divestments and external impacts.
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Middle East Volume -Decreased earnings by$1,280 million due to Middle East disruption impacts.
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Middle East Volume –Decreased earnings by$2,140 million due to Middle East disruption impacts.
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Estimated Timing Effects –Decreased earnings by$870 million, mainly from unfavorable derivatives mark-to-market impacts.
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Estimated Timing Effects –Decreased earnings by$1,580 million, mainly from unfavorable derivatives mark-to-market
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Identified Items –2Q26 $(1,199) million loss from financial reserves.
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Identified Items –2026 $(751) million loss from financial reserves, partly offset by gains on asset sales.
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Margin – Increased earnings by$3,180 million from stronger refining margins.
Current wording
Margin – Increased earnings by$7,660 million from stronger refining margins and optimization.
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Middle East Volume -Decreased earnings by$310 million due to Middle East supply disruptions impacting global operations.
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Middle East Volume –Decreased earnings by$130 million due to Middle East supply disruptions impacting global operations.
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Structural Cost Savings –Increased earnings by$150 million.
Current wording
Expenses –Decreased earnings by$150 million, including scheduled maintenance and advantaged project growth.
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Other –Increased earnings by $470 million, mainly from net favorable tax items.
Current wording
Other –Increased earnings by$20 million.
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Margins –Increased earnings by$5,530 million from stronger refining margins and improved trading and optimization.
Current wording
Margin –Increased earnings by$13,100 million from stronger refining margins and optimization.
Showing the first 40 of 89 pairs. Open the source sections for the rest.
Rearranged current paragraphs (11)
Current report — wording carried from elsewhere
unplanned maintenance; the development and competitiveness of alternative energy and emission reduction technologies;
Current report — wording carried from elsewhere
Structural Cost Savings –Increased earnings by$180 million.
Current report — wording carried from elsewhere
Structural Cost Savings –Increased earnings by$570 million.
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Advantaged Volume Growth –Decreased earnings by$30 million.
Current report — wording carried from elsewhere
Structural Cost Savings –Increased earnings by$60 million.
Current report — wording carried from elsewhere
Advantaged Volume Growth –Decreased earnings by$20 million.
Current report — wording carried from elsewhere
Advantaged Volume Growth –Decreased earnings by$30 million.
Current report — wording carried from elsewhere
Other –Increased earnings by$10 million.
Current report — wording carried from elsewhere
Advantaged Volume Growth –Increased earnings by$20 million.
Current report — wording carried from elsewhere
Middle East Volume –Decreased earnings by$140 million due to supply disruptions.
Current report — wording carried from elsewhere
Structural Cost Savings –Increased earnings by$120 million.
Rearranged previous paragraphs (12)
Previous report — wording carried elsewhere
governments or laws; opportunities for potential acquisitions, investments or divestments and satisfaction of applicable
Previous report — wording carried elsewhere
Identified Items –2026 $(1,199) million loss from financial reserves.
Previous report — wording carried elsewhere
Structural Cost Savings –Increased earnings by$110 million.
Previous report — wording carried elsewhere
Structural Cost Savings –Increased earnings by$20 million.
Previous report — wording carried elsewhere
Advantaged Volume Growth –Increased earnings by$10 million.
Previous report — wording carried elsewhere
Structural Cost Savings –Increased earnings by$30 million.
Previous report — wording carried elsewhere
Expenses –Decreased earnings by$20 million.
Previous report — wording carried elsewhere
Other –Increased earnings by$40 million.
Previous report — wording carried elsewhere
Advantaged Volume Growth –Increased earnings by$10 million.
Previous report — wording carried elsewhere
Middle East Volume -Decreased earnings by$50 million.
Previous report — wording carried elsewhere
Expenses –Decreased earnings by$10 million.
Previous report — wording carried elsewhere
Other –Increased earnings by$60 million.