ExxonMobil reported second-quarter 2026 adjusted earnings of $3.52 per share, missing the $3.60 analyst consensus, even as the company generated $23.6 billion in cash from operations and $17.2 billion in free cash flow. The company achieved its highest upstream production in over two decades, with Permian output exceeding 1.8 million oil-equivalent barrels per day, and a fifth Guyana production vessel set sail with startup expected in the fourth quarter of 2026. Cumulative structural cost savings since 2019 reached $16.3 billion, including $1.2 billion added in the first half of 2026, while cash capital expenditures totaled $13.0 billion through midyear. However, first-half free cash flow of $19.9 billion barely covered $18.6 billion in shareholder distributions, and the first quarter alone saw free cash flow of just $2.7 billion against $9.2 billion in distributions, forcing a temporary increase in debt. The company declared a third-quarter dividend of $1.03 per share and reduced net debt-to-capital to 11% in the second quarter.
Exxon Mobil CorpEarnings miss but record production and cost savings; mixed financial results.
