ExxonMobil Posts Record Refining Profits in Q3 2026, Raises Dividend and Reaffirms $20B Buyback Plan

ExxonMobil reported third-quarter 2026 adjusted earnings per share of $4.23, beating the consensus analyst estimate of roughly $4.08-$4.13, as refining results hit an all-time high. Total revenue and other income came in at $113.16 billion against an estimate of approximately $105.36 billion, while adjusted earnings reached $17.5 billion. The company's upstream production of 4,496 thousand oil-equivalent barrels per day also exceeded the estimate of 4,440.

The standout driver was the Energy Products segment, which contributed $9.1 billion in earnings, more than the $7.3 billion generated by upstream operations. War-related strikes by Ukraine and Iran on refineries in Russia and the Middle East tightened global fuel supply, allowing U.S. refiners to run at maximum capacity and capture exceptional margins on gasoline and diesel. CEO Darren Woods, appearing on CNBC's Squawk Box, called diesel the key "crunch point," noting that demand remains high despite strained capacity, and said Hormuz crude volumes are returning close to pre-war levels.

Exxon raised its quarterly dividend by 3.9 percent to $1.07 per share for the fourth quarter, marking the 44th consecutive annual increase. The company returned $9.4 billion to shareholders in the quarter via dividends and buybacks, and reaffirmed plans for $20 billion in share repurchases in 2027, a level consistent with 2026. Free cash flow was $19.1 billion on operating cash flow of $25.7 billion, while capital expenditure was $7.0 billion.

Operational milestones included reaching 1 billion barrels of production at both Guyana and the Kearl oil sands project, and 100 million tons at PNG LNG. Exxon also increased its stake in the Rovuma LNG project in Mozambique to 50 percent through a swap with Eni, adding to its existing 34 percent interest in Papua LNG. Structural cost savings stood at $16.9 billion against a net debt position of $22.1 billion.

XOM shares were up approximately 2 percent in premarket trading and had gained 15 percent month-to-date through October 30, outperforming a broad technology selloff that wiped more than $1.2 trillion from Nasdaq 100 market capitalization during the month.