ExxonMobil misses Q2 profit estimates
Analysis based on 11 articles · First reported Jul 31, 2026 · Last updated Jul 31, 2026
ExxonMobil's earnings miss, despite record profits, pressured its shares and may raise concerns about the sustainability of high oil prices and refining margins. The ongoing conflict and potential prolonged closure of the Strait of Hormuz could keep oil prices elevated, benefiting the sector but increasing uncertainty for companies with Middle East exposure.
ExxonMobil reported second-quarter adjusted earnings of $14.7 billion, or $3.52 per share, up 67% from the first quarter and more than double year-ago levels, but below the London Stock Exchange Group consensus of $3.60 per share. The miss was attributed to extreme swings in commodity prices and margins amid the ongoing U.S.-Iran conflict. The company's biggest quarterly profit in four years was driven by higher oil prices and improved refining margins, with Brent crude averaging $96.68 per barrel in the quarter. However, about 450,000 barrels per day of LNG output in Qatar remained shut-in due to Iranian attacks, and additional Middle East production was offline, with revenue from some output not bookable until shipping routes reopen. These losses were partially offset by record United States — Permian Basin production of over 1.8 million bpd. Exxon paid $4.3 billion in dividends and repurchased $5.1 billion of shares, reducing net debt by $7 billion. The results drew attention from President Donald Trump, who had called for an investigation into oil companies for alleged price gouging. Shares fell about 2% in premarket trading but are up 28% year-to-date.
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