Exxon Q1 2026 Profit DN 45% Y-o-Y Despite High Oil Prices


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- ExxonMobil reported on Friday (05/01) that net profit 
fell 45% year-year in the first quarter of 2026 to $4.2 billion, weighed down 
by disruptions from the Middle East conflict among other factors, despite high 
oil prices and record production in Guyana.

   ExxonMobil also stated that:

That quarterly net profit was $6.5 billion in the fourth quarter of 2025 and 
$7.7 billion in the first quarter a year ago.Generated earnings in the first 
quarter were $8.8 billion when excluding identified items and timing effects, 
reflecting improved capture of value from a diverse and expanding global 
portfolio.Results were pressured by approximately $3.9 billion in unfavorable 
timing effects related to derivatives despite robust underlying upstream 
performance as the U.S. realized price of crude rose to $70.12 bbl in the 
latest quarter from $58.57 in the fourth quarter of 2025.   Higher crude 
realizations were partly offset by lower volumes from Middle East impacts, 
operational disruptions in Kazakhstan and from U.S. winter storm Fern, and 
higher depreciation expense.Net production in the first quarter of 2026 reached 
4.6 million oil-equivalent bpd, with Guyana setting a new quarterly production 
record of more than 900.000 gross bpd, helping to balance output losses caused 
by geopolitical events in the Middle East.First-quarter refining throughput in 
the U.S. was 1.8 million bpd versus 1.9 million bpd in the fourth quarter of 
2025 and 1.8 million bpd in the year-ago quarter. Global throughput was 3.5 
million bpd versus 4.06 million bpd in the prior quarter and 3.8 million bpd 
year ago.


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