Exxon Mobil released its first-quarter 2026 financial results on April 30, with adjusted earnings surpassing market expectations despite supply chain disruptions caused by the Middle East conflict.
The financial report shows that the company's first-quarter revenue reached $85.14 billion, a 2.4% year-on-year increase, exceeding market expectations of $81.24 billion. Net profit was $4.2 billion, down approximately 45% from $7.7 billion in the same period last year, marking the lowest quarterly level since 2021. Adjusted earnings per share reached $1.16, higher than the analyst forecast of $1.00.
The Iran conflict that erupted in late February significantly impacted performance. The company recorded approximately $700 million in losses from undeliverable goods, along with an unfavorable timing impact of $3.9 billion, primarily due to mismatches between the valuation of financial derivatives and related physical transactions. Excluding these two impacts, adjusted earnings per share would have been $2.09.
Despite facing geopolitical challenges, the company's core operations remained robust. Production in Guyana and the Permian Basin reached record highs, with net production for the quarter reaching 4.6 million barrels of oil equivalent per day. The startup of Train 1 at the Golden Pass LNG project in March contributed to a 5% increase in U.S. LNG exports.
The company generated $8.7 billion in cash flow from operating activities and returned $9.2 billion to shareholders, consisting of $4.3 billion in dividends and $4.9 billion in share repurchases. Exxon Mobil also announced a second-quarter dividend of $1.03 per share.
Approximately 20% of Exxon Mobil's oil and gas production is located in the Middle East, representing the highest exposure among major oil companies. The Middle East conflict caused first-quarter production to decline by about 6% compared to the previous quarter.
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