ExxonMobil profits double to US$15.4bil on oil price surge
Profits in the period were slightly more than double the US$7.5 billion in the year-ago period, while revenues were about 33% higher at US$113.2 billion.
ExxonMobil announced that its third-quarter profits more than doubled to US$15.4 billion, driven by higher oil prices and refining margins amid the US-Iran conflict. Revenues increased by roughly a third to US$113.2 billion. Oil prices averaged US$85 per barrel during the period, a third more than the previous quarter. The company's refining margins soared to US$50.3 per barrel, nearly three times the year-ago level, as it ramped up production of diesel and other key products facing supply constraints.
Global refining capacity was diminished, with about 10% offline, particularly in Russia and the Middle East. North American refineries operated at near-capacity rates but couldn't fully compensate for the shortfall in global refining capacity. ExxonMobil processed 100% of crude at its U.S. Gulf Coast refineries. Upstream production fell almost six percent to 4.5 million barrels per day, but the company remains affected by disruptions in the Middle East, resulting in a US$2.9 billion loss so far in 2026. ExxonMobil's shares rose 2% in pre-market trading.
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