Exxon posts stronger Q3 2026 results on refining, raises dividend 4%

ExxonMobil Holdings reported third-quarter 2026 results on October 30, 2026, with GAAP earnings of about $15.4 billion and adjusted earnings of $4.23 per share, ahead of the roughly $4.08 consensus cited by Benzinga. The beat was driven mainly by Energy Products, where adjusted earnings rose to about $9 billion from $4.1 billion in the prior quarter on wider refining margins, while Upstream earnings fell to $7.3 billion from $9.2 billion on lower prices and an accelerated Guyana entitlement effect. Operating cash flow was $25.7 billion and free cash flow about $19.1 billion. The company returned $9.4 billion to shareholders, raised its quarterly dividend 4% to $1.07, and plans to hold buybacks at $20 billion in 2027 under reasonable market conditions, while cutting net debt by more than $9 billion. Management also flagged about 350,000 barrels per day of Middle East output offline if conditions persist, a fifth Guyana production vessel due in late Q4, and deals to lift its Rovuma LNG stake to 50% and take over operatorship of Papua LNG.

1. Q3 2026 GAAP earnings of $15.4 billion versus $14.5 billion in Q2 2026; adjusted EPS of $4.23 versus a consensus of about $4.08 (Benzinga).
2. Revenue of $113.16 billion versus about $103.10 billion expected (Benzinga).
3. Energy Products adjusted earnings rose to about $9 billion from $4.1 billion in Q2; Upstream fell to $7.3 billion from $9.2 billion (Benzinga).
4. Operating cash flow of $25.7 billion and free cash flow of $19.1 billion; $9.4 billion returned to shareholders (Benzinga; earnings call transcript).
5. Quarterly dividend raised 4% to $1.07 from $1.03, the 44th consecutive annual increase (Benzinga; earnings call transcript).
6. Plans to maintain share repurchases at $20 billion in 2027 assuming reasonable market conditions; net debt reduced by more than $9 billion in the quarter (earnings call transcript).
7. Agreed to raise its Papua LNG working interest to 34% and assume operatorship; agreed with Eni to lift its Rovuma LNG operated stake to 50% (Benzinga; earnings call transcript).
8. About 350,000 oil-equivalent barrels per day expected offline from Middle East disruptions if conditions persist; fifth Guyana FPSO planned for late Q4 start (Benzinga).