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# ExxonMobil Earns $3.72 A Share As Refining Margin Hits $50.3 A Barrel
- URL: https://www.bullished.co/exxonmobil-earns-3-72-a-share-as-refining-margin-hits-50-3-a-barrel-e8f53fda/
- Published: 2026-10-30T10:37:44.000Z
- Updated: 2026-10-30T10:37:44.000Z
- Description: Refining profit rose to $7.2 billion while production earnings slipped, and the board declared a $1.07 fourth-quarter dividend.
- Author: Matteo Parrino
- Tags: Earnings, XOM, Industry: Energy

[ExxonMobil Holdings](https://www.bullished.co/tag/xom/) earned [$15.4 billion](https://www.sec.gov/Archives/edgar/data/0002115436/000211543626000018/livef8k3q26991.htm?ref=bullished.co), or $3.72 a share, in the third quarter, against $7.5 billion a year earlier, as a surge in refining profit more than covered a dip in oil-and-gas production earnings, the company said Friday. Adjusted earnings were $17.5 billion, or $4.23 a share.

## Refining overtakes production

Energy Products, the refining arm, earned $7.2 billion, up from $5.5 billion in the second quarter. Upstream, which pumps oil and gas, earned $7.1 billion, down from $7.9 billion, which the company attributed to lower prices and an accelerated Guyana entitlement impact.

The price backdrop explains the split. Brent crude averaged $97.01 a barrel, below $104.52 in the second quarter, while the indicative refining margin rose to $50.3 a barrel from $29.0.

Operating cash flow was $25.7 billion and free cash flow $19.1 billion. Chemical Products earned $735 million, down from $1.13 billion, as margins declined, while Specialty Products rose to $1.29 billion from $956 million.

## Cash returned and debt cut

Shareholder distributions totaled $9.4 billion: $4.3 billion of dividends and $5.1 billion of buybacks. Net debt stood at $22.1 billion at September 30, which is $34.3 billion of total debt less $12.2 billion of cash, and year-to-date net debt reduction was nearly $11 billion.

The board declared a fourth-quarter dividend of $1.07 a share, payable December 10 to holders of record on November 16\. ExxonMobil also announced $20 billion of share repurchases for 2027, assuming reasonable market conditions.

## Costs and the "lasting" claim

Chairman and CEO Darren Woods pointed to $16.9 billion of structural cost savings since 2019, which included $1.8 billion in the first nine months of 2026\. "These are lasting improvements, not simply the result of favorable prices and margins," he said.

For the first nine months, earnings were $34.1 billion, or $8.18 a share, against $22.3 billion, or $5.16, a year earlier. Upstream production in the quarter was 4,496 thousand oil-equivalent barrels a day, versus 4,514 thousand in the second quarter.

The $1.07 dividend is payable December 10, extending what the company calls 44 consecutive years of annual dividend-per-share increases.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — ExxonMobil Holdings Corp (XOM)](https://www.sec.gov/Archives/edgar/data/0002115436/000211543626000018/livef8k3q26991.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit livef8k3q26992.htm — ExxonMobil Holdings Corp 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0002115436/000211543626000018/livef8k3q26992.htm?ref=bullished.co) — SEC EDGAR

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- [BlackRock Holds 7.2% Of ExxonMobil, 297.5 Million Shares, Days Before Earnings](https://www.bullished.co/blackrock-holds-7-2-of-exxonmobil-297-5-million-shares-days-before-earnings-b5a34460/)
- [ExxonMobil Tells Retail Holders Their Standing Votes Follow The Board Unless They Opt Out](https://www.bullished.co/exxonmobil-tells-retail-holders-their-standing-votes-follow-the-board-unless-they-opt-out-c835309b/)

[All Exxon Mobil (XOM) coverage →](https://www.bullished.co/tag/xom/)