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

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.