ExxonMobil Holdings Corporation (XOM) reported third-quarter 2026 earnings of $15.4 billion, or $3.72 a share, up from $14.5 billion, or $3.48 a share, in the second quarter. Adjusted earnings were $17.5 billion, or $4.23 a share.

The oil major said cash flow from operating activities was $25.7 billion and free cash flow was $19.1 billion. Shareholder distributions totaled $9.4 billion, including $4.3 billion of dividends and $5.1 billion of share repurchases.

Energy Products was the quarter’s earnings engine. GAAP earnings in the segment rose to $7.2 billion from $5.5 billion, and adjusted Energy Products earnings rose to $9.1 billion from $4.1 billion. The company said the increase reflected higher margins, year-to-date fuels utilization excluding Middle East impacts, and strong optimization, partly offset by external impacts on operations and scheduled maintenance. Sequentially, it cited 100% crude unit utilization at U.S. Gulf Coast refineries and U.S. Gulf Coast diesel production. Energy Products sales were 5.75 million barrels a day.

Upstream moved the other way. GAAP earnings fell to $7.1 billion from $7.9 billion, and adjusted Upstream earnings fell to $7.3 billion from $9.2 billion. The company said Upstream earnings decreased on lower prices and an accelerated Guyana entitlement impact. Upstream production was 4.50 million barrels of oil equivalent a day. Year-to-date, the company said Upstream earnings improved on higher prices and advantaged volume growth in Guyana, Permian, and Golden Pass LNG, partly offset by Middle East volume impacts and higher non-cash expenses.

Chemical Products GAAP earnings fell to $735 million from $1.1 billion, and adjusted Chemical Products earnings fell to $725 million from $1.2 billion, as margins declined. Chemical Products sales were 4.89 million tons. Specialty Products GAAP earnings rose to $1.3 billion from $956 million, and adjusted Specialty Products earnings rose to $1.3 billion from $969 million, on higher basestock margins. Specialty Products sales were 1.74 million tons. Corporate and Financing recorded a $864 million loss.

GAAP results included $449 million of identified items and $2.5 billion of estimated timing effects. Adjusted earnings exclude individually significant non-operational events and estimated timing effects.

Cash capital expenditures were $7.0 billion. The company said it further strengthened the balance sheet with nearly $11 billion of year-to-date net debt reduction, with net debt of $22.1 billion as of September 30, 2026. Cumulative structural cost savings totaled $16.9 billion versus 2019, including an additional $1.8 billion in the first nine months of 2026.

Chairman and chief executive officer Darren Woods said the company continued to meet global energy needs and that investments such as the Beaumont refinery expansion had contributed to an increase in distillate production by approximately 40% since 2019.

The company said it reached cumulative Upstream production milestones of 1 billion barrels at both Guyana and Kearl and 100 million tons at PNG LNG, assumed operatorship at Papua LNG, and reached agreement to increase working interest in LNG projects at Papua to 34% and Rovuma, Mozambique, to 50%. It also advanced carbon capture with startup at Nucor and approval for the Rose carbon storage project.

ExxonMobil reached 44 consecutive years of increases in annual dividends per share and announced 2027 share repurchases of $20 billion, assuming reasonable market conditions. It declared a fourth-quarter dividend of $1.07 a share, payable on December 10, 2026, to shareholders of record at the close of business on November 16, 2026.