ExxonMobil reported first-quarter 2026 results on Friday, May 1, that beat Wall Street expectations even as net income fell to its lowest level in five years. The company reported Q1 net income of $4.2 billion, or $1.00 per diluted share, compared with $7.7 billion or $1.76 per share in the year-earlier period. On an adjusted basis excluding identified items, EPS was $1.16, beating the LSEG consensus estimate of $1.01.
Revenue reached $85.14 billion, beating consensus estimates of $79.78 billion and growing 2.4% year-over-year despite operational disruptions in the Middle East. The earnings beat reflected stronger-than-expected refining margins, record production in Guyana, and disciplined cost management offsetting headwinds from Middle East trading-timing effects and the ongoing conflict.
Total oil-equivalent production reached 4.6 million barrels per day in the quarter. Guyana production set a new quarterly record at more than 900,000 gross barrels per day from the Stabroek block. Production in the Permian Basin also increased; ExxonMobil reaffirmed it remains on track to reach 1.8 million oil-equivalent barrels per day in full-year 2026 Permian output, with growth focused on value over volume.
“Events in the Middle East tested that strength,” CEO Darren Woods said in a statement, referring to the integrated portfolio strategy executed since 2018. “Our underlying business delivered results that reflect the benefits of years of strategic investment.” Excluding identified items and derivative-timing effects, ExxonMobil’s underlying earnings totaled $8.8 billion or $2.09 per share — the metric Woods emphasized during the morning earnings call.
Free cash flow dropped sharply to $2.7 billion in the quarter, down from $8.8 billion in Q1 2025. The decline reflected working-capital effects from Middle East trading-timing disruptions and elevated capital expenditure. Despite the cash flow drop, the company returned $9.2 billion to shareholders during the quarter through $4.3 billion in dividends and $4.9 billion in share buybacks.
Other operational highlights included first LNG production from the Golden Pass facility in March, which is expected to add roughly 5% to U.S. LNG export capacity once Train 1 reaches full output. The company’s Upstream segment reported earnings of $5.74 billion, down 15% from $6.76 billion in the year-ago period. Excluding external disruptions in the Middle East, Kazakhstan, and a Permian winter storm, Upstream production grew 8% year-over-year.
Shares of ExxonMobil were modestly higher in pre-market trading following the release. For continuing market coverage, see our live oil prices, markets dashboard, and Chevron’s Q1 results.