Higher oil prices drove the first-quarter adjusted earnings at ExxonMobil (NYSE: XOM) above the analyst estimates as the jump in prices more than offset lower oil and gas production in the Middle East and Kazakhstan.
Exxon on Friday reported adjusted earnings excluding identified items of $4.9 billion, or $1.16 per share.
This compares with an analyst consensus estimate of $0.98 EPS in the Wall Street Journal.
Total revenues and other income at Exxon rose to $85.14 billion in the quarter, up from $83.13 for the same period of 2025, and well above the $82.18 billion expected by analysts.
Exxon noted that identified items of $700 million during the quarter reflect losses on settled financial hedges that were not offset by the associated physical shipments due to Middle East supply disruptions.
Strong refining and trading drove the quarter-over-quarter increase in earnings, partially offset by lower oil and gas production volumes due to scheduled maintenance and Middle East disruptions.
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“Higher prices and margins, advantaged volume growth, and structural cost savings were partly offset by higher expenses from advantaged investments and Middle East volume impacts,” the U.S. supermajor said.
Exxon last month signaled that surging oil and gas prices triggered by the conflict with Iran could increase its first-quarter upstream earnings by up to $2.9 billion, with the oil price boost expected to outweigh production disruptions in the Middle East.
Today Exxon said that its global oil-equivalent production was down by 6% in the first quarter compared to the fourth quarter of 2025. Net production in the first quarter reached 4.6 million oil-equivalent barrels per day, lower than in Q4 2025, but Guyana set a new quarterly production record of more than 900,000 gross barrels of oil per day.
Exxon bet on its Guyana and Permian assets in the first quarter to grow production outside the Middle East, where its Qatar and UAE operations were severely impacted by the war and the closed Strait of Hormuz.
By Michael Kern for Oilprice.com
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