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Exxon Mobil Signals Higher Second-Quarter Earnings

Business & Policy
July 8, 2026

July 7 (Reuters) – U.S. oil and gas major Exxon Mobil (XOM.N) signaled on Tuesday that changes in ‌oil prices would boost its second-quarter upstream earnings by $3.5 billion to $3.9 billion.

Benchmark Brent crude prices averaged at $93.58 ⁠a barrel during the April-June quarter, up 4.8% from the prior quarter.

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The U.S.-Iran war injected a hefty geopolitical risk premium into oil markets and heightened fears of disruption in ‌supply ⁠through the Strait of Hormuz, which carries about a fifth of global oil flows. Brent climbed ⁠to $109.27 a barrel in April for the first time since 2022.

The industry ⁠bellwether had posted $5.7 billion in upstream earnings for ⁠the first quarter.

Reporting by Dharna Bafna in Bengaluru; Editing by Joyjeet Das and Maju Samuel