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3-MO 3.82% -1bp 6-MO 3.98% +1bp 1-YR 4.04% unch 2-YR 4.23% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.68% +1bp 20-YR 5.22% +1bp 30-YR 5.21% +1bp 3-MO 3.82% -1bp 6-MO 3.98% +1bp 1-YR 4.04% unch 2-YR 4.23% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.68% +1bp 20-YR 5.22% +1bp 30-YR 5.21% +1bp 3-MO 3.82% -1bp 6-MO 3.98% +1bp 1-YR 4.04% unch 2-YR 4.23% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.68% +1bp 20-YR 5.22% +1bp 30-YR 5.21% +1bp 3-MO 3.82% -1bp 6-MO 3.98% +1bp 1-YR 4.04% unch 2-YR 4.23% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.68% +1bp 20-YR 5.22% +1bp 30-YR 5.21% +1bp 3-MO 3.82% -1bp 6-MO 3.98% +1bp 1-YR 4.04% unch 2-YR 4.23% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.68% +1bp 20-YR 5.22% +1bp 30-YR 5.21% +1bp 3-MO 3.82% -1bp 6-MO 3.98% +1bp 1-YR 4.04% unch 2-YR 4.23% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.68% +1bp 20-YR 5.22% +1bp 30-YR 5.21% +1bp
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Corporate Structure

ExxonMobil earned $14.5bn, its reported production fell, and the filing carries a company that did not exist a year ago

Money & World
The Editorial Team ·
A close photograph of a polished slab of banded cream and white onyx, the layers running diagonally across the frame with rust-brown mineral bands between them and small dark cavities in the stone towards the upper right.
Photo: Kaboompics / Pexels

The registrant on this filing is thirty days old. ExxonMobil's second quarter results were filed on Friday morning by ExxonMobil Holdings Corporation, a Texas corporation with a commission file number, 001-43384, that did not exist before this summer, in place of the New Jersey company that had filed under 001-02256 since it was called Exxon Corp.

The numbers underneath it are large. Earnings were $14,525m, or $3.48 a share, against $4,183m and $1.00 in the first quarter. Adjusted earnings were $14,680m. Cash flow from operating activities was $23.6bn and free cash flow $17.2bn, and the company returned $9.4bn to shareholders, $4.3bn in dividends and $5.1bn in buybacks.

The record and its footnote

The second bullet of the release claims the highest upstream production in more than two decades. Its footnote sets out how that is measured: the analysis excludes Middle East country volumes across all periods.

The reported production number went the other way. Volumes were 4,514 thousand barrels of oil equivalent a day, down from 4,594 in the first quarter, and 4,554 year to date against 4,591 a year ago.

Both statements are the company's and both are in the same document. The company also reports record Permian production of more than 1.8 million barrels of oil equivalent a day, and it says the sequential improvement in upstream earnings came from that and from the absence of the operational disruptions in Kazakhstan that hit the first quarter, partly offset by the Middle East disruptions.

Refining supplied the swing

Upstream earnings rose to $7,927m from $5,737m, which is a gain of $2,190m.

Energy Products, the refining segment, moved from a loss of $1,262m to a profit of $5,465m. That single line is a swing of $6,727m in three months, larger than the whole increase in group earnings, and it is the reason the quarter looks the way it does. Chemical Products went to $1,131m from $110m. Specialty Products reached $956m against $651m.

Corporate and financing remained a cost, at $954m against $1,053m.

What changed on 1 July, in the words of the filing

The reorganisation was completed on 1 July under an agreement dated 8 April, among Exxon Mobil Corporation, ExxonMobil Holdings Corporation and a Texas limited liability company named Ensign LLC.

Every share was exchanged one for one. Common stock that had no par value now has a par value of $0.001. The new holding company replaced the old one as the listed entity and was expected to resume trading under XOM on 2 July, and shareholder rights are now governed by the Texas Business Organizations Code.

Bondholders were treated differently from shareholders. Under a second supplemental indenture to a 2014 indenture with Deutsche Bank Trust Company Americas as trustee, the Texas parent guaranteed the notes on a senior unsecured basis, and the New Jersey company remains the primary obligor on them. The notes stayed where they were and gained a guarantor.

The board declared a third quarter dividend of $1.03 a share, payable 10 September to holders of record on 17 August.

The document: ExxonMobil Holdings Corporation, Form 8-K, accession 0002115436-26-000006, accepted by EDGAR 2026-07-31 at 06:31:39 Eastern, CIK 0002115436, file number 001-43384, items 2.02 and 7.01. Exhibit 99.1, the second quarter 2026 earnings release dated 31 July 2026, and the cover 8-K itself were downloaded from EDGAR, stripped to text and read here, including the results summary and the earnings and volume summary by segment. No fetch-tool summary was relied on. Figures read off the release, in millions of dollars unless stated, for 2Q26 and 1Q26 in that order, with YTD 2026 against YTD 2025 where given: earnings under US GAAP 14,525 and 4,183, year to date 18,708 against 14,795; adjusted earnings 14,680 and 8,772, year to date 23,452 against 14,555; earnings per common share 3.48 and 1.00, year to date 4.47 against 3.40; adjusted earnings per common share 3.52 and 2.09, year to date 5.60 against 3.35. Segment earnings under US GAAP, 2Q26 and 1Q26: upstream 7,927 and 5,737; energy products 5,465 and negative 1,262; chemical products 1,131 and 110; specialty products 956 and 651; corporate and financing negative 954 and negative 1,053. Volumes: production 4,514 and 4,594 thousand barrels of oil equivalent a day, year to date 4,554 against 4,591; energy products sales 5,698 and 5,630 thousand barrels a day; chemical products sales 4,471 and 5,358 thousand tonnes; specialty products sales 1,784 and 1,976 thousand tonnes. The release states cash flow from operating activities of $23.6bn, free cash flow of $17.2bn, shareholder distributions of $9.4bn comprising $4.3bn of dividends and $5.1bn of share repurchases, year to date cash capital expenditure of $13.0bn, cumulative structural cost savings of $16.3bn, record Permian production of more than 1.8 million barrels of oil equivalent a day, a fifth Guyana floating production vessel that has set sail with startup planned for the fourth quarter of 2026 adding 250 thousand barrels a day of capacity, a final investment decision on a 120 thousand tonne per annum Proxxima blending expansion in Louisiana, and a third quarter dividend of $1.03 a share payable 10 September 2026 to holders of record 17 August 2026. The claim of highest upstream production in more than two decades carries the release's own footnote 2, which reads that the Middle East disruptions analysis is based on exclusion of Middle East country volumes across all periods; this brief reports both the claim and its stated basis and does not repeat the claim unqualified. The redomiciliation facts come from a second primary document, Exxon Mobil Corporation's Form 8-K, accession 0001193125-26-291986, accepted 2026-07-01 at 12:34:56 Eastern, CIK 0000034088, file number 001-02256, items 1.01, 2.01, 3.01, 3.03, 5.02, 5.03 and 9.01, whose explanatory note and items 1.01 and 2.01 were extracted and read in full. That document states that on 1 July 2026 Exxon Mobil Corporation, a New Jersey corporation, completed its redomiciliation reorganisation under an Agreement and Plan of Merger dated 8 April 2026 among ExxonMobil, ExxonMobil Holdings Corporation, a Texas corporation, and Ensign LLC, a Texas limited liability company; that each share of ExxonMobil common stock without par value was exchanged for one share of ExxonMobil Holdings Corporation common stock of $0.001 par value; that ExxonMobil Holdings Corporation replaced ExxonMobil as the publicly held corporation traded on the New York Stock Exchange and was expected to begin trading under the symbol XOM on 2 July 2026; that shareholder rights are now governed by the Texas Business Organizations Code; and that under a second supplemental indenture to the indenture dated 20 March 2014 with Deutsche Bank Trust Company Americas as trustee, ExxonMobil Holdings Corporation guaranteed the notes on a senior unsecured basis while ExxonMobil remains the primary obligor. The old and new commission file numbers, 001-02256 and 001-43384, and the state of incorporation of the old registrant, were read off EDGAR's company records for both CIKs. Quotations in the earnings release are attributed there to chairman and chief executive Darren Woods and are used here only as quotations of him..

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