New York, January 31, 2026, 10:22 EST — The market has closed.
- Exxon Mobil shares ended the session at $141.40, rising 0.7%.
- Q4 adjusted EPS hit $1.71, beating LSEG’s consensus estimate.
- Investors are focused on a $20 billion buyback program stretching through 2026 and a March deadline for the first LNG shipment at Golden Pass.
Exxon Mobil’s shares (XOM) ended Friday at $141.40, climbing 0.7%. The oil giant revealed its Q4 earnings and unveiled plans for its next shareholder payout. (Reuters)
U.S. markets are closed for the weekend, so the real question is if investors will see the update as “good enough” after shares have climbed steadily over the past year. Oil prices and downstream margins have carried much of the weight for the sector, while chemicals remain the laggard. (Reuters)
Exxon’s results come amid efforts to convert major projects into steady cash flow, even as management faces a barrage of questions on geopolitical issues—from Venezuela to Guyana—that could swiftly shift risk dynamics. (Reuters)
Exxon disclosed in its 8-K filing that fourth-quarter 2025 earnings hit $6.5 billion, translating to $1.53 per share. Stripping out identified items, earnings rose to $7.3 billion, or $1.71 per share, the report revealed. (Exxon Mobil Corporation)
Exxon reported $12.7 billion in cash flow from operating activities, with free cash flow—what’s left after capital expenditures—coming in at $5.6 billion. The company returned $9.5 billion to shareholders, split between $4.4 billion in dividends and $5.1 billion spent on share buybacks. (Exxon Mobil Corporation)
Exxon highlighted output growth both on the call and in its prepared remarks. Adjusted earnings came in at $1.71 per share, surpassing the $1.68 consensus estimate from analyst data compiled by LSEG. The company also reported annual upstream production of 4.7 million barrels of oil equivalent per day — its highest level in over 40 years, it said. (Reuters)
Capital returns remain in focus. Exxon announced plans to buy back $20 billion of shares by 2026, contingent on “reasonable market conditions.” It also declared a first-quarter dividend of $1.03 per share, payable March 10 to those on record Feb. 12. The company reaffirmed its 2026 cash capital spending target of $27 billion to $29 billion. (Exxon Mobil Corporation)
Operating details showed a mixed bag. Reuters noted that adjusted downstream profit jumped 60% year-on-year to $2.9 billion in the quarter. But the chemicals segment swung to an adjusted loss of $11 million. RBC Capital Markets’ Biraj Borkhataria flagged this as the first negative chemicals result since Q4 2019, highlighting “the severity” of the industry downturn. (Reuters)
Project timing remains a key factor. Exxon CEO Darren Woods informed analysts that the Golden Pass LNG export terminal in Texas is set to deliver its first liquefied natural gas by early March. The roughly $10 billion project, a joint effort with QatarEnergy, has encountered delays and cost overruns. It also switched its lead contractor following a bankruptcy linked to the job, Reuters reported. (Reuters)
Woods highlighted Exxon’s optionality in Venezuela but stopped short of promising a comeback. He noted the company’s technology could lower costs for producing Venezuela’s heavy crude and said Exxon is still open to sending a technical team, though a stable investment climate is crucial. Chevron CEO Mike Wirth echoed those views. Woods also mentioned parts of Exxon’s Stabroek block in Guyana remain under force majeure because of a border dispute. (Reuters)
Chevron shares ended the day 3.3% higher at $176.90, highlighting the ongoing debate over how major U.S. producers are managing buybacks alongside spending and production growth.
The setup isn’t all one-directional. A dip in crude prices or refining margins would quickly drain cash flow, while a downturn in chemicals could drag on. Golden Pass has already faced delays, and new political or legal issues involving Venezuela and Guyana might push schedules further. (Reuters)
Trading picks up again Monday, with investors focused on further analyst updates regarding guidance and capital returns. Key upcoming dates include Feb. 12, the dividend record day, and early March, when Woods aims to deliver the first LNG at Golden Pass. (Exxon Mobil Corporation)
