New York, July 11, 2026, 13:07 (EDT)
ExxonMobil Holdings Corporation NYSE:XOM closed Friday at $138.88, down 2.0% from Tuesday’s close. This came even after the company indicated about $5 billion in second-quarter earnings growth from Q1. U.S. markets were closed for the weekend. The parent company switched to the ExxonMobil Holdings name on July 2, replacing Exxon Mobil Corporation as the NYSE-listed entity, but kept the XOM ticker.
The flat reaction is worth noting since a lot of the headline boost doesn’t look like it will turn into steady operating growth. Exxon said refining profits are set to get a $2.6 billion push from “timing effects”—basically, accounting gaps between hedges and the physical oil they match. Its upstream unit was expected to book a $1.6 billion lift. Disruptions tied to war were seen dragging earnings lower by about $1 billion. Reuters
The $2.6 billion timing benefit makes up 52% of the expected $5 billion increase. With Friday’s market cap at about $575.7 billion, shares dropped from $141.69 on Tuesday to $138.88 on Friday, wiping out around $11.6 billion in equity, calculated with a constant share count. That’s more than double the projected quarterly earnings boost. Market value, though, is based on years of future cash flows, not just one quarter.
The sequence made the signal clearer. Exxon stock climbed 3.85% on Tuesday ahead of the earnings update, which came out after markets closed. The shares then slipped 0.40% on Wednesday and dropped 2.60% Thursday, before clawing back 1.03% on Friday. The price action doesn’t say for sure why people sold, but suggests some of the jump was seen as priced in, short-lived or accounting-linked.
Chevron NYSE:CVX and Occidental Petroleum NYSE:OXY beat Exxon this week, as both key crude benchmarks jumped.
| Security or benchmark | Friday close or settlement | Weekly change |
|---|---|---|
| ExxonMobil Holdings | $138.88 | gained 1.3% |
| Chevron | $176.40 | rose 4.3% |
| Occidental Petroleum | $52.89 | up 8.1% |
| Brent crude | $76.01 a barrel | added 5.5% |
| West Texas Intermediate crude | $71.41 a barrel | approx. up 4.0% |
Returns are from the July 2 close to July 10, and oil stats use Reuters’ week-over-week settlements.
Exxon’s earnings bridge uses a mix of accounting methods. The key drivers here don’t sum exactly to the bottom line, and the LSEG consensus leaves out some items from the reported profit.
| Exxon earnings measure or driver | Approximate amount | Investor reading |
|---|---|---|
| First-quarter reported earnings | $4.2 billion | Base number |
| First-quarter earnings excluding items and timing effects | $8.8 billion | Core figure for comparison |
| Estimated second-quarter sequential lift | $5.0 billion | Main increase |
| Refining timing effects | +$2.6 billion | Accounting swing back |
| Upstream price benefit | +$1.6 billion | Boost from higher prices |
| Conflict-related disruption | -$1.0 billion | Negative impact |
| LSEG second-quarter adjusted consensus | $15.7 billion | Another number, adjusted |
The expected $5 billion boost is bigger than Exxon’s reported profit from the first quarter. But analysts are looking for around $15.7 billion in adjusted earnings for the second quarter, since the first quarter was hit by hefty hedge and timing charges that Exxon said would flip in future quarters.
Data from peers is backing up the commodity lift. Occidental said Friday its average oil price jumped 38.4% from Q1 to $96.78 a barrel. Brent crude averaged $96.68 in Q2, a 23% rise. Reuters reported that Exxon and Chevron are both seen reporting earnings at more than triple their first-quarter numbers.
Oil settled down Friday as traders focused on possible talks and hopes for shipping to recover through the Strait of Hormuz. Brent and U.S. crude prices lost ground. John Kilduff at Again Capital said the market was “ready, willing and able to jump on good news.” UBS’s Giovanni Staunovo said prices slipped without fresh U.S. strikes, but fewer tanker movements kept the drop in check. Reuters
The read-through can go either way. If Hormuz stays open, the war premium could fade before Exxon reports, showing how much of the quarter’s gain was a one-off. Fresh attacks would keep oil and refining margins up, but could also push costs higher as U.S. pump prices rise. Alex Hodes at StoneX said prices had “rallied alongside the massive move higher in crude oil.” The U.S. average hit $3.88 a gallon on Friday. Reuters
Trading picks up again Monday, and the June consumer price index is out Tuesday at 8:30 a.m. EDT. The U.S. Energy Information Administration issues its weekly oil-inventory numbers Wednesday, set for 10:30 a.m. Exxon’s next scheduled event is earnings on July 31, with a call at 8:30 a.m. Central. The main focus won’t be headline profit, but how much of the windfall actually turns to cash once hedges and cargoes clear.
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