Exxon Mobil beats Q4 earnings bogeys, despite softer chemical results

Exxon slid in early trading Friday despite reporting better-than-expected Q4 numbers. 

The largest US energy company by revenue reported:

• Q4 revenue of $82.31 billion vs. analysts’ $80.63 billion consensus expectation, per FactSet.

• Adjusted earnings per share of $1.71 vs. the $1.70 analysts predicted, according to FactSet.

• Global production of 4.99 million oil-equivalent barrels per day vs. a 4.84 million expectation on Wall Street.

Analysts at RBC Capital spotlighted weaker margins in its chemical division, which is one factor that could be weighing on sentiment. Writing about the division’s earnings, they noted:

“Chemicals products results were particularly weak (-$11m vs consensus +$271m). Notably, this is the first negative result for XOM’s chemicals product division since 4Q19, and highlights the severity of the chemicals downturn the industry is facing.”

Low oil prices have dogged sales and profits at oil giants like Exxon over the last year.

But the recent surge in tensions between the US and oil-rich nations like Venezuela and Iran have contributed to rising oil prices in early 2026, with benchmark US crude oil up roughly 12% since the start of the year.

This morning’s immediate reaction might just be traders taking some of the air out of the stock — Exxon was up 17% for the year through Thursday’s close, compared to a 1.8% gain for the S&P 500.