Exxon Mobil signals higher second-quarter earnings

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July 7, 2026 4:29 PM EDT

3D-printed oil pump jacks and the ExxonMobil logo appear in this illustration taken March 2, 2026. REUTERS/Dado Ruvic/Illustration

July 7 (Reuters) - ‌U.S. ​oil ​and gas major Exxon Mobil 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.

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)


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