Exxon Mobil reported second-quarter 2026 cash capital expenditures of $6.787 billion, up from $6.603 billion a year earlier, with first-half spending at $12.974 billion versus $12.539 billion in the first six months of 2025.
Upstream took the largest share of that capital, at $5.852 billion in the quarter, compared with $5.669 billion in the prior-year period. Energy Products received $527 million, up from $432 million. Chemical Products spending rose to $307 million from $279 million, while Specialty Products increased to $119 million from $76 million. Other spending totaled $901 million, down from $126 million a year earlier.
Exxon said structural cost savings reached $16.3 billion cumulatively versus 2019 levels, including another $1.2 billion added in the first half of 2026.
The company’s 2019-to-2025 operating cost comparison shows production and manufacturing expenses rising to $42.4 billion from $36.8 billion, selling, general and administrative expenses at $11.1 billion versus $11.4 billion, depreciation and depletion at $26.0 billion versus $19.0 billion, exploration expenses at $1.0 billion versus $1.3 billion, and non-service pension and postretirement benefit expense at $0.4 billion versus $1.2 billion.
Management said the quarter was shaped by supply disruptions in the Middle East and global refining capacity reductions. Average crude prices stayed within the 2010-2019 historical range, natural gas prices remained above that range, global refining margins were sharply above it, and chemical margins improved but were still below the bottom of the historical range.
The company also broke out its earnings-driver framework, including advantaged volume growth from Permian, Guyana and LNG, plus high-value products such as performance products and lower-emission fuels. It said estimated timing effects mainly reflect mark-to-market derivatives and LIFO-related differences that are expected to unwind later.
Exxon’s filing also reiterated that its medium-term business plans incorporate actions needed to advance its 2030 greenhouse gas reduction plans, while its longer-term planning assumes policy stringency and technology improvement through 2050. Following these announcements, the company's shares moved -0.55%, and are now trading at a price of $154.58. Check out the company's full 10-Q submission here.
