ExxonMobil Sees $4.5 Billion Boost from Higher Refining Margins

ExxonMobil Holdings (NYSE:XOM) said higher refining margins are expected to boost third-quarter Energy Products earnings by $4.5 billion compared with the second quarter. • ExxonMobil Holdings stock is at critical resistance. Why is XOM stock breaking out? In its third-quarter 2026 earnings update, the company also projected a $1.3 billion earnings headwind from lower liquids prices in its Upstream segment, partly offset by a $300 million benefit from gas price changes. In other segments, Specialty Products earnings are expected to benefit by $500 million, while Chemical Products earnings are projected to face a $600 million impact from refining margin changes. Other factors include a $200 million benefit from lower scheduled maintenance and a $300 million benefit from additional days in the quarter. ExxonMobil also expects $2.5 billion in negative timing effects from third-quarter adjusting items. These items include a $700 million benefit from divestments and a $200 million reduction from other items. Read Also: Exxon Mobil Rejects Proposed $5.2 Billion Kashagan Fine Settlement: Report XOM Earnings Preview: October 2026 Estimates and Analyst Targets The company is expected to report earnings on Oct. 30. Analysts estimate EPS of $3.83, up from $1.88 a year earlier, and revenue of $102.02 billion, compared with $85.29 billion last year. The stock trades at a P/E ratio of 22.5x and carries a consensus Buy rating, with an average price target of $173.17. Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price forecast of $173.17. Recent analyst moves include: Morgan Stanley: Overweight (Raises target to $185 on Oct. 15) Wells Fargo: Downgraded to Equal-Weight (Target $182 on Oct. 1) TD Cowen: Buy (Raises target to $180 on Sept. 28) XOM Stock Price Activity: ExxonMobil Holdings shares were up 1% at $176.41 at the time of publication on Friday. Photo via Shutterstock