Exxon Mobil sees Q2 upstream income jump by $3.5 billion to $3.9 billion as oil prices spike.
- Based on the upper end of its outlook, Exxon expects Q2 upstream income of $9.6 billion, its highest since the quarter ended September 2022.
- Q1 2026 upstream income was $5.7 billion.
- According to Koyfin, 11 out of 24 analysts covering the stock rate it a ‘Buy’
Exxon Mobil (XOM) share price gained about 4% on Tuesday and extended gains by 1% after-hours after the company furnished a positive earnings outlook for the upcoming quarter ending June 2026.
Exxon, in a regulatory release, mentioned boosting its upstream earnings outlook for the upcoming quarter by $3.5 billion to $3.9 billion owing to the recent jump in global oil prices.
Global oil prices experienced historic volatility following the outbreak of the U.S.-Iran war in late February, with the international benchmark Brent crude (Co1) surging more than 60% from its pre-war level of about $70 a barrel to a peak of $113 a barrel. The spike was fueled by Iran’s subsequent closure of the vital Strait of Hormuz, choking off the world’s petroleum supply.
XOM Q2 Outlook Puts Upstream Income Highest Since September 2022
Exxon Mobil’s updated outlook would roughly place upstream incomes at $9.6 billion for the quarter ending June when compared to the previous quarter ending March 2026. However, the company did not mention the rise in upstream income would be sequential or incremental.
XOM reported upstream income of $5.7 billion in March, sequentially higher but lower than the same quarter last year as the US-Iran war disrupted global shipments.
In context, the energy giant reported earnings of $1.16 per share which surpassed the consensus forecast of $1.03 for the quarter ending March 2026, while revenue reached $85.14 billion compared to expectations of $81.24 billion.
ExxonMobil noted that around $1.2 billion in losses from disruptions to Middle East production partially offset these positive impacts. The company’s complete results are scheduled for release on July 31.
XOM Stock: Retail View
Retail sentiment on Stocktwits was ‘neutral’ with ‘normal’ message volumes. Retail chatter related to the stock surged about 240% from the previous session on Stocktwits and has gained about 440% over the past month.
One user forecast the stock price to jump to $150 per share tomorrow following the upgraded outlook.
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XOM stock has gained about 18% year-to-date.
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