XOM 10-Q filed 2026-11-02 | Key takeaways
XOM filed its 10-Q; the most relevant disclosure change is added Basis of Financial Statement Preparation: Exxon Mobil Corporation (New Jersey) completed its redomiciliation reorganization on July 1, 2026, with ExxonMobil Holdings Corporation (Texas) becoming the publicly traded parent company and successor registrant under Exchange Act Rule 12g-3(a), replacing EMC.
Forward guidance
Key takeaways
Redomiciliation: Exxon Mobil Corporation completed its redomiciliation reorganization on July 1, 2026, with ExxonMobil Holdings Corporation (Texas) becoming the publicly traded parent company replacing Exxon Mobil Corporation (New Jersey) as the NYSE-listed entity under ticker XOM.
Share count: Outstanding shares decreased to 4.08 billion as of September 30, 2026 due to redomiciliation (treasury shares cancelled) and 99.4 million shares repurchased YTD; Q3 2026 repurchases totaled 32.7 million shares at an average price of $155.87.
Capital expenditures: Cash capex was $7.0 billion in Q3 2026, down $1.6 billion from Q3 2025; YTD 2026 cash capex was $20.0 billion versus $21.1 billion YTD 2025; full-year 2026 guidance is $27-29 billion.
Debt and liquidity: Total debt was $34.3 billion at September 30, 2026 versus $43.5 billion at year-end 2025; net debt to capital ratio was 7.5%, down 3.5 percentage points from year-end 2025; undrawn committed lines of credit were $7.4 billion short-term and $0.3 billion long-term.
Dividends: Cash dividends paid per common share were $1.03 in Q3 2026 ($3.09 YTD) versus $0.99 in Q3 2025 ($2.97 YTD); total dividends distributed YTD were $12.9 billion.
Key metrics
Disclosure changes
- Basis of Financial Statement Preparation
Exxon Mobil Corporation (New Jersey) completed its redomiciliation reorganization on July 1, 2026, with ExxonMobil Holdings Corporation (Texas) becoming the publicly traded parent company and successor registrant under Exchange Act Rule 12g-3(a), replacing EMC as the NYSE-listed entity under ticker XOM. Each outstanding share of EMC common stock was exchanged for one share of EMHC common stock with $0.001 par value per share; treasury shares were cancelled. Rights of EMHC shareholders are now governed by the Tex...
This reorganization changes the legal domicile of the publicly traded parent company from New Jersey to Texas, affecting shareholder rights and governance. - Equity - Common Stock Par Value Change
Common stock is now reported as $0.001 par value (4,112 million shares issued at September 30, 2026) with capital in excess of par value of $45,026 million reported separately. Prior common stock without par value ($46,150 million at December 31, 2025) was eliminated as part of the redomiciliation.
The change in par value and presentation reflects the legal entity change from New Jersey (no par) to Texas ($0.001 par value) structure. - Treasury Stock and Share Count Change
Common stock held in treasury decreased to 33 million shares at September 30, 2026 (from 3,840 million shares at December 31, 2025) due to the cancellation of treasury shares in connection with the redomiciliation merger. Outstanding shares decreased to 4,079 million at September 30, 2026 from 4,179 million at December 31, 2025.
Treasury shares were cancelled as part of the redomiciliation, reducing total shares outstanding and treasury stock significantly. - Earnings Reinvested Reduction from Redomiciliation
Earnings reinvested decreased by $266,430 million as part of the redomiciliation transaction, resulting in a balance of $237,289 million at September 30, 2026. This reflects the net effect of the exchange of EMC shares for EMHC shares and treasury share cancellation.
The redomiciliation resulted in a significant reclassification within equity that reflects the exchange ratio and treasury cancellation. - Upstream Production Volumes
Q3 2026 oil-equivalent production of 4.5 million barrels per day decreased 273 thousand barrels per day from Q3 2025, driven by Middle East and Kazakhstan disruption impacts, and lower Guyana entitlement volumes, partly offset by Permian and Guyana growth. YTD 2026 production decreased 117 thousand barrels per day from YTD 2025, driven by Middle East and Kazakhstan disruption impacts, mostly offset by Permian and Guyana growth.
Production volumes have been impacted by ongoing Middle East and Kazakhstan disruptions, with Kazakhstan now explicitly cited as a driver in Q3 2026. - Energy Products - Estimated Timing Effects from Derivatives
Energy Products Q3 2026 Estimated Timing Effects decreased earnings by $1,980 million from unfavorable derivative mark-to-market impacts. YTD 2026 Estimated Timing Effects decreased earnings by $2,750 million, primarily from rising crude prices.
Derivative mark-to-market adjustments had significant negative earnings impact in Energy Products segment, particularly in Q3 and YTD 2026.
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